Over the years I have helped many Sydney Gen X & Gen Y individuals and couples get their finances on track. The main reasons that they have sought professional financial planning advice has usually been one of the following:
- Wanting to purchase a property, upgrade property or pay off the home loan quicker
- Have accumulated debt
- Have just got married or had a baby
- Accumulated several super accounts and not sure where they are or how much is in each account
- Realise that they have bad budgeting / savings practices and need to change
- Paying too much tax
- A combination of the above!
In the Sydney Morning Herald article I was interviewed for, it discusses my experiences about Gen X and Gen Y being more open to the idea of having joint finances. It is also an interesting read about the lower savings rate of Gen X and Gen Y people compared to their parents in the baby boomer generation.
I like to use the analogy of people being like leaves floating along pushed by the wind. The typical Gen X or Gen Y person is usually busy with life. Work is demanding and the social calendar is full. This doesn’t leave a lot of time to manage finances. So they float along day to day, week to week, month to month and year to year and nothing changes in their savings behaviour and they don’t get ahead financially.
When they seek financial advice, it’s usually a catalyst for change. They know that they are on a good income but aren’t really getting ahead financially because they’re spending too much money on frivilous purchases and don’t have a clear plan or strategy on how much to save, and where to save it.
If this sounds like you and you live in Sydney, feel free to make an obligation free appointment to meet with me and discuss some of the simple things that you can change to get on track financially.
Below is a link to the Sydney Morning Herald Article: