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Financial Success in 2016 – part 1
While money doesn’t grow on trees, it can grow when you save and invest wisely. Knowing how to secure your financial well-being is one of the most important things you’ll ever need in life. You don’t have to be a genius to do it. You just need to know a few basics, form a plan, and be ready to stick to it.
No matter how much or little money you have, the important thing is to educate yourself about your opportunities. In this seven part series I will cover the basics on saving and investing. There is no guarantee that you’ll make money from all of the investments you make. But if you get the facts about saving and investing and follow through with an intelligent plan, you should be able to gain financial security over the years and enjoy the benefits and freedom of being in a strong financial position
Step One - Don’t wait to get started, make a plan
Getting started is easier than you think and everyone can do it. No one is born knowing how to save or to invest. Every successful investor starts with the basics. A few people may stumble into financial security by receiving a substantial inheritance or your business may take off. But for most people, the only way to attain financial security is to save and invest over a long period of time. Time after time, people of even modest means who begin the journey reach financial security and all that it promises: buying a home, educational opportunities for your children, travel, and a comfortable retirement. If they can do it, so can you.
I have certainly seen this in my almost 20 years in the financial services industry. Often my most wealthy clients have earnt no more than the average income and many of my high earning clients have very few assets. Financial security is less about how much you earn and more about how smart you are with what you earn.
Making a Financial Plan
What are the things you want to save and invest for?
• a home
• a car
• education
• a comfortable retirement
• your children
• medical or other emergencies
• periods of unemployment
• caring for parents
Make your own list and then think about which goals are the most important to you. List your most important goals first. Decide how many years you have to meet each specific goal, because when you save or invest you’ll need to find the money for your financial goals. If you don’t know where you are going, you may end up somewhere you don’t want to be. To end up where you do want to be, you’ll need a roadmap, a financial plan.
What do you want to save or invest for? By when?
1. ____________________________ _______
2. ____________________________ _______
3. ____________________________ _______
4. ____________________________ _______
5. ____________________________ _______
If you need help setting goals there are numerous books on the topic that you can purchase or better still get from the library and many resources on the internet. In the next article we will look at how you start getting the money to be able to achieve your financial goals.
Lisa Dudson is a bestselling author and Registered Financial Advisor with over 15 years industry experience. Lisa offers financial advice through www.acumen.co.nz and co-owns the New Zealand's leading property investment agencies www.ifindproperty.co.nz & www.propertyladder.co.nz