How 30-somethings Can Have the Financial Freedom They Want

6 comments

With so many people frighteningly behind on stocking their financial freedom pots, you’d think that the 50-somethings rapidly approaching retirement would be the most frightened about their financial future. But a recent Pew Research study revealed a startling fact – the greatest financial anxiety and fear is currently being experienced by those in their mid-to-late 30s.

So what is frightening these 30-somethings?

Lack of confidence

Overall, confidence about whether people will have enough income and assets during their retirement years has decreased sharply over the past several years. This is in stark contrast to the experience investors have had over the same time as the stock markets around the world have more than doubled since the bear market of 2008.

What’s even more surprising is that younger adults, with plenty of that wonderful wealth spice TIME to go before they’d even consider retirement, are more anxious about their financial future than the 50-somethings who’s financial clocks are ticking loudly as they rapidly approach retirement. Over 50% of those aged 36 to 40 are either not too confident or not at all confident about their chances of having enough in their wealth pots to feed themselves in their retirement years.

What’s going on?

30-somethings know that the chance of the government looking after them in their retirement is as likely as a fish and a pig having a successful co-creation moment and that it is up to them so ensure they sort out their worn financial wellbeing but they haven’t been taught how. They have no idea how to convert the income they bring in into assets that actually grow and work for them. They have seen the disillusionment of their parents generation from under performing financial products and the consequence of not having all their wealth foundations in place but they have never been taught the skills to determine the good from the darn right rotten or even what different things they should have in their wealth plan to ensure they actually achieve financial freedom.

This confusion and uncertainty has resulted in paralysis for many. Although they know they should be doing something, the fear of getting it wrong has resulted in doing nothing or very little.

Missing out

It’s hard to exaggerate the impact that not getting started and then sticking to your wealth plan letting your asset pot expand steadily and consistently. This includes not only staying invested during market downturns and subsequent rebounds but also continuing to invest.

Look Forward

It’s not too late for anyone to stated and most definitely not too late for those anxious 30-somethings to ensure themselves a seriously wealthy feast, but getting started is the key.

The steps are straight forward. Get rid of debt, build up an emergency fund to cater for those to be excepted “unexpected” events, and set up a regular investment contribution investing in simple low cost stock market vehicles like index tracker funds and exchange traded funds.

Be confident

After a huge stock market rally that has helped so many people recover from the worst of the financial crisis, it’s heart breaking to see so many people missing out of having their money working hard for them due to fear and financial illiteracy.

Start where ever you are, but start you must. The Wealth Chef book  gives you step by step instructions on everything you need in your wealth plan and provides you with the tools and skills to get your money working hard for you so you can free yourself from the fear and get on with living a juicy feast of your life.

I would love to know what worries you about your money and financial future. What has stopped you investing and getting your money working hard for you. Please share in the comment box below.

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6 Comments

  • Ivana says:

    Hi Ann,
    I read your book and do follow your instructions. I am in my 30s, have almost no debt and started invested recently, so should be on the right track. However, my biggest fear is that the financial system will collapse and I won’t see much of the money invested and thus never reach the financial freedom. Any encouragement on this topic?
    Thanks for your great book.

    • admin says:

      Hi Ivana, well done for actually reading the book and also for starting investing. It is only through action that change happens. I understand you concern regarding the financial system and what I suggest is that you focus on the things that are within your control. Things like getting out of and staying out of debt, investing in products like index trackers which give you a wide exposure to a lot of different companies and sectors so even if there is some difficulty in a certain sector you are protected, and having a security emergency fund in place.
      When we choose to give energy to things outside of our control we give away our power and it doesn’t serve us.
      I also consciously choose what to focus on. Each day focus on what is great in your life, what you’re excited about and if you find yourself starting to worry about things out of your control like the financial system, bring your focus back to the things you want in your life.
      Keep doing what you’re doing and financial freedom is on its way.
      Love
      Ann

  • Caitriona Ellis says:

    Hi Ann,

    I am one of those thirthy-somethings and just finished your book so delighted to be doing some of your recommendations to sort this out.I think becoming a parent also causes you to review these things and start working on righting some previous wrongs so that they are provided for and the future is a happy thing to welcome. I also think that this group have been stung hard by the recession and with a lot of properties in negative equity, and mortgages forming a massive part of expenses, something has to change to improve the wealth of this group. Thanks for these great snacks. Kind Regards, Caitriona Ellis

    • admin says:

      Awesome work Caitriona, yes, these past few years has been a real shake up and things are changing but it needs this generation to look for a use a different recipe for wealth creation and wealth management than their parents. It is a multi faceted recipe with multiple streams of income and assets.

      Keep taking those wealthy action.
      Love
      Ann

  • Catherine Scott says:

    Thanks for the encouragement. I am just waking up to these things and it is a strange awakening, specially now that I realise that no one ever taught me anything about these matters while I was growing up. My parents just said when I was in my late 20s that it’s time to start a pension and I still felt invincible and ignored them. It’s in our 30s that we cease to feel (or be) invincible. And this is when it gets interesting.

    I’ve already decided what my two year old is getting for his 18th birthday – the first installment in a retirement plan.

    thanks again, please keep the snacks coming.

    • admin says:

      Thanks so much for the feedback and I’m thrilled you are getting going on your own wealth. You can actually start your kids wealth pot now and ask family and friends to contribute into that instead of piles of gifts at birthdays and holidays. Then when he is 18 you can relax knowing her already has a great started wealth pot which can be left to grow and use the key spice of time to expand for him.

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