According to your latest figures, if you retired, you could live very comfortably until about 2 pm tomorrow.
It is clearly obvious those who don’t want to be living on the poverty line in the future, need to be making sound financial decisions in order to live comfortably in the future. Many of us, however, are after more than this.
Many of us are not just planning for retirement. We are planning for next year, the year after, or ten years from now, because we all now realise that it is genuinely possible to create significant financial changes for our future. Applying a few investment tools along with a little effort and some financial know-how, can create significant wealth relatively quickly.
- How would you define your current financial position?
- Would you consider yourself wealthy today?
- What is your definition of being financially wealthy?
My definition of financial wealth is how long I could support myself at my current standard of living if I stopped my physical work or employment today.
If you were no longer able to be a plumber, nurse, or lawyer (whatever it is that you do currently to earn income) how long could you sustain your current standard of living (i.e. meet the mortgage, pay the bills,
buy the groceries, do all the things that you need to sustain your current standard of living)?
Would that be enough to support you through retirement, or when would your funds run out? Would it be ten years? Would it be three months, one month, or would it be next week?
Unfortunately, for too many Australians, it would be next week! So how do you break the cycle?
The first thing you need to do is decide what investment strategy best suits you and will provide you with your desired outcome. Whichever strategy (or strategies) you choose to employ, the fundamentals will be the same.
We always recommend that you seek professional advice as this blog is for general information only