The Action Items report presents a list of tailored recommendations specific to your financial plan. Completing these actions will enhance your chances of achieving your personal financial goals.
The software reviews the plan models and generates a list of pertinent action items. In this report, you will find action items listed for each year of the plan as identified by the software.
For example, in the action items report below, you will notice a recommendation regarding the Superannuation account. The action item states "contribute X amount." This indicates that the current contributions are insufficient to meet all of the specified goals. The software has calculated the required contribution amounts for the coming years to help achieve the long-term objectives.
A few other action types you may see:
Annual Contribution Action Item
- Account contributions for each year
- E.g. “Contribute the maximum amount"
Asset Allocation Action Item
- Recommended Asset Allocation changes
AssetLiquidation Action Item
- E.g. “Liquidate this asset for this amount e.g. liquidate this home for x amount” (example seen in the above screenshot)
Life Insurance Action Item
- Notes the year the life insurance was opened.
- E.g. “Purchase Life Insurance”
Transfer Action Item
- E.g. “Transfer from $50,000 to your Super.”
Debt Goal Action Item
- E.g. “Changed annual repayment to $30,000. Debt will be paid off by year 2040”
Immediate Action Item
- Always occurs in the first year
- Includes:
- Expense Reduction Action Item
- E.g. “Eliminate this expense./Reduce this expense by $500 per month”
- Closed Savings Account Action Item
- E.g. “Close this account”
- New Savings Action Item
- E.g. “Open this account”
- Expense Reduction Action Item