The model of wealth creation I was taught as a kid was simple; study hard, get a good job, save your money. Straightforward. But completely ineffective. This ‘philosophy’ goes a long way toward explaining why many people of my generation spend their life buried in debt, working in an unfulfilling job and wishing they would win lotto and escape. No strategy, no advice, no mentors and no support makes it almost impossible.
But what about now? With access to so much information, it should be easier to chart a course to financial wellbeing, but much of that information is inaccurate or unhelpful and confusing. As a result, there is a greater willingness to seek advice. As advisors however, we have to realise that priorities have shifted. The “work hard, save your money” approach has been replaced with work hard, travel extensively, enjoy experiences, be open to change and new opportunities.
So, wealth creation strategies have to incorporate new levels of flexibility. They have to allow for more career changes – potentially across multiple states or countries, more liquidity to enable quick changes of direction and more cash flow to facilitate lifestyle choices.
The end goal is the same, but the game has changed.
Words by John Di Natale. John is a Managing Director of Equi Wealth. He is an international speaker, wealth creation specialist, financial planner and licensed estate agent.