This post is a continuation of my Developing your Financial Plan Series. In my previous post, I talked about how to set SMART financial goals. As a recap, financial goals can be anything you want them to be, as long as they're Specific, Measurable, Achievable, Relevant and Time-bound. Hopefully, you've taken some time to write down a few SMART financial goals. Don't worry, you can always add or refine your goals as your situation evolves. In this post, I'll cover…

When I was young and started working, I had no idea what to do with my money, how much I needed to save and invest, and where to put it. I was lost and had no financial direction. This was the case even though I was in stockbroking, looking at money going in and out of the market every day. I was saving some money and buying a stock or two, but it was a bit of a crap shoot.…

I first started tracking my finances after I finished university in 2007 when I was broke and unemployed. My net worth when I started? About negative AUD 1,300. Since then, I have used many methods and tools to track my finances. There isn't a "right" way to do it, but you need to ensure it serves its purpose: To give you a reasonably accurate picture of your wealth and financial performance. What you will learn in this post Previously I…

(Yes, that screenshot is a previous version of my Excel dashboard report with fake numbers. I've since shifted my reporting to PowerPoint, but I still use the Excel file for a lot of data collection, calculation and analysis) When I was finishing up university, I was your typical broke student. I also had debt, which I used to finance my lifestyle, even when I wasn't earning any income. I didn't know how much I was spending and had no idea…

When I first started my first job in stockbroking, I was excited. I was working with clients, executing their orders, and watching the stock market every day. I dabbled in a few stocks myself, but never really made much money. Also, I never had an idea of how I should structure my investment portfolio, or how I would build wealth. That all changed when I completed my RG146 license in Australia as a part of my job. I learned about…