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The financial life cycle & how it works

As you can imagine, we get the pleasure of helping people all across the financial spectrum... From people with no deposit and a dream of owning a home, right through to those with 20 or 30 rental properties and untold millions in wealth.

The thing that always gets me is that every one of these people have a story and in most cases they've either been through the below process or they're starting out on their journey from one to the next. I think this is best explained by these five simple stages.

1. No Assets/Plenty of debt

This is where most people start out.  Perhaps you've attended university and a big student loan and just a small piece of paper in a frame to show for it. Or perhaps you've been working but you're spending all your money paying off your car, a new tv, couch or a distant holiday.If nothing else, during this phase, contributing to your KiwiSaver fund at each pay day will help you to build some security for your future.Ultimately reducing your debt and choosing to spend only what you can afford at the time is key to moving out of this phase.

​2. A savings plan

This is a big shift in mentality that most people make when they realise that they have to make some changes to move their finances forward. We help a lot of people at this point.  Sometimes it's as simple as reaching out and saying "I want to buy a house, what do I need to do to get there?" We've got a bunch of tools, along with personal and professional advice, to move you through this phase as quickly as possible.Setting goals and making good decisions around spending/saving will move you forward from here.

​3. Getting on the ladder

In our version of this financial life cycle this is the key moment.  I guess it's kinda like becoming an adult (it's definitely a grown up responsibility!) Increasing your wealth - If you're doing well with step number two you may consider buying another property to rent, or simply spending some money on yours to increase it's value. As a property investor, Adam from My Mortgage is passionate about this stage if it's the right move for someone. We can help by surrounding you with the right people and giving the best options and structures for lending to make the most of an investment in property. There are thousands of people who have taken a relatively low risk approach to this and increased their wealth significantly.

​4. Reducing risk and winding down

If you're fortunate enough and have made some good decisions then you'll have some good options at this stage.  You might be downsizing your home and clearing your mortgage or perhaps selling some other property to put a good chunk of money in the bank for your retirement.

​5. Remove liability and enjoy

Essentially you're cashing in on the hard work that you've done in the previous stages which should allow you to remove the liability of paying a mortgage and hopefully enjoy financial security in your retirement. The key thing to remember here is that even if you're 45 and you're still on stage one, there's nothing stopping you putting in the hard work and moving to stage two and onwards from there.  It happens for different people at different times of their lives and we're here to help you move forward.

So if you'd like to discuss improving your financial position then we'd love to talk to you.  

Simply contact us or email

Adam, Claire, Greg, Amber and the My Mortgage team


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