“…we have good incomes, we don’t live extravagantly, but we never seem to get ahead!”

You may want to get ahead financially but are unsure where to start. If you want to realise your lifestyle and investment goals, become financially stress free and work towards an acceptable passive income when you stop working, start with the very basics.

Below are some key steps in this process:

1.  What do you want to achieve? Where do you want to be financially in one year, five years and 10 years plus?
There is no limit to what you can do with goals when you get inspired by them. There’s no telling what you can do when you believe in them. And there’s no telling what will happen when you act upon them – Jim Rohn

2. Take control of your finances; get a solid budget in place
Nearly everyone wants to do better financially but unfortunately most people think that all they need to do to achieve this is to earn more income. The trouble with this is ‘the more people earn the more they spend’ so this strategy rarely works. It is more about what you do with your money, rather than how much you earn. It is probably fair to say that in this day and age, money governs most people’s lives in one way or another.

Concentrate on implementing an effective budget, reduce personal debts that are tying you down and build a surplus for investments. There are many good budgeting tools you can find by searching the internet.

3. Develop a plan to eliminate personal debts.
Personal debts such as credit cards, personal loans and home loans (to some extent) can be holding you back from progressing financially.

4. Start to look at your investment options and build your understanding of investments
Research various investment options available today and how these can be utilised to build your wealth. You can initially start by reading investment magazines.

5. Have adequate insurance in place
Most people who have a house understand the importance of having home insurance for when an unforeseen event occurs. This same principle applies with personal insurance. You are your greatest asset and need to be protected.

6. Have a will in place
Most people underestimate the importance of having a will in place and people who die ‘intestate’ – without a will, leave their families and beneficiaries in a confused and often stressed state, with major legal and accounting costs biting into any inheritance.

7. Mentor
Having someone to provide education, knowledge and experience on how to manage your money and investments better, can save you time and money, and may help you more money in the long-run.

Wealthyfrog provides unbiased expert coaching aimed at helping people achieve financial freedom. If you would like to know more, please do not hesitate to contact Tina Tran at the Wealthyfrog, York Street Sydney, ABN 37 626 417 223 on (02) 8006 4866, or email info13@wealthyfrog.com.au

Alternatively you can look on our website we have offices nationally www.wealthyfrog.com.au.

Disclaimer
This document has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained in this document is General Advice and does not take into account any person’s investment objectives, financial situation or particular needs. Before making an investment decision based on this advice you should consider whether it is appropriate to your particular investment objectives, financial situation or particular needs.