Struggling with the 24/7 nature of managing your money? You don’t have to go it alone. Just like a brilliant footy team, having the right people in the right positions can make all the difference.
Whether you need advice on investing, budgeting, or getting ahead for retirement, building a ‘financial dream team’ around you can lock in your long-term success. Here’s how:
Start with a financial advisor
A good financial advisor is just like a coach. They’re at your side helping you create a game plan and make smarter decisions with your money. They can guide you on everything from superannuation and investments to retirement planning and tax strategies. But how do you find the right one? Start by checking out the Financial Advice Association Australia (FAAA) or ASIC’s Financial Advisers Register to make sure any advisor you’re considering is licensed and reputable. Adviser Ratings offers a Tripadviser-style Find an adviser tool where you put in your postcode and it shows all the registered financial advisers within 10kms, along with customer ratings and comments.
You can expect to pay anywhere from $2,000 to $5,000 for a comprehensive financial plan, with ongoing fees if you want to do regular check-ins. It might sound pricey at first, but think of it as an investment in your financial future – and fees can be tax deductible.
Bottom line: look for someone who really gets your unique situation and your ambitions. And remember, if their advice doesn’t feel right, there’s no harm in walking away and getting a second opinion.
Lean on a financial mentor
A financial mentor should never replace professional advice, but they can give you some handy insights and plenty of encouragement. This person could be someone in your life who’s already achieved their own financial success – perhaps a family member or friend, or maybe even a co-worker.
What sets a mentor apart is their ability to share real-life experiences. They’ve been where you are right now, and they can give you advice that’s both practical and grounded in reality.
A good mentor can be a source of inspiration and support when you need it most.
Broaden your financial knowledge by following the experts
The more you know, the easier it’ll be to make savvy decisions about your finances.
Luckily, there’s a wealth of resources out there to help everyday Aussies which I also use regularly, so I reckon you’ll find a few things to match your tastes: What to read: Your Money & Your Life: Yes, a shameless plug for my free weekly newsletter, website and TV show. Get the latest news and insights to take control of your money at every life stage. But also:
- Check out Marcus Today – this is a daily investment newsletter and website covering Australian and international sharemarkets, plus model investment portfolios to follow.
- Subscribe to The Motley Fool – a daily investment newsletter and website covering Australian and international sharemarket news and analysis.
- Read The Barefoot Investor by Scott Pape: It’s a classic, no-nonsense guide to managing your money and setting yourself up for financial security. Also, Money School by Lacey Filipich is another practical book that breaks down the steps to becoming financially independent.
- Listen to these podcasts: CommSec Market Update (a twice-daily wrap – before the market opens and after it closes) of the latest economic and sharemarket news presented by the CommSec experts. Marcus Today Market Updates – twice-daily analysis of Australian and international sharemarkets. The Money Cafe with Alan Kohler: A deep dive into Australian finance news and trends, with a conversational tone that’s easy to follow – whether you’re out for a walk or commuting to work. She’s on the Money: Hosted by Victoria Devine, this is a popular podcast among millennials and covers everything from budgeting to investing. Equity Mates: A twice-weekly podcast for those who are interested in investing. It breaks down complex financial topics into something even beginners can sink their teeth into.
Surround yourself with like-minded people
Building your financial dream team isn’t just about hiring professionals, it should also involve surrounding yourself with a network of people who share similar goals. That could mean setting up a WhatsApp group with friends who are saving for their first home, or having a weekly coffee with co-workers who are actively trying to improve their investment skills. Whatever it may be, having a community can keep you motivated and accountable.
Being part of a group can give you a sounding board for ideas, plus the added bonus of learning from the experiences of others.
Keep your mortgage broker and accountant in the loop
Brokers and accountants are very easily overlooked as part of your financial team, but they can actually play a vital role. Brokers can help you with loan options or point you in the right direction for the best savings accounts, while your accountant is an invaluable fount of knowledge for tax planning and making sure you’re making the most of deductions and offsets.
Just remember that your financial team can only be as effective as your commitment to working with them. And don’t forget to measure your progress. Are you hitting your savings goals? Is your investment portfolio performing as expected? Use milestones to celebrate wins and recalibrate if needed.
Building your financial dream team won’t happen overnight. It’ll take plenty of time and effort, plus a bit of trial and error to find the right people and resources. But once you’ve got a solid crew in place, you’ll be amazed at just how much easier your money management becomes. So take the time to build your team – and start 2025 with the confidence that you’re on the right financial path.
