Finance advice
5 ways to achieve your financial goals in 2017

5 ways to achieve your financial goals in 2017

By Andrew Zbik

What didn't you achieve in 2016? What can you do this year to catch up? Here are five tips to get you off to a good start for 2017.

Did you achieve all of your financial goals that you set out to do last year? Chances are, you may not have achieved the financial and lifestyle goals that you thought you would have. One in four Australians have not made a financial plan and two in five have only made vague plans.

According to the Financial Planning Association of Australia survey, the top three dreams for Australians are to have full financial independence, have the lifestyle we dream about and pursue our own hobbies and interests.

Despite this, we also have financial regrets — namely that we have not saved (47 per cent) and invested (27 per cent) as much as we thought we should have. Interestingly, 63 per cent of us have not mapped out our financial future at all or have loose plans. A quarter of us never seek advice from others when making financial decisions.

So, what can you do in 2017 to make sure you achieve your financial and lifestyle goals? Here are five tips to get you off to a good start for 2017:

1. Write down your list of achievements for 2016
Many people find goal setting daunting. I suggest to write down all of your achievements for the previous year. For example, receiving a pay rise, laying down new carpet in the bedrooms, going on a long-awaited holiday, teaching your child to play tennis, spending more time with your spouse over coffee/tea with no TV and so on.

Write down every goal whether it be financial, lifestyle and relational because it puts into perspective that you have achieved more than you may initially recall. The positive mindset this creates can then help with setting new goals or tweaking old ones.

2. Set some financial goals and seek professional advice
Approximately 20 per cent of Australians seek financial advice. A fee-for-service strategy focused financial planner can help to set realistic and achievable financial goals.

There is an absolute correlation between those who write down their goals and have success in achieving them.

It is good to break down your goals into short term (from now to two years), medium term (three to five years) and long term (six years and longer).

3. Put in place a real savings plan and not a surplus plan
Nearly half (47 per cent) of Australians wish that they saved more. Most Australian’s manage their cash flow like this:

Earn an income;
Buy the things you need;
Buy the things you want;
If you are lucky, there is some cash left over to put into savings.
This is not ‘savings’; this is merely a surplus after needs and wants are satisfied.

Be deliberate with your savings. Set a budget of how much of each payday you will deliberately save and siphon this money off to a separate account. It may be $50, $200, $500 of each pay that is deliberately put aside. Then spend the remaining money on the things you need and want.

However, still ensure you have a small surplus left to give you some wriggle room with your cash flow. Deliberate savings will achieve real savings results.

4. Know what your next investment will be
More than a quarter (27 per cent) of Australians said that they did not invest as much as they had hoped to in 2016.

I find that when people know what their next investment purchase can be, it will incentivise them to save more to make the purchase of that investment happen.

Understanding what deposit you need for an investment property or how much you wish to add to your share/bond portfolio is a good way to be deliberate with your savings and investing.

5. Find someone else to be accountable to
There is a problem with setting goals if no one else knows about them. If you don’t achieve them then there is no one to answer to but yourself.

Having a mentor or adviser can be the difference between achieving your goals or not. Accountability is best when you can meet face-to-face with someone to review your goals.

A good adviser will pre-book their next face-to-face review with their clients six months in advance. If your mentor or adviser does not schedule a time to meet with you in advance, find a new one!

Implementing the five action points above will help you avoid another year where you feel you should have, could have or would have done something to help bring your financial and lifestyle goals a step closer.

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About the Blogger

Andrew Zbik

Andrew Zbik

Andrew Zbik is a senior financial planner at Omniwealth.

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Tune in to the latest episode of Property Showcase, the podcast with the inside track on the products and businesses that will help turbocharge your portfolio, maximise returns and make your overall investment experience seamless and stress-free!

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To hear more about these services, make sure to tune in to this episode of Property Showcase!

 Make sure you never miss an episode by subscribing to us now on iTunes!

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Son Pham is the accredited Head of Mortgages at Rethink Financing\/Rethink Investing. He has over 6 years\u2019 experience writing loans, over 12 years in the wealth management industry working for the likes of CBA, AMP and private practice and he is also a licenced financial planner (AFSL 326450). He has multiple investment properties that are cash flow positive which help pay his mortgage on his home and fund his lifestyle.<\/p>\r\n

Son is able to write all types of residential and commercial property loans.<\/p>\r\n

In this episode of Property Showcase, head of mortgages at Rethink investing Son Pham joins host Tim Neary to unpack how an investor should approach getting a mortgage in place with banks tightening down on serviceability.<\/p>\r\n

Hear from\u00a0Son\u00a0about:\u00a0<\/p>\r\n

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  • The pitfalls that he has seen people get into<\/li>\r\n
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    Whether it\u2019s building a successful property portfolio or investing in one of their Development Funds, Open Corp can help you through every stage of your investment journey. The team has 40 property specialists who collectively have been involved in over $4 billion worth of property transactions and the acquisition of more than 8000 homes and investment properties.<\/p>\r\n

    In this episode of Property Showcase, director of investment services for Open Corp Michael Beresford,\u00a0joins\u00a0editor of Real Estate, Tim Neary to share why he disagrees that the cooling market means that the best times are behind us.<\/p>\r\n

    In this episode, hear from\u00a0Michael\u00a0about:\u00a0<\/p>\r\n

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    • Why Brisbane is a good investment option right now<\/li>\r\n
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Mortgages in a tighter lending economy and why Brisbane is a good option
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Will Magee has had ambitions to enter into the Australian property market for quite some time, but it has been more than just finances holding him back.  Having been granted permanent residency just two weeks ago, Will is wasting no time and is now in the process of signing papers and finding his first investment property.

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In this episode of the Smart Property Investment Show, Will joins host Phil Tarrant to share why he is purchasing his first property in partnership with his brother, discuss the complications that can arise from such a strategy, and unpack the ongoing plan for building a joint property portfolio with his brother.

Will will also share how they approached saving for their first property, why he is taking out the mortgage in his name exclusively, and share their savings plan for the year ahead.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

From property in Australia to a ski lodge in Japan
Mortgage Trusts, an alternative first step for property investors
Should a real estate title be in one person’s name only?

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A property investment plan years in the making
object(stdClass)#1208 (52) {
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  ["title"]=>
  string(75) "Regional Victoria showing up Melbourne in price performance, new data finds"
  ["alias"]=>
  string(74) "regional-victoria-showing-up-melbourne-in-price-performance-new-data-finds"
  ["introtext"]=>
  string(139) "

Median house prices in regional Victoria outperformed that of Melbourne in the June quarter, the latest REIV figures reveal. 

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Median house prices in the regions rose 4.0 per cent to $419,500 but in Melbourne they dipped by 0.6 of a percentage point to $840,000.

The result in Melbourne was due to a 0.8 of a percentage point fall in prices achieved at auction; this was despite a lift of 2.3 per cent in private sales.

Inner Melbourne suffered due to auction prices, where median prices fell by 4.9 per cent to $1,459,000 but it was middle Melbourne that was hardest hit, with a 5.4 per cent drop to $974,500.

Outer Melbourne had a good quarter with the median rising by 0.5 of a percentage point to $681,000.

Apartment prices in regional Victoria grew by 3.7 per cent to $304,500 while the metro media was up by 0.5 of a percentage point to $604,000.

REIV President Richard Simpson said that despite fewer sales, many sectors of the market were performing well.

“2017 was a bumper year and while the trendline has flattened, despite the fall in median house prices in the June quarter, median prices are still up this calendar year for both houses and units, in Melbourne and in the regions,” Mr Simpson said. 

In particular there was been strong growth in regional centres which is probably due to the first-home buyers’ concessions said Mr Simpsons.

“The first-home buyers’ concession has been a boon for regional areas. A new entrant to the property market buying a house at the regional median will pay no stamp duty, while a first home buyer of an apartment in Melbourne at the median price would pay stamp duty of nearly $25,000,” he said.

Mr Simpson said that more prospective buyers are looking towards regional Victoria which is also having an effect in Melbourne.

“Melbourne’s outer perimeter continues to grow. Small increases in the June quarter mean that the median prices for both houses and units have risen over 10.5 per cent from a year ago.

Mr Simpson said moving forward that vendors need more realistic expectations as the highs of 2017 are now over.

“Negative chatter about the future of the sector coupled with stronger lending controls by financial institutions has created some uncertainty and vendors need to be realistic with their price expectations,” Mr Simpson said.

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Regional Victoria showing up Melbourne in price performance, new data finds

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