Well done is
always better than well said.
Procrastination is no doubt the number one reason why people
don’t become successful at achieving what they dream of.
It is caused by the change that needs to happen. And we,
humans, don’t like change that much!
Why?
Well, it’s got a lot to do with our ego and the actual
process of admitting that what we’ve been doing is wrong.
It can be especially
difficult when we’re surrounded by people with same views as us. Why should I
stand out?
Generations Y and Z ...
When you’re young, it feels nice to have a first job, still
live at home and spend the money on travelling and going out, but just think
about where you are at the moment. Your whole life is only starting.
What you may not fully realise day by day (because you just don't) is that the time is on your side and you will never (ever) be in
this position again.
Use that competitive advantage! Trust me, you don’t want to end up like the vast
majority of adults – looking back in ten or more years’ time, realising
what a massive opportunity you had… And you blew it!
What I’m talking about is the power of ‘doing’.
You have two choices
Choice number one – do nothing and spend every cent. This is
what most of you will do. Just like everyone else (I thought you wanted to be
different?)
Choice number two – start implementing tiny changes into
your spending habits. Time is your best mate here. It will do the rest, as long
as you stay committed.
Remember, if you change nothing, nothing will change. The
change doesn’t need to happen all at once, you can start with baby steps.
One
year later, you will be definitely in a better position compared to if you did
nothing.
There are many ways to put money aside but here’s a fun example
to start getting ahead – something that I call the reverse version of The 52
week savings challenge:
You start with $52 that you put away in the first week –
that is the biggest commitment you need to make, it gets easier from here.
The next week it’s only $51. And as you continue, you
decrease the money by a dollar every week, until you will end up with a dollar
contribution in the last week, year later.
Over the course of the year, you will save exactly $1,378.
This can be used as a nice little deposit into an investment
plan which can one day be converted into an investment property deposit. It
will give you that competitive advantage.
It can be the difference between having to work every night
to earn extra money for your ski trip compared to having a passive income to
fund your travels so you can spend more time with your friends.
All you need to do is start.
Anything. Just start…
by Michal Bodi
Put $1000 of that savings in a First a Home Savers Account and you will get $170 bins from the government. Use the system to make your money grow faster!
ReplyDeleteThat's a good point! Thanks Liam, hope it inspires the doers among the young generation to act.
DeleteAaand that option is now gone after the last federal budget.
DeleteHi, I do think your blog might be having internet browser compatibility issues.
ReplyDeleteWhenever I look at your blog in Safari, it looks fine but when opening in
Internet Explorer, it has some overlapping issues.
I simply wanted to give you a quick heads up! Apart from that, fantastic blog!
my site
Hello, thanks for the feedback, what version of IE are you using? There may be some issues with older versions.
ReplyDeleteEspecially thank you for the feedback on the actual content of the blog, would you mind sharing what topics did you find interesting in particular?
Thank you, keep coming back for more and tell your friends.
PS: if you email me to mbodi@sydneyfinancialplanning.com.au we can have a detailed discussion about the content. I promise you will enjoy it.
Michal