Setting ourselves up for a successful future

Written By Kim Manunui

As we travel through life at 60 minutes an hour our needs and priorities change with us, from our teens through our twenties, thirties, forties, fifties and so on. Breaking it into lots of ten years, then five, then two, down to quarterly and less, we can achieve quite a bit when we set a plan and our minds to it.

So we’re out there doing it, making our way, earning a living, what we do with our earnings when we receive them determines our financial success or otherwise, they’re precious, be wise.

As finance and mortgage brokers, we find the most successful applications show the best savings habits and least consumer lending whereas the ones that struggle show low or no savings, frivolous spending, multiple personal loans creating stressed earnings resulting in late payments and low credit scores and sometimes defaults for non-payment, the bad debt that hijacks our financial future and has us circling the drain.

I get it, its tough out there, cost of living and all that, then there are the wants and desires that create the impulse to tick it up and pay later BUT, the hidden cost is we’ve now committed our future earnings to past wants that are worthless the next day, how mad is that. The famous Thomas Jefferson quote “never spend your money before you have it” holds true today.

Saving / cash is king, setting aside a percentage of earnings, paying yourself first so you have something to show for it and having funds available to buy the things you need as you go along. While borrowing for consumable items can add up to 30% to the cost and takes future earnings, saving your own money can earn up to 4% while you build funds, even if it’s only 1%, beats the alternative.

So its clear the way forward is to aim for personal debt free which clears the way for investments and borrowing to create assets, using other people’s money to create our own, including things like your first home, the subject of next week’s article.

Tidying up mess is part of what we do here at Infinance so if there are loans to consolidate we can look at that for you getting you set up for success going forward, click the button below to contact.

Kim Manunui

Hi, I’m Kim and I work with a great team to help individuals, as well as small and not so small businesses get their message, product and services to the world using digital media and creating wonderful websites that don’t cost the earth.

I was born in Canada, and grew up around Vancouver and the mountains of British Columbia. My love of pristine environments led me to New Zealand and eventually to the mountains, lakes and rivers of the central North Island which is home. My family’s heritage is here, and it’s from here that Korio traverses the planet.

The digital world is never static and neither are we.

And I say ‘we’ because I work with an awesome group of talented people who I gather together as required to complete a project.  Whatever your business, not-for-profit or individual needs are we gather the best team to get the job done.

Collaboratively we are creative, share sustainable values and work hard for great outcomes because that’s the buzz of satisfaction that drives us.

If you have an audience and market to reach, we can make that happen. Creative design, words that work and smart behind the scenes stuff that cuts through the online noise. We’ll design your website and then build it. We’ll manage the content as well as all your hosting needs. We can handle your online advertising so you get noticed,
and we’ll manage your social media presence so you get the clicks, likes and engagement to grow your business. All within the budget you set, because none of this needs to cost the earth.  And the job doesn’t stop when your website goes live. We are your virtual business partner.

https://www.korio.co.nz
Next

Good Debt vs Bad Debt: Understanding the Difference