Financial Planning

The 7 Essential Keys To Achieving Financial Intelligence

David Loughnan

It’s a known fact that most Australians in today’s society are time poor. Many are too busy fulfilling their simple daily tasks to even consider attending to the necessary homework required to know whether their financial investments are on the right track.

For most, their money is simply placed in savings or term deposit accounts as this provides them with the illusion of security when they go to bed at night. In truth, all that it is really doing is providing them with a place to store their money whilst providing them with minimal returns.

Others place their money into very risky investments to make up for all those years where they didn’t contribute to their super savings. Others simply seem to play a game of Russian roulette with their futures.

None of which are financially smart moves but which many have either been told by friends as being successful or simply as they require no extra time or effort from their over busy lives already.

Australians are notorious for underestimating the funds they are likely to need during their retirement years. Retirement seems a distant reality, until they wake up one day and realise Retirement is just around the corner, and they are going to need a lot more money than what they have saved!

By then, however, it’s probably too late, and living in the luckiest country on earth won’t mean much when the government coffers are empty.

Then there’s the issue of insurance-or more accurately, the inadequate levels of insurance. The truth is that lack of insurance or adequate insurance cover is one of the worst pitfalls when it comes to protecting personal wealth and the wealth required to maintain one’s lifestyle.

We seem to take more pride in material objects, by insuring our cars, homes and even iPhones rather than those we love-and worse still, our own lives. Sadly, many don’t see the importance of insuring our partners, family or even ourselves. We simply take the attitude that nothing is going to happen to us, and if it does, we’ll deal with it when it happens!

Protecting your lifestyle is important for many reasons. You want to have more options later in life; you want to live comfortably; you don’t want to be dependent on government hand-outs, you want to travel the world and enjoy yourself. Sadly, whilst this sounds good, many Australians are failing at making it reality.

Perhaps you have a well-paying job, and you might be thinking that there is nothing to worry about. However, it only takes one simple event for all of that to be changed in an instant.

This post is designed to help you get prepared for whatever life throws your way.

We believe that many Australians leave themselves financially exposed, and don’t take advantage of their financial opportunities. We want to help you revisit and polish up the fundamentals. Much of what you learn about finance is not rocket science, but there are many conflicting opinions on the topic and so people tend to choose the easier route: do nothing.

The truth is, you have to be smarter than that!

Over the coming weeks I will be releasing a series of 7 posts (listed below)that will cover a series of topics that will help you gain Financial Intelligence:

  1. Manage your cash flow and get money working for you.
  2. Are you Taking Too Much Risk or Not Enough Risk?
  3. Get the basics right – reduce your fixed expenses.
  4. How to afford the right insurance cover
  5. Get in control of your super
  6. Four simple ways to boost your super balance
  7. Keep growing your knowledge base and take action.
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