Your Money Manager

Your Money Manager We are a financial planning firm that is in the business of helping families manage their money today so they can grow their wealth for tomorrow.

27/04/2025

The Importance of Understanding Risk In Your Investing!

The last few weeks have seen quite a lot of volatility in world share markets and in times like these, many people can panic and make short term decisions that may impact their long term results.

Understanding the level of “risk” you are prepared to take when it comes to investing your money, and the likely long term outcomes of this risk, can help with your financial planning and making sure you don’t just react.

Make sure you seek professional advice and understand where your money is invested and your approach to risk. It could make a big difference in your wealth building for the long term!

16/01/2025

Focusing Your Financial Plan On Building A Second Income!

One of the most basic steps in financial planning for most of us is to get our money to work for us so eventually we won’t have to work for our money.

When we start in the workforce, our primary income from our jobs obviously helps us cover our expenses and allows us to provide for ourselves and our families.

The sooner some of our primary income can be directed towards building a “second income” from assets such as rental income from properties and/or dividends from shares, the sooner we can have choice about when we retire or when we step back from work.

In Australia, we’re fortunate to have the superannuation system that is effectively forced saving and investing that we can’t touch until we get to 60+ years of age. For many people, if they didn’t have super, they wouldn’t have anything once they finished work.

It’s a great time now with only being a couple of weeks into 2025 to look at how you can start, or continue, to build your assets so you can work towards growing your “second income”.

With enough time, work and planning, one day your “second income” can be enough to become your primary income. From there, your retirement and work choices will be completely up to you!

09/01/2025

A Great Way To Be Inspired To Reach Your Financial Goals!

It's often the case when it comes to financial planning and planning for the future that it can sometimes be easier to just put off any tasks or steps that need to be done and worry about them at a later date (if you've ever sat down and tried to complete a budget you probably know what I mean!).

I had a great chat recently with a colleague who told me about the need to wear "two hats" when it comes to financial planning - your "present self" and your "future self", and how this type of perspective can sometimes help people to get into action to do what they need to do with their financial planning now.In basic terms, if we look at our "present self", it's around knowing and understanding what we need to do now, in the present, to improve our finances and financial position. By putting off decisions, steps and action for our "future self" unfortunately it is much more likely we won't do it or we'll simply run out of time, as we never actually get to our "future self" because as the term suggests, it's always in the future!

I thought this was a great concept around helping people to understand the importance of taking action now and to really ask if something should be worked on now with the "present self" or put off and maybe/possibly/someday dealt with by with the "future self".

An interesting concept that might help you and your priorities about what you can or should do now for your short and long term financial planning goals.

04/01/2025

4 Ways To Improve Your Money Habits in 2025!

Every new year brings with it the trend for many people in setting New Year's Resolutions. While most people set their goals with the best of intentions, the studies show that for most people, within a few short weeks the goals will be either forgotten or simply brushed aside as the year rolls on.

Financial goals are often high up on the list for many people in making positive changes when a new year begins. Working with clients who achieve financial success over the years has shown that there are some common elements for success that in the words of Tony Robbins proves that "success leaves clues".

4 tips that could help you if financial goals are high on your list for a successful 2025 are:

1/ Be clear on the goal - it's all well and good to say for instance that want to "save more" this year but the studies show clarity helps with focus. Instead, set a more tangible goal such as "I will save x from your pay every month so by the end of this year I will have y in my bank account".

2/ Know your numbers - while it's great to be ambitious about having a big year with your finances, it's also important to know where you are now, as in what does your income in and expenses out (ie. your budget) look like now, or how much can you realistically put aside to achieve a set goal.

3/ Start small - once you know your numbers, it's important you are realistic about what you can stick to on a regular basis. Having a big first month or two of saving is great, but if you can't stick to a certain plan or system, you will often find you end up back where you started.

4/ The importance of habits - probably one of the most important tips from the studies of those who succeed compared to those who don't when it comes to achieving New Year's Resolutions (or most goals for that matter) is to know the power of habits. The author James Clear wrote a great book called "Atomic Habits" that gives some great examples of how small, incremental changes can lead to great success. Putting in place, and sticking to, good money habits can make a big difference to your financial position when given enough time to work.

If you haven't been achieving your New Year's Resolutions for your finances up until now, it's a great time now to reset, restart and have a great 2025!

03/04/2024

A Great Money Tip from Billionaire Tilman Fertitta (2:18 mins)

There's a great show on Amazon Prime called "Billion Dollar Buyer" that is definitely worth checking out.

In the show, billionaire businessman Tilman Fertitta interviews small businesses to see if their products or services could be suitable in one of his restaurants or casinos (with Tilman owning more than 600 restaurants, getting an order from him can change a small business in a big way!).

Time after time in sitting down with these small businesses, Tilman would expose the fact these small operators didn't know their numbers. They might know their sales, or maybe how much their payroll comes to each month, but they often wouldn't know important numbers to grow their business.

The same can be true for an individual or couple's personal financial planning in many people not often "knowing their numbers".

In summary, to help you make informed financial choices, it can pay to:
1/ Know your money coming in (your income),
2/ Know your money going out (your expenses), and
3/ Know your average savings (or deficit),

As Tilman often noted to the business owners in his TV show, if you don't know your numbers, how can you expect to grow and move your money and wealth forward?

Great advice from someone who went from one restaurant to hundreds and in the process turned his own wealth from the millions into the billions!

24/02/2023

3 Words To Help Deal With The Rising Cost Of Living.

Every day now there are countless conversations around the country of clients speaking to their financial planners on the rising cost of living and how it is going to affect their short and long term financial plans.

With inflation still too high for where the Reserve Bank wants it to be and now 9 interest rate rises in a row, more and more families and individuals are feeling the pinch with their rising expenses.

Now while we have no control over interest rates or inflation, we do have control over own money management and budgeting. Three simple words could help kickstart your own spending awareness and where your money goes and that's "Know Your Numbers".

Sticking your head in the sand and not knowing how much you and your family need each month to live and where you spend your money will not help if interest rates keep rising or your spending is outpacing your earning.

There is real power in knowing what you MUST have each month and what you would LIKE to have each month and by knowing your numbers, you have a much better chance of making smart decisions when it comes to your money.

A Great Reminder Now More Than Ever!Many people will probably smile in agreement at this quote but now more than ever it...
16/02/2023

A Great Reminder Now More Than Ever!

Many people will probably smile in agreement at this quote but now more than ever it is so true that with your money and finances you need a plan.

There is so much financial stress at the moment for individuals and families around the increase in interest rates and how it is impacting household budgets and lifestyles.

Having a plan in place for your income and expenses and how you manage your cashflow and spending is critical now.

The need to also still keep looking long term and the impact on your financial planning is also so important.

The ability to forecast where you will most likely be in 5 years, 10 years and even into retirement and what you can do now to improve your wealth is vital.

Time goes by so fast so getting a plan in place and having some direction can really help. Don’t wait until it is too late to work towards and achieve your financial dreams!

08/02/2023

3 Tips To Help Deal With Rising Interest Rates

As expected, and for now the 9th time in a row, the Reserve Bank of Australia has again raised the official interest rate.

There is definitely real concern now for many Australians about when the rate rises will stop and how much impact it will have on their mortgages and cost of living.

While we can't control what decisions the RBA makes, there are some steps you might be able to take now to help ease the pressure:

1) Put a budget in place - while it might be annoying to do, sitting down and going through your bank statements can help you see where your money is going and where any reductions could be made.

2) Speak to your mortgage broker - don't just sit and accept the rate rises on your mortgage, speak to your mortgage broker about your current rate and your options for refinancing and/or a better rate.

3) Get tough on your spending - sometimes you just have to get tough on your own spending and unwind any habits that might be costing you money you can't afford to spend. By reducing or eliminating any impulse buying, it could help to get some savings back in your bank account.

We don't know how many rate rises or changes we will see this year but taking little steps to improve your savings and cashflow could help you to manage the increase in costs to come.

21/10/2021

3 Great Money Tips For Coming Out Of Lockdown!

With many of us in Australia now about to start coming out of lockdown, there is going to be a lot of going out, catching up with family and friends and getting to go back to life as we knew it before the pandemic began.

This is great news for sure but worth looking at how it could affect your finances, with more opportunity for spending and getting back to normal.

Three tips that might help you preparing your money for life out of lockdown are:

1) Be ok to start spending more. It will be just getting back to normal for many of us and of course great for so many businesses.

2) Don't let your spending get away from you, make sure you have a set allocation for any discretionary expenses such as eating out and retail therapy.

3) Now is a great time to review your overall financial position and plans for the future. Use it as a reset or reboot if needed for your money.

Speak to your financial planner to set yourself up for the rest of this year and into 2022 and beyond!

21/05/2021

A Great Way To View The Share Market Ups and Downs! (1:36 mins)

For many people, the constant rising and falling of the share market can stress them out as they watch their investments and super funds constantly change value every day.

Rather than looking at the prices of shares rising and falling based on thousands of buyers and sellers each day, it might help if you take advice from the legendary investor Ben Graham and look at the share market as a fictitious individual called 'Mr. Market'.

Mr. Market is effectively your business partner, and every day he shows up with offers to buy your shares or to sell him his shares. The part where you have to be careful though is that Mr. Market is highly emotional. Some days he is incredibly positive and will offer crazy prices to you and at other times he is deeply pessimistic with price offers to match.

It's totally up to you how you deal with Mr. Market as you are under no obligation to ever take up his offers. You can listen to him and what he offers, but remember at times he can be downright irrational so don't ever let Mr. Market take advantage of you!

Address

Suite 61/139 Cardigan Street
Carlton, VIC
3053

Opening Hours

Monday 8:30am - 5pm
Tuesday 8:30am - 5pm
Wednesday 8:30am - 5pm
Thursday 8:30am - 5pm
Friday 8:30am - 5pm

Telephone

+611300100481

Website

Alerts

Be the first to know and let us send you an email when Your Money Manager posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Contact The Business

Send a message to Your Money Manager:

Shortcuts

Share

Category