Ride the boom and set yourself up for financial success - Part 1

Things are reasonably rosy in the mining and resources industry compared to other parts of the Australian economy. In fact in the West, they proudly point out to the countrymen on the East 'we're carrying the country on our shoulders'!

Please enter an image description.Things are reasonably rosy in the mining and resources industry compared to other parts of the Australian economy. In fact in the West, they proudly point out to the countrymen on the East “we’re carrying the country on our shoulders”! There’s no arguing about the fact that the resources boom has provided significant wealth for the nation (so much so there’s plenty of talk about setting aside funds to ensure the benefits are shared with future generations). Which begs the question: What are you doing to ensure the benefits of the boom last for you and your family?

By following these simple tips, you can be on the path to financial freedom and gain the peace of mind that comes with it. So if this boom ever turns to bust you’ll be safe in the knowledge that you’ve made the most of the good times.

Over the next five months I’ll cover five topics that you’ll need to address if you’re serious about improving your financial situation. I’ll also cover some simple and effective strategies that you can employ to ensure you are setting yourself up for long-term success.

We’ll look at:

  1. Cash flow management – because no one got rich or even financially secure by spending everything they earned.
  2. Wealth creation – once you’ve identified your surplus cash flow you then need to make sure it’s working for you to ensure you get the best possible returns with a level of investment risk you are comfortable with.
  3. Protection – this will ensure no matter what obstacles life throws at you, both you and anyone dependent on you will be financially provided for.
  4. Superannuation – usually the single largest asset you’ll have outside your family home to fund your retirement. Neglecting this will ultimately mean you’ll have less money in retirement and therefore a lower standard of living.
  5. Stay away from get-rich-quick schemes – if it sounds too good to be true, it usually is.

Is there any other finance related topics you want me to cover? Let me know in the comments below.

Happy investing!

This article was written by Andrew George. Andrew is an Authorised Representative from the Sage Financial Group. He has over five years in the financial services industry and can work one-on-one with you to help you become smarter with your finances. Any feedback directed to Andrew can be sent to life@miningpeople.com.au.