by Nigel Hilton
It’s not always an easy process when it comes to mapping out the future ahead. We often have dreams and ambitions but it’s not always easy to put them into practice and it’s also not always second nature to think about many years down the road. For many, planning, saving and investing for retirement is usually put to the back of their minds - but this really shouldn’t be the case, no matter how young you are.
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Take a look at some of these pointers to see if you’re on track with planning your future.
Balance is the key
Have a realistic approach. Always ensure that you’re not aiming for something that’s not conceivable. If you’re looking to build up a nest egg of money then you need to make sure that you’re not cutting back too much on aspects of your life that make you happy and fulfilled - such as travel and entertainment.
Make a plan
If you actively identify some goals and have them written down as a plan, then you’re more likely to reach those goals. By simply instigating the steps required to achieve those goals can make all the difference between financial gain and failure later in life. If you make a plan, you’ll be more motivated to build your savings and start investing.
Plan for the long term and the unexpected too. No one likes to think about when they die, but it’s important to have your affairs in order and that you understand the probate process for your loved ones.
Get professional financial advice for your business
Professional advice about business finance can be invaluable, particularly if you’re starting out or if your business is facing financial difficulties. A qualified accountant or financial planner like Kevin Canterbury can explain complex issues that may arise and provide sound guidance on the best way to manage your money.
With their expertise, they can help you identify areas of overspending, find ways to reduce costs, devise a budget based on your income and expenses, and give advice on how to increase your net worth. Professional advisors can also inform you about possible incentives, grants or loans that might be available for businesses throughout Australia. Investing in the services of knowledgeable financial professionals could save you not only money but also peace of mind about the future of your business.
Take some risks
Sometimes you have to take a gamble for something to pay off and this includes perhaps investing your money and your retirement accounts in equities to achieve long-term growth. Don’t be afraid to take some risks when it comes to your career too. If the opportunities arise, then push yourself out of your comfort zone to progress further.
Learn to be patient
Savings and investment goals provide a sense of purpose and direction, but it’s easy to revert to past habits and abandon your resolutions. Rather than give up when your goals feel elusive, use the opportunity to modify your plan by selecting an alternative activity, perhaps by adjusting the amount of savings or rebalancing your investments.
Take small steps
Nothing needs to be rushed and while it all may seem daunting at times, savings and investment goals become more attainable when small steps are taken. Start off making gradual investments until you’re more comfortable with saving and investing more. Then it will become easier to maintain the growth and second nature to manage.
Set some resolutions
Resolutions are notoriously hard to stick to if you overwhelm yourself with too many. Avoid making resolutions that have no flexibility in them. You’re far more likely to not stick to them and you’ll end up feeling like a failure as a result. Instead, try setting goals that can improve on and tweak as you go along.
Share your goals
You can benefit from having a support network, by sharing your goals with people who want the same success as you. This will also help you achieve your goals by having access to their knowledge, insight and perhaps pitfalls they’ve experienced. When you share with others, it also helps to keep you motivated and will help spur you on to keep achieving your goals when others are aware of what you have planned.
