Tech wealth unlocked: financial considerations engineered for tech professionals: part 5

Welcome the final part of our limited series on the unique financial landscape that is a career in information technology and the top 6 financial considerations employees in this sector need to consider.

Throughout this series we have explored cashflow management, diversification, tax minimisation and employee share ownership schemes, and now we dive into the last two considerations: career volatility and tax residency.

Top six issues when managing your money

Career volatility

Technology is the fourth most volatile career sector

According to S&P’s Global’s list of sectors with the most volatility, the technology sector is the fourth most volatile sector. In fact, in 2023 alone, there have been over 85,000 tech sector employees made redundant.

This sector volatility is the result of many different causes such as investor emotions, depressed economic conditions, inflation, deflation, and bankruptcies of major industries.

This finding, coupled with the fact that many technical professionals are hired on a contract or project basis means that it’s imperative to start creating and protecting your wealth.

The importance of protecting your financial health

Financial planning is the ideal way to take control of your finances and boost your financial health, providing you with a sense of security that can be hard to find in today’s world and the time to start is now.

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Australian tax residency

Whilst not applicable to all technology professionals, it’s important to recognise that many industry participants move to Australia to advance their careers.

If you have moved to Australia, it’s essential to consider that you may have to submit two tax returns in your first year here: one to the Australian Taxation Office, and the other to the relevant tax department of your previous Government.

Therefore, it is essential to have a proactive discussion with an experienced tax accountant when planning for the upcoming tax season.

The need for experienced and astute financial advice

At Profile Financial Services we understand that you need a financial adviser who is well versed and familiar with your unique financial situation and is able to accelerate your wealth at the same pace as your career.

A team with extensive sector experience

Our team members have ample experience with and comprehensive knowledge of the unique opportunities and challenges of a technology career and work collaboratively with you to transform your monthly salary into the long-term wealth and financial future you deserve, while still enabling you to enjoy the fruits of your hard work today.

A financial plan based on your needs

At Profile Financial Services we’ll empower you to live the life you want, with confidence by offering a unique plan that may include:

  • Managing your cash flow
  • Growing your investment portfolio
  • Planning for the future
  • Insuring your income and assets
  • Making sure your super is working for you
  • Minimising your tax obligations

We’ve delivered custom goal-based financial advice solutions to suit our clients’ exact needs for more than 36 years. We give our clients visibility into their finances, control over their wealth, and peace of mind about their futures.

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A tailored financial advice framework

Your goals are our priority, and we are committed to helping you with solutions and options  – helping you live the life you want to live. How? With our tailored financial advice framework, which enables us to plan, structure and build your financial future:

Step 1: Create wealth with confidence

Building wealth is as multifaceted as you are. Discover how to budget, save and invest with strategies that empower your financial journey.

  • Comprehensive investments
    Grow your money with a host of diversified investment options, including implemented solutions, sector portfolios, and direct equities.
  • Sustainable savings
    Explore retirement savings plans, emergency funds and more, and build a financial foundation on which you can build on.
  • Defeat debt
    Reduce what you owe today so that you can thrive tomorrow with trusted advice and strategic planning.

Step 2: Mitigate personal risk

Our personal insurance specialists can provide options tailored to meet your specific needs. Preserve what you’ve worked so hard to build with personalised plans that go the distance.

  • Personal protection
    From income protection to life and disability insurance, our caring team can provide you with appropriate insurance strategies designed to help you face the unknown and work with you to help make sure this stays up to date as your life evolves.
  • Asset security
    Ensure the family assets you’ve worked hard to secure are not depleted as result of an unforeseen event. Work with our experience team to make sure you’ve got the cover you need to avoid a force sell down of assets.
  • Securing tomorrow
    If it’s important to you, its important to us. Discover how to secure your family, legacy and belonging against the unpredictable when you work with our qualified team.

Step 3: Plan and restructure with ease

Plan to prosper with custom strategies that structure your assets to help you get the best outcome based on your goals.

  • Plan for the life of your dreams
    Structure your financial portfolio to accomplish your goals. We have your best interests at heart and can collaborate with lawyers and accountants to action solutions that look to safeguard your assets.
  • Structure for success
    Build frameworks that preserve your wealth in trusts, create self-managed super funds (SMSFs) and structure personal holdings alongside an extremely experienced team that knows how to make sense of the mess with financial structures to suit any need.
  • Arrange your affairs
    We add value to any other restructuring process, including restructuring that results from debt, divorce, inheritance, disputes, claims and more.

Step 4: Retire with peace of mind

Worrying about money in retirement is the last thing anybody wants to do. Build toward an independent retirement with our no-fuss approach to retirement planning. We strive to give you the confidence you crave to live life on your own terms.

  • Structured investments
    Protect your capital and wealth in the long term with a clear and customised plan.
  • Government benefits
    Discover your eligibility for health and concession cards, as well as pension.
  • Aged care
    The right plan will make all the difference to your lifestyle and financial security. Allow us to build a thorough and personalised plan to suit your needs.

Find out how we can help you

Helping is in our DNA. If you’ve got a question, a query or would like more information about how we can help, please contact our friendly team today.
Book a complimentary call with us to explore how we can help you do more with your money. During this obligation-free meeting, we will delve into your unique financial situation, as well as your personal hopes and dreams so we can create a wealth roadmap that is customised to your needs and lifestyle. Contact our team today to find out more.

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