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How to optimise your financial planning efforts

How to optimise your financial planning efforts

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We often spend all our time and energy making great decisions about our business, family and community, that we end up ignoring our own personal finances. Over a lifetime, the typical individual will spend more time planning what they’re going to eat each week or where their next holiday will be, than they do planning their finances and setting themselves up for retirement. This is only natural, as we’re wired to overvalue the immediate returns of our near future and undervalue the distant future. We do however, believe that you live the life that you consciously create for yourself.

Confidence comes from having a clear plan, sticking to it and working towards the goals that you’ve set. We understand the challenges being faced on a daily basis, trying to prioritise and juggle it all, so once you have found (and allocated) the time to consciously create financial clarity for yourself, it’s important to optimise it. Whether you’re just starting out, or are already well along the path, we are here to help you plan your roadmap and achieve your goals.

Now as a current Gilkison client, you’ve already taken the biggest step and chosen to dedicate time and effort to your financial planning. Unfortunately, industry statistics show that up to 80% of financial planning recommendations are never implemented. So how can we improve that statistic and ensure you haven’t wasted your time and effort receiving those recommendations in the first place?

Cash Flow Mapping

Being aware of the whole in order to understand and address the parts becomes a powerful decision-making tool that leads to a richer experience of life. Because you’ve implemented cash flow mapping and separated your finances, you know that you can use your spending card to shop as much as you like and pay your bills without dipping into your savings. With a guide for balancing present consumption with future consumption, you are empowered to make great decisions every day, with the added reassurance that you’re on track to achieving your Rich Life goals.

The whole is greater than the sum of its parts

We believe the sum of the parts is never as valuable as the whole. In the case of your personal finances, this is often due to the compounding affect where the whole, actioned in a timely manner, will put you in a much better place in the long run. We often see certain elements not prioritised at all or addressed much later than others when left aside to be actioned separately. Across our industry, it is commonly believed that such reservations or procrastinations are often a result of personal bias, previous negative experiences, feeling over exposed/analysed or feeling a lack of control. At Gilkison, we want all our clients to achieve the very best results possible and feel confident in every decision they make, so we believe it’s important to work with you to understand and overcome anything that might be holding you back. After doing so, you will in fact have more control, more clarity and more freedom around your finances.

Take a moment before making any big decisions

We’ve all made decisions that we might do differently if we had our time over… likely because we acted out of emotion, felt time pressure, or got caught up in the excitement of the opportunity. If you’re considering making a decision – be it a new home, new car or investment, take a moment to ensure you are making the decision with clarity as to what you really want and what the potential implications will be.

Thinking of making a big decision? Reach out to us. We can perform some scenario modelling so you can see what the impact will be over time and in relation to your current cash flow mapping – this is our ongoing commitment to you, to ensure you remain empowered with every decision you make.

Celebrate the small wins

Every milestone means you’re one step closer to your Rich Life goals. It’s important to celebrate each small win to retain your confidence, reaffirm your direction and serve as positive reinforcement that you can and will continue to achieve your Rich Life goals.

Change with the times

Everything changes over time – your personal circumstances, tax and superannuation laws, the financial marketplace… Regular reviews keep your financial plans updated in terms of your lifestyle, assets and the economy, as well as your Rich Life goals. Are your goals still the same? Or have your circumstances recently changed? Let us help. Contact the team and we can re-map and review your Rich Life goals go ensure you do, have, create and experience the things that matter most.

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