Have you ever felt like you are on a treadmill of spending what you earn? Often when I meet clients for the first time, they openly say they can (and should) save more.
So why is saving so difficult? It’s mainly because we do not try.
A sudden change in circumstances like loss of employment or the realisation that retirement is not that far away can often be a wakeup call. This juncture is often also an epiphany – the regret of missed opportunities! I too have regrets from my days working in the city of London, sure it was fun, but I could have balanced the fun with more to show for it at the end!
The regret of missed opportunities can be avoided by taking the time to understand and write down your goals. This step alone is incredibly powerful because it will focus your mind. Sharing your goals with family and friends will firm up your commitment. Your goals don’t have to be just about money, but generally, they will have a financial impact, so make them precise and the discipline to do what you need to do to will follow.
No two people have the same exact situation. You need to figure out what works for you. Delayed gratification is almost always painful, but for most people, it just comes down to choices and priorities.
If your goals are important, your desire will inform your choices and motivate you. Get a system in place, so your money flows towards your future and track your progress.
Have fun and be bold. The bonus is that by understanding your choices and developing sound financial habits along the way, your future self will thank you!
Rob Gilmour
0415 927 868
rob.gilmour@wealthsimplicity.com
Rob Gilmour is the Managing Principal of Wealth Simplicity. The information provided should not be considered personal financial advice as it is intended to provide general advice only. The content has been prepared without taking into account your personal objectives, financial situations or needs. You should seek personal financial advice before making any financial or investment decisions.