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5 Financial Goals you can work towards today

Posted August 31, 2017 by MoneyLink
https://moneylink.com.au/5-financial-goals-you-can-work-towards-today/

At MoneyLink Financial Planning, we help young people grow their wealth and protect their future… and we do this by adding value and reducing risk.

Here are 5 financial goals that all young people, young families and millennials can work towards to help guide financial and life decisions.

1) Gaining Financial Confidence and Financial Literacy

When you have financial confidence, you also gain financial literacy. Confidence in your knowledge and understanding of your personal finance leads to good decision making and planning. Gaining financial confidence and literacy helps you understand why you are making the financial choices you make.

We won’t lie to you – it takes sacrifice and discipline. Your MoneyLink financial planner will work closely with you to make sure you gain all the financial confidence and financial literacy you need. We get it… you’re time poor, and reading and learning about personal finances isn’t top of the priority list… but it could be the most rewarding decision you will ever make.

2) Reducing Expenses

Yes, you’ve heard this one before… the “golden rule” of personal finance is spend less than you make. Reducing expenses will look different for everyone, but a great place to start is to record your income and expenses. You need a good understanding of where your money is going before you can start to reduce unnecessary expenses.

Once you have recorded your income and expenses, your MoneyLink planner can work with you to analyse areas where you spend more than you should… perhaps you spend hundreds more on eating out than you thought you did.

Budget, budget, budget. Once you’ve identified areas you overspend in, set budgets and targets each month and work towards achieving these new goals. And just like everything else in personal finance this goal will be more or less important to the individual, depending on their own unique situation.

3) Increasing “Regular” Income

What is regular income? It’s pretty simple. It includes anything where you are trading time for money. This includes your job, freelance work, and anything else you do with your time to get paid.

4) Savings & Investments

Save and invest. Or save to invest. Saving gives you unlimited options, and helps relieve the stress and pressure that come with unexpected expenses. Saving also helps you avoid going into deeper debt for inevitable expenses such as a car, renovations, or medical expenses.

Cash, shares, managed funds, superannuation, tax planning… investing is all about adding value and managing risk. As retirement income specialists, we know that your retirement goals need to be matched with a sound investment strategy that works with your risk profile. We work with you and offer a range of diversified recommended investment options to deliver a solid investment strategy and return.

5) Income and Wealth Protection

Income and wealth protection can involve one or more products to protect you, your income and the wealth you’ve generated. Life is full of surprises, both good and bad. Insurance provides you with peace of mind and the ability to manage the financial and emotional impact of some of the most drastic surprises life throws at us.

As MoneyLink is not owned by a bank or insurer, our recommendations are holistic, and for the benefit of you, and you only… with the sole goal to protect your financial future and avoid financial hardship.

The types of insurances that MoneyLink might recommend for you are:

  • Life Insurance
  • Income Protection
  • Total & Permanent Disability Insurance
  • Trauma Insurance

Education is key to growing wealth… and getting started early is essential!

Are you keen to work with a financial planner to get ahead and stay ahead? Contact us today.

 

 

MoneyLink Financial Planning Pty Ltd is an Australian Financial Services Licence Holder. No:.247360

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