Your FINANCIAL GOALS  

Money is a good servant but a poor master. The sooner you start saving, the greater your chance to build up a nest for the time when you are not earning.  Here are some simple tips to help you reach your financial goals. It’s all about hard work and self-discipline. 

Five tips to help you achieve your financial goals

* Set long-term financial goals

          Make plans. Review your plans regularly. Write them down and look at them from time to time. 

          Periodically calculate your net worth and make any necessary changes.

* Pay off your debts

          Live within your means. When your outgoings exceed your income, your upkeep can be your downfall.  It’s easy to get into debt but hard to get out of it. 

          Pay off your credit cards as soon as possible.

          Manage your mortgage repayments carefully. Shop around to get the best deal possible.

* Develop a risk protection strategy

          Have regular health checks.

          Cover your risks with life insurance, income protection, trauma cover and health insurance.

          When travelling overseas it’s essential to have a good travel insurance policy.

* Get yourself a mentor or a good financial adviser

          Make the most of other people’s experiences especially those who have had sound training in investing and accounting. Take care to select a good adviser.

* Spread your risks

          Build up your investment assets.

          Aim for a nest-egg for the times when you are not earning.

          Diversify into property, shares and compounding savings.

          Don’t put all your eggs into one basket. Invest widely and don’t be greedy. Modest investments are safer.         

– Geoffrey Moss

“One of life’s great thrills is paying off that last instalment.” 

SOURCE: “Secrets for Success. This book could change your life.” Moss Associates Ltd, New Zealand and Cengage Learning Asia. Also published as an e-book available from Amazon.com.