Innovative Thinking. Infinite Possibilities.
You’re Currently “Sitting Comfy”
But you don’t need to stay that way…We’ll help you become a Money Master.
If you are Sitting Comfy, you are positioned in the top 3% of the most financially privileged in the world. Whilst some people fight to stay alive, and others fight to get by, you comfortably go about your lifestyle with infrequent financial stress and few real financial challenges. Congratulations on arriving at this point, but don’t ever stay here!
Sitting Comfy is one of the most dangerous positions you can be in, because you have no strong incentive to progress forward – you’re already comfortable. You need to recognise that your time and your wealth can be put to greater use if you can progress to being a Money Master.
Sitting Comfys manage their money well. They make a habit of spending less than they earn and thus manage to save money regularly. However, they still work for their money, rather than having their money work for them. Sitting Comfys still lack confidence that they will achieve all of their financial goals and feel limited in how they spend their time.
They will often limit their investments to sectors they feel safe in, like owning their own home or putting money in a term deposit, but are unlikely to “risk” their money to other investments such as interstate property investments, shares or investment portfolios. Although they know they have a need for financial advice, Sitting Comfy’s are often unsure how a financial planner would assist them and might have mistrust towards the financial planning industry.
Step 1: Where Are You Now?
Step one in moving ahead is knowing where you stand. See if you can identify which of the following characteristics relate to your situation.
Debt & Budgeting
Don’t carry debt, aside from a mortgage
Regularly put aside savings
Have a rough budget for managing their money
Infrequent stress caused by limitations
Frustrated by ‘wants’ they can’t afford
Desire to have more time away from work
Has a cash emergency account
Security is largely tied to their work
Commonly is underinsured
Invest in their home / ‘safe’ investments
Limited education about investment strategies
Keep their eye on their super
Don’t feel in control of how their super is invested
Know they could be doing more
View of Financial Advice
Cautious about financial planners
Unfamiliar with paying for advice
Step 2: Where are you going?
Next, identify what you wish to change, and what just HAS to change. This will dictate what actions you plan to take.
Sitting Comfys should focus on creating alternate income streams aside from their main employment. Although comfortable, it can become frustrating and draining to be tied to a job because of how well it pays. To become a Money Master, you must learn to make your money work for you to create an income which supports your lifestyle. This is the key to freeing up your time to spend on the things you most value.
Property, shares and managed portfolios are the most typical investments used by people for becoming a Money Master. Starting or owning a business is also a powerful way to generate recurring income, although this comes with added challenges and much time and energy. Whatever your strategy, ongoing education is key. As is partnering with professionals you trust and who can act as your life success team. This team should include an accountant, a mortgage broker, a financial planner, solicitors, and often a personal coach who specialises in specific area of interest, such as career or business.
In order to create your own motivation to move forward, it’s also important that you identify your personal frustrations, and unearth a greater sense of life purpose. This requires drive and determination as you will need to change your beliefs and behaviours, which is never easy. That is why many people settle where they are and fail to grow their wealth.
Innovative Wealth Management works with Sitting Comfys to streamline their money management, grow their wealth, improve their financial protection and create recurring income streams which free them up to spend their on things they value. We help clients to develop a clear financial plan for their future and we work with them to achieve their goals over the long term. This is a slow and steady process, and it has been tried and tested by many. Mastering your money is within your reach!
Step 3: What are your next steps
Finally, once you know where you’re headed, you need to commit to specific actions which you are confident you will be able to follow through with.
- Ensure your emergency cash funds are set aside in a high interest saver or loan offset account.
- Assign a specific savings account for your future holidays, car purchases, renovations and/or other big ticket items, and ensure you regularly contribute to these.
- Identify a regular amount which you can contribute to your investment portfolio for your long term goals
- Consult a financial adviser to explore what investment options are available to you – including investing in property, shares and/or managed portfolios
- Develop a written financial plan for how you will grow your wealth and create multiple income streams to support your lifestyle
- Consider opportunities to start, or take ownership in, a business that generates both growth and income
- See a financial planner who can educate you on how super works.
- Consolidate all of your super into one cost-effective fund
- Ensure you have the right investment strategy in place, and set up the fund right eg. with binding nominations and sufficient insurances
- Consider making additional contributions to your super to reduce your tax and help build your retirement savings
- Work with a financial planner to regularly review your insurances and ensure you always have the best products available
- Work with your mortgage broker to review your property loans every 2 years
- Review your investments once a year at minimum to ensure your investment strategy is working for you
- Continuing strengthening your relationships with your spouse/partner, your family, friends and your community. These are your supporters and your greatest assets
Ready to take the Next Step?
We offer a range of services for our clients ranging from no-cost, to low-cost to full-cost service.
By completing our Financial Fitness test, you have qualified for a complimentary Discovery Session with one of our highly skilled financial planners.
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