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Sweet SpotFind Your Sweet Spot!

“The middle is messy but that’s where the magic happens”  Brene Brown

I love ice cream any time of the day and I especially love an ice-cream on a hot summer day.

Today is one of those days, 31c with 95% humidity, so it feels very hot.

As I sit back and enjoying this simple pleasure of eating an ice-cream my mind wanders back to happy childhood memories and dreaming about what I wanted to be when I grew up. I remember liking trucks; wanting to be rich and become someone important.

Like most people I had no idea what this meant or what I really wanted to do.

After finishing school I held down several casual jobs, travelled and did what I did to make ends meet. Ultimately I found myself in a job that got me onto a career path and I continued that path trying to rise through the ranks.

This was until I found my sweet spot.

The sweet spot being the merging of my passion, talent and money.  All three being essential ingredients in tasting and experiencing success.

Why is finding your sweet spot so important?

Because success in whatever we put our time, money and energy into takes more than just that, it take passion as well.

Our passion is definitely our “secret reserve tank”. It gets us through the impossible, however passion alone is only a “hobby”. Furthermore if we have money and no talent we fail and if we have talent and money but no passion, we lose interest to soon.

So how do we find our sweet spot and how do we know what it is, when we’ve found it?

econ-logo

Source: https://execed.economist.com/career-advice/career-hacks/how-find-your-sweet-spot-3-critical-elements-success

Passion

We each have something we are most passionate about and I believe it doesn’t just show up. Rather it’s something that is innate within us and something we’ve always known we’ve had. I’ve also heard our passion described as our core values and principles. Something which remains in our mind even in our natural state of rest.

A simple and effective tool to help discover your passion is asking yourself “What’s important to you and why?" Following you answer by asking that same question based on your last answer. For more see Maslow’s Hierarchy of Needs

Talent

Building on your passion; are you passionate about your talent?

I passionately wanted to be financially independent. I also had a knack for saving money and learning how to grow it.Witnessing my results fuelled my passion and the results were my evidence of my talent. Furthermore I was able to transfer my passion and talent into a career change; from working behind the bar, to working behind a teller at a bank From Little Things Big Things Grow.

Finding what you are good at and what you are passionate about as useful as a two legged chair, we need one more leg to assure our success is well footed.

Money

No Money, No Honey! What?

In my spare time I write this blog, I also research and write about Extraordinary People however even though I have a passion and a talent for this I classify them as my hobby. Why? Because they make minimal/no money.

People do pay me to help better clarify their goals, what’s important to them, help them to implement what’s best for them and help them stay on track; making their goals a reality.

 The money they pay me allows me to run a sustainable business model, while continuing to improve, add value, assist, and implement their needs in value adding ways.

Sweeeeet!!!

Discovering our sweet spot requires us to step out of our comfort zone. Most of the time All of the time this is scary, however successful people know that this is where growth and rewards come from. The flipside risk is complacency, ultimately which erodes our passion.

One final insight when your found your sweet spot; remember that just like an ice-cream success tastes sweeter when shared with good friends.

If you are stuck in a funk or you’re lost in a cloud of complexity feel free to contact me. Most often in life we just need someone to talk things through and to lighten our load a little. The following article may also be of help.

Money Free Weekend Challenge

If Not Now? Then When?

How Much Is Your Job Costing You?

Free At Last

About Peter Horsfield

Peter Horsfield in an Authorised Representative and Investsure Holdings Pty Ltd ABN 16 050 286 630 as trustee for Horsfield Family Trust ABN 55 609 068 513 is a Corporate Authorised Representative of Infocus Securities Australia Pty Ltd ABN 47 097 797 049 AFSL and Australian Credit Licence No. 236523.

General Advice Disclosure

Sources of this information are considered to be reliable but are not guaranteed. Information published in this article has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained in this document is General Advice and does not take into account any person's particular investment objectives, financial situation and particular needs.

Before making an investment decision based on this advice you should consider, with or without the assistance of a qualified adviser, whether it is appropriate to your particular investment needs, objectives and financial circumstances.

Swimming with sharksWhen buying a business what are the most important things you can do?

   Rule 1# Do your due diligence

   Rule 2# Do your diligence then refer back to rule 1#
 
These essential rules will hold you in good stead with any business you may be considering to buy. The following are some important sub areas of due diligence you will also want to consider when buying or merging with a new business:
 

Identify the challenges and create opportunities within your own businesses existing culture, staff and roles. Consider ways to improve the existing culture, staff and roles within the new business you are considering to purchase by implementing the best from both businesses.

What are the costs and how much time will merge the two businesses require?

How will you retain your existing business and new business clients, while also minimising the risk of loss of these clients?

How will you be adding more value to existing and new clients than they received previously?

What potential new supplier relationships will there be and how will these impact your existing relationships?

Do you require non complete clauses (restricting the seller) within the business purchase contract? This should document timeframes and territory restraints.

How is the business valuation calculated? (Past earnings continuation, profit & loss, business tax returns, depreciation schedules etc..)

How will you purchase the business? i.e. Your funding mechanisms. Will the purchase be made with cash, vendor finance, personal borrowings etc. and will there be any milestone payments?

What is the best structure of the new business, taxation reporting, payroll and compliance?

Will you retain continuation of your own business branding or new branding? This goes across social media, logo's, business cards, signs etc.

Where is the preferred business location and sub locations and how to cost effectively maintain the existing footprint and service existing clients?

Do you need to update or change your technology, software and business process across both businesses?

What is your exit strategies for the new business?

What is the expected income, profit and loss, assessing the effort required and cost viability of the exercise vs. organic growth of existing business?

This above list is just the tip of shark errr iceberg when it comes to the different areas one needs to consider when purchasing any new business.

When I purchased another financial planning business the purchase was within the same industry that I knew, even then I've found the process both daunting and exhausting. I would expect even more due diligence would be required if the business was to be in a different industry than one's own.

In my experience the purchasing another business involved all the above areas or diligence and implemtation plus changing licensees, software, locations, residence, business structures, business accounts, changes in location i.e. moving to cairns from Sydney. It's been a massive task!

Very importantly the transition required increased communication with clients and staff and promoting the positives or the expansion. We also had to refurbish the existing premises and much, much more which has been now rolling out over the last 12 months.

12 month gone, with hindsight and on balance, I am happy with the progress the team, our clients and I have made.

The next 12 months our focus is on delivering even more value to clients; giving them greater convenience and reducing clients costs. This too is our business marketing approach because our clients are our greatest advocates and helping them achieve their goals sooner is do what we do and helps us achieve our goals sooner too.

About Peter Horsfield

Peter Horsfield in an Authorised Representative and Investsure Holdings Pty Ltd ABN 16 050 286 630 as trustee for Horsfield Family Trust ABN 55 609 068 513 is a Corporate Authorised Representative of Infocus Securities Australia Pty Ltd ABN 47 097 797 049 AFSL and Australian Credit Licence No. 236523.

General Advice Disclosure

Sources of this information are considered to be reliable but are not guaranteed. Information published in this article has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained in this document is General Advice and does not take into account any person's particular investment objectives, financial situation and particular needs.

Before making an investment decision based on this advice you should consider, with or without the assistance of a qualified adviser, whether it is appropriate to your particular investment needs, objectives and financial circumstances.

Genious-Billionaire-the-avengers-33151403-500-3101. Start your own companyNo billionaire is an employee unless they are an employee of their own company. Starting your own company offers additional tax benefits in addition to creating equity in an entity that can be sold later or employ others so to free up your time to do other things in life that only you can do.

2. Join a club

Billionaire’s love exclusivity. By joining a club or creating one you become a member of something exclusive. Clubs are where likeminded people meet, network, relax and do business.

3. Give to charity, donating your time and money

A study recently found the good feeling we feel when giving is not actually determined by the dollar amount given but more by the action of giving. So even by donating a small amount or volunteering you’ll benefit just as much as a larger donor. Better still donating to a charity often comes with tax deductibility. And if you believe your charities spending is savvier and more specific than the government’s you have the opportunity to refocus where your tax dollars are spent by donating to your chosen charity rather than the government deciding for you.

4. Never retire

Have you ever heard of Billionaire retiring? They may step down from managing their business however they remain on the board. Billionaires love what they have built, employment of others, their contribution to society and ensuring a legacy remains.

5. Visit art galleries and museums

There is no need to establish a personal art collection when one can get appreciate priceless art and sculptures in our cities museums and art galleries. Also appreciation of art communicates with the soul and mind offering different perspectives whist challenging our beliefs.

6. Own an iPhone

IPhones are simply the best technology one can buy. Bill Gates is known to use one. For a small cost you can own and access the same technology as Billionaire’s today.

7. Dine with friends regularly

Humans are social creatures, therefore spending time with those who accept us and enjoy our company is essential to renewing ourselves, exchanging ideas, debating as well as experiencing the “Joie de vie” the Joy of Life!, while partaking over a meal with friends.

8. Invest your time and money into appreciating assets i.e. people and companies

The main reason why the wealthier are getting wealth is because they continue to invest and reinvest their time and money into appreciating assets. Think compound interest. This is opposite to what most other do i.e. depreciating assets such as car’s, fancy clothes, holiday souvenirs etc.…

9. Be absolutely passionate about what you do

Passion is the glue that holds together three other essential ingredients for one’s success. These essential ingredients are Knowledge and Skills, Mental and Psychological Strength and Physical Stamina. Ensure your passion is succinct, compelling and all about you!

10. Support a political party

Politicians are elected to represent the people. Politicians also legislate laws that effect businesses and individuals in our communities. Keeping abreast of these changes whilst also having an open door to the political parties on any side of politics makes for better informed business decisions and opportunities.

11. Spend less on yourself than your investments earn

The secret to great wealth is simple. Spend less than you earn and invest everything else. True financial freedom is attained when your investment income exceeds your lifestyle expenses (full stop).

12. Sleep on crisp clean bed sheets

Sports coaches attest to the fact the better you rest the better you perform. There’s just something luxurious (and attainable to us all) about sleeping in crisp clean bed sheets which also aids a good night’s rest ensuring you wake up on the right side of the bed in the morning.

13. Exercise regularly

Billionaires need to exercise just as much as the rest of us. Regardless of how much money you have in your bank, we all know the importance of exercise combined with a good diet as well as the positive impact these have regarding our choices and decision making process.

14. Know your business i.e. your financials

Billionaires are known to make decisions quickly. The reason they have the confidence to do so is because they know their finances i.e. their assets, debts, incomes and expenses. Knowing where you stand financially is essential for both peace of mind and being in the box seat to take advantage of opportunities when they come your way.

15. Be trust worthy and trust others

Unless you inherit, marry, or win a billion dollars chances are you are going to have to engage others on your journey towards financial independence. Building trust has two essential ingredients character and competence, without both of these ingredients inefficiency and headwind will continue to dog you and be a roadblock to your success. With these your success will be efficient as well as your chances heightened of keeping it.

16. Be innovative. Think outside the square when solving problems

Money flows to where it’s most valued. By creating and delivering more value to others you increase your own chance of success. Innovate first and if your innovation adds sufficient value to others, then the money will come.

17. Regularly challenge yourself

Learn to work harder on yourself than you do on your job. “If you work hard on your job you can make a living, but if you work hard on yourself you’ll make a fortune” – Jim Rohn

18. Do it i.e. take action

Without action good intentions and goals are but dreams. “Life is not a dress rehearsal. This is your life”. Pastor Lawrence T. Holman

19. Learn to say no.

Any fool can say yes or buy what they want, however it takes courage to say no, to make choices and make personal sacrifices for ones greater success. I remember the John West ad. “It’s what John West rejects, that makes John West the best!” If you want to be the best then learn to say no, be you a billionaire or anyone else.

20. Delegate low payoff activities.

The one thing we all have in common is time. 24x7=168hrs per week. Be you a Billionaire, a man, woman, child or adult. Investing your time doing activates having the highest direct payoff is essential for a life of fullness and contentment. Do only that which advances your relationships, spirit, health, career/business and community everything else can and should be delegated. If you can’t do this look back to No.15. We only have 168hrs a week.

 

About Peter Horsfield

Peter Horsfield in an Authorised Representative and Investsure Holdings Pty Ltd ABN 16 050 286 630 as trustee for Horsefield Family Trust ABN 55 609 068 513 is a Corporate Authorised Representative of Infocus Securities Australia Pty Ltd ABN 47 097 797 049 AFSL and Australian Credit Licence No. 236523.

General Advice Disclosure

Sources of this information are considered to be reliable but are not guaranteed. Information published in this article has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained in this document is General Advice and does not take into account any person's particular investment objectives, financial situation and particular needs.

Before making an investment decision based on this advice you should consider, with or without the assistance of a qualified adviser, whether it is appropriate to your particular investment needs, objectives and financial circumstances.

Q&A with industry expert Peter Horsfield

Break-Down-The-Labyrinth-Walls

What was the inspiration to be a business owner?

It's the third best proven way to create real wealth i.e. share, property and business.

Anything you have experienced that could help others build their business successfully.

Know why you are doing it. Your why must be greater than you why not to to do.
Your commitment must be greater than your discomfort (short and long term).

Challenges or roadblocks that you have overcome?

Same growing pains as anyone has starting from nothing. Finding clients, forming referral relationships, juggling bills etc..

Followed by expanding to quickly and then being hit by a GFC (a big thing when you have a financial planning business), followed by changes in legislation, media hysteria, industry rationalizations and disruptive technology.

However when you know clients lives are improved because of you commitment and ongoing relationship with them, all the "uncontrollable noise" fades and you get on with doing what you do best i.e. Helping people make smart choices about their money for the reasons important to them.

Q&A with Peter Horsfield

retiring-abroadHow many Aussies are retiring overseas and where do they most commonly go?

Some estimates suggesting that more than 60,000 Australians are currently receiving their Age pension overseas. However, the rules in this area are both complicated and unclear in certain areas - particularly for current expatriates the numbers of Australians retired overseas are probably much higher and not accessing Australian Government Pensions.

When considering relocating overseas many Australians are seeking relocation to Malaysia, Thailand, Bali, Vanuatu and New Zealand.

What are the key things you need to achieve a successful overseas retirement?

Success means different things to each of us however if one is to consider relocating and retiring overseas it would be advantageous to love travel and have and adventurous spirit willing to try new things. However if one is relocating out of escapism, then it's important to address these inner personal issues before relocation or simply you maybe revisiting the same personal issues in a different location.

How much money do you need?

This depends on the quality of life one wishes to live and ones expectations i.e. will relocation require purchasing a property or is renting the preference? There are websites such as http://www.numbeo.com/cost-of-living/ that can provide comparisons to daily living expenses. A $50,000 AUD pa can support  a comfortable lifestyle in SE Asia however infrastructure, health services, bureaucracy, language, weather, expat premium (applied by locals) to daily goods and services, also needs to be factored in to ones relocation decision.

What sort of additional things such as healthcare and flights home and loss of government pension access should you factor in?

This is individual assessment and would require knowing an individuals needs, this would lead to personal advice and as a recommendation one should seek financial, taxation, medical and centrelink advice before making the decision to retire and relocate overseas and the country they are considering to relocate to.


What are the benefits and pitfalls of overseas retirement?

There are no real benefits or pitfalls, i.e. it simply is what it is. On balance it's about what are your values and what is important to you.

Making choices and doing the things in life aligned to you values will directly heighten your quality of life, enrich  your experiences, allow you to be more present and be more authentically you.

My role as a trusted adviser is to help people make smarter choices about their money by aligning them with their values.

 

Hug your inner cactusLife is a journey, for all of us and it’s not fair. Some are born with nothing and others with everything, however regardless our character is defined by how we handle our adversities and failures.

What I have come to learn is that change first must come from within before it is revealed externally.

To some hugging the cactus is a silly idea. Why consciously hurt ourselves to get better?

I would argue that often when we fail; our first reaction is to hurt ourselves even more. Rising up from a lack of self-worth i.e. we emotionally beat ourselves up, choose escapism with our vices, or hurting others rather than accepting the outcome and moving forward.

Why? Because setbacks are painful, however they also offer golden lessons to grow from. That is if we see them for what they are i.e. an opportunity to improve our character and competence.

To consciously hug our cactus is to embrace all of our true self. Including the dark side of us that stands in the way of our inner success and who ultimately kills us from the inside out.

To hug the cactus is to face our true self and forgive, forgive ourselves while “tilling your soil” in preparation to forgive others.

To embrace our cactus hurts, however ultimately dealing with our "emotional reactions to failure" in a proactive way heals us as our fears are disarmed and turned into stepping stones for our personal success, whatever that may be to each of us.

So before you “let fly” after experiencing yet another failure in life, consider “hurting yourself in a positive way” by first hugging your cactus. Grow stronger from your pain, richer in character, quieter in spirit and more forgiving to yourself and others.

Food for thought. Everyone has their own cactus. Choosing to hug your cactus or not, not only directly impacts you but indirectly impacts others lives you are in regular contact with. Being conscious of this impact and engaging their support has been shown time and time again to make the difference between failure and success; be it via accountability, simply talking things through, mateship or love.

dugong-1 Saving money is good for the environment.

Moving to Cairns has been growing experience. Mostly enlightening, exciting and an adventure and at other times frustrating, hot, and well... frustrating.

Obviously the biggest change is nature gone wild being at your doorstep (also on your veranda and in your roof), however it's made me ponder "In who's backyard are we living in?"

While living in Sydney or any other major city around the world it's easy to feel distant from nature. Maybe it's why the National Geographic and Discovery Channel have become so popular i.e. in our DNA we are wired for a connection with nature, however until we urbanise Mars, we are still all here together living on earth.

The best things about Cairns is it's proximity to nature, and it's unspoilt, under developed beauty. I'd like to keep it that way so when you come up here we can share the beauty together.

The following are some of my personal favourite tips to save money and the environment; for your hip pocket and your children and their children's future.

 

  1. Have a reusable bottle water and drink more water (as you drink more water you will eat less and drink less sugary drinks)
  2. Eliminate your plastic bags from your life.
  3. Install a programmable thermostat. Running your hot water full time is expensive on your water heater, set to 1hr before your regular shower time.
  4. Ditch the dryer. Use a clothes horse or clothesline.
  5. Access electronic info instead of paper e.g. newspaper, eBook, electronic statements and digital fax.
  6. Ensure your residence is properly insulated (walls, floors, ceiling, doors and windows) or if you’re in the tropics your residence has high ceilings, shade and good airflow.
  7. Install energy efficient lighting, or even get skylight.
  8. Walk, and cycle more often
  9. Declutter and give your accumulated stuff to charities.
  10. Start a vegetable garden and compost. If space and time is an issue buy at the local growers.
  11. Use biodegradable cleaner “baking soda, vinegar, find ways to make your own shampoos, shaving creams, suntan lotions, face masks, insect repellent etc.
  12. Prepare your shopping list before you shop and shop at either 8am or 5pm to take advantage of the start or end of day discounts.
  13. Buy in bulk essentials, cook more home meals and have a plan for left over foods.
  14. Store your food smart i.e. keep potatoes and onions in dark (separately), biscuits in air tight container.
  15. Buy farmed fish and locally produced meats.
  16. Use coupons when dinning out and have more picnics.
  17. Find a hobby that uses recycled material and make own stuff e.g. gift cards, recycled furniture, decorations, jewellery etc.
  18. Unplug more often and chill out with nature and your spirit
  19. Capture rain water and use it when watering the garden, flush, etc.
  20. Embrace the share economy. Whether it be Share ride, House Swap, Open Shed, Student Edge Books, Go get, Vibewire, Pygg, Clothing Exchange etc.

 

 

 

Coins-underwater-in-a-water-pond-backgroundYou have to align your choices with your values. Then have a game plan to keep you on track and a checklist so to ensure nothing is falling through the cracks.

To identify your values ask yourself "What's important about money to me?" then ask what's important about that last answer to you? Continue till you reach your aspirations self.

After you have identified your goals, time frame and where you are today. You will have clarity about what is missing.

Start to then identify the evidence "aligned with your values" that you are making smart choices about your money i.e. if you said Security is your first value then ask yourself how much money you need to have in the bank "for the unknown" for you to feel secure. Then put that money aside or build it up. Then move onto your next value or an additional evidence you need to have aligned to your value.

There are many moving parts to people's values and finances, let alone the noise and distractions of others and the media. It's important to spend your time and efforts doing the activities you control rather than what you cant i.e. saving regularly vs market returns & economic events etc.

Create a checklist so that you can ensure you always stay on top of your "financial house". Do your chores and it will be well maintained and probably be a more enjoyable environment to live in.

Doing these are the basics of not only good financial management and planning they are also good for ones relationships and quality of life.

You get the direct benefit from spending time with loved ones and friends, exercising, eating healthily, improving your skills, and spiritual side. By being better by default you increase your chances of experiencing a better quality of life.

We cant change time but we can change what we do with it.

 

aussie slangSitting at home last Sunday morning, me mate boomerang
Said he was having a few people around for a barbie, said he might kookaburra or two
I said, "Sounds great, will Wallaby there?"
He said, "Yeah and Vegemite come too"
So I said to the wife, "Do you wanna goanna?"
She said, "I'll go if dingos"

The following is some financial jargon decoded and unpacked to keep you from looking like a drongo in the conversation, while turning those sausages, or making a salad at your next family/friend BBQ. 

Who knows you may impress them so much they may even ask you for some financial advice...

This article can now be viewed at http://peterhorsfieldfinancialplannercairns.blogspot.com.au/2018/02/please-explain-financial-jargon-decoded.html

 

IMG 20161010 WA0002I love to travel and I like to save too. 

In fact when you visit my office in Cairns you'll find a big world map on the wall, inspiring us of new places to plan for and to experience next.

In three weeks time we'll be heading to Hawaii (Big Island, Maui and Oahu). Its going to be epic!

So to the age old chestnut of a question. How to travel and also save?

Lets start with some guaranteed fun killers to our epic holiday and memories!

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Diving CairnsYes You Can, Start Living Your Dream, Sea Change, Tree Change.

The following checklist is essential for your success.

Have you ever visited a place, enjoyed the people, the activities, conveniences and surrounds so much, that you felt yourself saying "this is the place, where I can truly live my ideal life?'

In fact living the dream thanks to improvements in communication and technology, is much easier than you think.

Continue reading

ferrari 1111582 960 720I love analogies especially when there sailing, golfing or travel analogies.

Why? Maybe it's from past echoes from my days as a teacher but probably more likely because financial planing and finance jargon is so very boring and often complicated.
 
Today's analogy and life lesson is about vehicles and their ongoing care and maintenance.
 
The last service for my car was due at 36,000 km. By 37,980 km as of a couple days ago I still hadn't taken my car in for a service. That was until the air conditioning stopped. Now you might be thinking this is not an issue, but I live in Cairns and hot is an understatement.
 
During our summer up here; which it currently is, our lives are lived in air conditioned comfort. We travel between our air conditioned home, in our air conditioned car, to our air conditioned office, gym, shopping restaurant.... everything is done with air-con.
 
Trust me living without air conditioning is not an option; that is unless you like the the feeling of needing a shower after just stepping out it because you're already dripping with sweat.
Back to our vehicle maintenance life lesson.
 
At first I thought we could tough it out (wrong answer) and have the car serviced after my upcoming holiday (in a weeks time). Not an option was Roz's advice (A.K.A. happy wife happy life). So into the garage our car went. 
 
The car was serviced the next day and as expected they found a leak in the air conditioning. At this point I would like to add a huge thank you to Nick at Midas Cairns who was super helpful and makes me want to come back and get my car serviced, on time and every time in the future with them. Nick also pointed out that the the car is still under a new car warranty and arranged for the local dealer to fix my air-con ASAP. Thank you Nick.
 
So once again I learned another lesson from first hand experience. The important lesson of maintaining and servicing our our "vehicle". That is unless we prefer Box B i.e. avoidance which often also entails being hot and bothered and more costly to us in the long run.
 
The importance of vehicle maintenance on our journey towards living our ideal life.
 
Let's now compare our "wealth vehicle" to that of our car vehicle. Why? Because it's both a useful and empowering analogy, to remind us of the importance of ongoing maintenance.
 
The lesson? Regular maintenance, insurance and driving our vehicle responsibility ensures greater peace of mind, feeling of greater safety and control. While lax maintenance, inadequate insurance, lacking driver skills and responsibly directly increase our risks and potential for catastrophic consequences.
 
It's the same when it comes to our finances. Both require money, time and skill, however for the moment lets get back to our car.
 
Here are some questions you might like to consider if you're interested in taking a peak under your hood:
  1. Do you own a car?
  2. Do you service the car yourself and/or have it serviced at least annually?
  3. Do you maintain the car yourself (wash, vacuum, etc) minimum monthly?
  4. To what level is your car insured?
  5. What are the expectations of your car? (safety, efficiency, comfort, robustness)
  6. How have you purchased you car? (loan, lease, fully owned)
  7. Have you taken additional driver training courses?
 I believe how you answer the above will determine your next course of action
 
Either
  1. You trust in our own skill, knowledge and experience, self insure and or do the work yourself.
  2. Be responsible by doing the basic work but delegate specifics to specialists i.e. insurance, mechanic
  3. Delegate 100% the job to some you can trust i.e. their profession and legal duty to do the work for you.
But here is when the rubber meets the road.
 
As important as maintenance and servicing is for our vehicles (cars and finances) and regardless of doing it all ourselves or not; the fact is that other cause of  over 90% of accidents and injuries on the roads are due to poor driver decisions.
Within this 90%;
  • 45% involve drug/alcohol,
  • 20% weather related,
  • 35% driver error.
One may argue this percentage also extends to our financial accidents, i.e. 90% of financial losses being investor decision. My estimation albeit there are no official statistical data confirming or denying the accuracy of these percentages.
  • 45% investor invincibility (enhanced performance expectations vs. actual abilities) A.K.A. "excessive borrowing with limited or nil cash flow",
  • 20% changing economic, legislative or market movements and
  • 35% poor decision making; 
So, be it for our convenience, or reaching a destination/ improving our quality of life, there are always additional risks we need to factor in. The biggest risk I suspect is by far is ourselves.
 
Finally, just as the role of a good mechanic is to sign off our vehicle is responsive, legal and road safe after their service, your adviser's role to sign off our finances are safe from disaster, legal, flexible and align to your lifestyle needs.
 
By applying the same approach to our finances we may just find our journey is safer, more enjoyable we reach our destination sooner, for both ourselves and those important to us.
This post was written by Peter Horsfield, as such they are his personal views. Peter helps you to focus on what’s most important, the right strategies at the right time. To learn more about How to become Financially Independent visit Peter Horsfield Smart Advice
 
 
Peter Horsfield in an Authorised Representative and Investsure Holdings Pty Ltd ABN 16 050 286 630 as trustee for Horsfield Family Trust ABN 55 609 068 513 is a Corporate Authorised Representative of Infocus Securities Australia Pty Ltd ABN 47 097 797 049 AFSL and Australian Credit Licence No. 236523.

 

 

Grand DesignsCreating our Ideal Life is a lot like embarking on our very own Grand Designs Adventure.

Time, Money, Laws, Planning, Relationships and morelike building you home are just part of the journey on our path to achieving financial independence and living our ideal life, worry free. 

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ScalpelCreating and managing a financial plan requires both a measure of skill and art.

The following are the areas we look at when creating, implementing and maintaining our own financial plan and those we help.

The best financial advice is simple, specific, relevant and achievable.

So when creating my own financial plan and helping others, what are the foundational pillars I use to ensure we have the greatest chance of success?

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Minimalism

Good financial habits and savings plans are founded on a having minimalist approach to life, at least when it comes to money. 

And it can be confussing!

On one hand, business leads and entrepreneurs alike are often heard saying "you cant cut costs to greatness".

It's their mantra to spend more and invest more to grow. 

On the other hand engineers, accountants and any other like profession and occupation, hold more minimalistic values and espouse that greater efficiencies are the key to business success.

I susspect at times they even get them selves into an exhilarating state of financial bondage with the profound realisation that "the less money we spend and need,the more money that stays in our pockets, and it will last longer  because we need less at the same time". 

The following are ten simple ways I have found to save money and eat my cake too.

Why? Because doing so has delivered not only me but also many others I've helped make great savings but also maintain a very comfortable quality of life on the journey to achieving financial independence. Most importantly minimizing experiences of financial worry along the way.

10 simple ways I have found to save money without the need to cut back on our quality of life.

  1. Change transaction banking accounts and credit card fees to a nil cost/fee account/provider.
  2. Change lender or products if you have a home loan. Compare rates and consider benefits of changing to an offset account.
  3. Review your insurance providers (life & general) and compare terms & costs vs. competitors terms & costs
  4. Review your utility suppliers (power, phone, gas) fees and services vs. competitors.
  5. Apply for a commission refund if not accessing advice on your retirement accounts.
  6. Claim your rightful deductions in your annual tax return.
  7. Spend your money more in alignment with your values. Challenge your spending that’s for show.
  8. Automate your finances. Save on late fees. Some provides give discount for paying on time while paying on time also improves your credit rating.
  9. Get a money jar for all you spare change then bank it when its full. 
  10. Take care of what you own. Saves money on maintenance and repair costs.

This post was written by Peter Horsfield, as such they are his personal views. 

About Peter Horsfield 

Peter Horsfield in an Authorised Representative and Investsure Holdings Pty Ltd ABN 16 050 286 630 as trustee for Horsfield Family Trust ABN 55 609 068 513 is a Corporate Authorised Representative of Infocus Securities Australia Pty Ltd ABN 47 097 797 049 AFSL and Australian Credit Licence No. 236523.

 

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