{"id":14212,"date":"2019-01-10T16:57:29","date_gmt":"2019-01-10T06:57:29","guid":{"rendered":"https:\/\/www.prosolution.com.au\/?p=14212"},"modified":"2019-01-16T17:11:01","modified_gmt":"2019-01-16T07:11:01","slug":"questions-for-2019-financial","status":"publish","type":"post","link":"https:\/\/wealthcoach.com.au\/stage\/questions-for-2019-financial\/","title":{"rendered":"Three questions you must ask yourself to kick start 2019"},"content":{"rendered":"\n

There are two key things this year to watch out for that might create some financial opportunities.<\/p>\n\n\n\n

Firstly, it\u2019s likely the Federal election will be in May and I\u2019m certain that tax will be a key policy platform (I expect the Liberals will announce some income tax cuts). Secondly, the Royal Commissions final report is due in 22 days and its recommendations might have a substantial impact on the financial landscape.<\/p>\n\n\n\n

That said, external changes are never-ending, and they should almost never deter you from completing your own financial planning. With that in mind, I have outlined 3 important questions below to consider when thinking about the year ahead.<\/p>\n\n\n\n

Question one: What didn\u2019t work well in 2018?<\/h3>\n\n\n\n

When planning, a good place to start is to ask yourself what were the one or two things that didn\u2019t work well in 2018. Maybe you planned to sort out your super and didn\u2019t get around to it? Or maybe you didn\u2019t have a good enough handle on expenses (spending)? The idea is to identify one or two big things that didn\u2019t turn out how you had hoped and develop a plan for rectifying them this year. Here\u2019s two tips:<\/p>\n\n\n\n

1.     Often, it\u2019s not a what<\/em>, but who<\/em> question. The best way to find a solution to a problem is not by asking \u201cwhat<\/em> steps do I need to take\u201d but \u201cwho<\/em> has solved this problem previously that can help me\u201d.  Seeking advice or experience from someone that has been in the same situation you will save a lot of time and help you avoid repeating common mistakes. People such as family, friends, colleagues or an independent advisor could help.  <\/p>\n\n\n\n

2.     Who\u2019s going to hold you accountable? Creating some sort of accountability has a massive impact on the likelihood of someone achieving a goal. When you set a goal, you must set a deadline and then have someone hold you accountable for achieving that deadline. That could be your spouse, friend, accountant or an independent advisor.<\/p>\n\n\n\n

Question Two: What are the one or two things you need to achieve in 2019?<\/h3>\n\n\n\n

All of my financial advisory clients have a very clear understanding of the one or two priorities that they need to focus on\/achieve this year in order to achieve their longer-term goals. This could include reducing\/offsetting debt by a predetermined amount (through good cash flow management assisted with software), investing a certain amount in super, making regular share investments, investing in property or similar.<\/p>\n\n\n\n

The key question to ask yourself now is \u201cwhat can I do this year that will have the largest impact on my financial position by 2030?\u201d This will force you to take a long-term view and not be distracted by short-term worries or noise. Don\u2019t try and take on too many goals in 2019 \u2013 you really only what one to three goals. And if you are struggling to develop a long-term plan then grab a copy of Investopoly<\/em><\/a> and follow the 8 rules outlined therein.<\/p>\n\n\n\n

Question Three: Are you safe and secure?<\/h3>\n\n\n\n

It is very important that you periodically consider the things that are in place to protect your wealth and family and the start of a year is a perfect time to do that:<\/p>\n\n\n\n