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Dear young me,

It’s Dec 2017 and the year is drawing to a close. This year has been one of mixed emotions! Exciting new adventures, scary health challenges and unsure of what the future holds. Yet, here we are! We made it. Now, as we look forward to the future, I want you to remember these very important things you need to do now before 2029, where you’ll be 50 years old!

Take control of your money!

You’re never too young to take control of your money! The best thing you can do for your future self will be to understand where your money is and what it’s doing for you.

If you understand your cashflow, then well done. If not, then start listing down your income and expenses – it’s called a budget. You’ll be surprised how much money you actually make and have!

If you have multiple super funds, spend some time during this quiet period and think about what you want to do with them. Remember, having multiple super funds isn’t necessarily a bad thing. You just need to understand why you have them, where they are; the impact fees and charges may have on your overall future.

Always, know this… “you’re choosing to forgo about 10% of your monthly income for a promise of a better future. Why do you want to throw that money away?”

Take action!

You’ve done very well in reading those investment reports and journals. In fact, you could rattle investment theories off by heart and frankly, you make for a good investment conversation at a BBQ, not. But! What have you got to show for it? You believed the markets (Property/shares) were going to crash 10 years ago and you continue to believe that whilst markets set new records each passing day. All your hard-earned savings are in a bank account earning around 1.5% in interest waiting for the day the markets (property/shares) will crash. You’re probably onto something no one knows; if so, well done.

Always know this…. “It is not timing the market that makes for a good investment. It is Time in the market that counts.”

Get a coach!

We all know how smart you are. And frankly if time permits, you can do a lot of things yourself. But would you rather spend limited time to learn about the different investment types and vehicles out there or would you like to spend the limited time to travel, explore new places, enjoy new experiences, grow in your career etc? Financial literacy alone does not lead to financial success and future financial freedom. It takes accountability, dedication, pushing yourself beyond the limits and taking some calculated risks to attain future financial freedom – this is something a coach is useful for.

“You’re already ahead of the game if you have the wisdom to decipher between what you’re good at and what others might be better at.”

Celebrate the little wins.

Understand what makes you wake up in the morning every day. It is important to set life goals for yourself to be motivated each day to strive to hit them. It is equally important to take stock and celebrate every little win along the way. If your goal is to lose 10kg and you’ve lost a kilo this week, take time out to celebrate that win! Because you’re now 1kg lighter. As we value the little things we achieve in life, we make room to achieve the big things in life.

And know that it is Christmas after all…. Let your hair down and have some fun! The hard work starts again in 2 weeks – 2018!

Wishing you all a very Merry Christmas.

General Advice Disclaimer

Note: – this article is of a general nature only and does not take into account your objectives, financial situation or needs. Please consult a qualified Financial Adviser, like Wealth Peak Financial Advice, before making any decisions on the basis of this article. Wealth Peak Financial Advice Ltd ABN: 24 615 007 326, is a Corporate Authorised Representative of Total Financial Solutions Ltd. AFSL 224954 and ABN 94 003 771 579