You had it all planned out in your twenties. You were one day going to be a millionaire and afford the most expensive car, most luxurious mansion and be able to travel in a private jet wherever you want and whenever you want.

You’ve now in your 40’s and all of those “millionaire” aspirations that you strived for in your twenties are nowhere to be seen.

Well, why exactly haven’t they been achieved? Why haven’t you been able to achieve them? What has exactly got in your way?

Here are some reasons that might help suggest why.

You don’t have a personal financial plan

A financial plan is a comprehensive evaluation of an investor’s current and future financial state by using currently known variables to predict future cash flows, asset values and withdrawal plans.

Not having a financial plan to start with is one of the main reasons why you might not have been able to save enough money.

According to a 2014 Advice & Limited Advice Report, 2.5 million Australians have sought financial advice from a financial planner over the years.

Investment Trends Analyst King Loong Chooi states that this is partly driven because Australians are becoming more concerned about their finances.

“Australian’s are more worried about the adequacy of their retirement savings, the impact of inflation and managing their cash flow. “

You’ve saved after spending, rather than spending after saving

Ask yourself the following questions. Do you really need to go on that “quick getaway” to Bali? Do you need to go to that same fancy dinner place every weekend? And do you REALLY need that daily cup of coffee from your local barista?

If the answer to any of these is no, then you’ve probably been spending money on unnecessary items/holidays that you don’t necessary need.

Mozo spokeswoman Kirsty Lamont said Australians desire to spend up on life’s luxuries was resulting in weekly wages being whittled away by unnecessary spending.

“Close to a third of our lifestyle is going into cafes and restaurants,” Ms Lamont said.

“These things were considered as luxuries a couple of decades ago!”

You didn’t put your money to work for you as hard as possible

We all work hard for what earn, so why haven’t you thought about investing?

According to the Australian Taxation Office, just under 8% of the population had reported to the ATO as having an investment property.

The Australian Securities & Investments Commission (ASIC) states that benefits of investment property include less volatility, income, capital growth, tax deductions and physical asset. So why not give investing a shot?

You’ve been working for your bank and the taxman

Tax time comes and goes each year (yes we can hear your moans and heads rolling), but did you make the most of your entitlements to claim deductions for some work related expenses?

To claim a work-related deduction, you must have spent the money yourself and haven’t been already reimbursed, have a record to prove it and the expense must be related to your job. A full list of deductions can be found on the ATO website by clicking the following link:


You’ve suffered financial setback

You may have suffered a major financial setback such as a lousy investment, divorce, or have lost your job. These unfortunate disruptions may have put your “rich” aspirations on the back burner.

Nevertheless, it’s never to late to start again and get on the path to success. ASIC offers some fantastic advice on their website to help you get back on your feet so you can strive to move towards your “rich aspirations.”

Go to: https://www.moneysmart.gov.au/managing-your-money/managing-debts/financial-counselling


What you can do about it now!

Well that’s the easy part. At least we think so :-)

Educate yourself. Create a strategy. Implement it.

We would love to help out by offering a Free Financial Health Check.

If you are interested, click here.

If not, thank you so much for reading this far and we truly hope this article has helped you in some way.