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Fame and Fortune. Who wouldn’t mind a bit of that?
Especially, the fortune bit.
Well, I hate to break it to you, but unless you have a recording contract, a block buster script or an idea for a best-selling novel tucked away in your back pocket, that kind of money can be hard to come by.
And, by the way, as a strategy for building wealth, it leaves a heck of a lot to chance.
Wouldn’t you feel better being in complete control of your future finances?
Well, you can. A money coach can help you figure out your life goals, prioritise them, and get you on track towards earning the money you need to live the life you want.
At Step Up, we have a client who is just 16 years old. She took out a small managed funds investment plan with us more than a year ago when she starting working part-time after school. And, as she’s fond of saying to torment her older sister: “I earn money in my sleep!” You can too.
You can invest in a managed fund for as little as a few thousand dollars, and watch this investment grow over time. Managed funds are a great long-term investment. At the moment, they’re currently delivering returns that are better than most bank savings accounts. Because managed funds are made up of shares across a number of different industries, they’re a ‘diversified’ investment. This is important, because all investments work in cycles – they have boom times and downtimes, and when you have investments that are spread across a number of areas you can mimimise the risk of losses. When one share group is not performing well, others are more than likely to be doing really well. This balances out, and provides you with a steadier income over all.
The other advantage of managed funds is that they can be managed as much or as little as you like. Your financial planner / money coach will keep an eye on them of course, and you too, can choose to take an active interest. Or you can just leave them to work for you.
Managed funds are ‘liquid’ too – this means that if you need to cash them in and collect your money at any time, you can.
By starting with just a few thousand dollars, you can watch your investments grow over a period of time, and they will deliver you returns.
Eventually, you’ll have much more in your investment account than you started with. It can be a great way to save, and a planner will help you choose the right options – if you have an appetite for higher risks and higher returns you can find investments to suit your needs. If you’d rather take a more moderate pace and a long term view to getting returns, that can be done too.
Of course, managed funds aren’t the only investment option. You might prefer property, or to add to your superannuation. No matter what you do, if you start when you are young, you’ll get ahead of the game, because when it comes to investing – time matters. The sooner you get started, the better off you’ll be.
And, putting money aside – whether you’re saving up for something special, trying to pay more on your mortgage, or setting up a rainy day fund – doesn’t have to impact your lifestyle. You don’t need to spend every weekend in front of the telly in your slippers eating baked beans.
But, by doing an honest budget you can look at your income and your expenses in detail, and figure out what you can save.
You might be surprised at exactly how much that smashed avocado on toast or daily coffee is costing you. You don’t need to quit having fun or eating out entirely, but maybe you can curb the frequency. Similarly, expensive shoes, cocktails on Friday night, beers with the boys.
There are always ways to save when you’re committed to doing so.
If you’d like some budgeting, money or investment advice, talk to us.
This is general advice and should not be treated as personal advice. Julie Nipperess is an authorised representative of Step Up Financial Group Pty Ltd ASFL No: 512509.