Three things that will grow your wealth

Three things that will grow your wealth

Vanessa Stoykov

A new year is always a great time to start new positive behaviours, and perhaps assess the ones that are no longer working for you.

As I embark on a 30-day food cleanse (with 26 long days to go) I am looking forward to the benefits, but to be honest, the first week feels like hell! Which reminds me that a little bit of pain is needed to achieve anything good. So, here are my three tips that have a little bit of pain attached that will help get you ahead financially this year.

1. Do some admin and check your super and insurance

Yes, there’s pain involved, I know. If you have an adviser, it might be as simple as an email asking them to report back on the past year of returns versus fees and checking that your insurance needs still them. Without an adviser it may mean signing up for online access to your fund if you don’t have it already and checking its performance. You can also go to Super Ratings to check your fund’s performance against others. Check your other insurances outside of life too: health, home etc. I found that I was still paying for maternity cover on my health insurance long after that was needed. Doing some painful admin might just get you a better deal

2. Do your budget for 2018

You don’t have to go into massive detail, but what do you need to live on per month? Can it be shaved anywhere? Can you cut down your eating out or grocery bills with a bit of smart shopping and planning? This can be painful in the short-term, but if you can squeeze some extra out of your monthly budget, even $500, you are on your way to an investment account that could pay for something you really want: a holiday, family occasion, whatever it is. I have found that when you really need to, the belt can usually be tightened. Pretend you need to, to get the outcome.

3. Find a new source of financial information

Most of us get used to reading the same papers, online newsletters and blogs to get our information. Challenging our existing point of view is important. Follow a successful investor, find a new economics expert or identify an author that might give you a different point of view. Unless we are challenging our current belief sets, we can never grow. Challenging your sources is part of this growth. It will also give you an edge when making financial decisions and is another input to help develop your wisdom. In the short-term these can be a pain to find, but over the long-term the habit of reading more broadly will help. I really enjoyed this blog on LinkedIn from the UBS World Summit about China.

A little pain is good for you. It stretches your boundaries and makes you even stronger. So go on, push yourself.

Until next time,

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