What should you know?
When managing your money and working towards your financial goals, it’s important to understand which factors you can control and which you can’t.
Interest rates, inflation, investment market movements, and economic growth fall outside your scope of control. However, there are many factors you can influence, each serving as a lever you can pull to adjust your future financial circumstances.
Spend Less – spending less and living within your means frees up funds for savings and investments.
Earn More – seeking ways to increase your income through career advancement, side hustles, or entrepreneurial ventures can produce additional ‘breakout income’ to add to savings and investments.
Invest More – allocating a larger portion of your monthly income to investments and regularly adding to them over time with bonuses and excess savings can build considerable wealth.
Work Longer – extending your working years can give you additional earnings to maximise your savings and more time for your investments to grow.
Avoid Financial Mistakes – this is crucial to building and protecting your wealth. Being vigilant of unnecessary risks and avoiding costly financial mistakes, helps preserve your financial resources.
Why should you care?
You have a range of powerful financial levers at your disposal to help you control and enhance your financial situation. Pulling these levers at the right time can create life-changing results.
Working with a qualified financial planner will provide invaluable guidance in adjusting these levers to align with your specific circumstances and financial goals.
