In one of my most recent blogs, I wrote about the mysterious and almost fraudulent concept of work/life balance and suggested an idea of “total life management”. This idea has lead into this blog; about being positively selfish about your money.
In 2001, the then governor of the Reserve Bank, Ian McFarlane issued a warning that there would be a day in the future when Australia will no longer be able to provide for its aging population. This seems to have been largely ignored!
Some 3-4 years later, the then Federal Treasurer, Peter Costello, repeated the same warning in conjunction with the public release of the first Inter-Generational report. This also seems to have been largely ignored!
The Australian Government is considering a mining “super/excess profits” tax, which will, in part, fund an increase in the pension and other benefits for us to retain our current lifestyle and not invest in the economy.
My limited perspective here is that the alarm bells are ringing – albeit softly, that we need to be doing something positive with our money starting RIGHT NOW!
The point
Adopt a positively selfish approach with your money. What this means is taking a “total life management” approach with your finances; developing a good solid understanding of aspects of money especially the terminology and jargon that is used.
When selecting advisers, accountants and planners, interview them; check their credentials. Ask those around you. People are generally willing to refer you to their financial planner when they are good.
And to quote the world’s greatest investor, Warren Buffet: “I only invest in things I fully understand.”
Be positively selfish and profit!
Phil
Good site! I truly love how it is simple on my eyes and the data are well written. I'm wondering how I could be notified when a new post has been made. I've subscribed to your RSS which must do the trick! Have a great day!
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