Picture your first years in retirement. Things are going great. Days spent playing with the grandkids, sunny mornings on the golf course and leisurely walks on the beach.
However, if you are like many of our clients, you are relying on the sale of your business to fund your own version of nirvana.
The problem is that you are not exactly sure what you will get for the business, or even how long it might take to sell. This can be a little scary for some – there is after all a lot riding on the outcome.
It's easy to understand why retirement doesn't loom large on the horizon for 20-somethings. Young workers are more concerned with kick-starting careers, not ending them in the long-distant future.
And in your 30’s, there’s probably extra mouths to feed and debt to reduce.
“So what do you do?” the cardio surgeon asked. It’s an innocent enough question, but it turned out to be loaded with philosophical importance.
His eyes lit up when I said financial planner.
In the grand scheme of things, money's not that important. It's important only to the extent that it allows you to enjoy what's important to you. Despite this, a recent survey of Millennials found more than 80 per cent said their major life goal was to get rich. Another 50 per cent said that another major life goal was to become famous.
When I ask this question of my clients, it is generally not an amount of money or the material side of life that we finish up talking about.
It is the things they want to experience.
Having trouble following through on financial goals (or any goal for that matter)? Here are eight great questions that might just help.
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.
Follow the link below to 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.
You can access our quiz below
We Aussies are a successful bunch. Whether that be economically, on the sporting field or even how we get on with each other, we do most things really well. The Government's Intergenerational Report (IGR) spells out how successful we have been in the most important area of all – staying alive.
Investment returns in 2019 were terrific, except for cash and Australian small caps.
As is often the case, a good sector one year is not so flash the next, and small caps were top of the pops in 2018 so the two-year number is good. With growth super funds delivering around 10% a year for a decade, it's tempting to expect similar good returns in future. The Morningstar Gameboard below shows only one negative asset class result over the last five years.
Attention is a precious resource.
And as with any resource, scarcity creates value.
In the digital age where noise is everywhere, those who can capture the most attention are said to win.