How do you find your own financial path? When it comes to personal finances and ways to build your wealth it seems that everyone has an opinion – and a preferred pathway for wealth accrual. From your next-door neighbour who likes to share his stock market tips to your friend at work who has a constant stream of ‘get rich quick’ schemes, to your mother-in-law who exposes a more prudent ‘slow and steady, hide it under the bed” approach. The truth is there is no one-size-fits-all approach to generating wealth and setting yourself up for the future. Everyone has different objectives, preferences and levels of comfort. When deciding on your own financial path, there are a few things that you need to consider.

Your preferred lifestyle. This is about understanding what you value in life and what’s going to make your existence meaningful. Success means different things for different people. For some, it’s a big house, two cars, and club membership. For others, it’s being able to take an overseas trip once a year. Others still might be dreaming of a sea change and an early retirement. You don’t have to fit into anyone else’s idea of an ideal situation. You just need to work out the lifestyle you want, set financial goals and a plan that allow you to achieve financial freedom.

It’s also worth taking stock of what stage of life you’re in. You may be just at the start of your career and beginning to build your wealth, thinking of starting a family and saving for a home deposit or setting your sights on retirement and trying to maximise your savings pot. Your goals and needs shift as you move through life. Further the world’s a very different place to what it was thirty years ago, meaning the perspective of those in different generations may not be applicable to your own financial pathway. No matter where you’re at, it’s important to have a plan that enables you to meet your immediate needs as well as work towards your long-term goals.

Focus on your goals and objectives. When it comes to goal setting the important thing is to make them precise and achievable. If goals have tangible outcomes they are easier to measure and reward. Again, keep in mind that everyone is different, and your goals won’t necessarily mirror those of your peers or colleagues.

Protect from the unexpected. Whilst much attention is given to creating ample wealth for retirement, too many of us underestimate three more immediate risks – premature death, illness or injury, and the associated out-of-pocket expenses which could cripple us financially. Implementing appropriate personal insurance can mitigate these risks immediately and keep you on track in meeting your financial goals and objectives.

Seek Guidance and Advice. This is where a financial advisor comes in. First and foremost, a good financial advisor will listen be a sounding board for you to bounce ideas off and help you clarify your goals. They will then assist you in creating a plan that’s going to help you achieve those goals. And don’t forget, they should be in it for the long haul. Your finances and investments can never be a ‘set and forget,’ for just as economic circumstances change so will your own. What you need then is an expert in your corner guiding you through the rough times and the windfalls. One who understands your dreams, attitude and resources – who has the skills to keep you on the right track. It’s good to have a partner to work with you on the journey to help you find and stay on your financial path.

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