9 financial milestones to celebrate these holidays
December 15th 2017 | Categories: Financial Planning |
With the holiday period right around the corner, thoughts of celebrations are abundant. However, we shouldn’t just be basing all our celebrations around the calendar – our own personal achievements need to be recognised. That’s why at Invest Blue, we’re urging you to raise a glass this holiday period for the financial milestones you’ve achieved in 2017.
Wanting to achieve or work towards other goals next year? We can help! Get in touch today to start your journey.
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1. Becoming debt-free
Whether paying off a student loan or the mortgage for your first home, debt can be a major stressor in your life. In fact, AMP’s Financial Wellness report revealed mortgage repayments are a cause of concern for 22 percent of stressed employees.
Paying off your debts is a massive step towards freedom from financial stress and that’s why we think it’s a great reason to celebrate.
Australia, it’s time to raise a glass for the financial milestones you’ve reached so far!
2. Reaching your super balance goal
There’s a lot of talk about the increasing cost of retirement in Australia. Working out how much money you’ll need for a comfortable post-work life and then saving that amount by your super means you’re set to live out your retirement in style.
The Association of Superannuation Funds of Australia announced that as of June 2017, the average couple would need around $60,063 every year for a cushy retirement, assuming retirement starts at 65 and retirees have a life expectancy of 85. That means the average Australian should be aiming for a super balance of around $1,201,260 to enjoy those 20 golden years.
If you’re taking to the skies annually then you’ve clearly got celebrating down to a fine art.
3. Living your travel dreams
Being able to travel overseas at least once a year is considered the third most important milestone by Australians, says finder.com.au. It’s safe to say that if you’re taking to the skies annually then you’ve clearly got celebrating down to a fine art.
4. Buying your first home
Owning your first home is widely considered part of the Great Australian Dream. Social commentator Hugh Mackay has said that, beyond the investment value of owning a home, there are many social benefits. He claims that a home is the most common symbol of achievement, personal power and control over the ever-changing environment.
Total homeownership is a massive achievement that can set you up with a wealth of security.
5. Freedom from credit
Cut that credit card in half! Having access to credit is extremely helpful – granting us funds when we need them. But credit cards can also lead us down the rabbit hole of bad debt. In fact, the Reserve Bank of Australia puts the average Aussie’s credit card debt at $3,069.
That’s why feeling comfortable saying goodbye to your credit cards is a financial milestone worth celebrating in Australia.
6. Starting a successful business
Getting your dreams off the ground is everything. Dun and Bradstreet research shows that failure rates in Australia sit at around 10,000 businesses each quarter. So, if your business has maintained a stable cash flow throughout the year, congratulations!
Establishing a company and steering it towards great growth opportunities means you’re well on the right track to achieving your goals.
7. Buying that big-ticket item
Whether it’s a new car or your very own holiday home if you’ve been able to spend a little extra to get yourself something nice without breaking the bank, give yourself a pat on the back.
After all, managing your money is all about working towards financial freedom, and what better way to demonstrate that than treating yourself? If buying something represents success to you, then it’s absolutely worth celebrating.
8. Establishing a passive income stream
What’s not to love about the idea of earning free from the pressure of a nine to five workday? Growing your investment portfolio to provide for you when you can’t be working is a huge achievement.
A significant passive income can mean that insurance doesn’t have to come out of your super should you fall ill, leaving more in the bank come retirement.
Well done for 2017, now let’s go into the new year with our heads held high.
9. Passing on your wealth meaningfully
For many Australians, taking care of their loved ones both during and after their own life is a priority. Just under a quarter of Australians want to help their kids buy a home, says finder.com.au.
Starting to plan your estate is an absolutely good reason for some bubbly to be flowing. With a strategy in place, you can believe that your loved ones and trusted charities will receive the best care after your passing.
How many of these milestones are you able to celebrate this year? No matter how few or how many, 2018 is a new year with new goals on the horizon. By getting successful financial planning for the future, you could be ticking a couple more off your list by next December. For more information about achieving your financial dreams, contact us at Invest Blue today.
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What you need to know
This information is provided by Invest Blue Pty Ltd (ABN 91 100 874 744). The information contained in this article is of general nature only and does not take into account the objectives, financial situation or needs of any particular person. Therefore, before making any decision, you should consider the appropriateness of the advice with regards to those matters and seek personal financial, tax and/or legal advice prior to acting on this information. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relations to products and services provided to you.
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