As the years go by, it is important to regularly pause to take stock and check in with ourselves to ensure that we remain on track with our personal and financial goals. So, what are some of the key things you need to check to ensure you’re on track?
With every paycheque received is a constant reminder of the hard work you put in just to pay bills. It becomes very important to then think smartly about what you do and how you manage your money. Creating a positive cashflow position allows you to maintain your current lifestyle and focus on creating wealth for your future financial freedom. When we have a positive cashflow, we can enjoy the holidays we crave so much, those Louboutin shoes, the fancy restaurants and we may even start to plan ahead. Without a positive cashflow, life tends to be difficult to manage.
Acquiring assets for long term growth…
Having that positive cashflow position allows you to start planning for your future financial freedom - acquiring assets to provide long term growth potential to ensure that one day you can retire and have the freedom of choice. With the peace of mind to maintain your daily lifestyle for today, you can start thinking about buying that property, perhaps investing in shares (direct or through a fund), maybe contributing more money into superannuation if you’re eligible. You’re on track if these assets are well thought through with a solid strategy behind it to ensure they can perform to provide you with long term growth potential. The growth will create wealth leading to you having the freedom of choice to decide – “do I work or go on holiday?” “Do I retire or continue working?” With the financial freedom, you’ll be in control of your life!
Secure and protect…
You’re on track if you can understand that things do happen to go off track sometimes and use that knowledge to continually ask yourself “what happens if…?”
So, what happens if you cannot work for more than 12 months due to a prolonged illness? What happens if your partner is diagnosed of a serious illness and you need to take time off work to provide care? What happens if your young children are sick and both you and your partner must be there for the kids and each other? What happens if your investments fail?
Ensuring you’re on track needn’t be costly, complex or scary. A qualified financial adviser will be able to work with you to create a path to success or simply ensure you’re on the right track.
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