So many people go through their working life waiting for the magical day when they can ‘retire’ from their job. This retirement date may be the date when they become eligible to receive the age pension or another arbitrary date that they have been working towards. But often these same people reach their retirement and twelve months later discover that it is not what they had expected it to be.
If someone were to ask you about your goals, how would you answer? Would you be vague and stumble in your response? Or would you have a clearly articulated answer?
Once you hit your forties, you usually start to take your own and your family’s financial future more seriously. You may be more settled in your career and at, or near, your earnings peak. In recent years the cost of housing and general living expenses have risen faster than wages, leaving many households spending all or most of what they earn. This can make it difficult to achieve financial objectives, such as reducing your mortgage and saving for retirement.
What does ‘living the dream’ mean to you?
Everyone’s idea of ‘living the dream’ is different. As a financial planner it is my job to speak with prospects and clients alike to help them to articulate what the ‘dream’ looks like to them.
One of the goals that most typically comes up in discussion with prospects and clients alike, is that of saving for their children’s education. Putting in place a plan to save for and fund education expenses is important. The earlier you start planning the better.
One of the first things a financial planner will ask prospective clients is how much money they think they will need to fund their lifestyle throughout retirement. Most people find this difficult to quantify and will answer saying that they would like a ‘comfortable’ retirement.
I recently read an article by NAB about the changing measures of SUCCESS in Australia. It stated that “Australians are no longer measuring success by money, property or a well paid job. Overwhelmingly, being happy, having good family relationships, and personal wellbeing are the barometers of success in Australia”.