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What Do You Really Need To Know?

Here’s a question for you. If I could send you back in time to 10 years ago, with the knowledge you now have today, do you think you would have invested the same way as you have over the past decade?  If you’re like me I’m pretty sure you would not.

Knowledge is one of those things where we often don’t know what we don’t know. And when we finally know it, we realise we should have known it a long time ago.

Lately, I been assisting people to see areas in their lives where they can do better financially and in doing so, their blind spots become very apparent to the people I am helping. Some people call these moments of enlightenment an ‘Aha moment!’, I like to call them ‘moments of clarity’.

For example, I met a couple a few weeks ago, (I can’t name them for privacy reasons) who’d spent many years channelling their money towards a savings goal that they would have already met if only we’d seen each other 5 years earlier. They believed that they needed to pay down their home mortgage before making any investments.

However I pointed out to them that the fastest way they could have paid down their mortgage was through buying an investment property and then selling it. Now, to your average property investor, this is a well-known strategy to obtain additional funds to pay down one’s mortgage. However to someone who is not so well versed in property investment this was one of those ‘moments of clarity’.

Often the things we can do to resolve our financial problems hide from our view. I suppose the phrase ‘we cannot see the wood for the trees’ comes to mind. The ability to be objective enough to the problems and know all the key components to a solution alone requires a rare ability. I have found it is so rare in fact that less than 10% of the people I meet don’t need help with anything financially. Yet about 40%  of people will say they don’t need help. This in essence means that less than 4 in 100 people I meet who actually say they don’t require any form of help in mortgage advice, financial planning or property advice, really don’t – so pretty much 96% need a hand to see their blind spots.

The challenge for people like me in giving advice is choosing who we spend our time with. Do we help those who ask for it most, or do we impress ourselves on those who say they know they don’t need help.

What do you think? – Well try out the below questions and if you know, then you know… ☺

Would you agree that you are doing great financially? – if so, do a little dance and celebrate you are one of very few. ☺

For the others, try these questions.

Do you know and have a monthly budget?

Do you have clear boundaries in place to ensure your financial needs and wants are kept separate?

Do you have clear agreements in your home on how to use money?

Do you know and effectively manage all of your risks?

Are the banks taking advantage of you?

Are your super funds / investment managers / advisers providing you value for the fees they charge?

How many years do you have until you can choose freely whether or not to work and still live well?

Do you know how much you will have at retirement?

Do you have a workable plan by a deadline to ensure you make that target?

If any of these questions are open for discussion with you, then you are part of an ever growing group who can benefit from assistance.

The choice to obtain help in an area is the key to moving forward and conquering it.

Feel free to call someone well qualified to help. You just might find out how you can become one of the few who know about their blind spots and can do something about them before it’s too late.  Email me to have a no obligation review of your blindspots at adam@investorsdirect.com.au

Until next month, Happy Investing.

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Investors Direct Financial Group

Investors Direct Financial Group (IDFG) was established in 2001.
Our mission is to help our clients achieve and maintain their financial freedom.

Members of the IDFG Group include:
  • Nanmon Financial Services Pty Ltd, trading as Investors Direct Financial Group (ABN: 52 097 697 820 ; ACL: 402950)
  • ID Property Advisory Pty Ltd (ABN: 69 141 716 412 ; Real Estate Licence: 071792L)
  • Investors Direct Financial Planning Pty Ltd(ABN: 50 141 139 228 ; AFSL: 385827)
  • Investors Direct Property Management Pty Ltd (ABN: 59 153 184 859 ; Real Estate Licence:073458L)
  • 8 Star Homes Pty Ltd (ABN: 83 135 066 876)
  • Investors Direct Financial Services Pty Ltd ACN 608 410 591
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