And that’s what this is all about. Knowing where you are right now financially and where you need to be, so you can be financially independent.
This is the last blog in our series Nearly and Newly Weds. The guest blogger this week is Daniel Carney, an Authorised Financial Adviser from Goodlife Advice Ltd.
Imagine that! Starting on Your Financial Journey so you never having to rely on your employer, the government, or whoever for your income. Unfortunately, something like 96% of us never take stock of those key focus points in their lives and retire dead or dead broke…. harsh words… but true unfortunately.
What better time to ensure you are in ‘Happy Money Marriage’ mode than when you’re either planning your life journey together or have just started it.
While there’s lots of areas to cover if you’re going to have a ‘holistic’ outlook to your financial wellbeing, there’s one specific and key area that I call the ‘secret ingredient’.
The secret ingredient in ‘making it all work’ is an effective and hands on ‘Money Management Strategy’. You need to have that finger-on-the-pulse attitude when it comes to where your money is coming from, and where it’s going to.
You’ll note I shy away from using the word ‘budgeting’. Why? Simply because for most people this conjures up thoughts of going without and burning the midnight oil painstakingly entering data into a boring old spreadsheet.
This stuff can actually be fun (who would’ve thought…), and when systems and automation are in place, it truly becomes an essential part of growing your wealth.
This really is the difference between those in control and those either blindly investing for the sake of it, or simply doing nothing. It’s that full knowledge of how cash flows around your structures, how the tax-man plays an essential role in all of this and what your wealth targets are that make the difference.
So, ask yourself these questions:
- Do I know my current Investment Net Worth?
- Do I know how much of an Investment Net Worth is required for me to be financially independent?
These calculations are easier than you might think. And what I’ll run you through here is simply a basic analysis. To get this 100% right, you’d want to involve an Authorised Financial Adviser.