We all want to achieve financial success but most people don’t achieve it. In fact, around 80% of Australians get to age 65 with less than $100,000 in assets outside their family home. Only 10% of people get to age 65 with more than $500,000.
Now, we would consider that $500,000 would be the bare minimum starting point for a decent retirement. And almost 90% of people aren’t achieving that.
So why is that?
- Lack of information/ too much information. It used to be lack of information, but it has now become too much information. In the world of Google, the world is awash with information. However all that information has led MOST people to be even more confused than ever.
- Leaving it too late. The typical life story for MOST people. We leave school or University and get a job. At that stage we have 100% disposable income, which is the only time in our life that’s going to happen, although we don’t know it then. Life is good and long term is Saturday night or our next holiday. We have no concept of long term, let alone retirement. Eventually we might partner up, kids come along, mortgages, careers and all of a sudden 20 to 30 years has gone by. We’ve missed out on 2 or 3 booms, we’ve missed out on that property going from $35,000 to $450,000. That’s what MOST people do, and it’s so easy to happen
- Distraction, because we get distracted by life, busy with our kids, busy with our jobs, busy trying to stay healthy.
- Procrastination MOST people procrastinate over money matters until just before they are ready to retire and by then it’s too late, they’ve missed out on all that TIME, which is so important
- Looking for the magic solution, guess what? There isn’t one!
- Getting caught up in why things won’t work.
- Not believing that you can, you should have a basic belief and expectation that you will have a high quality retirement.
- Not taking action, without action you can’t achieve ANYTHING.
- Not making it a priority, Even though we know MOST people say that building wealth is one of their top goals, if they are not spending any time or any money on it, is it really a priority? No, just a wish or hope.
- And lastly, they don’t get help. All successful businesses and successful sportspeople have coaches and advisers, without exception. Sometimes they don’t even tell us anything we don’t know, they just make sure we do what needs to be done.
So make sure you are in control of your financial future
This information is general information only. You should consider the appropriateness of this information with regards to your objectives, financial situation and needs.