BY LAURENCE SMITH, FINANCIAL ADVISER, UEM WEALTH
Trying to get finances organised can be daunting. Where do you even start from? Also, what if you get stuck along the way? Even scarier: what if when you look at your own circumstances, you find that it’s not healthy? What if you find that you’ve been making mistakes for years (sometimes decades) that have left you worse off?
Let me say this: we’ve all been there. Yes, even financial advisers (I’ve heard that doctors also make the worst patients, too).
Getting started is always the hardest part of anything. It’s called ‘inertia’ – an object at rest takes more energy to get moving than one that is already in motion. It’s true for physics and true for people. The best advice on getting started comes from Julie Andrews from The Sound of Music (1964) with ‘Just start with one task’. Breaking down tasks into smaller components is not a new idea, but it’s still an effective one. Take that first step, though, and the second, third, fourth, and so on get easier and easier. Don’t forget the perspective of Doug Conant: “Don’t let ‘perfect’ get in the way of ‘good’”.
Some ideas to get started could include reviewing your bank or credit card statements to compare income with expenses. Or it could be to make a list of your regular direct debits from your bank statement to see if you’re still getting value from subscription services. Or it could be to look at your superannuation statement to see how the balance looks compared to last year.
Every task you get through is one less you have left to do. If you’ve made a budget that is roughed out, you’ve come further than someone who doesn’t control their spending at all. If you’ve looked at your superannuation fund once, you have a better idea of your wealth than someone who doesn’t look at all.
If you’re unsure of where or how to start, or you have looked at your finances and need help deciding what to do next (or even first), do consider seeking financial advice from a qualified financial planner. Financial planning is a problem-solving process that seeks to help you make the most of your opportunities for a stronger financial future.
Disclaimer
General Advice Warning – this is untailored, general advice. It does not take into account your personal circumstances. You need to decide whether it meets your needs. Laurence Smith is an Authorised Representative and UEM Wealth Pty Ltd is a Corporate Authorised Representative of Lifespan Financial Planning Pty Ltd (AFSL 229892). Laurence Smith may offer services through UEM Wealth and UEM Group. Accounting services are provided by UEM Group. Financial Services (financial product advice and dealing) are provided by UEM Wealth. To the extent permitted by law, although the same adviser may offer you services under the above business, each business is solely and separately responsible for the advice they each provide.
