Life is all about choices and when it comes to things financial, many Australians are choosing to pay more than they need to… are you one them? If so, what will it cost you down the track?

In my almost two decades in the financial services industry, I’ve seen the damage done by these choices thousands of times.

The problem is that most people are unaware of their options and even more unaware of the consequences.

Much of my working life has been spent helping people nearing retirement to set up the money they do have, to make it last for as long as possible. That’s important, but there was always one thing that really bothered me… had they sought help sooner, they could have been approaching retirement with a bucket load more money and with virtually no need to have changed the lifestyle they had lived along the way.

But we don’t know, what we don’t know… more importantly, we can’t turn back time!

It comes down to making the money you do have work harder, it’s about being smarter with your money.

I tend to find that most people fall into one of two camps… those who think they are too busy and those who believe they already know what to do.

So, here are a few things to ponder…

-        Your key financial decisions are not made in your 50s and 60s, which is when most people seek advice. They are made in your 30s and 40s.

-        If you don’t have a competitive mortgage, you will pay a fortune more in interest than you need to… we’re potentially talking hundreds of thousands of dollars on an average mortgage.

-        If you don’t have a great superannuation setup, you will be depriving yourself of hundreds of thousands of dollars, maybe more than a million dollars, later in life.

-        If you don’t have the right money strategies working for you, too much of the millions of dollars you will earn in your working life will slip through your fingers.

To put that in context, a 35-year-old earning $75,000 will earn $2.25 million between now and 65 without factoring in any pay rises. When you do factor in pay rises and promotions, the figure gets a lot higher!

When it comes to your mortgage and your money, you get what you choose to pay for. If you choose to stick with the status quo because you feel you are too busy or because you think you have it all worked out, then you are likely choosing to pay a whole lot more than you need to.

If you stay loyal to brands that are potentially ripping the guts out of your financial future, then you are making a choice when you do so.

Two things stood out to me in the media last week…

ABC’s 7.30 reported that “more and more Australians are working into what used to be retirement years often to pay off their mortgage. Recent research shows that half of all 50 year olds expect to retire at age 67 still carrying debt. Superannuation funds are warning that for some people, super won't be enough to cover that debt.”

At the same time, the Australian Financial Review reported that Australians “think financial advisers are too expensive, can’t be trusted to give independent advice and more interested in making themselves rich than their client needs, according to a new ASIC analysis of a sector being rocked by structural and regulatory changes.”

Firstly, are you sleepwalking into a financial future you don’t want and can avoid by being proactive. And secondly, did you know you can access great value, INDEPENDENT financial advice right here in your backyard?

With that in mind, if you’re keen to learn more and get ahead, come along to the MORTGAGE, MONEY, MILLIONS seminar on Wednesday 25th September at the Ex-Services Club. Head to wealthtrain.com.au to book your free ticket. Only 50 seats available.

Cheers,

Daniel

If you’d like to find out more about how INDEPENDENT financial advice could help you manage cash flow, pay off the mortgage faster, get the most out of super and invest wisely, then get in touch on 0411 484 464 or head to wealthtrain.com.au.

Daniel McGregor is the man behind Wealth Train and is a member of the Independent Financial Advisers Association of Australia. This advice may not be suitable to you because it contains general advice which does not take into consideration any of your personal circumstances. All strategies and information provided are general advice only.

Daniel McGregor and Wealth Train are authorised representatives of Independent Financial Advisers Australia AFSL 464629