Don’t forget your jacket; be kind to your brother; work hard and put some money away. Thanks Mum.
Even when we’re adults, we can still hear Mum’s voice telling us what to do.
With Mother’s Day just yesterday, we look at why Mum may still know a few things when it comes to our finances.
Here are six Mum-isms that could just improve your finances and your life.
I’m going to give you to the count of three
Kids! Sometimes a rocket is required to get them to tidy their room or do their homework.
If you’re prone to procrastination take a leaf out of Mum’s book. Giving yourself a deadline can help you get your financial house in order.
The earlier you start saving or investing the better. So take two hours to shop around for a good deal. Allocate a year to hit a savings goal. And do some calculations and set a target date for retirement.
If everyone else jumped off a cliff would you do it too?
When everyone is splurging on eating out at restaurants; buying designer clothing; or the latest tech, it can be difficult to swim against the tide. But if keeping up with the Joneses is leading you into a debt spiral or keeping you in a job you hate take a moment to remember your Mum’s attitude.
Learn to discern what works best for you and ditch the rest.
‘I don’t know’ is not an answer
Most kids probably pull the clueless excuse at some point. But pleading ignorance doesn’t cut it when we’re talking money. Building your financial understanding helps you ask better questions; assess opportunities; and feel more confident about your financial future. Mum’s right: get clued-in and talk to your financial planner who is there to help educate you on all aspects on your finances.
It’s all fun and games until someone gets hurt
Merrily cruising through life earning a good income or flashing the plastic is great. But job loss or a drop in income; an accident or illness; or a relationship breakdown can derail your financial plans. Saving for a rainy day could just be some of the best advice Mum ever gave you.
Why? Because I said so. That’s why.
Who hasn’t heard that one? Maybe your Mum even laughed when she said it. Because, let’s face it, blindly following anyone’s instructions isn’t ideal. And the same goes for blindly following investment advice served up by your parents, friends, or an Uber-driver.
Your investment choices need to reflect your appetite for risk; your need for income or capital growth; and your timeframe.
Eat your vegetables or you won’t get any dessert
Everyone loves the idea of getting rich quickly but most Mums know it’s healthy habits that lead to rewards. Financial freedom is usually the product of prioritising needs over wants and staying focused. It’s worth sacrificing a few things – including impulse spending – to get the holiday, the house, or the retirement lifestyle you want.
So eat the Brussel sprouts now and if you’re good, you might get to enjoy Mum’s pavlova later.
The material on this website has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained on this website is General Advice and does not take into account any person's particular investment objectives, financial situation and particular needs. Before making an investment decision based on this advice you should consider, with or without the assistance of a securities adviser, whether it is appropriate to your particular investment needs, objectives and financial circumstances. In addition, the examples provided on this website are provided for illustrative purposes only. Although every effort has been made to verify the accuracy of the information contained on this website, Infocus, its officers, representatives, employees and agents disclaim all liability (except for any liability which by law cannot be excluded), for any error, inaccuracy in, or omission from the information contained in this website or any loss or damage suffered by any person directly or indirectly through relying on this information.