Like many people I know – one thing I really enjoy is sitting down to a delicious meal. Although taste is important – it’s also the opportunity to share conversation, catch up with friends and spend valuable time with family. Coming up to Easter, and a long weekend filled with lazy lunches and lots of family gatherings, I started to think about what food and finance have in common. A recent visit to an ice cream shop with the children explained it this way:
“Teach your children about tax, eat 30% of their ice cream” anonymous
Probably not the time to go into debate about the correct tax calculations but here’s my take on what finance and food – specifically a 3-course meal – have in common:
Course 1 – Entrée
In the food world, an entrée is an indication of things to come. Starting with a good entrée can set the foundation for your whole meal, or a poor entrée can indicate the next two courses to come could potentially end in disaster.
In a similar way, receiving good solid financial advice lays the foundations for what you may see in your financial future. This is an exciting stage where you should be challenged to consider what is possible, create a picture of what you would like to achieve, and determine how to get to the next stage.
Course 2 – Main
The main event! Following your tasty (or in the finance world – well planned) entrée, the main course is the largest and most important part of your experience.
In the finance world, this is where you have created some strong strategies and planning in stage 1 and now it’s time to implement them. The good news? Once implemented, things may become a little more ‘routine’ which is great and if new habits are formed this can lead to a good outcome. This part may be a little challenging at times, depending on the strategies and your stage of life, but it is important to remain focused on the outcomes you are aiming to achieve.
Course 3 – Dessert
Now it’s time for the reward at the end of the journey – dessert. There are usually a myriad of different options to pick from and everyone has their favourite.
In the finance process (which is really just life) the reward could take many forms. The obvious longer-term one is retirement and being able to enjoy retirement as you had hoped. By putting in some thought and effort on the journey towards retirement, you have a much better chance of being able to enjoy whatever it is you want. For some this is local or overseas travel, eating out, pursuing a passion, or playing golf. The key is to get the balance right so you can enjoy retirement in the way you dream.
It’s also important to include some rewards along the way as well – rather than sacrificing ‘life’ and ‘enjoyment’ now for retirement later. The whole journey from entrée, through main and to dessert is designed to create the life you want. This will likely involve some trade-offs, you probably cannot do absolutely everything you want to do, but by having a plan in place, you will have a better chance of achieving what is most important to you.
It is also about balance – both between now and later, and in life in general. Everyone has different goals – personally, I want to spend time with my family while also working and enjoying life. The alternative might be to work excessive hours for the next 10 years or so and then retire early, but this is not the strategy that I have set for myself.
I am a Brisbane based financial adviser with clients in Ashgrove, The Gap, Kenmore and Chapel Hill. I help professionals make informed decisions and take back financial control. These are just some of the examples of tips I like to share with my clients to help them gain control over their finances and to prepare for planning for their future. By following these tips, like my clients you’ll be able to ensure that when you engage a financial adviser they will be able to help you with what you need. I can also help you implement the appropriate tips for you.
I offer a 30-minute financial review session. In this session, I can review your current financial situation. I can see if I can help you achieve your financial goals and the best (and quickest) way to do so. You can contact our office on 07 3102 4948 or book a time that suits you via the link below.
If you would care to share your experience with me, please comment below!