I’ve Got News For You podcast: Financial adviser’s ‘foolproof’ money plan – World News

I’ve Got News For You podcast: Financial adviser’s ‘foolproof’ money plan

An Australian financial guru has revealed a “foolproof” plan to get your money in order.

An Australian money expert shares his top insider hacks to fix your finances forever.

Speaking to Andrew Bucklow of News.com.au, Ben Nash, financial advisor and founder of Pivot Wealth, shares his top six tips. cash up courses to help i have news for you Podcast audiences sort out their finances.

He said the first and “most basic” thing to do when it came to sensible financial moves was to track your spending and savings through a budget.

Mr Nash said humans have subconsciously preferred to spend cash on things that bring short-term pleasure – such as a good meal or shopping spree – that “don’t contribute so much to our lives” in the long run.

The best way to get started is to look through your bank statement and your credit card to see “what’s going on,” and Mr. Nash recommends taking advantage of apps that categorize expenses. To travel through bank statements.

“A budget should always be forward-looking, not backwards. So if you’ve spent $200 per week on UberEats in the past 12 months, you can choose not to spend that much in the next 12 months.” ,” said Mr. Nash.

The next step is prioritizing, which involves deciding what’s really important to you, whether it’s travel funds or freeing up some extra pocket money for everyday expenses.

get cash up

Created by financial advisor Ben Nash, cash up is news.com.au’s six-week free course to help Aussies take control of their financial situation. Those who sign up to Budget Bootcamp are faced with weekly, step-by-step challenges to improve their financial fitness.

By the end of six weeks, participants will have set a budget, created a savings plan, learned to invest and have sorted out their retirement. The interactive course can be started at any time and aims to empower participants to make more informed financial decisions.

However, he advised against setting certain percentages of your income for different categories, as everyone’s situation was different, and said instead that it was important to find what matters most to you, and adjust your budget accordingly. Do it.

Step three is “about automating your savings success,” which involves separating your cash into categories, such as rent, food, and spending money, which can be done through multiple bank accounts.

“When you set your money aside like this, and then automate it as much as you [with] Transferring between accounts every week, it really hacks into a lot of psychological kinds of biases that we suffer or suffer when it comes to managing our money,” Mr. Nash said.

“There are a ton of studies out there that show that harnessing the power of small constraints really does make a huge difference.”

“I have a bank account that I use for my day to day expenses… and I know I allocate a few hundred bucks a week that goes there and I spend all that on coffee. Yes, I can spend it on lunch, I can spend it all afternoon in the pub with my mates because now they have reopened. But it’s important for me to stick to my budget, that’s not it that I spend that money on.

Step four is “all about setting good goals”—in other words, “knowing what your goals are” and knowing what’s possible.

“So you go, okay, okay, what’s realistically possible? Where can I actually get to? And that’ll help shape what levers you pull to get there. Would you rather get there? Save? Do you invest more aggressively? Do you invest in your career or advance yourself so that you can make more money to move faster, differently, whatever it is,” They said.

“And then you can factor that into your actual goal, and then set a clear timeline so that, again, you know what the milestones are, you can see that it’s achievable, as That you work to get there.”

The next step is investing, which is essential for those of us who don’t want to work forever.

“Bank account saving is going really slow, especially with the ultra low interest rates that we are seeing at the moment,” Mr. Nash said.

“So you need to invest and make smart investments.”

Now is the time to start building your knowledge about investing, to overcome the “fear of the unknown” that can be a major obstacle for many Australians.

The final step is sorting out your Super, which Mr. Nash said about “we bury our heads in the sand”.

“Curiously, if you had $50,000 in a bank account, you’d probably be looking at it like a hawk, but $50,000 in your super fund, we ignore letters and emails or both,” he said.

“Now, it has to be said that you are super, you don’t need a lot of work. It doesn’t require a lot to do the right things. But once you understand investing and you have a personal investment strategy is what you follow… so your super should probably conform to that to some extent.

“So it’s about making sure you have a proper fund that is giving you good value for money.”

Source link

Leave a Comment

Your email address will not be published. Required fields are marked *