Without a map, any road will do.

We meet new clients every day. Pillar clients come from a variety of backgrounds, incomes, occupations and locations throughout Australia.

One common theme throughout is that they don’t have a game plan when it comes to improving their financial position.

As they say, ‘without a map, any road will do’. Essentially what this statement is saying is if you end up at a dead-end or somewhere you don’t want to be, no use complaining. You didn’t seem to care which road you took all those years ago, so what’s changed now?

Ironically, the number one fear most people have is being poor in retirement. Yet for the most part, the only thing these people have going on is their superannuation. Even then, many of the super balances we see are alarmingly low.

There are a myriad of reasons for not having a financial game plan. Here are just some of the more common ones we hear:

At the end of the day, all these excuses lead to procrastination.The irony for those who fear getting it wrong or losing money is that by doing nothing, they’re essentially manifesting the one thing they fear the most — not having enough money in retirement.

We all spend a massive chunk of our lives working. Along the way we strive to buy a home, drive a car, take the occasional vacation. We get caught up in the quick-rewards like going out for dinners, shopping for clothes and jewellery, gadgets and entertainment. Yet we give little thought to the time when we are too tired or unable to work and earn the money to maintain the lifestyle we’ve become accustomed to.

What’s even more worrying is that many people have no idea of what they will need to survive on a week-to-week, month-to-month basis once they stop work.

Developing a plan takes time. Time to put it together but also time to allow your investments to grow. The longer you leave getting something going, the less time you have to make a decent return on your money.

Even if you already have a game plan, it’s important to revisit it every 18-24 months or so to make sure it’s still working for you, and tweak accordingly. It’s rarely a ‘set and forget’ proposition.

If you need help developing a strategy, or wish to review your current wealth creation plan, please don’t hesitate to drop us a line.