Everyone makes money mistakes – in fact, if you talk to many Aussie’s, they will tell you that they have financial regrets about one thing or another. There is a certain learning cover to money, and as you grow older, the financial habits you had when you were younger may start to change. But what if you didn’t have to wait until later in life to realise that you could have made smarter decisions about your money? You can prevent these mistakes by using a financial planner, but if you already have one, are they watching you make these 5 mistakes?
A lot of people think of investments as risks, but what’s also a risk is letting money sit there and not gain and returns from it. The banks pay so little interest on savings accounts that the money earned will hardly help you meet your financial goals. If you’re not investing enough, or at all, now is the time to talk to an adviser and come up with a different game plan.
On the contrary, even if you’re investing, you may not be investing in the right things. You may either be getting less returns than you could, or you’re investing on the riskier side and losing money. A certified financial adviser can help you choose which investments best meet your needs.
Not saving in one of the number one money pitfalls people can make. If you don’t save, you’ll more than likely not have the funds in the event of an emergency, which can lead to the overuse of credit cards and loans to pay everyday expenses.
Just going day by day with your money isn’t helping you plan for the future. You should have short term and long term financial goals, and a plan to help you reach both.
Australians who get a degree after finishing school statistically make more money than those who don’t. This means your earning potential can be significantly higher if you study more and earn a degree or a certification.
Now that you know the 5 money mistakes financial planners have watched you and many others make, it’s the perfect time to stop making these mistakes and reach out for professional services and get your financial plans in order. Contact Camori Investments today. It’s not time consuming and you’ll thank yourself for it later.