Back to Basics 3 Money Principles

Back to Basics 3 Money Principles

When life is chaotic it’s best to keep things simple. This is the same with your money principles. Keep it simple, and practice the ‘back to basics’ money management principles to help you stay financially fit and healthy.

 

1. Cut down on money going OUT

 

Numbers don’t lie, and this message of ‘spend less’ has been around for awhile and unlike fashion trends, this simple yet powerful tip never goes out of style.

If you want to get ahead in life financially, nothing beats this goodie – slash your splurges and get in the habit of a regular savings motto. Be disciplined to spend your own money rather than swiping or tapping the plastic. Remember the plastic money is not yours, and if it gets used too often, you’ll end up paying big on the interest that accrues on your repayments.

Don’t overspend and keep to budget that is realistic and easy to stick to.

 

2.  Get rid of debt quickly

 

Having a big mortgage these days is a norm, and that dream of owning your own home comes at a hefty price. So, if chasing the great Australian dream is a goal of yours, then do so in a smart way.

Get to know your financial net-worth position really well, and divert any surplus savings straight to your mortgage. Try to cut down on your biggest expense item as fast as you can by making extra payments where and when possible.

Not only do most people have a mortgage to pay-off but credit card debt is another expenditure item that is soaring up north and not down south.

Therefore, it goes without saying, spend less which helps to minimise credit card debt and the extra money left in the kitty should hit the mortgage. It’s a win-win!

 

3. Get more money coming IN

 

It’s not rocket science but if you can increase or generate more money coming INTO your kitty then you’re able to build wealth by starting an investment plan whilst paying off your debt.

There are many ways to generate extra income and different types of income such as investment income like dividends, interest or rent. You can seek out promotions to increase your take home salary or increase your working hours or take on a side hustle and freelance.

Increasing income means more power and opportunities to build wealth over time to ensure a gooey overflowing ‘pot of honey’ is waiting for you for retirement.

These are the ‘back to basics’ good old-fashioned money principles, if followed, will keep you financially fit to super healthy. It’s not easy as there will be many temptations along the way, but starting a good financial habit early on gives you an edge over the long term.

For more help on reaching your money goals, talk to a Dome Financial Adviser in Charlestown, Tamworth and Hunter Valley.

The information contained on this page is for discussion purposes only and is not intended to constitute financial product advice. It does not take into consideration any persons objectives, financial situation or needs. You should consider its appropriateness in light of your circumstances and consider seeking professional advice relevant to your individual before making a decision based on any information on this page.

 

Back to Basics 3 Money Principles

When life is chaotic it’s best to keep things simple. This is the same with your money principles. Keep it simple, and practice the ‘back to basics’ money management principles to help you stay financially fit and healthy.   1. Cut down on money going OUT  ...
Read More

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It’s your future. Do something about it now. “It’s not the plan that’s important, it’s the planning.” - Graham Edwards You can have the best plan in the world but if you don’t act on it, why bother with one?   Top 5 Tips on How to plan for your financial future....
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P: 02 4969 7069 | 1300 723 300

E: admin@domefinancial.com.au

Savvy Financial Tips for Women | Financial Planners in Charlestown, Hunter Valley & Tamworth

Savvy Financial Tips for Women | Financial Planners in Charlestown, Hunter Valley & Tamworth

Savvy Financial Tips for Women

For many women juggling to maintain balance over career and family time, it can get tough. It is even tougher when it comes to money.

Here are some tips to help you stay in control and be financially savvy.

1. Make ‘compounding’ your bestie

Start saving ASAP and get ‘compounding’ to kick-in immediately. The key to building wealth is to start saving no matter how small or large the amount is then let your money work hard for you.

Compounding is a simple yet a powerful wealth building strategy. It’s how your savings can grow faster the longer you leave them alone. Whatever your savings maybe, it earns interest, not just on what you put in but also on the money it accumulates.

Take for example a saver who starts saving at the age of 25. For 10 years this saver saves $5,000 a year until the age of 35, and lets the money compound at a rate of 6 percent. When the saver reaches age 65, the amount is worth a nice $380,000.

Compare to this to another saver who starts saving from age 55 the same amount of $5,000 a year for 10 years at a compounding rate of 6 percent. At the age of 65, this saver has reached $66,000.

2.  Practice ‘intentional’ wealth building

It’s fantastic to say you’ll start saving but it’s so much better when you actually do what you say you’ll do!

Practice ‘intentional’ wealth building actions, and automate your savings straight away. Get some dollars deducted from your pay automatically into a purposefully set up savings account.

Dedicate a fixed amount every month and invest it like it’s part of your lifestyle. Invest with intent and systemise it.

Learn to be decisive and take swift actions. Whatever your bite-sized goals maybe, get on to them immediately.

Every time you make progress, you’ll feel happier and proud of yourself. This confidence and positivity will drive you to tackle bigger challenges and life goals.

Get a financial planner and get him or her to coach and mentor you along. Being held accountable and responsible for your actions is a huge motivating factor to build a secure financial future.

3. Act like a Chief Financial Officer

Be in control over your personal finances. Get organised and pay your bills on time. Get to know your net worth position. Check in and review your bank account statements and oversee your money situation.

Like scheduling an important meeting in your diary, keep a calendar of all things financial. For example, schedule in bill reminders so they get paid on time to avoid late payment fees, major expenses like mortgage repayment due dates and the most important thing when income gets paid.

It’s like creating a month to month snapshot of all expenses and monies coming in and going out. This helps to create a budget and to plan ahead for other big ticket items coming up.

4. Start money conversations

Money issues can cause a lot of stress as well as relationship breakdowns and arguments. Before things turn nasty take the time to talk to your partner about money and lead ‘financial’ conversations.

It may seem a bit awkward in the beginning but the more you can talk to one another about money the less frustrated you will feel and more understanding about each other’s money habits.

Review your finances as a team and get on the same page. Openly talk about your financial goals, dreams, your income, your expenses, bills, your frustrations, your concerns and be prepared to make adjustments if required.

Being able to talk to your partner in a non-emotional way about personal finances soothes tensions and leads to emotional happiness and wellbeing.

5. Set bite-sized Money Goals

Set money goals to pursue with passion.

Make a list of the surprises and the shocks to see what your bite-sized money priorities should be.

Start with the biggest shock. This could be the ‘forgotten’ monthly direct debits that mercilessly zaps your bank account or racks up your credit card every month.  These monthly debits of $20 or $50 may seem trivial as single items but when you consider the combined yearly sum, how rude and shocking it becomes.

Out of a shock comes a nice surprise. The more you can afford to slash and burn unnecessary monthly expenses, the more financial clout you get to either invest more and pay off your debts faster. This can only improve your money-growing power and confidence to reach bigger goals.

Make sure your bite-sized goals are potent. Be specific and set deadlines to every goal you set. Don’t be overly ambitious but be realistic. Set yourself up to win, not to fail.

So, use your emotional intelligence to get smart about your finances and take control of your financial future with these tips.

For help on reaching your financial goals, talk to a Dome Financial Planner in Charlestown, Tamworth and Hunter Valley.

The information contained on this page is for discussion purposes only and is not intended to constitute financial product advice. It does not take into consideration any persons objectives, financial situation or needs. You should consider its appropriateness in light of your circumstances and consider seeking professional advice relevant to your individual before making a decision based on any information on this page.

Back to Basics 3 Money Principles

When life is chaotic it’s best to keep things simple. This is the same with your money principles. Keep it simple, and practice the ‘back to basics’ money management principles to help you stay financially fit and healthy.   1. Cut down on money going OUT  ...
Read More

Savvy Financial Tips for Women | Financial Planners in Charlestown, Hunter Valley & Tamworth

Savvy Financial Tips for Women For many women juggling to maintain balance over career and family time, it can get tough. It is even tougher when it comes to money. Here are some tips to help you stay in control and be financially savvy. 1. Make ‘compounding’ your...
Read More

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Read More

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Read More

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These days, we outsource a lot of tasks to external professionals. Due to the chaotic nature of the busy lives we lead, we rely more and more on professionals who have the experience, knowledge and most importantly, the time to get things done for us. Simple things...
Read More

It’s your financial future, learn to plan for it, now!

It’s your future. Do something about it now. “It’s not the plan that’s important, it’s the planning.” - Graham Edwards You can have the best plan in the world but if you don’t act on it, why bother with one?   Top 5 Tips on How to plan for your financial future....
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P: 02 4969 7069 | 1300 723 300

E: admin@domefinancial.com.au

5 Steps to Financial Zen | Financial Planners in Charlestown, Hunter Valley & Tamworth

5 Steps to Financial Zen | Financial Planners in Charlestown, Hunter Valley & Tamworth

Steps to Finding Financial Zen (Financial Peace of Mind)

It’s very hard to find financial peace of mind or financial zen if you’re constantly faced with financial problems or money woes.

So, how can we leave the circle of financial stress and achieve financial peace of mind?

Firstly, identify the financial stressors in your life and tackle each stressor swiftly, one at a time.

 

1. Get Debt under Control

This is the first thing we want to do. We want to get rid of debt as quickly as possible. The problem is how do you get rid of debt? Don’t expect a quick fix scenario unless you’re blessed with an inheritance or a lump sum of money. A great way to get out of debt is to instil discipline in managing your money.

Sit down with a professional and look at the different ways to tackle debt.

  • Can you make extra repayments on your mortgage?
  • What is your credit card limit?
  • What are you splurging on?
  • Should you consolidate your loans?
  • Can you start saving?
  • Do you need to set up a budget?

Get a debt management plan in place and be disciplined with your approach to ensure debts are reduced as quickly as possible.

 

2.  Gain Control over your finances

Be in control over your personal finances. Get organised and pay your bills on time. Get to know your net worth position. Check in and review your bank account statements and oversee your money situation.

Like scheduling an important meeting in your diary, keep a calendar of all things financial. For example, schedule in bill reminders so they get paid on time to avoid late payment fees, major expenses like mortgage repayment due dates and the most important thing when income gets paid.

It’s like creating a month to month snapshot of all expenses and monies coming in and going out. This helps to create a budget and to plan ahead for other big ticket items coming up like family holidays.

It creates a sense of awareness that can shock or surprise you. You may be surprised to see monies left over each month which could be set aside for savings or better yet to make extra repayments on the mortgage. The shock may be realising the various monthly direct debits set up that’s draining your cash flow. Forgotten magazine subscriptions or gym memberships you’re paying for!  

 

3. Start money conversations with your partner

Money issues can cause a lot of stress as well as relationship breakdowns and arguments. Before things turn nasty take the time to talk to your partner about money and have ‘financial’ conversations.

It may seem a bit awkward in the beginning but the more you can talk to one another about money the less frustrated you will feel and more understanding about each other’s money habits.

Review your finances as a team and get on the same page. Openly talk about your financial goals, dreams, your income, your expenses, bills, your frustrations, your concerns and be prepared to make adjustments if required.

Being able to talk to your partner in a non-emotional way about personal finances soothes tensions and leads to emotional happiness and wellbeing.

 

4. Set bite-sized Money Goals

Continue to work as a team and as you’re having conversations about goals and dreams, don’t just talk about it, set them as money goals to pursue.

Make a list of the surprises and the shocks to see what your bite-sized money priorities should be.

Start with the biggest shock. This could be the ‘forgotten’ monthly direct debits that mercilessly zaps your bank account or racks up your credit card every month.  These monthly debits of $20 or $50 may seem trivial as single items but when you consider the combined yearly sum, how rude and shocking it becomes.

Out of a shock comes a nice surprise. The more you can afford to slash and burn unnecessary monthly expenses, the more financial clout you get to either invest more and pay off your debts faster. This can only improve your money-growing power and confidence to reach bigger goals.

Make sure your bite-sized goals are potent. Be specific and set deadlines to every goal you set. Don’t be overly ambitious but be realistic. Set yourself up to win, not to fail.

 

5. Make it happen!

As with any tips or recommendations you receive or hear about, they sound like a great idea and they probably are but only if you decide to do something about it.

Some people mull for months on end and the urgency to make a positive financial change disappears.

Learn to be decisive and take swift actions. Whatever your bite-sized goals maybe, get on to them immediately.

Every time you make progress, you’ll feel happier and proud of yourself. This confidence and positivity will drive you to tackle bigger challenges and life goals.

Get a financial planner and get him or her to coach and mentor you along. Being held accountable and responsible for your actions is a huge motivating factor to help reach your goals.

Don’t just dream and talk about goals, do something about it.

 

Conclusion

Follow these tips to find your financial zen, harmony and peace of mind. Get interested and be prepared to roll up your sleeves to change your ad-hoc financial habits into a routine of financial discipline and control. Everyone can do with some financial tranquility.

For more help on finding your financial zen, talk to a Dome Financial Adviser in Charlestown, Tamworth and Hunter Valley.

Related Articles:

What are the benefits only a financial planner can provide?

It’s your future. Learn to plan for it now.

4 Financial Advice musts I would tell my younger self.

The information contained on this page is for discussion purposes only and is not intended to constitute financial product advice. It does not take into consideration any persons objectives, financial situation or needs. You should consider its appropriateness in light of your circumstances and consider seeking professional advice relevant to your individual before making a decision based on any information on this page.

Back to Basics 3 Money Principles

When life is chaotic it’s best to keep things simple. This is the same with your money principles. Keep it simple, and practice the ‘back to basics’ money management principles to help you stay financially fit and healthy.   1. Cut down on money going OUT  ...
Read More

Savvy Financial Tips for Women | Financial Planners in Charlestown, Hunter Valley & Tamworth

Savvy Financial Tips for Women For many women juggling to maintain balance over career and family time, it can get tough. It is even tougher when it comes to money. Here are some tips to help you stay in control and be financially savvy. 1. Make ‘compounding’ your...
Read More

5 Steps to Financial Zen | Financial Planners in Charlestown, Hunter Valley & Tamworth

Steps to Finding Financial Zen (Financial Peace of Mind) It’s very hard to find financial peace of mind or financial zen if you’re constantly faced with financial problems or money woes. So, how can we leave the circle of financial stress and achieve financial peace...
Read More

3 Golden Rules to a solid Investment Plan

The 3 Golden Rules to Investing When it comes to creating wealth, you need to start with a solid plan. A plan that is personalised to your situation, and one that is appropriate to meet your financial goals and objectives. Everyone is different, so every plan should...
Read More

What are the benefits only a financial planner can provide?

The many benefits financial planners provide As a financial planning professional, a question we get asked a lot by new clients is  "Do people really need a Financial Planner when so much DIY information is available online?", and so we’ve decided to clear up the...
Read More

Should you outsource your financial future to a financial planner?

These days, we outsource a lot of tasks to external professionals. Due to the chaotic nature of the busy lives we lead, we rely more and more on professionals who have the experience, knowledge and most importantly, the time to get things done for us. Simple things...
Read More

It’s your financial future, learn to plan for it, now!

It’s your future. Do something about it now. “It’s not the plan that’s important, it’s the planning.” - Graham Edwards You can have the best plan in the world but if you don’t act on it, why bother with one?   Top 5 Tips on How to plan for your financial future....
Read More

4 Financial Advice Musts I Would Tell My Younger Self

If I knew what I know now about  financial planning, what financial advice would I give to my younger self? There are many wise words of wisdom I can roll through but four advice essentials really stick out, and they remain as relevant as ever. Here are my 4 Financial...
Read More

P: 02 4969 7069 | 1300 723 300

E: admin@domefinancial.com.au

3 Golden Rules to a solid Investment Plan

3 Golden Rules to a solid Investment Plan

The 3 Golden Rules to Investing

When it comes to creating wealth, you need to start with a solid plan. A plan that is personalised to your situation, and one that is appropriate to meet your financial goals and objectives.

Everyone is different, so every plan should be unique.

Creating an investment strategy to help secure your financial goals requires careful understanding of some of the basics of investing rules.

Here are the 3 Golden Rules to Creating a Solid Investment Plan:

1. Time

Time is a critical factor in any situation but even more so when it comes to planning for your financial future.

How much time one has can alter one’s investment plans, and it can pivot the level of risk you can take.

Just having a longer time horizon does not guarantee a higher return but it does mean you have time on your side to consider other investment options and strategies that might give you an advantage in the long run.

Time can afford you to ride out the bumps in the market as well as give you the confidence and courage to look at more growth type investments that might lift your investment returns.

A shorter time frame tells us to look at defensive, safer investment options as one does not have the luxury of time to overcome the lower or negative returns.

Tip:  No matter how young or old you are, start early to plan for your financial future. Don’t leave things to the last minute and find your options are depleted due to ‘not having enough time’ to seeing the fruits of good investment strategies.

2. Risk

One needs to know and understand their comfort zone when it comes to investing. No matter how much time we have on our hands to implement the best strategies, this won’t matter if you have a low threshold for risk taking.

It’s the same sleep test: Can you sleep well at night?

This is so important. A client who cannot sleep at night because they are worried about what the markets will be doing everyday clearly shows they do not have a high level of tolerance to risk. Risk in having a portion of their investments in growth assets like shares that will move up and down with the markets.

Nothing is risk-free or guaranteed in life, and it’s the same with investing but you can minimise the situation if one knows the type of investor you are, and how much time you have to invest.

Time and risk play important roles in getting an investment plan together, and both factors need to be taken into consideration to ensure a sound and an appropriate plan is tailored for your needs and emotional factors.

Tip:  Ensure you truly understand what risk means especially what it means to you. Don’t assume you know things because the level of risk you’re prepared to take will impact your financial future.

3. Goal

What are your goals? What do you want to achieve? Can you clearly articulate your financial and investment goals?

This seems like the obvious but one needs to know what one wants to achieve, and be able to quantify in terms of ‘dollars and cents’ and timeframe.

Strategising an investment plan has to be based on concrete goals, and it is often an adviser’s job to ask the right questions to help clients identify and pinpoint their goals.

The difference between generic goals to specific goals is huge, and we do not want any misunderstandings or unwanted surprises.

Ensure you can communicate your financial goals in a S.M.A.R.T (specific, measurable, achievable, realistic and time bound) format.

An example of a generic goal:

‘I want to retire comfortably soon, and financially help with our grandchildren’s school fees.’

An example of a S.M.A.R.T goal:

‘I’d like to retire in 10 years time, and have an income of $XX,XXX per annum, and be able to make financial contributions of $XXXX per year (for 5 years) towards our grandchildren’s school fees.’

Related Article: Are you living the Great Australian Dream?

Conclusion

Understanding one’s S.M.A.R.T financial goals coupled with knowing one’s investment time horizon with being able to sleep soundly at night all help to create an investment plan that can set you on the right path to your desired financial future.

For more help on reaching your investment goals, talk to a Dome Financial Adviser in Charlestown, Tamworth and Hunter Valley.

The information contained on this page is for discussion purposes only and is not intended to constitute financial product advice. It does not take into consideration any persons objectives, financial situation or needs. You should consider its appropriateness in light of your circumstances and consider seeking professional advice relevant to your individual before making a decision based on any information on this page.

Back to Basics 3 Money Principles

When life is chaotic it’s best to keep things simple. This is the same with your money principles. Keep it simple, and practice the ‘back to basics’ money management principles to help you stay financially fit and healthy.   1. Cut down on money going OUT  ...
Read More

Savvy Financial Tips for Women | Financial Planners in Charlestown, Hunter Valley & Tamworth

Savvy Financial Tips for Women For many women juggling to maintain balance over career and family time, it can get tough. It is even tougher when it comes to money. Here are some tips to help you stay in control and be financially savvy. 1. Make ‘compounding’ your...
Read More

5 Steps to Financial Zen | Financial Planners in Charlestown, Hunter Valley & Tamworth

Steps to Finding Financial Zen (Financial Peace of Mind) It’s very hard to find financial peace of mind or financial zen if you’re constantly faced with financial problems or money woes. So, how can we leave the circle of financial stress and achieve financial peace...
Read More

3 Golden Rules to a solid Investment Plan

The 3 Golden Rules to Investing When it comes to creating wealth, you need to start with a solid plan. A plan that is personalised to your situation, and one that is appropriate to meet your financial goals and objectives. Everyone is different, so every plan should...
Read More

What are the benefits only a financial planner can provide?

The many benefits financial planners provide As a financial planning professional, a question we get asked a lot by new clients is  "Do people really need a Financial Planner when so much DIY information is available online?", and so we’ve decided to clear up the...
Read More

Should you outsource your financial future to a financial planner?

These days, we outsource a lot of tasks to external professionals. Due to the chaotic nature of the busy lives we lead, we rely more and more on professionals who have the experience, knowledge and most importantly, the time to get things done for us. Simple things...
Read More

It’s your financial future, learn to plan for it, now!

It’s your future. Do something about it now. “It’s not the plan that’s important, it’s the planning.” - Graham Edwards You can have the best plan in the world but if you don’t act on it, why bother with one?   Top 5 Tips on How to plan for your financial future....
Read More

4 Financial Advice Musts I Would Tell My Younger Self

If I knew what I know now about  financial planning, what financial advice would I give to my younger self? There are many wise words of wisdom I can roll through but four advice essentials really stick out, and they remain as relevant as ever. Here are my 4 Financial...
Read More

P: 02 4969 7069 | 1300 723 300

E: admin@domefinancial.com.au

What are the benefits only a financial planner can provide?

What are the benefits only a financial planner can provide?

The many benefits financial planners provide

As a financial planning professional, a question we get asked a lot by new clients is  “Do people really need a Financial Planner when so much DIY information is available online?”, and so we’ve decided to clear up the issue once and for all.

There are so many reasons why a Financial Planner is essential to achieving your financial goals, whether they be saving up enough for a deposit, affording private school fees to having enough for a cozy retirement.

Here, we’ve put together the most critical reasons why you should have a Financial Planner, as well as the benefits that you are likely to achieve.

Benefits only a Financial Planner can provide.


1.    It’s educational

A financial planner is a professional trained in educating others on how to achieve financial goals. Financial planning is looking at the big picture and working out the necessary steps an individual should take to reach their destination. Can you afford to take a  shortcut or do you need to take a detour first then cruise along the highway? Which way and how you get there is what clients learn from their planner and this educational based relationship is valuable.

A private one-on-one financial education that is designed just for you are one of the many benefits only a financial planner can provide. They help to cut through endless amounts of noise and clutter and keep matters simple, relevant and personal to your goals.


2.    They can help perfect understanding

Financial planners are great at helping clients understand the importance of financial planning and that learning and understanding how to make the right financial decisions is an ongoing process and not just a one-off event. Having a financial planner is like having a life coach working with you every step of the way, guiding, counselling and coaching you along.  They inform you of new legislative changes and mentor you with their years of experience and knowledge.


3.    They can help with individual needs

Everyone is an individual, and therefore everyone has unique and personal needs and requirements. Financial planners have great depth of flexibility and awareness to understand everyone has vast and different goals which require different set of financial strategies and solutions. Financial planners understand Individual needs can be simple to complex and are astute at pinpointing the right amount of financial treatment and prevention where possible.


4.   They help to set realistic goals

Financial planners are empathetic and sensitive when it comes to setting realistic goals for their clients. Some clients find it hard to work out what their goals are. This is where the educational part of the process kicks in, very early on in the financial planner and client relationship. Clients have high hopes and big ambitions but for some clients it is unrealistic as their financial position and means cannot simply afford them. This is where the value of a planner comes to light where they can factually explain and educate clients why they need to set lower expectations or how they can achieve their goals if they are prepared to dig deep and work harder. Financial planners can help clients to set realistic goals by continuous guidance and coaching.


5.    They help to set discipline

Financial planners help to instil self-discipline in clients when it comes to managing their money and working towards their goals. Financial planners can be tough and challenge their clients to keep up the pace but are equally happy to celebrate financial milestones and motivate their clients on. Throughout the planning process clients learn to become disciplined and committed as they experience the results along the way with their planner cheering them on.

6.   They give clients purpose and clarity

There are many types of clients:

a) Those who like to do their own thing. Spend a few minutes online, read up on some new investments and chat with their friends to get the latest tips then call it a day and decide to do something later.

b) Those who have a plan in mind, and invest with a purpose. They generally have a regular savings plan set up, stick to a budget and make financial decisions with a clear set of intentions and understand exactly why. They are tunnel-visioned and know what to do to get the results.

It’s fairly obvious that the first group will not be achieving their financial goals unless they get some help and have someone to direct them.


7.  They write up personalised financial plans

Financial planners are not only your sounding board, coach or counsellor but they are great in keeping clients accountable and responsible by documenting goals and recommendations in a personalised financial plan. It is tailored to suit each clients’ needs and goals against their investment timeframe and risk appetite. This is ‘the plan’ to ensure clients stay on course to reach their destination.

A Financial Planner is your life coach, money manager, investment planner,  guide and a motivator all in one, and without them your financial goals are that much harder to achieve.

So what are you waiting for? Find a financial planner to help achieve your financial goals.

Related Article: Should you outsource your financial future to a financial planner?

For more help on reaching your financial goals, talk to a Dome Financial Adviser in Charlestown, Tamworth and Hunter Valley.

The information contained on this page is for discussion purposes only and is not intended to constitute financial product advice. It does not take into consideration any persons objectives, financial situation or needs. You should consider its appropriateness in light of your circumstances and consider seeking professional advice relevant to your individual before making a decision based on any information on this page.

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P: 02 4969 7069 | 1300 723 300

E: admin@domefinancial.com.au

Should you outsource your financial future to a financial planner?

Should you outsource your financial future to a financial planner?

These days, we outsource a lot of tasks to external professionals. Due to the chaotic nature of the busy lives we lead, we rely more and more on professionals who have the experience, knowledge and most importantly, the time to get things done for us.

Simple things like getting your coffee foamed to perfection by your barista every morning on your way to work to having an accountant fill out your tax returns every financial year to taking your business shirts to be dry-cleaned every week.

The everyday tasks we outsource to experts are invaluable because it allows us to have more time to focus on the things that matter most to us, and on the things we’re good at and enjoying doing.

Sure, you can DIY financial planning  but at the end of the day, do you have the time and the expertise to do so?

When Should You Outsource your Financial Future Planning?

Ask yourself the following questions:

  1.     You can set goals on your own but how well can you execute them?
  2.     Do you have the time?
  3.     Do you have the expertise and the knowledge to do it well?
  4.    Can you keep up-to-date with the legislative changes around tax, superannuation and investing?

When it comes to finances and investing, not only is time essential but the knowledge and the know-how to get it done well is vital. You don’t want to make costly mistakes with your money.

The financial and investment world is ever so complex, and its’ complexity grows every day with changes to legislation and rules on taxes, superannuation and retirement planning strategies.

Even the professionals find it hard to keep up with all the changes to quickly process the changes, and understand the impacts upon individual situations. It reverts back to having the time to understand and execute changes effectively and efficiently.

For most investors and retirees, the question should not be: Do I need a trusted financial planner? but when should I seek one out and whom do I hire?

The Benefits of a Good Financial Planner

Partner up with a professional who is there with you for the long-term, and someone who is prepared to ride the waves with you during the good and the bad times.

Remember, the road to financial fulfillment is never going to be a straight line. It will be met with detours, roundabouts and at times backing out of one-way streets but you can feel confident in having a trusted financial coach with you,  guiding you through the obstacles and barriers to reach your end goals.

Finding that someone who is a high achiever themselves and someone who gets a buzz in kicking goals maybe the right type of a planner to encourage and motivate you.

You want someone who is energetic, a go-getter and a strategic thinker as well.

You want to be motivated and ‘coached’ like an elite athletic who cannot function without their personal coach.

A good planner goes beyond just traditional financial planning and wealth building responsibilities. Your ‘financial super-hero’ will pull you up, get you up when feeling down, cheer you on and urge you along to achieve your financial goals.

Consider your planner as an ally, your very own strategic planner and thinker as well as your financial ‘commander in charge’ executing your financial plans with you and for you.

It’s Your Life – Make the Most of It

When it comes to your financial life, someone has to do the work of planning ahead. If it’s not you, then hiring someone maybe a wise move.

If you don’t have the time nor the qualified expertise to plan your financial future then get a professional to help you do it.

You outsource everyday tasks to professionals to help manage your life so why wouldn’t you want to hire an expert to help you achieve the most important thing in your life? Like your financial security, independence and a lifestyle full of choices and opportunities?

Related Article: It’s your financial future, learn to plan for it, now!

For more help on reaching your financial goals, talk to a Dome Financial Adviser in Charlestown, Tamworth and Hunter Valley.

The information contained on this page is for discussion purposes only and is not intended to constitute financial product advice. It does not take into consideration any persons objectives, financial situation or needs. You should consider its appropriateness in light of your circumstances and consider seeking professional advice relevant to your individual before making a decision based on any information on this page.

Back to Basics 3 Money Principles

When life is chaotic it’s best to keep things simple. This is the same with your money principles. Keep it simple, and practice the ‘back to basics’ money management principles to help you stay financially fit and healthy.   1. Cut down on money going OUT  ...
Read More

Savvy Financial Tips for Women | Financial Planners in Charlestown, Hunter Valley & Tamworth

Savvy Financial Tips for Women For many women juggling to maintain balance over career and family time, it can get tough. It is even tougher when it comes to money. Here are some tips to help you stay in control and be financially savvy. 1. Make ‘compounding’ your...
Read More

5 Steps to Financial Zen | Financial Planners in Charlestown, Hunter Valley & Tamworth

Steps to Finding Financial Zen (Financial Peace of Mind) It’s very hard to find financial peace of mind or financial zen if you’re constantly faced with financial problems or money woes. So, how can we leave the circle of financial stress and achieve financial peace...
Read More

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Read More

What are the benefits only a financial planner can provide?

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Read More

Should you outsource your financial future to a financial planner?

These days, we outsource a lot of tasks to external professionals. Due to the chaotic nature of the busy lives we lead, we rely more and more on professionals who have the experience, knowledge and most importantly, the time to get things done for us. Simple things...
Read More

It’s your financial future, learn to plan for it, now!

It’s your future. Do something about it now. “It’s not the plan that’s important, it’s the planning.” - Graham Edwards You can have the best plan in the world but if you don’t act on it, why bother with one?   Top 5 Tips on How to plan for your financial future....
Read More

4 Financial Advice Musts I Would Tell My Younger Self

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Read More

P: 02 4969 7069 | 1300 723 300

E: admin@domefinancial.com.au