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

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.


1.    Avoid the ‘I’ll get around to it later’ attitude

Stop delaying the need to plan for retirement with time-poor excuses, and lack of interest. Time ticks away, and every day you put off planning is a day you potentially forego retirement opportunities.
Don’t just sit on your plans, get things happening. It’s your financial future so make it an urgent priority.


2.    Where do I start?

Many people find it hard to take the first step, so instead of thinking about how do I start, it’s better to visualise the end game.

  1. What is their big picture?
  2. What do they visualise?
  3. What kind of lifestyle do they aspire to achieve?


By starting the planning process with the end sight in mind, it’s easier to take the first planning steps towards this ideal destination.


3.    Why even bother?

Stop thinking about the negative, and take on a fresh positive attitude. Some  do not like to face their realities for the fear of facing a grim outlook but at least becoming self-aware of your financial position and working hard towards improving it, is better than feeling hopeless. Get bothered to improve your situation now to retire with comfort later.


4.    Never assume it’s too late


It’s never too late to make a change especially if it means a brighter financial future. You may have missed out on certain opportunities up to now but it shouldn’t stop you from starting to plan now. In fact, this should be the motivation to catch up on lost time, and start getting a plan together.


5.    Take control


Get into the habit of understanding your financial position, and actually get a budget together. Knowing how much money comes in and goes out means you are in control of your finances, and you can adjust your spending to fit within your means. Get in control, and be the master of your destiny, and don’t leave it to just chance and luck. Only you can make a difference. Making some sacrifices now could mean a better lifestyle for your retirement, and it’s good to learn how to be financially savvy.

Related Article: Planning for retirement must knows and dos

Do you need to further assistance on your planning situation? Our professional advisers can point you in the right direction.

For more help on reaching your superannuation 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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The power of persistence and financial success

The power of persistence and financial success

“Nothing in this world can take the place of persistence. Talent will not; nothing is more common than unsuccessful men with talent. Genius will not; unrewarded genius is almost a proverb. Education will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent. The slogan Press On! has solved and always will solve the problems of the human race.” – Calvin Coolridge

If you know Ray Kroc then you’ll know how inspiring and motivating the power of persistence played to help transform Ray. Ray, a 52 year old milkshake maker appliance sales person flogging his product without much success to the man who built the mega-franchise chain of fast food burger operations known as McDonalds.

What made Ray Kroc so successful was his dogged persistence to never give up and to keep sweating as he famously quoted and repeatedly said to himself:

Luck is a dividend of sweat. The more you sweat, the luckier you get.

 

Ray Kroc wasn’t born wealthy. He was a middle aged struggling sales person who listened to motivational tapes and constantly pushed himself on, even during the hard times, and this ‘never give up’ attitude eventually paid off, and he achieved successes one can only dream off.

The Power of Persistence & Financial Success

 

Persistence is powerful indeed. It separates successful people from the not so successful people in terms of accomplishing goals, whether they are financial, life or values-based.

Persistence plays a huge role for financial planning clients as well.

Financial planning is not just for the wealthy but for everyone who has a goal or a dream they want to achieve. Or you may simply want to better your choice of lifestyle!


Persistence is what separates the achievers from the complacent types. It’s the difference between getting over the finish line to just taking off from the start line.

1.Persistence – What are you craving for badly?

Write down what you want to do, what you want to achieve or accomplish. It can be the small little things you tend to put off or the bigger life goals. Give yourself a reason or reasons to want to achieve something then go and get it done!

Use the power of persistence to get you through and be able to overcome any obstacles or challenges that may get in your way. Refuse to quit – you owe it to yourself!


2. Prepare for the Challenges

Collaborate with your adviser or support group and get a contingency plan set up. Arm yourself with the knowledge on how to successfully overcome any challenges you may face during the course of your journey.

Being prepared and ready for battle is far better than going into battle blindfolded.

The key is to not become overwhelmed with difficulty but to be prepared at all times, and to not be afraid to seek counsel from others who have done it before you! Along the way you may need help from others to help realise your dreams, and if the help comes your way, grab it and go on your way.

You may face failure, and this is OK but don’t let it knock you down. Use the persistence and the tenacity in you to get up and enjoy celebrating the milestones along the way.


3. Be flexible-minded

A plan is a guide to help navigate you to the end. It needs to be adaptable and flexible enough to be changed and reassessed.

Like going into battle, many last minute decisions are made to ensure its utmost success, and if you can’t be adept at changing the course of your actions at crucial moments then you’re setting yourself up for unnecessary hardship and an uphill battle.

Take advice, listen to others more experienced and wiser than you, and be prepared to be flexible and bendable at times when you need to be.

The easier your journey, the easier it is to stay focused and motivated.

4. Do It For Yourself

Light up the ‘fire in your belly’ and don’t extinguish the endorphin fueled feeling of satisfaction and accomplishment of ‘Yes, I did it!’

Be proud of your achievements and celebrate it. Don’t lose sight of your fighting spirit and use it to take you to the next level to achieve bigger and wider goals and ambitions.


5. Check-In & Take a Breath

Don’t forget to surface for some air every now and then. Check-in with your support network, discuss your experiences so far, how you felt, what you have learnt and share your stories with others to keep the momentum going and to ensure the course of action is relevant and effective.

Get inspired and inspire others along the way. When you share your journey with like-minded people with similar interests and goals, then it becomes more interesting, rewarding and easier to push each other along. It almost doesn’t become a chore but fun!

Persistence it seems is the one quality that can help you to overcome obstacles and adversity to guarantee success in reaching your goals, and realise the most meaningful moments in your life.

For more help on reaching your financial success, 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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Can financial goals be achieved?

Can financial goals be achieved?

Maybe your goals are way too big, unrealistic or simply too stretched. With such big dreams to fulfil is it just too hard to reach them?

This is what a Harvard psychologist Amy Cuddy, an expert on human behaviour and author of “Presence: Bringing Your Boldest Self to Your Biggest Challenges” explains.  It is easier to aim to make it around the block than shoot for the stars, initially anyway.

A mistake most people make, Cuddy explains, is that, they ‘focus only on the outcome and not on the process.

Focus on the process rather than the outcome

This means it’s great to have a goal, and want to strive for the moon but you need to know the ‘how’ – what are the actions or steps required to reach your goals?

If you’re going from point A to point B, you basically need a road map to navigate your path to your end destination. Without such a map, you might lose your way, go the wrong long way or simply give up on starting your journey.

As Cuddy reveals, people get disappointed or feel deflated because of ‘unrealistic or poorly planned goals.’ She finds that people’s goals are ‘too big’ and ‘too distant’.

‘They require a million little steps in between, and each of those little steps is an opportunity to fail’.

Chunk down big goals into smaller ones

The smart approach to achieving goals whether they are financial or life goals, is to chunk down the big goals into bite sized easy to digest weekly or daily goals which are easier to achieve. By kicking through the smaller and frequent goals, you feel a sense of accomplishment which energises you to keep going to the end.

Similar to wanting to become a marathon runner from not being able to run, it’s easier and better to start a training regime on a daily basis leading up to your marathon day rather than attempt to run 42kms straight away. You’re setting yourself up for failure if you don’t plan or train for this major fitness goal.

Work with a professional ‘coach’

This is no difference when you plan for financial goals and retirement lifestyle goals. You need a road map to help you get there. Without a process or the know-how, you might not get there at all or lose out on opportunities. You might also seek advice from a professional adviser to help draft up a personalised financial plan similar to getting a personal fitness trainer who maps out a fitness regime to help you run your first marathon.

Having a goal and wanting to achieve them is fantastic but ensure you find the right and smart way of achieving them.

Get a plan, seek guidance from your adviser and tick off the check points on your ‘financial road-map’ until you arrive at your desired destination.

For more help on reaching your financial goals, talk to a Dome Financial Adviser!

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.