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Just because you are income wealthy does not mean you are set up for life.

There’s an old saying, look after the cents as the dollars will look after themselves. This means, watch the little purchases – these quickly add up.

In our experience, we’ve often seen the greater the income, the more unaccountable people are with their spending.

Their expectations can be out of kilter from their reality. They often overspend. Their spending may be knee jerk reactions, unplanned, or they regularly purchase items that are not required.

For many of these high income earners, they have clarity around their business and its expenses – yet do not incorporate this clarity into their personal affairs.

What we’re saying is that because they’re receiving a great income, there’s a lack of accountability with regards to their own saving and planning. And why not? Their income meets all their needs and then some! They’re now used to living a certain lifestyle and everything is fine!

They see no end to this level of income or lifestyle. This may be true, however, they often, are not implementing anything to future proof their lifestyle.

Wealth can make some people do strange things. Common mistakes include taking gambles with financial decisions, listening to [and taking action on] a mate’s recommendation, falling into bad spending habits or regularly spending on impulse.

Your strong income does not protect you from ruining your future.

What heavy lifting are you doing to future proof yourself? If you want the lifestyle that you have now, to continue in the future, you’ll need to amass a huge capital base to sustain this.

High responsibility vocations often are associated with higher levels of stress. Longevity in some roles may not be something that can be sustained over the longer term. Of course there are a range of other [unforeseen] factors that can see your income drop – illness, company failure, fatigue, career change and many, many, uncontrollable, outside forces.

So if push comes to shove and your income drops by 50%….. How will you survive?

Perhaps you can rely on your partner’s salary? However, they may also have been busy in their work. Like you, they may not have given themselves the opportunity to gain a clear understanding of where they are heading with their money.

Enjoying a great income, fine lifestyle and want it to last? Take action – today.

Joe Stephan

Independent Financial Advisor

Joe Stephan graduated in 2002 with a Bachelor of Business (Fin Plan) under the tutelage of his father (Program Leader of Financial Planning at RMIT University).

You will hear Joe bandy about the idea of “pure financial advice”, which is given objectively and focused around the needs of individual and not the internal needs of the business providing advice.

Joe is realising his vision every day through his Independent Advice Firm which he owns and operates with his brother James. Joe also spends a portion of his time teaching tomorrow’s Financial Planners at various Melbourne Universities including RMIT & LA Trobe.

  • Enjoy the fruits of working life Joe & James were able to provide me with the impetus to take the next step into retirement which could have been delayed without quality financial advice. Dr. Kevin Adams Self Funded Retiree
  • Professional practice to be admired Joe & James' professional practice is to be admired. They are always there for his clients when needed. They freely pass on their expert knowledge without hard product selling techniques. Dr. Elspeth Mckay Associate Professor
  • Personal advice for complex lives Stephan Independent Advisory took the time to understand our situation & tailor their advice & solutions to our specific needs which, being a business owner, can be quite complex. Paul Marsh - Principal P2 Group - Business Owner
  • Family centered advice We have moved our investments from being a private client with a major bank to Stephan Independent Advisory in 2018. Since this move, we have been surprised at the depth of understanding encountered from Joe and James about our future plans and their ability to comprehend exactly what we wish to achieve. Mr Graham and Mrs Judith McKnight Self Funded Retirees
  • Values aligning with our own Clear, timely and direct responses in all areas of communications are outstanding. Meetings are planned and run efficiently to deliver on all our expectations. The firm’s values align to our own so that trust is readily established. Mr John and Dr Kim Watty Self Funded Retirees

It’s Never About Money

Whether you have significant financial resources and question the meaning of success or if you’re wondering whether being that little bit wealthier will make you happier this is the podcast for you.


Stephan Independent Advisory
Private Wealth Management
Suite 506, 1 Princess Street, Kew VIC 3101