New Year’s resolutions are a complete waste of time

Ok, I confess, I’ve done it too. Even though I know there are important things I should be doing, I wait. I wait until tomorrow, until Monday, until the New Year. But if I look back, the only thing that waiting has ever achieved is wasting valuable time!

At this time of the year, its easy to think “Oh well, its December, everyone will be in party mode for the next few weeks and then I have holidays, so I’ll wait till the new year – and then I’ll get myself organised…” No! Don’t wait! This is in fact a really important time for thinking and planning and most importantly acting upon the things that will literally change your life. I know that’s a big claim, but I’m very comfortable making it. Let me tell you why.

It’s a sad fact that most Australians will retire completely dependent on the pension for their survival; almost three quarters in fact. And survival is about all the pension will fund in your so-called golden years. According to a report from Rice Warner Actuaries, single women will be worst affected with many unable to maintain even a ‘comfortable’ lifestyle. The pension will make up more than 90% of retirement earnings for most people. I don’t know if you’ve had a look at what the pension pays, but its not very exciting.

Lets think about that for a moment. In this land of opportunity, many of us will retire needing a government handout to survive. I know what you’re thinking; “not me!” I hear many people say they will have passive income so they don’t have to work so hard in 10 years, or maybe twenty. That would be a good outcome, I agree. But when I ask about the plan for making that happen, the details are usually sketchy. And when I ask what they are doing right now to make it happen, that’s when the wheels really fall off.

Here is the frustrating thing: creating a financially secure retirement – and living a better life between now and then – is not impossible. In fact, with some good advice, a sound plan and consistent action, you could even say it’s not that difficult. And yet, for some reason, most of us don’t take action. I suggest that has less to do with not caring and more to do with not really knowing where to start. I’ve been working with business owners and professionals for almost 30 years. I still find that most people don’t have a plan and don’t reach out for help. That’s why we’ve added financial planners, finance brokers and property experts to our team over the past couple of years.

So, what to do? Get a plan. Get some help. Get advice. Take action. Make it happen and make 2017 your best year yet!


Words by John Di Natale, Director of Equi Wealth