Every day millions of Australians take the time to exercise, whether in the Gym, cycling, running and walking the dog. Why is it we make the time to stay fit and healthy so we can live longer, but do not make the time to ensure we can afford to?
How much time do you spend each day, week or month on your finances? Would it surprise you to now that only 30% of people will seek out professional financial advice in their life time? Your finances are an important part of your life; you need to spend time regularly to ensure that they are looked after.
Wealth is not about how much you earn but more about how much you spend. It is what you do with your money that counts. The most common mistakes I see people make when it comes to investing:
1. They approach it as if it is a one off event. I call this the “set and forget” approach.
2. The main focus is to reduce their tax. Negative gearing approach.
3. The trend follower, no strategy. I want what they have.
Investing is about strategy, you must have a plan and like all plans it must be reviewed, compared and adjusted along the way. This takes time, time you must spend to ensure a successful financial situation.
Successful people know this, they do this every day in and out, it is why they are successful.
Meanwhile the set and forget investor missed the opportunity to take profits, the negative geared investors profits went mostly to the bank in the form of interest and the trend follow ended up with the hot potato. By the time most of us hear about the new hot investment the profits are gone.
So today, do yourself a favour, take a look at your superannuation and ask yourself the following questions:
1. How is my money invested, is that strategy right for me?
2. Do I have enough to retire on?
3. What can I do to save more money and tax at the same time?
If you need help contact Grow Your Wealth for a free initial meeting. Costs nothing but your time.