Budget? Never had one in my life!
1. Congratulations for getting this far without one. For most of us, a budget of some sort is an essential guide to making the most out of our income. We also rely on budgeting to achieve short and long-term goals. Without a budget, it can be hard to keep track of day-to-day expenses, let alone being able to cope with the unexpected.
2. We've got no spare money – I'm in debt up to my eyeballs
Has anyone got a sizeable chunk of spare money hanging round? I can only think of Bill Gates and Donald Trump, and they’re way out of my league. However if you’re battling debt and your credit cards are out of control, maybe it’s time to reassess how you are living. You might be surprised how much money you ‘waste’ which could be put to better use by saving for a set goal or protecting your income.
3. I’m too busy, I’ll get around to it another day
You’re not alone in being time poor. It’s the biggest scourge of the modern working world and, as with everything else; you’ve got to make time. It’s your life, your family, your dreams and goals. Surely, some thinking time to put it all in perspective is not too much to ask?
4. I won’t understand all the jargon
That’s what a licensed financial planner is there for – to translate any jargon into plain English you can understand. Of course, the more you prepare for your first meeting with a planner, the more comfortable you will be. It’s not hard or intimidating, and planners love plenty of questions.
5. My husband/wife handles the money side of things
That’s not a problem but if you’re not sure what measures your partner has put in place for your future security, perhaps the two of you should sit down together and discuss your finances in detail. Personal goals change at every stage of life so it’s a positive move to think about where you are at now and the lifestyle you want in retirement.
6. My accountant looks after all that
An accountant’s qualifications are very different to those of a licensed financial planner. Putting all your eggs in the one basket can mean you’re missing out on important industry developments.
Superannuation is something to worry about when I am older.
Very true and it will be very worrying if you don’t start early. No matter how small the contribution, the earlier you start the less worry you will have as you get older. The government is encouraging us all to fund our own retirement. A licensed financial planner keeps up with all the changes and opportunities that will best assist you to be financially worry-free at retirement.