People often say I will ask for financial advice when I have more money, but the reality is good financial advice will point you to the right direction to have more money and an abundant life. One of the greatest joy we have as GenY’s financial adviser is to guide them to a life time financial security and prosperity. There are a few simple things young people could do in order to get ahead in the money game.
1. Protect income: Set up an income protection policy to protect your income. The cost might be cheaper than your car insurance, and also it is tax deductible. By setting up such policy, you are protecting your most valuable asset – your income earning ability at early stage of life. If accident happens during your travelling or playing sports and you are unable to work, your income will continue.
2. Mind your super: Choose high grow option for your superannuation investment option. You have 30 to 40 years working life ahead of you, and over that long period of time, growth assets will outperform and generate you higher return.
3. Save, save and save: Rule No1 for money management should be never spend more than you earn. Establish another investment account in addition to your super and pay yourself first. You may retire way before 60 years old if you do it well. You will also be able to pay the deposit of your 1st property down the track and get into property market early.
4. Learn to improve your income earning ability: Never set a limit to your income. Your income should reflect the value you create to the others. As you work on your personal development you will possess new skills, become better and better at what you do, you will be able to create bigger value and as a result, you pay rises.