As Money Week comes to an end, here are our 9 top tips to secure your financial future:
1. Pay yourself first.
This means you should put aside money for savings and investments first. Create different accounts for your salary to flow into. This way you save money for your future first, pay your bills and outgoings second and anything left over is yours to spend.
2. Think bigger; adjust your mindset away from scarcity.
The worst environment is your greatest opportunity. Buy when others are selling and sell when the market is going crazy. Shoot for the moon. Even if you miss, you’ll land among the stars.
3. Invest where you spend your money.
This simply means you should invest in things you care about. If you care about a company, chances are other people do too (think Netflix or Facebook). Over time as the company grows your investment will as well.
4. Don’t be put off by Jargon.
The financial world uses a lot of fancy language, however there are plenty of resources available to become better educated on all types of investing and to help take responsibility for your money.
5. Write your goals down and know what you are trying to achieve.
Life can have ups and downs which will distract you from your goals. By writing your goals down and working towards them you significantly increase the odds of achieving them. We are what we repeatedly do and you can’t achieve 100% of goals you don’t set.
6. Have a long term view.
It takes many years for wealth via compounding returns to occur. By consistently setting money aside to grow and be available later you will be a lot better off in the future. Ask anyone who purchased a property or shares in a top company 10 years ago and they will show you the power of time in the market.
“Everyone has an opinion, you will need to stay focused on your goals”
7. Ignore the noise.
There are a lot of people out there who will have an opinion on investing and this together with the information from mass media means you will need to stay focused on your goals. Only take advice from suitably qualified professionals and make decisions based on your own personal circumstances.
8. Protect your income earning potential.
At a high level this means look after your health and mindset. At a financial level this means having an appropriate level of insurance to protect your assets and your earnings should the unexpected happen.
9. Start today, it doesn’t take much.
Investing 2% of your income every time you are paid can make a huge difference over time. This is because of the principle of compounding returns. By investing small amounts over time you can grow your personal wealth and meet your future goals.
It’s never too late to start growing your wealth to achieve the life you have dreamed of. At Lighthouse Financial Services, we specialise in helping our clients grow their wealth though Business, Investments and Property.
For a no obligation discussion to see how we can help you on the path to wealth, please contact us.
Disclaimer:
The information in this article is general information only, is provided free of charge and does not constitute professional advice. We try to keep the information up to date. However, to the fullest extent permitted by law, we disclaim all warranties, express or implied, in relation to this article – including (without limitation) warranties as to accuracy, completeness and fitness for any particular purpose. Please seek independent advice before acting on any information in this article.
