Are you making any of these huge money mistakes? Avoidable and dangerous to our financial future, here’s a quick check to ask if we’re accidentally falling into these financial traps. And ideas for making changes if we are!
1. Avoiding.
Is this you? “I’ll do it later” / “It’ll work out…” If you’re saying either of these things (in any variation) this may be you.
Ask yourself : What’s the outcome of this path I’m on? 20yrs / 30 yrs… where am I headed? Am I happy with that?
One action to get started : Expense tracking, with no other changes. Notes or app (I use iXpenseit.) Aim for just today, then a week, then a month onwards to 3mths. At 3months you’ll have snapshot of your current financial lifestyle overview.
Pillars to apply : Savings / Budgeting (or the free samplers!) Free samplers will help you check your current status. Savings pillar for applicable strategy ideas to start / clean up your savings. Budgeting pillar to reframe expense tracking and cleanup how we view our money (and boost our money confidence!!)
2. Not investing.
Is this you? Uncertain about investing, so not moving forward with it. Whether you’re avoiding this area, or waiting to be ‘ready’, you’re not moving forward in this area.
Ask yourself : How much am I losing from not investing today? (TheBalance.com says it could be six hundred thousand dollars, or more. That’s a large lump of retirement. Are you okay with that happening from your inaction?)
One action to get started : Self educate to help the brain feel less fearful. Check you financial advisors advice. Visit our Instagram and click who we’re following to see a load of useful financial education accounts, follow them for micro-learning! Add more to your work-matched retirement account.
Pillars to apply : Savings / Investing (or the free samplers!) Check your current status with the free samplers. Savings pillar to identify your money personality. Investing pillar for useful introductory information on some pre-investing concepts to know about.
3. Too much risk.
Is this you? Heavily weighted in high risk areas? Do you know your investment portfolio style? Example : loads of crypto/other risk area, incomplete emergency fund, no regular savings, no regular stable investing.
Ask yourself : “If I lose this, am I still financially ok?” If the answer is NO, you may want to check this!!
One action to get started : Check your portfolio weightings & style. (eg. Growth / aggressive / conservative, other style etc) See if the the risk diversification is adequately counterbalanced. Ask your financial advisor for guidance.
Pillars to apply : Savings / Investing (or the free samplers!) Free samplers to check your financial foundations. Savings pillar for ideas to ensure your savings basics are in place (3-6mth emergency fund, regular savings habit, liquid cash.) Investing pillar to check financial stability foundations + useful basic pre-investing info.
Always seek advice from your financial advisor, do your own research to self educate, and ensure you know your money personality to make the right decisions for yourself.
