Whether it’s a life event disrupting your finances or you’re in pursuit of something greater in life, there are always opportunities to restart your money management.
Life events such as having children, losing your job (or starting a new one), going through a divorce or dealing with a bushfire or flood can often be a catalyst to re-evaluate your financial plans.
When you make the conscious decision to start over with your finances, the first thing to do is make certain you know what you’re trying to achieve and why. Each expert we spoke to for this feature suggests that making headway will only happen if you know where you want to go.
We’re not here to tell you that starting over with your finances is easy. It’s not. But with a little help from those people closest to you, and with a few tips and guiding principles along the way, you’ll be breaking new ground in no time.
We talk about some of the experiences people have had when rebuilding their wealth after bushfires and house fires; how to handle your money during a divorce or when disagreements are impacting your finances; where to start when rebuilding your personal budget; what mindsets are valuable when having children; and what to think about if you’re starting a new career or have just been made redundant.
This article is by no means the comprehensive, all-in-one guide to rebuilding your wealth from scratch, but it should provide plenty of starting points no matter which stage of life you’re at. It’s not about how you manage your money immediately after a crisis, but more about how to get back on track once the dust settles.
IN THE LINE OF FIRE
Esta historia es de la edición March 2020 de Money Magazine Australia.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición March 2020 de Money Magazine Australia.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
An outrageous, beautiful monopoly
Telstra's mobile business is a cash machine with few competitors, giving it the highest returns in the world.
Drop the anchor to judge value
Buying and selling decisions should be based on where a stock price is going, not where it has been.
Powering the AI boom
Beyond the software and chipmakers, where will the energy come from?
Get into life
Tucked inside super are products that can protect you from life's inevitable uncertainties.
Paths to home ownership
Taking the road less travelled can sometimes deliver unexpected benefits.
Sold! Quick ways to add value
Small, strategic changes can have a big impact on the look and feel of your home. And get you a better price on auction day.
Money lessons the kids need to know
Your children can learn a lot from your past money mishaps. Here are eight financial conversations I have had with mine.
Property-investing rules: are they likely to change?
The pressure for the government to curb the tax benefits of tax concessions, such as negative gearing and the capital gains tax discount, is unrelenting. Most recently, independent senators David Pocock and Jacqui Lambie proposed five options for paring back investment property tax concessions, with savings to the Federal budget of up to $60 billion over the next decade.
What's love got to do with it?
A rollercoaster of emotions could be driving poor crypto behaviour.
Are we ready to be cash-free?
Saying goodbye to our piggy banks too soon could leave small businesses in the dark when problems arise.
