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

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

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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...
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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...
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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

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.

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

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

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

4 Financial Advice Musts I Would Tell My Younger Self

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 Advice Musts I would tell my younger self:

 

1 . Don’t just spend, save a bit as well

When you’re young you feel like you have all the time in the world to conquer, have fun, splurge and splurge and splurge. Saving doesn’t come to mind. Why would you save? You are a teenager living at home and you’ve landed your first part-time job! Life is sweet and rosy. And yes, life is exciting and fun as it should be but if only I was wise enough to stash a little of my earnings away, what a difference, it would have made, financially when trying to get a head start in life. Those savings, that would have grown over the years thanks to the magic of compound interest, would have been handy when I was ready to buy my first place.

Even if it’s just a token amount you can save, get into the good habit of learning to save. This life skill will definitely make a difference to you when you need it the most. Learning to become a savvy saver, and letting the money work hard for you will surely place you over the line first in the financial race to get a head start in life than the ‘non-savers’.

 

  1. Learn how to make your money grow, harder & smarter!

If I was smart enough to stash a few bucks away then I wish I knew how to make my money work for me, and not  the other way around.

Instead of just saving my money in a bank account, I wish I knew that I could have diversified my savings into other areas that would have given my money the opportunity to grow my capital amount as well as earn income on my money. Income such as dividends from investing into shares. Yes, there are risks when it comes to investing in shares but there are risks in everything else as well but at least as a young person I would have had the most valuable thing called time on my side. Even if my shares took a hit, it wasn’t as if I would have invested all my savings into shares as I would have diversified, and the amount that was invested in shares had time to recover whatever falls  experienced in the share market, and the falls would only be on paper, as I would not have taken my money out when the market was down.

Learning to be a savvy saver and an investor does make a difference to you especially if you’re interested in getting a head start in life, financially and wisely.

 

  1.  Listen and learn from others

I wish I recognised and took heed of wise words and wise people around me when I was younger.  Even shadowing some of the self-control and discipline my parents showed when they were managing the family finances would have set me up with good life skills and habits that are still relevant and valid today.

When you’re young and starting to gain financial independence, you feel free and ready to conquer the world but taking the time out to learn from people’s life experiences and mistakes can help you to avoid those mistakes and make smarter life and financial decisions. Simple things like enjoy your life but be smart about listening to advice and learn to make smart financial decisions early on. Don’t waste time opportunities but make the most of it.

Learning to learn and wanting to learn early on can mean you are gaining the wisdom and the confidence to make good financial decisions that impact on your life choices later on.

 

  1. Be financially literate

Being financially literate early on can prove to be fruitful and rewarding later on. Even adults struggle to make a budget and stick to it, and some are challenged when it comes to understanding things like income is money coming in and expenses are monies going out, credit is not money you own but one you borrow from banks or financial institutions and they come with high interest costs, and a debit card is vastly different from a credit card.

Things like if you spend more than you earn you might end up owing money if you rely on credit to fund your lifestyle. Understanding these basic financial facts can help you to make wise decisions about your personal finances.

Get clued up early on so you can make the most of your youth and time to invest and make smart decisions early on to enjoy a rewarding life later on filled with lifestyle choices not restrictions.

Related Article: Do you know when to seek financial advice?

 

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

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P: 02 4969 7069 | 1300 723 300

E: admin@domefinancial.com.au

Is it too late for financial advice in my 50s?

Is it too late for financial advice in my 50s?

Are you suddenly feeling a bit nauseous and sick in the stomach as you’ve hit your 50s, and you feel like you don’t have much to retire on?

Don’t panic. You are not alone but it’s a good wake up call to get things happening. You may have missed out on having the the luxury of time to build and grow your savings over your working years but it doesn’t mean all is lost.

This might be the right time and more importantly as you’re feeling a sense of urgency this maybe the perfect great motivator to get things going.

 

Related Article: Australians’ Top Financial Regrets

 

Here are 5 simple financial tips to consider:

 

  1.   Be calm and start thinking about you

The last thing you want to do is to get yourself all worked up and stressed. Remain calm and composed, and focus on the important things that matter to you, now.  Use this sense of urgency to act as a great motivator to start looking after yourself now to set yourself up nicely for the future!

Do something and take the next step.

 

Related Article: How to be financially happy?

  1.  Be brave and ask for help

Do you feel confused and a bit lost in not knowing where and how to begin your retirement planning process? If you do feel overwhelmed and not sure on what to do then speak to friends for referrals to financial advisers they rate highly, and would recommend with utmost confidence and trust.

These days, there are a lot of people you can seek help from and receive expert advice on financial matters especially on important life events like your retirement happiness and comfort.

Some people who are suddenly faced with the daunting task of retiring can become stuck in knowing what their retirement goals are and what kind of a retirement lifestyle they would like. When it comes to working out what your goals are and whether you can afford to retire now or not, a trusted financial adviser can help to draw a big picture of what retirement could look like versus what you will need to do now to manage any gaps and affordability issues.

Speaking to a financial adviser can give you the confidence you need to start making positive and smart financial decisions which will remove the cloud of confusion and add some clarity with a robust plan of attack to pursue.

 

  1. Be prepared to roll up your sleeves

Depending on what your retirement goals are, and what you currently have saved, don’t lose heart but be ever more prepared to fight with gusto and determination, if you are told you may need to work longer,  and if you are put on a strict savings plan by your adviser.

It’s never too late to start planning but it does mean you may have to work harder to catch up on time lost to build up your savings as much as possible now and be prepared to face reality that you may have to delay your retirement until you have caught up with your savings.

 

  1.  Do you really need to splurge on a new car?

To boost your retirement savings plan, it maybe a wise move to cut down on big item purchases if it’s not a necessity. Do you really need to splurge on a new car, buy a boat or go on a 5-star world holiday?  If the answer is no, then stop the splurge and be frugal and think about your retirement plans.

Becoming ruthless with how you spend your money can really help to boost your retirement savings so you can reach your end goal. Some sacrifices made now could mean you can afford to treat yourself later in life and truly enjoy a relaxing retirement without too many financial shoestrings to worry about.

 

  1. Stick to your plan

Temptations will be plenty but don’t get fooled into straying off your retirement plan. Yes, there will be times where you feel you deserve a treat for all the hard work and extra savings you are making but don’t take your foot off the pedal completely. A nice movie night out is fun and best of all not as expensive as going fine dining. Celebrate your savings milestones but don’t be too over the top about it.

Touch base with your adviser regularly to ensure the plan is working and review it for any tweaks or adjustments required but most of all update your adviser with any major personal or financial changes that may occur as these can impact upon your retirement plans.

Hopefully these 5 simple financial tips can help to kick your retirement goals with a bang and out you on the right track towards to your retirement lifestyle.

Please ensure you seek advice now before it really is too late!

For more help on reaching your  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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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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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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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