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.

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