Changes to our financial goals

I feel like I really need to lock down our goals and see them in print. So many options and things to think about that I am finding it hard to focus. It is also so hard to focus when you are thinking of so much ‘life’ stuff. Life goes on and the stuff, like your FUTURE YOU wealth and health can suffer as you feel that you don’t have enough capacity in the day to take on the challenge of caring for FUTURE YOU, whilst working through the challenges of the here and now.

My challenge in this week’s post is to formulate and work through the outline of the next 8 years worth of goals for financial independence and my own growth.

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Wealth Strategies

The year was 2010 and our net worth was $750,000 (this was after the sale of our house, and includes superannuation and shares).
We sold our home that was spacious and a great family home with a big backyard AND we were STRESSED (well I was) with the financial burden of ‘house debt’.

In hindsight, we didn’t have a HUGE debt compared to these days ($450,000 home loan). But with a young family, working part-time, minimal understanding of finances and no other income stream I found it very distressing that we couldn’t get ahead. I was brought up to believe wealth only came from buying 2-4 properties and I couldn’t see how we could do that.

  • We were 40 years old
  • Super ($170k)
  • Shares ($50k)
  • And a beautiful home (profit after the sale of our home $550k)

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Financial Planner

For GenX (born between 1965 and 1980) it’s important to make the last 10-15 years of your working life COUNT!

“Just 17 per cent of Generation X use an adviser, but they hold 36.2 per cent of Australia’s superannuation assets”.

GenX are a quieter group that needs attention. TRUST is the biggest issue.

Over the years I have interviewed a few financial planners (FP), maybe 6-8. The ones that really resonated with me were the planners who could offer options on their feet and engage with you and your specific needs. Some will freely give you little nuggets of advice and I really liked that. When the whiteboard started getting full with possible scenarios it’s like music to my ears. They get what I am asking for and they have a plan for my needs.

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Reviewing your personal budget

How I saved $2444 pa on our normal expenses – in just a few hours!

I am always surprised after phoning a company we pay money to, when they say “the only time we will review your interest rate/premium/contracted per litre/kw, is when you call through and ask for your account to be checked”.

WOW… it blows me away that we sometimes are on autopilot for years before we call. These calls can be 10-minutes or may take 45-minutes BUT it is so worth it!

Below are some examples of companies I have called over the last few months. They will certainly be on my calendar reminder each year to make sure they don’t creep up again.

The last batch of phones calls gave us a total saving of $2444 

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