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5 Expensive but Avoidable Financial Mistakes

Years ago everyone looked forward to their "retirement" at age 55. But these days, do you really want to retire? 

We've all heard many stories about people who retire, and they're dead less than a year later. Why?

Because they have nothing keeping them mentally active, nothing keeping them going with real purpose.

Instead of aiming for retirement, we believe everyone should be aiming for financial freedom. Freedom to do what you want, when you want.

The road to financial freedom has many potholes. Here are some of the most common mistakes, with help on how to avoid them.

1. Too little too late

The Government has deliberately set up our superannuation system to favour those who start early and stay on track. Those who leave it to the last minute often do so at their own peril. Start as soon as possible and map out your road to financial freedom. 

2. Pay unnecessary taxes

There are many simple, legal ways to make sure you are not paying more tax than you need to. Ask us at MJ Business Solutions Pty Ltd if you are making the most of the tax incentives offered by the Government.  

3. Fall for investment fads

This probably poses the greatest single danger to your prosperity. Tech stocks in the late 1990's and speculative miners in the late 2000s were very tempting when they were rising fast. Your best weapon against this temptation is to develop a disciplined investment plan and stick with it. 

4. It won't happen to me

Wealth management is just as much about protecting your assets as it is about building wealth. Make sure you have a "Plan B" to pay off your house and look after your family if you were to die or be permanently unable to work. Your ability to earn money is actually your most valuable asset, so it's vital to protect that asset with income protection insurance. If you don't have income protection insurance – please contact us IMMEDIATELY for a free quote.  

5. Fail to plan

As the old adage goes, "if you fail to plan, you plan to fail". If you can articulate your goals and visualise what achieving these goals looks like, you are well on your way to achieving them. Write down your three most important goals and keep then in a safe place to review at least once a year.