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How to Finance Your Future -Taking Lessons from The Pros

Posted October 29, 2017 by Sporty Dave to Simple Living / Productivity 0 0
This post was written by a EasyFinance.com Community member. The views expressed below may not reflect the views of EasyFinance.com.

Younger people often underestimate the importance of expert financial advice or financial concerns for that matter.

This is utterly wrong! You need to start planning for your future early in your career. The earlier you start, the better off you will be.

Real Estate Advice

You don’t find many real estate personnel that is in their 20s and offering you expert advice. Emily Sharp and Luke Rodgers can.

They are a couple aged 25, who successfully bought 19 properties in a year in Australia. Their key advice to profit in this industry is to let go of lavish living. It can wait for now.

You should not just start saving early, but also begin learning about the opportunities that could potentially arise.

Not knowing it, only leads to missing out on that opportunity. Luke and Emily worked hard to find out how the real estate market works in Australia.

Their key advice: “equity in the home the day you purchase it. You then take out that capital to buy your next properties.”

Credit Card Advice

Everybody loves plastic money, especially credit cards. They instigate your wants to spend unnecessarily.

Dr. Harris is a Consumer Neuroscience expert, and he advises that glimpsing ahead at a bad future can help you stay away from spending unwisely.

In other words, whenever you have a desire to spend money on something that can wait or entirely cut out from your life, imagine yourself drowning in debt.

The image is likely to make you streamline your spending decisions. A pro tip from Dr. Harris: Keep restricted cash with you. When you have limited money, you are less likely to feel the urge to spend.

In the case of credit cards for small business, an Australia Business Loan may be a better option than credit card.

Saving advice

One of the most complicated financial matters to deal with, especially when young, is to save. Research showed that a staggering 43% of the people in Australia do not save.

People may appear happy living a lavish lifestyle in the short term, but non-savers have a hard time in the long-run.

For starters, they don’t have enough savings to make a property down-payment. Furthermore, they have a tough time managing a lifestyle with a family to feed, and children to educate.

According to financial planner Elliot Watson, time is critical.

“Time waits for no one. Superannuation and savings are the same. I emphasize to my clients to start now, don’t delay. The earlier in your life you start saving, whether it be for a house or retirement savings (superannuation), the better”, says Watson.

Budgeting Advice

Another important factor to consider for a financially stable future is to budget well. No matter how much money you make, setting an individual restricted budget for everything will automatically lead you to a real saving by the end of the year.

According to Kayla Wilson from the Savings Guide: Check the amount you’ve spent at the end of each week! Try to beat them and lessen the number every week.

Planning Advice

Planning is the key to everything. If you want to finance your future well, make sure you have well-established plans for what you want to do.

According to the Financial Planning Association of Australia: Set a long-term financial goal that you want to look forward to, and balance your monthly paycheque per the long-term plan.

Following these five pieces of advice from the pros, you will surely be able to finance your future in the best possible manner.

Image: Pixabay CC0 License

General Advice (Tax) Warning (Australia)

This information (including taxation) is general in nature and does not consider your individual circumstances or needs. Do not act until you seek professional advice and consider a Product Disclosure Statement.

Views and opinion disclaimer

“The views expressed in this publication are solely those of the author; they are not reflective or indicative of RI Advice’s position and are not to be attributed to RI Advice.

About Sporty Dave: David is an Australian blogger with an interest in finance and family and writes for Born 2 Invest and Self Growth.

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