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.
The Financial Planning Association has recently released a ‘Live The Dream’ national research report after a survey was conducted of 2,635 Australians aged between 23 and 71. Interestingly only 23% of those surveyed believe that they are living the dream now…
What Is The Great Australian Dream?
Australians in 2017 define the ‘Great Australian Dream’ as the ability to have the lifestyle of their choice and move forward each day towards greater financial independence. They place strong emphasis on their ability to create safety and security for their family, own a home, pursue hobbies, and free up time with those they love – all without fear of regret.
What Is Preventing People From Living The Dream?
When asked what is preventing them from living the dream, the greatest response was a ‘low bank balance’. The next two responses were ‘not enough time’ and ‘debt’. And the biggest regret was ‘not saving enough’.
Whilst Australians are dreaming about lifestyle and the different lifestyles choices that are important to them, all of these dreams are linked to success in the area of personal finance. With careful planning and thought, each of these regrets can be overcome.
What Helps People To Achieve Their Dreams?
So, what is it that has enabled the 23% of people who already believe they are living the dream to to achieve their dreams:
- they are more family orientated
- they dream about the future
- they plan ahead and stick to the plan
- they have high levels of self-belief
- they seek out advice from others
- they have fewer regrets