(03) 9020 2905Start with an exorcism. Why? Just because. And if you can get the whole head-spinning and green-vomit things happening, send me some footage. That would be soooo cool!
Seriously, getting money smart is as much about exorcising bad habits, as it is about learning good habits. “Out, naughty money demons! Out!”
Maybe MoneySmart week is the impetus you need.
Gen Xers are at a difficult and expensive stage of life. And let’s not talk about the spare time (what’s that?) needed to fix things.
First on your list has got to be “the swoosh”. Investing – just do it. Your future will never start looking financially rosy, if you never start investing. So, like now.
By making excuses, or delaying implementing an investment plan, you are only kicking the can down the road and making it that much harder. It doesn’t have to be painful, but it needs to be regular and it needs to be meaningful.
If you don’t know how, see my next point.
Finance can be complicated. You’re either passionate about it … or you’re not. If the deep details of finance aren’t your thing, hire some help.
Start with a financial adviser and an accountant. I found my accountant at age 22. I still follow his advice from my first visit. “Throw everything into a shoebox. We’ll go through it once a year.”
Third, treat your household finances like you’re a business. Challenge your suppliers regularly. Is your bank giving you sharp pricing? Is your car/home/health insurer taking you for granted? Stuff loyalty. If they’re taking the mickey, switch and save.
Bruce Brammall is the author of Debt Man Walking (www.debtman.com.au) and principal adviser with Castellan Financial Consulting.