[cs_content][cs_section parallax=”false” style=”margin: 0px;padding: 0 0px;”][cs_row inner_container=”true” marginless_columns=”false” style=”margin: 0px auto;padding: 0px;”][cs_column fade=”false” fade_animation=”in” fade_animation_offset=”45px” fade_duration=”750″ type=”1/1″ style=”padding: 0px;”][cs_text]Two months after my 18th birthday I migrated to Australia from my war-torn home country in eastern Europe – without my family. How’s that for jumping straight into grown-up land?
On top of that, I came from a country where life (and certainly finances) worked very differently to the way they do here. For example, back then no one I knew had a mortgage. Up to three generations of family members lived under the same roof that had been in the family for years. I never heard anyone talk about tax. Negative gearing, personal loans and credit cards? Non-existent. In fact, cash was hard to come by. Imagine, if you can, working your behind off for a month, only for your pay packet to buy you a single packet of sugar and nothing more. Hyper-inflation was the norm.
Moving to Australia meant that I had a pretty steep learning curve to climb – and not just when it came to my finances! So this week I wanted to share with you four of the biggest financial lessons I have learned over the years (we’ll save the life lessons for another day!)[/cs_text][/cs_column][/cs_row][/cs_section][cs_section bg_color=”#252525″ parallax=”false” style=”margin: 0px;padding: 0 0px;”][cs_row inner_container=”true” marginless_columns=”false” style=”margin: 0px auto;padding: 0px;”][cs_column fade=”false” fade_animation=”in” fade_animation_offset=”45px” fade_duration=”750″ type=”1/1″ style=”padding: 0px;”][x_custom_headline level=”h2″ looks_like=”h3″ accent=”false”]Lesson 1:
Emergencies do sometimes happen, so be prepared.[/x_custom_headline][cs_text]“She’ll be right” is engrained in Australia’s DNA, but sometimes things don’t happen the way you expect. So firstly, keep putting money into that emergency fund. Even if it’s only a small amount each week, if you put it into a high interest account over time you’ll be creating your financial security blanket. And look at your insurance the same way – it might feel like an unneccesary bill, but really it’s protecting your future.
[/cs_text][/cs_column][/cs_row][/cs_section][cs_section parallax=”false” style=”margin: 0px;padding: 0 0px;”][cs_row inner_container=”true” marginless_columns=”false” style=”margin: 0px auto;padding: 0px;”][cs_column fade=”false” fade_animation=”in” fade_animation_offset=”45px” fade_duration=”750″ type=”1/1″ style=”padding: 0px;”][x_custom_headline level=”h2″ looks_like=”h3″ accent=”false”]Lesson 2:
Good habits take far more time to form than they do to break.[/x_custom_headline][cs_text class=”cs-ta-left”]When I finished university and got myself a full time job, my bank happily rewarded me with my very own credit card. I thought “Maybe the bank is right, I could splurge a bit. I’ve been through a lot and who knows what is around the corner. I should live a little.” The 18 years we spent as a family holding onto every dollar we could, went swiftly out the window. So don’t throw away the hard lessons you’ve already learned![/cs_text][/cs_column][/cs_row][/cs_section][cs_section bg_color=”#252525″ parallax=”false” style=”margin: 0px;padding: 0 0px;”][cs_row inner_container=”true” marginless_columns=”false” style=”margin: 0px auto;padding: 0px;”][cs_column fade=”false” fade_animation=”in” fade_animation_offset=”45px” fade_duration=”750″ type=”1/1″ style=”padding: 0px;”][x_custom_headline level=”h2″ looks_like=”h3″ accent=”false” style=”color: rgb(255, 140, 0);”]Lesson 3:
All investment comes with a risk (even property) so make sure your risks are calculated.[/x_custom_headline][cs_text] Past performance is not always an indicator of future performance. There is risk in every investment you make. Just because it has happened before doesn’t mean it will happen again. And conversely, just because it has never happened before, doesn’t mean it never will. So mitigate the risk by doing your homework, seeking out professional advice and taking calculated risks that you are comfortable with and that aren’t beyond your means.[/cs_text][/cs_column][/cs_row][/cs_section][cs_section parallax=”false” style=”margin: 0px;padding: 0 0px;”][cs_row inner_container=”true” marginless_columns=”false” style=”margin: 0px auto;padding: 0px;”][cs_column fade=”false” fade_animation=”in” fade_animation_offset=”45px” fade_duration=”750″ type=”1/1″ style=”padding: 0px;”][x_custom_headline level=”h2″ looks_like=”h3″ accent=”false” style=”color: rgb(255, 140, 0);”]Lesson 4:
Don’t put all your eggs in one investment basket.[/x_custom_headline][cs_text]Diversification can be a powerful investment approach even if you only have a little to invest. It means spreading your risk across different types of assets – for example, shares, property, your business, a term deposit account. This way, if something were to happen in one area, you don’t lose everything in one go. This is because different investments may react to different events in different ways, so where one thing goes down, another may go up.[/cs_text][/cs_column][/cs_row][/cs_section][cs_section bg_color=”#252525″ parallax=”false” style=”margin: 0px;padding: 25px 0px 0;”][cs_row inner_container=”true” marginless_columns=”false” style=”margin: 0px auto;padding: 0px;”][cs_column fade=”false” fade_animation=”in” fade_animation_offset=”45px” fade_duration=”750″ type=”1/1″ style=”padding: 0px;”][cs_text]What lessons would you share with your 18 year old self? I would love to hear your thoughts and experiences in our Facebook group here ! [/cs_text][/cs_column][/cs_row][/cs_section][cs_section parallax=”false” style=”margin: 0px;padding: 25px 0px 0;”][cs_row inner_container=”true” marginless_columns=”false” style=”margin: 0px auto;padding: 0px;”][cs_column fade=”false” fade_animation=”in” fade_animation_offset=”45px” fade_duration=”750″ type=”1/1″ style=”padding: 0px;”][x_image type=”none” src=”http://www.womenwithcents.com.au/wp-content/uploads/2016/07/Email-photo.jpg” alt=”” link=”false” href=”#” title=”” target=”” info=”none” info_place=”top” info_trigger=”hover” info_content=””][/cs_column][/cs_row][/cs_section][cs_section parallax=”false” style=”margin: 0px;padding: 45px 0px;”][cs_row inner_container=”true” marginless_columns=”false” style=”margin: 0px auto;padding: 0px;”][cs_column fade=”false” fade_animation=”in” fade_animation_offset=”45px” fade_duration=”750″ type=”1/1″ style=”padding: 0px;”][cs_text style=”font-size:12px;”]The information provided by Women with Cents is general in nature. It doesn’t take into account your objectives, personal financial situation or needs. Think of it as educational material in which to help you make more-informed decisions. We recommend you obtain financial, tax and credit advice specific to your situation before making any investments or financial decisions.
Sova Financial Pty Ltd Trading as Women with Cents. ABN 71 163 435 836 | Sova Financial is an authorised Credit Representative Number 443432 of Finsure Finance & Insurance Pty Ltd, ACL 384704, ABN 72 068 153 926[/cs_text][/cs_column][/cs_row][/cs_section][/cs_content]
