Any of these sound familiar?
When it comes to your financial plans, do you do the same?
Let's have a look at what these assumptions could be costing you.
"Term deposits are safer than shares"
Depends on how you look at it. In the long run, the erosion of the value of your money due to inflation can be worse than the short term fluctuations you'll experience from the share market.
PRO-TIP Get to know the basics of investing
The Governments Moneysmart website is a great place to start
"I'll spend first and save what's left"
Let me guess, there's nothing left!
PRO-TIP The absolute foundation of wealth creation is to spend less than you earn.
Create a budget. Check out these resources.
"Superannuation is a dud investment"
Superannuation is just a tax structure. It allows you to buy pretty much any investment you like. If you don't like your investments, don't blame superannuation. Choose different investments.
"I'd never qualify for a pension"
Says the client who has missed out on $63,000 of pension payments since he retired.
PRO-TIP If you're not sure if you'll qualify for a pension, chances are you can afford to get advice to find out.
"My advisers have my best interests at heart"
The vast majority of financial advisers have conflicts of interest, whether that be through accepting commission and other sales incentives or because of ties to product providers.
Make no mistake, these conflicts distort the quality of advice.
PRO-TIP Ask your adviser these questions.
"The amount of insurance in super will be enough"
PRO-TIP Don’t rely on what’s in your superannuation. It’s almost always inadequate.
When it comes to your financial decision-making, assumptions are dangerous. It never pays to assume. It too often only costs.
And these costs can be huge.
It might cost your ideal retirement, your dream holiday, your bigger house or even your kid's education.
These are far too valuable to leave to a set of assumptions.
Whenever you're ready....here are a few ways I can help you get on track to a stress-free retirement.
1. Follow us on Facebook and Twitter and sign up to our regular emails updates.
They are great places for great ideas.
2. Complete your Financial Readiness quiz
It can be hard to know if you’re doing well with your money or not, so we’ve taken the guesswork out of it for you.
Take our quick quiz and work out if you’re doing all the right things with your money or need to pull your socks up, as well get some ideas about what you should be doing next.
3. Work directly with me.
If you’d like to work with me and my team to move from stressed and frustrated to relaxed and on track, you can schedule a phone call here. You’ll find out how we can help and if we are the right fit for you. 20 minutes, no obligation.
IMPORTANT This information is of a general nature only and may not be relevant to your particular circumstances. The circumstances of each individual and investor are different and you should not act on this information without speaking to a financial, tax or legal adviser, who can consider if the financial product and strategies are appropriate for you. To the extent permitted by law, no liability is accepted for any loss or damage as a result of any reliance on this information. See full Terms and Conditions here. Note the figures in the download represent the market return so you'll need to allow for the cost of running your investments.