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What's your excuse for not achieving your wealth goals?
The latest MLC Wealth Survey has been released, and it highlights some of the main reasons people have for not making the most of their money. The reasons might be familiar to you, especially if you have been struggling to invest in your future or structure your financial planning.
What is your biggest roadblock on the path to financial success?
Of course, identifying the cause of problems is only half the battle – let’s take a look at how you can move past your financial obstacles as well.
The roadblocks to successful wealth creation are…
The MLC survey identified two primary obstacles for Australians trying to achieve their goals: not earning enough money (50 per cent of respondents) and self-doubt (32 per cent). Other factors, like investment risk or even overspending, didn’t even rank close to these two.
“If we doubt our abilities with our money, it makes sense that we would struggle to achieve our goals,” said Lara Bourguignon, a general manager at the National Australia Bank.
It doesn’t matter if you are preparing to transition to retirement or making your first venture into the investment property market – if you don’t believe in yourself, achieving those goals will be more difficult.
How to overcome doubt and succeed with your money
To begin with, it may be worth assessing your finances and working out if you are successful and just don’t know it yet. Forbes lists benchmarks like a good credit score, your emergency funds, the percentage of your income that goes to savings (ideally 20 per cent) and your net worth as indicators of financial success.
Another key to achieving your goals is having a plan, as Ms Bourguignon explains:
“Having a financial plan is crucial to feeling empowered and getting where you want to go with your money.”
“Having a financial plan is crucial to feeling empowered and getting where you want to go with your money.”
If you can outline where you currently stand, what your borrowing and buying powers are, and understand exactly what you need to do to make an investment, you are on the path to financial success. Of course, determining all of the variables and getting a deeper understanding of the investment market is difficult – which undoubtedly feeds into the self-doubt so many Australians feel.
That’s why professional financial advice is so important. Trusted advisors can give you all of the information you need and help to formulate a plan, giving you clarity and confidence to achieve your goals. Don’t leave home without it!
What you need to know
This information is provided by Invest Blue Pty Ltd (ABN 91 100 874 744). The information contained in this article is of general nature only and does not take into account the objectives, financial situation or needs of any particular person. Therefore, before making any decision, you should consider the appropriateness of the advice with regards to those matters and seek personal financial, tax and/or legal advice prior to acting on this information. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relations to products and services provided to you.
What is your biggest roadblock on the path to financial success?
