![]() ![]() "Based on how much you have saved and invested, ask yourself, 'How many months of freedom have you acquired?'" "With every dollar you save, you give yourself more freedom and options in life," he says. Tip: An ongoing relationship with a financial advisor can help.Sabatier views his situation as the end goal for people who think about money the way he does: not as something that allows you to buy things, but as a means of giving you more choices in how you want to live. Ensure your financial strategy remains up to date as your life and goals change over time. Review, monitor and adjunct your investment portfolio when required. Handle your wealth modestly, without overspending or being too generous with your money. Tip: Seeking investment advice from a professional such as a financial planner is a must do to reduce the risk of inappropriate, costly decisions. When devising your investment strategy, some things to consider are investment risk, liquidity, investment timeframe, diversification, preservation rules and tax. Investment asset classes generally include cash, fixed interest, shares, and property, with varying growth and income potential. Investing can be done within superannuation or outside superannuation. Tip: A financial planner or a financial counsellor can advise on the best repayment method for you. A financial adviser or a financial counsellor can advise on the best repayment method for you. There are various strategies to help pay off this debt sooner. Pay off consumer debt such as non-tax deductible high-interest credit cards and car loans. A financial advisor can assist with your risk management strategy and which products are right for you. ![]() Tip: Personal insurances include income protection, life, total and permanent disability and trauma insurance that considers previous health issues and cash flow affordability. Allocate a portion of your cash savings into an emergency fund of approximately 3 months of expenses (depending on your situation such as whether you have a mortgage). Step 2 – Plan BĪs your journey towards financial freedom is unlikely to always be smooth sailing, create a safety net to protect you and your loved ones in the event of permanent or temporary illness and disability or premature death. A psychologist or accredited life coach can help with your mindset and managing your money blocks. Tip: Financial advice can help with your cash flow, money values and goals. Be happy in your job and personal life, as this can help you stay motivated to stick with the plan and reduce rash emotional spending. Have an automatic cash flow and bank account system that includes a budget to identify your discretionary expenses, non-discretionary expenses, and savings plans. Gianna Thomson, UC alumna and certified financial planner shares with us her 5 simple steps to achieving financial freedom.ĥ steps to conquer the financial freedom mountain!Ĭlarify your goals, motivations and have a positive mindset that you can achieve financial freedom. Imagine being able to afford your dream home, live in your ideal suburb and tick items off your travel bucket list - without having to get out of bed every morning to join the daily grind and make small talk around the water cooler with colleagues about your weekend. Sure, it’s easy to purchase a flashy car these days, but that decision may not put you on a solid path towards financial freedom. ![]() and no longer need to work as an employee!Īs you finish your degree and enter the professional workforce possibly for the first time, you’ll soon realise that a degree, reading the Barefoot Investor and a good pay packet won’t be enough to achieve financial freedom. allowing you the freedom to achieve your ideal life. What is financial freedom? It’s different for everyone, but methodologically, financial freedom is when your passive income (from your own business or assets) exceed your expenses. ![]()
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