One of the hardest aspects of life for any household is to attain your lifetime goals. There is always something in the way stopping you putting aside that extra money to help you reach that deeply aspired goal such as paying off your mortgage, purchasing an investment property, funding that renovation or even the deposit for your first home.
But what if there wasn’t something holding you back? What if there was a simple way to attain financial freedom, equipping you to save more or erase debt quicker without your quality of life being affected?
Sound too good to be true? Well, it is not. Sometimes all you need is support, or even a voice, to guide you to the next milestone, enabling you to achieve results quicker than you ever expected.
Factor 1: Are you fulfilling your lifetime goals?
The questions you need to ask yourself are as follows:
Do you aspire for a better livelihood, be it financial, lifestyle or social?
How close are you to reaching these lifetime goals?
How would you rate your quality of life?
What is stopping you from living a more fulfilled life?
What needs to change in your financial world to bring it closer to realising those aspirations?
No matter what the banks tell you, you can do better! It’s in your hands to achieve financial freedom; with the right support, you can be empowered to achieve your goals and live your best life.
Factor 2: Has your wealth risen in the last 24 months?
During the height of COVID-19 the property market dived spectacularly across the country, however in some parts of the country within the last 12 months they have not only regained that margin but exceeded it with record prices at auctions.
The question to ask yourself is, has your wealth in terms of assets, savings and any other investments risen this year with the economy bouncing back?
If not, do you need to reassess why you invested, how you have invested, what you have invested in and even when you invested?
For example, if you invested in property for the purpose of wealth building with an interest only loan, then perhaps you will achieve your gearing and taxation goals, but forego maximising wealth accumulation.
A different way of thinking could be that with interest rates still low, now would be a good time to switch to a principle plus interest mortgage. This could help you stay ahead of the property market and leverage your equity to further build out your portfolio faster.
Factor 3: Is your income increasing?
As the Australian economy, and to a latter extent, the world economy recovers and grows, how can you benefit from this? Can your life be better? Could you do things better, like be more mindful with your spending or savings, or find a higher paying job, or can your business acquire more customers or even prepare for a sale?
Now is a good time to assess where you are at with your life from all components that affect your aspirations, your family and your fulfilment.
While for some people it may be uncomfortable to assess their savings, debt and wealth, the reality is you will never get on top of your situation if you continue to live the way you did before. In other words, if nothing changes, nothing changes.
Attaining your lifelong dream of being debt free or owning a property is not impossible. In fact, the opposite is true. With every day that you delay changing the way you think and act, is another day you are falling behind from achieving fulfilment.
Simple help is not far away and if you want to start the conversation about financial freedom within your household, to explore how you are spending, saving and building wealth, simply contact us.
You will be surprised with what you can achieve in 12 months of re-thinking how you use your hard-earned money today!
- By Louis White
* The information contained in this report is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs.
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