March 2025 Update: I have developed an enhanced version which may suit more complex scenarios and assumptions. Click here to access V2 of the model. In the early stages of my personal finance journey, I learnt how to build and use basic personal finance tools. I had budget templates, income/expense trackers, mortgage calculators, and so on. Over time, I realised that I wanted to forecast what would happen in the future. How long would it take to pay off my…

In my previous post, I wrote about calculating how much you need to save/invest based on your SMART goals. In this post, I want to cover how you use those expenses, savings and investment targets to form a budget. As you start to form a budget, you also need to link it to your actual income. If you're not earning enough currently, what do you do? This post will hopefully join those dots together and help you figure out the…

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…