Self-employed psychologist

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Paul is 35 years old and is a self-employed psychologist. He has a wife, Ella, and three children, aged three, four and six. Since the children were born, Ella has not worked. Paul earns $250,000 per year and they own their own home. Paul is concerned that his only wealth strategy is superannuation, and he believes this will be insufficient to meet his and Ella's needs because he would like to retire at age 55.

Provide a balanced argument based on a review of the literature relating to the usefulness of risk profile.

Reference no: EM133291092

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