Wealth Insights for Young People

There is such a myriad of ideas for how to manage you money it is very difficult to know where to start and what is appropriate for you.

In one of my regular interviews on Wake Up! WA we discussed money tips for young people, including students. IN the later half of the interview we also touched on how parents of young people can support their children in creating positive money habits.

Watch the video below or here.

You can watch other Money Guide videos at www.MattHern.tv and here on my blog.

More Money To Pursue Your Passions

thought_leaders-cover250.jpgDo you want to create wealth but your eyes glaze over with number talk?

Would you like ideas to manage your money in a way that doesn’t take much time and doesn’t require you to read the business news every day?

Do you like the idea of outsourcing to a professional but are not sure how?

If so, you should download and read my latest free e-book here.

This version includes a targeted introduction for information entrepreneurs, but the recommendations are equally applicable to most people. Download the e-book for free now.

Find Ten for Wealth

Find Thirty LogoAs I recently rode around a nearby lake with my daughter I noticed a Find Thirty logo painted on the pavement.

The Find Thirty campaign encourages us to complete 30 minutes of physical activity each day as an investment in our physical health.

Imagine the possibilities if we also found thirty minutes for wealth?

Imagine how financial literate you could become and how you could use that to create enough money to afford to do and have what you really want.

The twist – DO, not THINK

The interesting twist is that the Find Thirty campaign is not reading or thinking about exercise – it is doing exercise.

For all the hours I may have spent watching “The Biggest Loser” I haven’t lost a kilo of weight, beefed up my muscles or increased my aerobic capacity.

Find thirty to DO wealth creation

The great news is I think that if you spent 182 hours per year implementing wealth creation strategies you could become very wealthy indeed.

That means that making money is possibly easier and quicker than getting healthy. You beauty!

Even if you split it 50:50 and spent 91 hours per year learning and 91 hours implementing you could become a serious money master. How that would change your life!

Learning is important, but not enough

Please don’t misinterpret me. Your financial literacy is essential to how effectively you manage your money. Your knowledge helps you do the right things, in the right way and at the right time.

That’s why it is often said you don’t need money to make money. You just need knowledge. So definitely keep learning.

Financial literacy (and financial health) also shield you against fear and stress at times like we are experiencing in the economy right now.

Find Ten will just about do it

The great news is that unlike physical health, financial health doesn’t require everyday attention (for most). You can concentrate it in a couple of sessions, so long as you just do it.

I think that you’d be in good shape if you could average ten minutes per day on proactively building your financial health.

Sadly, many people spend less than that over a whole year!

An average of ten minutes could look like this

You could average ten minutes per day if you did this:

  • Up to one hour per week ensuring cash flow is on track and within budget. (The better you are the less time is required for this step.)
  • One hour per year benchmarking the performance of each of your investment assets (including superannuation)
  • Three hours every three years ensuring your personal insurance policies are still adequate
  • Four hours per year reviewing and evolving your long term strategy with your financial planner

In fact the more you outsource to a trusted financial professional as your partner the less time you personally need to spend to stay financially healthy.

Let’s just do it

For some people maybe it is time to spend less time learning and more time doing.

The benefits are:

  • More money for what you really want to do and have
  • Less financial stress (which often leads to relationship stress)
  • Happy days

I understand the predicament – there is so much wealth creation information out there that it is easy to become overwhelmed. For fear of doing the wrong thing you do nothing. The problem is that delay is the greatest cost in wealth creation.

The great news is that I have spent the last nine years working out what strategies have the highest impact for the lowest effort. So, for help in taking action with the right strategies for you call me directly on 1300 669 101.