The Undiscovered Country – Securing Your Future

27 September 2024, 4:45 pm

The Undiscovered Country – Securing Your Future

In Act 1, Scene 3 of Hamlet, Shakespeare introduces us to the term – the undiscovered country.

This phrase was popularised in a Star Trek movie as a reference to the future.

The future might be an undiscovered country to you, but that doesn’t mean you can’t set goals, and create your future as you desire it.

At Finwell Group, we are focused on helping you to create your future and how it relates to money and finances plus eventually your life after work.

Call Finwell Group on (03) 9017 3235 or email better@finwellgroup.com.au for a no-obligation and complimentary appointment to discuss your undiscovered country. Or click this link.

Whilst retirement is changing as a concept, with many people living, earning, and learning longer, there will come a time when you will need financial resources to fund your remaining years.

This might be because you retire completely and invest your time in family and volunteering, or it might be because you need to handle the increasing expenses of life or health.

Whatever your situation, the team at Finwell Group exist to help you prepare for and then create the future that you desire.

The future doesn’t just happen. If you don’t plan for it, it will plan you. We want you to be in control of your plans, and the achievement of your goals.

Here are six things we recommend you do to secure your version of the undiscovered country:

1. Know where you are at now

It is important to always be across your current financial situation and how you are going with funding your current lifestyle whilst putting asides reserves for the future.

Reserves could be put aside by making investments or contributing to your superannuation fund.

2.Don’t operate day to day

It is an absolute must to have one eye on the future in all the planning you do with your finances and investments.

If you only work day to day for the weekly or monthly pay check and aren’t planning for the future, you will inevitably reach a point where you don’t have your future secured and could unfortunately have run out of time to address this.

3.Start as Early as possible

Time is the great provider when it comes to investments. Interest on savings, capital growth on property, capital gains and dividends on shares all work best when you give them time. The longer amount of time given, the more options you have to follow your desired path.

In the absence of time, you have to introduce more risk to get greater returns in shorter and shorter periods of time.

4.Get expert advice

Chances are there is something or some subject about which you are an expert. You are probably asked by others to share your expertise either in a work role, or as a consultant or mentor.

In the same way that you put a value on your expertise, consider finding someone with expertise in money, finances and investments who can give you more value than doing ‘money’ yourself.

If you’re not living and breathing investments and money every day, the chances are a good advisor will be worth their weight in gold for you over time.

5.Have clear goals

All the research around the world tells us that people who have written goals – in any area of their life – are more successful on average.

Setting an achievable goal by a deadline, reviewing your progress and being honest with yourself about how you are progressing towards your goal will all contribute to an increased likelihood of success.

So be in the group that sets and writes down their goals. Your future self will thank you for putting the effort into this activity.

6.Don’t gamble

There are many so called ‘experts’ out there promising quick riches if you’ll only engage with their ‘proven strategies’.

Choose your advisors wisely. Prioritise those that give you a realistic view of your circumstances, both the negative and positive aspects. Choose them on the demonstrated results they’ve obtained for others instead of just on promises.

There is an old saying that says – if wishes were promises, beggars would ride. This means that if wishing could make things happen, even the most destitute would have all they desired.

It turns out life doesn’t work that way. It takes time and some work to create the future you want.

We can all learn something from the past to inform our future.

Call Finwell Group on (03) 9017 3235 or email better@finwellgroup.com.au for a no-obligation and complimentary appointment to discuss your undiscovered country.

Let’s see how we can help.

The information in this article is general in nature and does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions.