“Justin’s style of investing gives clients a high probability that they will end up in the top 25 per cent of investors without the stress.”
The late Simon McDowall
Business consultant & former MD of Goodman Fielder
I have just come back from a wonderful two days in Melbourne providing individual financial consultations to nearly 30 nurses and health care workers.
The engagement was initiated by the employer as part of their commitment to mature aged employees, as approximately 40% of their workforce are over 45.
Each consultation was designed to help educate participants on possible strategies they could explore to assist them with planning their finances and preparing for retirement.
I was honoured to have the opportunity to share my knowledge and help educate this amazing group of women (and man) but it also saddened me that some of them who had spent their entire life caring for others, were in a financial position that meant they would be reliant solely on the government Age Pension in their retirement.
Currently, the maximum Age pension for an individual is $19,468 p/a and $29,354 p/a for a couple, which by most standards does not represent a luxurious lifestyle.
Reflecting on my experiences over the two days, I was reminded of the following lessons:
- It’s never too early to start planning and managing your finances.
Small savings over a longer period can have a huge impact on the final outcome. This is due to the compounding interest effect which Einstein claims is the 8th Wonder of the World.
I wonder how different the story may have been if each employee had developed an integrated financial plan in their 20′s or 30′s?
- Your beliefs determine your results.
Most employees had received similar salaries throughout their careers yet some had accumulated enough assets to enjoy a comfortable retirement, whilst others were resigned that they could not save and would therefore have to rely on the government Age Pension.
Everyone’s circumstances were unique but those with positive beliefs about saving and investing had managed to convert the same income into significantly greater financial wealth.
- Regardless of marital status, you need to take responsibility for your own financial health.
We’ve all heard the statistics about high incidences of divorce and unfortunately this was represented in the participants.
Whether you are single, married or divorced, taking responsibility of your own financial health ensures that regardless of what life throws at you that is one area you can be in control of.
To help identify how healthy your finances are, SentinelWealth has developed the unique WealthScan tool which is like a medical check-up for your finances.
If you or your friends would like more information on the WealthScanTM tool, please contact Melissa Oliver on (02) 8908 5300 or email@example.com.