The most common statement we hear from school teachers during our first meeting.
“I wish we met you 10 or 20 years ago!”
It is a fantastically rewarding feeling making it a reality for a family to achieve their financial and personal dreams, while this is greatly satisfying and humbling experience, the next question has to be “Why did you wait to seek help?”
Invariably these answers follow a pretty clear path, so let’s share some of the most common reasons as to why school teachers tell us they felt they had to wait 10 or 20 years to ask for help! And remove them for you! No more excuses.
Let’s finish with some great tools and approaches school teaches can put in place today to gain the financial clarity they deserve and be in an empowered position to ask for help if the wish!
Why school teachers tell us they have waited or need to wait to seek financial help:
- “I don’t earn enough, or have enough in my bank, advice is for people with money”
Definitely not the case, financial independence is NOT based on what you earn. Achieving your financial dreams is based on what you do with what you earn, how you structure your finances and the choices you do or do not make.
- “I don’t have enough time”
Its time to make time, treat your self to 1 hour focused completely on you and your goals/ current financial situation. Yes, you will have to give up something to find this extra hour, you will gain time, and decrease unease by looking after yourself and your financials. Making your finances a priority will give you time back!
- “I am in debt, once I have that sorted I will look at the rest”
Really! Considering the first two excuses, this one will never be addressed. Debt is a necessary part of most of our lives, in no way dose it have to control our lives, it is something to be monitored and reviewed often, and can be controlled on your terms for your goals, there is even such a thing as good debt!
- “Not sure where to go or who to trust, so many horror stories”
This one is not an excuse, it is a reality, and thankfully the ongoing royal commission continues to uncover the poor practices and devastating experiences for clients and their families when deceived and misguided by poor practices. Buyer beware is probably the best defence, I have added some great tools and process below to assist in finding the right person for you, despite all the negatives, there are some sensational people that are qualified, experienced, supported and have your best interest at heart to do the right thing for you and your family
What school teachers can do today to empower your next financial decision
- Goals: Articulate and map out your family goals, make sure everyone is on the same page with goals, time frame and cost/ reward!
- Forecast: You have secure employment with guaranteed pay agreements in place, in other words generally you can map your increasing pay scale buy employment and time in the role. You can forecast and plan your future income. A fantastically strong position to build wealth and reduce debt ahead of schedule.
- Cash Flow: Take the time to map your family cash flow (Net Income – Net expenses = X) Have absolute clarity on your numbers, what it cost you to maintain your lifestyle, pay down your debts and have a buffer account for the unexpected, and invest.
- Salary Options: Many teachers have great options for salary packaging or sacrifice. Spend time researching how these offers may work for you and your family goals/ cash flow/ debt structure/ investment plan
- Including the possibility of “employer extra” for your super contributions
- They are fantastic opportunities NOT to be taken lightly or without full consideration or your total financial situation or cash flow. Obtaining specialist advice on these may be well worth the effort.
Having clarity around these four important topics is a great starting point for you taking control of your financial future.
Points to consider when/ before seeking help, start from an empowered position:
- Same Page: Get all your advisors on the same page, working to the same goals, your goals, avoid professional advice in isolation.
- Avoid the sign on the door: Be clear and concise as to your financial and personal goal, really articulate why you are seeking help. So, avoid asking for help that is stated on the sign above the door, link it to you end goal and why you really are seeking help. For example: Hi I want to pay less tax, you will get tax effective help, versus: Hi Can you help me plan to have more holidays with my children, you should be discussing, all effective options to decrease expenses (including but not limited to tax) and maximise your income. Avoid the sign on the door, look for help that can address your goals not their qualifications.
- Know your numbers: Have absolute clarity on your numbers, Cash flow and forecast for your family.
- Do your research, ask for referrals from people you trust.
- Look for advice professionals that specialise in your position/ goals.
- Check qualifications, experience, references and professional memberships.
- Ask questions and get to know the business/ people, build trust, this is a complex issue and should take time.
- Review and connect regularly.
Let us introduce ourselves and help you with your financial goals for the short, medium and long term next 10 years and beyond! Book an obligation free Discovery Meeting with us today.