It’s an unfortunate fact that most people fail to achieve financial success.
Of course, the primary reason for this is that they don’t put a plan in place to ensure they make the most of their money up until retirement. Here are some of the main reasons why people don’t achieve the success they’d like with their finances:
- Lack of information/Too much information – they aren’t sure where to turn for education and information about financial matters. Searching the internet can be confusing and complex to the point where they are paralysed by too much “noise”
- Looking for the “magic solution” – the trouble with searching for a magic solution is that magic isn’t real! There is no such thing as magic when it comes to financial success.
- They don’t believe they can be financially successful – it’s hard to achieve financial success if a person doesn’t believe he or she can do it.
- Procrastination – the perception that there is plenty of time to get financial affairs in order can mean that it gets put off time and time again
- They won’t seek help – despite the plethora of financial literacy websites, financial planners and wealth coaches available, many people won’t take the step of seeking guidance. Whether it’s the perceived cost, mistrust of others when it comes to money, or other factors, this is one of the biggest reasons why people don’t achieve their financial goals. In fact, they may never even identify their goals in the first place!
- Getting caught up in working out why things won’t work – it’s easy to be on the pessimistic side when thinking about money. If you’re always finding a reason why something won’t work, though, you’ll probably never end up doing anything
- Distraction – work, family, kids, sport and recreation and the rest of life’s competing priorities get in the way. It’s a fact of life that we’re all busy, but people need to make time to look after their financial wellbeing
If any of these reasons resonate with you, take the time to reach out to a financial planner to discuss where you’re at financially and what your financial goals are. Don’t let excuses stand in the way.
If you’d like to discuss your financial goals, start a conversation with us today.
You need to consider with your financial planner (or adviser), your objectives, financial situation and your particular needs prior to making an investment decision. Sensibly Pty Ltd and its authorised representatives (or credit representatives) do not accept liability for any errors or omissions of information supplied on this website
Nick Shanley, Steve May, Luke Styles and Shanley Financial Planning T/A Steve May Financial Services are Authorised Representatives / Corporate Authorised Representative of Sensibly Pty Ltd, AFSL 533923. Please refer to our website at www.stevemayfs.com.au to reference our Financial Services Guides.
