In your 20's, consider the following points

Typical profile:

• Non-homeowner
• No life or income protection insurance
• Job & career established
• Little superannuation accumulated as yet
• Live day to day with no forward planning

Depending on financial circumstance, risk profile and income, consider and take professional advice on the following:

Saving for Home or investment property deposit

Regular contribution to savings plan, direct shares or managed funds, margin loan with aim to accumulate deposit on own home or investment property.

Life and income protection insurance

Your income must be protected as your largest asset is your ability to earn. Establish income protection insurance while you are healthy and consider level premiums. Consider life insurance if you will leave someone else with debt upon death.

Accumulating Superannuation

Due to the power of compounding, a small amount of extra contribution to Super can make an enormous difference. Men need to contribute an extra 3% and women an extra 5% to super to result in a pension of 65% of their income at retirement time. For super contributions you will pay 15% tax on that money rather than your marginal tax rate which could be much higher.

Establish a Super Fund that provides you with access to a large choice of managed funds and direct shares allowing you to have significant control over investment choices. Super choice allows you to have your employer contribute to your own super.

Living day to day with no forward planning

Talk to a financial adviser and work with one over your working life. Establish an initial set of goals and objectives and treat this plan as a business plan that evolves over time as your circumstances and life stages change.