Normally I would write something useful to tell you what to do to make your life better but the reality is that bad news sells. So, I thought this time I would do something different…… tell you how to really stuff your life up financially in the hope that it might change your behaviour and you will live the best life!!
Income:- You earn great income and to be honest you have worked damn hard to get where you are. You deserve to enjoy it. You don’t need to think about the future because you know it will be alright, you don’t need to worry about a rainy day and you just want to enjoy the moment without any thought for the future because you love the good life.
And if you don’t have the money, there’s always your best buddy in the world, your bank that will give you credit, right?
Assets:- What the hell, you have the money and you want to look more successful than your friends, go buy the most expensive house in the most exclusive suburb, because you know, this is really going to make you happy, right?
Even if you do stress about how you are going to pay that huge mortgage, it doesn’t matter because all your mates think you are doing well! Oh, yeah and you don’t mind paying double for the house just in interest payments over the years.
While you’re at it, you’re going to need that nice expensive car in the garage! Don’t have the money, that’s no problem. Your friend, the bank, is happy to lend you the money and charge you for the privilege. But hey, you’ll be the happiest person going around, right?
Oh yeah, and don’t forget about all the expensive toys that you’ll most probably never use, but hey you have the money and you don’t believe in saving for the future or having some funds for that rainy day, because you’re going to always be right.
Investments:- When it comes to investments, you’re not interested in the tried and tested, save X% of your salary in a low cost investment option, no, that’s too boring for you.
You want something more exciting. Go look for those smooth looking property spruikers, you know the ones, the ones that send you to Queensland, then they wine and dine you, because you’re not paying for it right? They’re the ones driving around in the most luxurious cars because everyone’s making money, right?
And before they send you home they’re putting pressure on you to purchase an investment property that is so overpriced that’s it’s going to make you a mint. So, you love this stuff and sign up, but not one, you think this is such a great deal you buy two instead! After all you are going to get these great tax deductions along the way.
Now you’ve got that sorted, you have a mate that tells you about a share that’s going to make you millions. You’re told this one is going to make your rich. No earnings, no track record and obscenely overpriced. But hey your mate knows what he’s doing, right?
Oh, and if you’re the one looking for some further excitement, you’re going to ask your best friend, the bank, to lend you the money for this investment that is going to make you millions.
Hey, you’ve got your investment strategy sorted….Haven’t you!
Life Style Contingency:- Your healthy and you know you’ll never have an illness or injury that will keep you from working for a period of time. Though the stats state that 60% of all workers will be off work for a month and 25% longer than 3mths, that’s not including those that suffer a trauma event which could be cancer or a serious car accident which is more and more common these days.
It’s all a load of B.S, right? That’s ok for you, because you don’t fit into this category, your invincible, right?
So, you don’t have to spend the money on this right? You have better places to spend your money like the consumer lifestyle that adds so much value to your life.
Oh yeah, and to add to this, if you die prematurely, it’s not your problem. Besides you’re not going to be around to pick up the pieces. It will all take care of itself. Your family will most probably have to sell the home and anything else just to cover the debts and live a modest lifestyle because you were never going to pass away prematurely and think it was important to protect your lifestyle.
Estate Planning:- That’s ok, you don’t need to worry about this, it’s not important, because when you die, you won’t be around to pick up the pieces. Someone else will sort it out.
You don’t really need to think about how assets will pass in the most tax effective way or protect from bankruptcy or divorce of a son or daughter. It’s ok, you’re happy to see the money go to someone else, or that dreaded son in law, you know the one your daughter should have divorced years ago.
There’s no need for you to think about it, or at the very least you think a ‘will kit’ will do the job, because your circumstances are so simple, right? Or you are just happy for your family members to spend lots of money on lawyer fees when your gone just to sort out the mess….
I hope you enjoyed reading this article on how to ruin your life financially. It’s not my usual content, but thought it might be a light hearted read from the normal ‘here’s what you should do’. Your financial life should be simple, the keys to financial success is simple, it’s just the world we live in makes it so complicated, however when you break it down its simple. The keys to financial security have not changed, it’s just that we try to make it more complicated than it should be.
P.S Whenever you’re ready, here are 3 ways we can help optimise your financial affairs so you can go live life, sound good?
1. Book a call a for 15min Strategy session
If you want to get some 1:1 help, we can jump on the phone for a quick call, and brainstorm how to make sure your financial affairs are optimised, protected and cared for.
Email me at firstname.lastname@example.org to book a time.
2. Book an in office or online strategy session
If you want to go a bit deeper, you can book a Strategy Session to scope out, road test and make sure your current plan is the best it can be, fully optimised.
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Or, if you just have a burning question that you want answered or a problem you are trying to resolve, simply just send me an email, firstname.lastname@example.org
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“There are only 168 hours in week. MAKE THEM COUNT!”
Written by Glenn Doherty CFP – Founder and Financial Organiser – Jigsaw Private Wealth
This information is of a general advice nature only, and has been prepared without taking into account your particular financial needs, circumstances or objectives. All information is based on Exelsuper Advice Pty Ltd’s understanding of current law as of 7th August 2017. While every effort has been made to ensure the accuracy of the information, it is not guaranteed. You should seek professional advice before acting on the information contained in this publication. Taxation considerations are general and based on present taxation laws, rulings and their interpretation as at 7th August 2017. You should seek independent professional tax advice before making any decision based on this information. Exelsuper Advice Pty Ltd ACN 080 419 holds an Australian Financial Services License 428272.