Homes Get organised

TIME

“So often we underestimate how long things take – and overestimate how much time we have left to do it,” says Vanessa. “The longer you wait to form your wealth plan and set things in motion, the bigger the opportunity you let slip through your fingers, simply by wasting the power of compounding interest. Also, by talking to children now about finances, we’re giving them the ability to make decisions earlier about how to grow wealth.”

BELIEF

How we’re raised has a lot to do with how we approach money. “If your parents taught you bricks and mortar was the way to build wealth (as so many Australians believe), then you may be overweight with property in your investment plan,” says Vanessa. “Or you may believe you never have enough, because that’s how you grew up. Examining your internal motivations and how they’ve been shaped is the start of unlearning early beliefs, and setting yourself up for future financial success with the right mental attitude.”

ACTION

Vanessa says only two in 10 Australians seek financial advice, so a lot of people don’t have a realistic plan to reach their financial goals. “While many may rely on accounting advice and others may be able to do it themselves, many of us have no solid plan because we don’t know how to build one,” she says. “Seeking advice once you are clear on the life you want will pay dividends in getting a structured financial plan with good tax advice to get the best outcome.”