Do you ever wonder what other people know about money that you don’t? Why on social media they seem to be on amazing holidays or wearing outfits that you couldn’t possibly afford? Well, you are not alone in this. In fact, most of us have been guilty of money envy at some point and have wondered what the secrets of money are that we are missing out on.
In today’s world, it seems tough enough to just make ends meet. Let alone get ahead. While I have worked in the finance industry for more than 25 years, I’m still learning about money all the time. And a lot of what I continue to learn about money is really about myself, and how money is an extension of my thinking and behaviour in the broader world.
Recently we released our new show, Secrets of the Money Masters on Channel 9. It was a lot of fun to film where we brought some great celebrity athletes on board to go through a money transformation with both a financial adviser and a masterclass from a professional investor.
While my job was to facilitate the learning experience for the athletes and ultimately the viewer, I have to admit, I learned a fair bit myself.
Here are my top 3 tips on money I learned from this series on how to get ahead, and how you can too.
- Discipline really is everything. I must say that I really would not describe myself as a highly disciplined person. Motivated and determined yes, but disciplined? Only sometimes. The athletes in the program all shared this common trait – of an unusually high level of discipline and plain old ‘sticking to it’ in their lives. This came from their years of training to reach the levels of elite sport. It seems that discipline with money (and having a plan!) is the number one factor in reaching financial goals.
- Long term thinking is essential. While I haven’t always been someone who can project myself 20 years out, the older I have gotten, the easier this has become. When we make decisions about money, most of us don’t examine what a decision like buying a house or investing in a business could mean to us 10 to 20 years down the track. It’s good to have a long-term head on your shoulders when it comes to money.
- You need to hustle. Many of the athletes on the show were already studying or working in their next chosen field, while still pursuing the life of an athlete. They realised that to look after themselves financially in the long run, they had to hustle. I really admired the way they were hustling for their next iteration, and it reminded me to not become complacent. We can all hustle a little harder to make our financial lives better in the long run.
At the end of the day, it’s not what you earn, but what you do with it that determines how comfortable your life will be in the future. Using these three tips to guide your thinking around your money plan could really help you get ahead.
Until next time,