You’ve landed a new job. Congratulations!
With a new job invariably comes more money. This presents both opportunities and problems.
Opportunities to further shape and control your future, and problems in that the tax man will now want a larger slice of your pay cheque.
Your lifestyle is going to change and improve and it is vital you ensure you protect it.
When starting a new job it is important to establish:
- What life cover and disability benefits does your company offer?
- For how long will your salary continue to be paid if you are injured or disabled in an accident?
- What medical benefits do you have?
- Will the benefits provided by your new company completely protect your lifestyle and, if not, what is the shortfall?
- Does your new company offer a provident fund and retirement benefits and what are they?
- How you should structure your financial package for maximum tax efficiency.
If you are unable to work will you:
- Be in a position to cover your medical expenses?
- Be able to continue your car repayments and other loans?
- Be able to live where you currently stay?
- Be able to meet monthly contracts, for example your cellphone contract?
- Be able to maintain your current lifestyle and standard of living?