This post has been the hardest to write as there are so many different ways to building wealth. I have been thinking that there are many similarities to working towards having a healthy lifestyle at this step. The foundations of both these goals are pretty generic. Know what you put into your mouth, or in our case what you spend (Step 2-4). Understand where we are at with our inner health and current weight, or with finances, knowing what we have to work with, ie, our Networth, debts, and our possible surplus each month.
Let’s get excited. Well, you can fake it for now and I assure you, you will be later! This is where we start putting the plans and information into action.
It’s kind of like what they say in the building industry – “measure twice, cut once”. A lot of our work so far has been in preparing, collating and reviewing. Now we will start putting some steps into action to lead to building wealth and financial confidence.
Now for the fun stuff! We will start calculating all the pages you’ve been working on, this will form a summary of your Networth and your Yearly/Monthly Income and Expense Summary.
A positive result is great and we can work on giving that positive amount a job. Perhaps saving, paying off debt or investing.
Let’s talk retirement fund.
Future You will thank you for this.
1. Have a copy of your superannuation statement or if you have a login, go to your account.
2. You need to source the Product Disclosure Statement (PDS) for the fund. The document is usually 15+ pages and in that wonderful document, you will find 2 main fees.
Time does fly …. 3 months have gone by and we have had some good movement. We have had just over 4% to FI increase ($218k) and 10% increase in networth. Most of the increase in our networth is due to having our properties revalued. I have taken the conservative amount that our real estate agent advised. Sydney property prices have been steadily increasing and we have not changed the value for at least 3 years, so worth bringing up to 2021 prices.