Information for your world

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    How to get your finances on track

    By For your world

    Getting your finances on track can seem overwhelming! You may ask, where do I start however the answer is simple, you need to start somewhere.  Take a deep breath and keep reading and we will deliver some tips to help you on the way to financial freedom.  Remember that small steps and consistency over a long period will ensure improvement in your world.    

    DCA priority

    Automate Your Finances

    Each pay send your money to your savings/investment accounts automatically, or perhaps to your non-deductible home loan. By doing so, you will be able to build wealth gradually.

    Automating your transfers is not hard.  If you have online banking you can set it up in a few minutes.  Alternatively, you can go into your local branch and they will set the transfers up for you.   When this is all done, when you get paid your transfers will automatically happen.  

    Another advantage of automating the finances is you do not need to worry whether you have paid the bills or not.

    Avoid Small Daily Purchases

    One mistake we all do is a sneaky coffee.  That sneaky coffee becomes a weekly treat and before we know it, a daily one!  These little treats add up and can start to eat into our future financial goals.  

    Instead, make coffee at home, take it to the work or use the coffee machine at work.  With today's tap and go society it is easy to spend money without knowing it.  Give yourself a $10 weekly budget for treats, and when it is gone don't replenish until the next week.

    Track Down Your Spending

    To build wealth, it’s necessary to track down your expenses. A favorite DCA term often shared with our clients is "what gets monitored gets managed".    

    Our Lifestyle Package can help you track your expenses and provides you with quarterly reports on your wealth position.  

    If you are not interested in our Lifestyle Package, then a simple spreadsheet can help you head in the right direction.  

    Pay Off The Debts

    Debt!  Most of us have it.  Some of us feel like we are drowning in it.  Before we can start moving forward to financial freedom and building wealth, we must own up to our debts.  Right down what they are and pay them off.  Any debt reduction is good however non-deductible debt is the best place to start.

    Investment Stocks

    Investing in the stock markets is an excellent way of building wealth. Remember, never consider the stock market in a trading sense (high risk), instead think about is a long term investment strategy.

    Today, lots of  people look to the stock market as an investment option. What you will need to prepare yourself in the initial stages is some research but most importantly, you need to take the time to talk to a Financial Planner.

    Set Money-oriented Specific Goals

    You need goals in life.  Something to aim for makes it seem all worthwhile.  Financial goals are no different.  Without financial goals it is unclear what you want to achieve.  If you want to build wealth then you need to take time to plan what you want.  

    Our Lifestyle Package can help you track current net worth but also set your own financial goals.  It will even break down what you need to do achieve these goals and if you aren't tracking to achieve them.  

    Warren Buffet’s Advice

    Warren Buffet is the man!  He gives the best information related to investments. 

    • Consider yourself as a rich person and think that you are capable of building the wealth.
    • Invest your good time reading and building relationships that are going to last.
    • Have long-term goals and buy into the company because you want to own it not because you wish the stocks to go up
    • Get high value at a low price. Paying more money for something that is of less importance is like losing money.

     

    The information provided  in this BLOG is of a general nature only and has been provided without considering your objectives, financial situation or needs. Because of this you should consider whether the information is appropriate considering your objectives, financial situation and needs.