In this episode Pete and Zac run through their 50 top financial tips in celebration of our 50th episode! Here are our top 50 tips below.
- Start Today
- Start with the end in mind
- Put regular savings towards your future
- Automate your regular savings
- Diversify your investments
- Understand your risk profile
- Get your structure right
- Have a rainy day cash buffer
- Have goals to work towards
- Don’t be a reactive seller
- Start saving for children as early as possible
- Structure your portfolio to meet your objectives, not someone elses
- Teach your children about finances
- See opportunity when others are panicking
- Spend less than you earn
- Be an investor, not a speculator
- Focus on value, not just what is cheapest
- Review your super fund
- Check your supers performance against others
- Beware of accessibility of super
- Don’t ever be left without insurance (Don’t rollover super fully if there are some insurances in there)
- Insure your health
- Review your insurances regularly
- Check your insurance definitions
- See what is better for you, stepped or level?
- See if you have trauma, if not, think if you need it.
- Structure your insurances correctly, inside vs outside of super
- Plan for retirement early
- Know your number - how much you’ll need/want in retirement
- Be aware of your available super contributions
- Be aware of sequencing risk
- Get the right asset mix in retirement
- Have a will
- Review your super death nominations
- Look at a binding financial agreement
- Beware of STD’s (Sexually Transmitted Debt)
- Have a yours / mine / ours approach to money if you’re in a couple
- Use the first home super saver scheme
- Use the downsizer contribution
- Check your interest rate
- Get an offset account
- Try to keep the emotion out of investment properties
- Maintain a good credit rating
- Track your cashflow
- Re evaluate your spending on frivolous purchases
- Be wary of credit card debt
- Use your tax return wisely
- Understand and plan for the impact of tax
- Get a good team of professionals around you
- Invest in yourself
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