With so many pathways to go down, deciding what to do next with your money is more stressful and confusing than you first thought. Investing, Budgeting, and Spending all becomes too blurry and often shelved because it’s all too hard.
But don’t fear! Help is out there. To get you started take a look at these:
TOP 5 THINGS TO CONSIDER WHEN STARTING OUT WITH INVESTING;
1. YOU HAVE MULTIPLE SUPERANNUATION ACCOUNTS AND DON’T KNOW WHAT TO DO WITH THEM
Very few young adults even contemplate the thought of superannuation. By looking at it now in your 20s, you can fully take advantage of the potential growth of the superannuation environment. Consider pulling all your super into one account and providing those details to any new employer to ensure it is going to one place and working hard for you from day one.
2. STRUGGLING TO UNDERSTAND PERSONAL FINANCE
A financial Google search is complicated and misleading and by no means ‘personal’. Get an expert on your side to educate you on what you need to know.
3. BUDGETING NOT WORKING FOR YOU
Creating a realistic budget and sticking to it may seem impossible, you want to save for your future but you can’t resist the smashed avo! Budgeting doesn’t need to mean living on the poverty line in order to put money away, it can be more about making the right decisions.
4. YOU HAVE BIG DREAMS BUT CAN’T SEE A WAY OF MAKING THEM HAPPEN
Dreams are meant to be big, you just need a carefully designed financial plan to fulfil them. Visualising your goals can be really powerful to ensure all your financial decisions reflect the right direction you want to progress towards achieving your goals rather then further away.
5. LEAVING YOUR SAVINGS IN THE BANK
While this may work for older clients, Millennials generally want to see their savings work a little harder to enable them to save for a big holiday or their first home. Getting into investment doesn’t have to cost the earth you can start with just a few thousand dollars.
Please note these are just ideas and is not financial advice, please seek specific guidance from a licensed financial planner like our friends over at Astute Brisbane Central. If you want advice on investing in property, contact us via the form below.