Life gets so busy, and the days roll into weeks and the weeks roll into months and the months soon roll into years and suddenly you find that your finances are off track and you’re nowhere near achieving your goals. Instead of thinking it’s all too hard, take a few moments to review the following tips.
Set your goals using the S.M.A.R.T. principle:
• Specific What exactly do you want and how are you going to do it?
• Measurable If it can’t be measured, you can’t manage it.
• Attainable Can it be achieved in your situation?
• Realistic Is the goal beyond your capacity?
• Timeline How long will it take to achieve the goal?
Learn from others The foundation of these strategies can all contribute to significant financial outcomes:
Manage your debt Not all debt is bad so make sure you know the difference. Manageable debt that helps you improve an asset or increase income can be the best choice.
It’s time, not timing It is impossible to know when it’s the “right time” to invest. Start now and invest regularly to benefit from market ups and the downs.
Diversify Invest your money in a variety of assets. This can help to reduce the risk and increase the benefits.
Patience Try not to focus on daily financial reports. Worrying as your investments seesaw is not conducive to smart money management. Invest well and for the long term.
Keep focus Regular reviews are an awesome idea. Revisiting results after a set timeframe reduces knee-jerk reactions that you may regret later.
Don’t become a statistic Fraudsters are getting smarter. If you are promised something that seems too good to be true, it probably is. Always check with us before investing.
Refer to a professional Managing money is an emotionally charged exercise. A licensed financial adviser will help to reduce your stress, so you can relax and enjoy the whole experience. If you need a hand, give us a call.
If you need help to get a financial plan in place – contact us to arrange a complimentary discussion of your unique situation.
Stu Varidel and Your Choice Financial Planning Pty Ltd trading as Heart Financial Advisers are authorised representatives of Sentry Financial Services Pty Ltd AFSL 286786.
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