We are fast approaching the end of this financial year… and it’s a timely reminder for some of us to take stock of our truth about our finances.
Can your future-self trust your current-self to manage your finances today in ways that secure your lifestyle in the future?
The current kerfuffle with the Federal Budget is one that bemuses me… for years under the previous government, a golden rule of financial management and prosperity was being broken… the politicians were spending more on government projects than they were receiving from taxpayer revenue.
It’s ok to live in a bubble of ignorance, but the reality is, in one way or another, this world is a ‘user-pay’ world.
Putting politics aside, Prime Minister Tony Abbot’s government has put forward a budget that is simply (and yes… in many ways, harshly) a wake up call for Australia… we need to spend less than we earn.
Taking stock of our truth is the 2nd Inescapable Truth for a Prosperous Life outlined in the Intentionomics Blueprint, and taking stock of your financial truth is part of that process. As part of taking stock of your financial truth, it’s worthwhile visiting (or revisiting if you’re a regular reader of my blog posts) what science tells us about the relationship between money and life satisfaction.
Here are 9 basic finance tips, starting with the one that I believe is the most important for the majority of Australian’s (and yet, far too few take intentional action on it), on how to maximise your personal wellbeing and life satisfaction through money:
1. Seek professional financial advice to develop a financial plan to help achieve your lifestyle goals
2. Know what you spend your money on – have a personal budget
3. Save and invest something from every pay day – the more the better
4. Spend less than you earn
5. Spend your money on experiences
6. Spend your money on others
7. Spend your money on things that buy you more time
8. Spend your money on things that allow you to use your ‘strengths’
9. Insure yourself and your assets against the reality that ‘stuff’ can go wrong in life
Take some personal accountability today that will ensure your future-self will be able to look back at your current-self and say… “I’m so proud of the self-trust I placed on myself all those years ago.”