MONEY MOVES TO MAKE

Money mag­a­zine’s Effie Za­hos iden­ti­fies the four main fi­nan­cial per­son­al­ity types

Real Living (Australia) - - CONTENTS -

The re­cently re­leased Fi­nan­cial Plan­ning As­so­ci­a­tion of Aus­tralia’s Live the Dream 2017 re­port iden­ti­fied four main fi­nan­cial per­son­al­ity types. Here, Delma New­ton, a cer­ti­fied fi­nan­cial plan­ner at To­tal Port­fo­lio Man­age­ment, talks us through the four pro­files and of­fers some sound ad­vice on how to turn our for­tunes around. Which one are you? THE DAYDREAMERS

Traits: You love to dream about your fu­ture but of­ten strug­gle to act on any plans. You’re al­ways stressed about your fi­nances be­cause you’re not too sure what ex­actly you want. Thirty-two per cent of Aus­tralians are Daydreamers, 55 per cent of which are fe­male.

How to im­prove your money health: Dream­ing is good, but you need a more con­crete plan. Start small, pick one thing that is im­por­tant to you, write this goal down and stick it on your fridge or mirror. A fi­nan­cial plan­ner can help you set some goals and give you guid­ance and di­rec­tion on achiev­ing them.

THE GO-GETTERS

Traits: You know what you want in life. You dream big, and you’re pre­pared to act on your plans. Your big­gest strug­gle is find­ing the re­sources to help you reach your goals. Go-getters make up one-third of the pop­u­la­tion. How to im­prove your money health: You have the dream and know what the end goal is, but how do you get there? Work out the first step. For ex­am­ple, “I will save $5000 by the end of 2019.” Bro­ken down, this means you’ll need to save $210 per month for 24 months. Now you can re­search the best way to do this and where to invest your $210 per month. It al­ways helps to have a start­ing point.

THE CRUISERS

Traits: You pre­fer to spend your time en­joy­ing life rather than wor­ry­ing about the fu­ture. As a re­sult, you’re not good at stick­ing to plans, but you’d like to do better. Nine­teen per cent of us are Cruisers. How to im­prove your money health: It’s usu­ally a cri­sis that spurs you into ac­tion, but it’s worth­while tak­ing stock of your sit­u­a­tion now. Write down your as­sets, debts, in­come and ex­penses to get a better idea of what you have to work with.

THE BUILDERS

Traits: You pre­fer to act im­me­di­ately, of­ten with­out any fur­ther think­ing. You don’t spend time dream­ing about the fu­ture, pre­fer­ring to fo­cus on here and now. You’re not too stressed about your fi­nan­cial fu­ture. Six­teen per cent of Aus­tralians are Builders, of which 46 per cent are women.

How to im­prove your money health: You’re the ones the rest of us marvel at and won­der, “How did they get that?” For you it’s al­most au­to­matic, with a lit­tle bit of money go­ing to sav­ings each pay. Try and get this up to a min­i­mum of 10 per cent; any­thing on top of that is a bonus, and 20 per cent is awe­some. A great fi­nan­cial guide for you is George Cla­son’s The Rich­est Man in Baby­lon.R

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