Financial goals can be daunting, but these expert tips could help you reach them more easily than you think
Young people face more challenges than ever when it comes to investing in their futures, says financial adviser“Young Aussies today are being squeezed from a number of angles,” she says. “Record increase in rental prices, wage growth that’s not kept up with high inflation numbers, increased costs for all basic goods and indexation on student debt. Some economists are predicting this generation may be the first in centuries to go backwards from an economic opportunity perspective.
She also suggests having a dollar figure in mind. If it’s a new car, have you factored in on-road costs and maintenance? If you’re hoping to take a trip, have you researched the daily expenses you’ll incur? “It’s very hard to track progress if you don’t know how much you’re trying to reach,” Brady says. “And it can be hard to stay on that motivation train.”“When there’s a goal that doesn’t light you up, but it’s a necessary goal, it can feel very heavy,” Brady says.
“It can be hard to get visibility and transparency when your money is all in one account,” Brady says. “If you’re able to separate your banking, you’re able to clearly identify money allocated for each thing.” That might mean separate spots for rent, phone, electricity, and food, right through to unexpected expenses such as vet bills or new glasses.Once you’ve accounted for every expense, Brady recommends enjoying whatever’s left over guilt-free.
She says there’s now more support to help you do that work than ever – it’s just about making sure you get advice from the right places. Brady runs, a 10-week online course, as well as hosting a weekly podcast, but says there are many books, podcasts and other resources young people can draw on.
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