Best Pieces of Financial Advice From The Land Down Under
My wife, Taylor and I are down under in Melbourne, Australia at an awesome financial conference, where we really stood out due to our American accent!
We were at the conference so that I could talk to the guests about podcasting (and gather financial tips, obviously). It was a lot of fun, and I was even referred to as a “mini-celebrity”!
Also, I was able to catch up with Steve Crawford (from The Advice Movement) who is the host of the conference.
You might remember that Steve was one of the FinCon 2019 guests who gave my readers some financial advice. You can check out that show/blog here.
We wanted to ask the Australian guests to give their favorite tip about finance or financial planning for somebody who is not in the finance industry.
Peita Diamantidis from Sydney, Australia, whose podcast is In Search of Adventure Show
Peita had a weird tip to share…
She warned us to watch out for zombie spending!
She explained that when you’re working hard, possibly skimping on sleep…you may fall into the trap of mindlessly spending money. As Peita said it’s when your money is “Falling through your hands”. I’ve written blogs about spending according to your values and for things (and experiences that bring you joy).
This is the opposite of that. This could be a magazine subscription that arrives monthly–but you never read it. Or the gym membership that you aren’t using.
Peita said it’s money that you don’t even realize you’re spending.
You could potentially save thousands of dollars. Instead of a stack of dusty magazines, you could save for a trip to Hawaii–or Australia!
Phil Thompson from Melbourne, Australia, whose company is Thompson Financial Services
His financial tip was don’t get mired in consumer debt when you’re young.
He explained that he talks to young people who spend up to five years paying off credit cards or a car loan.
Then they’re back to square one!
Steve Browning from Melbourne, Australia, he’s with The Strategy Institute
He had a follow-up to Phil’s financial tip, which involves a little game that you can play:
- Find a pair of sharp scissors (handle with care).
- Holding a credit card, see how many pieces you can cut it into!
Steve explained the game will help with your zombie spending!
Something that we are debating at this conference is the old school versus new school methods of financial management financial planning.
I would say cutting up a credit card is an effective old school financial tip! It’s one that still works in 2020!
Luke Grundy, from Perth, Western Australia, who is with Humble Bee Financial Planning
Luke describes his financial tip as an old school trick, separating your bills and spending money. You can do that in two different ways:
- Have an account for your bill money and one for your spending money
- Have an account for your bill money and take out cash for spending money
This is an easy financial tip to keep track of what you’re spending and allow you to automate your bills.
Win-win financial tip!
Alex Hont, from Melbourne, is the podcast host for Masters of Finance
His financial tip is to pay yourself first, by setting a regular savings transfer. Alex said you don’t even have to think about it–your money will automatically start saving itself!
Alex is a man after my own heart. If you’ve read my blog, you’ll know that I advise paying yourself first and automating as many things as you can, so that you don’t have to worry about them!
Andrew Perkins from InstructAnt Accounting Solutions
Andrew said that people will tell him they’ll go see a financial advisor when they have some money.
His financial tip is, “Don’t wait”.
He said to visit with a financial advisor as soon as you’re ready to make a difference!
I agree wholeheartedly.
There are too many physicians drowning in debt, living paycheck to paycheck–and afraid to talk about it!
My advice is to find someone like myself, a true financial fiduciary who is a fee-only financial advisor.
Start planning for the future that you dream about!
James Millard from Northern Beaches of Sydney, New South Wales, his company is Sufficient Fundz
His financial tip is to set your goals first, he said to get super clear and map out what you want to achieve.
Then make your money decisions through that filter.
Anyone who has read my blog knows that life planning is part of what I do with my clients. My goal is to clarify what their ideal life looks like and examine values around spending money.
Anne Graham from Melbourne, Australia, she’s from the company, Story Wealth
Her old school financial tip is to spend less than you earn.
She also said that although physicians may have a lot of debt, they can put away $20 to $50 a week for a rainy day account.
That way they’ve got some money stashed for an emergency!
Let us know which financial tip resonated with you? Record your answer here. We might even use it for an upcoming show!