It’s fair to say most of us would like as much money as possible.
Nothing is more rewarding than having enough money to support the quality of life you want. To be able to choose if and when you retire, where you travel and how often, and how well off your loved ones and kids will be.
Whilst it would be good to have been born with a silver spoon, the reality for most is that wealth is something that you will need to work to get.
So how do you create wealth? Well, wealth is the direct result of a series of habits that successful people put into place day in and day out.
Now, you may know exactly what these habits are and have already adopted them — after all, you’re reading this so you clearly want to be as successful as possible.
But sometimes life does not always go to plan and we get thrown off track.
We forget to take stock and become distracted by other demands.
Before you know it, you have lost track of time and a few years have gone by and you’ve lost sight of your goals.
So today I thought I would give you my top four money questions that will help you re-focus and keep you on track:
1. Do I stress about money?
If you answered ‘no’ to this question then you’re among the few in Australia who don’t worry about bills.
That’s a great place to be.
It shows that you have taken the time to put a few strategies in place.
The sad reality for many is money worries are one of the main sources of stress in Australia. The older you get the greater the risk of stressing about money. But if you’re stressing out, it shows that you’re ignoring money out of fear.
The sad truth is that we are not taught about money at school and especially in today’s society where the lives we live are filled with money pitfalls that increase stress about money.
It does not have to be this way it is never too late to learn about money. There are plenty of apps out there that will help you get control of your finances and while you may not be an expert on finances it never hurts to seek professional help on how to get control of your money.
2. Am I earning enough?
OK, so I want you to be really ambitious with your answer, but at the same time realistic as well.
There’s no point in arguing that you should be making $200,000 a year if you work in a job with a limited pay scale.
Most jobs do have a ceiling on what you can earn as an employee.
However, in the meantime, this shouldn’t stop you from looking at ways of making extra income or asking for a raise, if you feel you deserve it.
Ambition is not a dirty word, so don’t be afraid to ask — politely — for what you want.
3. Am I investing wisely?
This is another important point.
Some people think they can become wealthy by earning a lot of money and putting it into a savings account.
The truth is that they’ll barely keep up with the rising cost of living and let’s be honest you can not work forever nor should you.
You’ll never get rich unless your money works for you while you’re asleep.
Long-term wealth creation involves sound investment such as investment-grade residential property.
Educate yourself, get a good team of unbiased advisors, surround yourself with people that push you to succeed and follow a time-tested proven investment strategy for growing wealth or you’ll get left behind.
4. Why am I earning money?
Finally, and perhaps most importantly, you need to know why you’re working so hard for money.
Is it because of the quality of life that you want to live?
Is it because you want to set yourself up for retirement?
Is it because you wish to create security for your family?
Because without a clear picture of why you’re doing something, you’re likely to get distracted from the end goal.
You need to drill down deeper and ask yourself what you’re striving for, then work backwards from there so you can achieve it.
That way, step by step, you can create the life you’ve always wanted for yourself and your family.
At RPA, we have been helping everyday Australians create wealth with property investing for over 22 years. Contact us and learn how we can help you reach your money goals so you do not have to stress about money or worry about earning enough money, make sure that you are investing wisely and allow yourself to earn the money to live the life you want.