Experts - QLD Financial

Looking for a Financial Planner Brisbane?

February 15, 2023 Experts, Investing, Superannuation

Below is a guide to some of our common questions when looking for a financial planner Brisbane.

I. Introduction

Financial planning services can help you achieve your financial goals and make informed decisions about your money. Whether you want to save for retirement, invest in the stock market, or protect your family with insurance, a financial planner can provide valuable guidance and expertise.

In this article, we’ll explore some of the most common questions and concerns people have about financial planning, including how much it costs, what to look for in a financial planner, and whether it’s worth paying for professional advice. We’ll also discuss different types of financial planners and their areas of expertise, as well as some of the red flags and disadvantages to watch out for. By the end of this article, you should have a better understanding of what financial planning services are available in Australia, and how they can benefit you.

II. What is a financial planner?

Definition of a financial planner

A financial planner is a professional who helps individuals and businesses manage their finances and achieve their financial goals.
Financial planners may offer a range of services, including investment advice, retirement planning, insurance and risk management, tax planning, estate planning, and debt management.

Qualifications and certifications for financial planners in Australia

In Australia, financial planners are regulated by the Australian Securities and Investments Commission (ASIC).
To become a financial planner, you typically need to have completed a bachelor’s degree in a relevant field, such as finance, accounting, economics, or business.
Additionally, financial planners are required to obtain a license and comply with ongoing professional development requirements.
There are several certifications that financial planners may hold, including the Certified Financial Planner (CFP) designation and the Fellow Chartered Financial Practitioner (FChFP) designation.

Types of financial planners

Financial planners can work independently, as part of a larger financial planning firm, or as an affiliate of a bank or other financial institution.
Independent financial planners typically have more flexibility and freedom to offer a wider range of services and investment options.
Bank-affiliated financial planners may have access to proprietary products and services, but may be limited in their recommendations to those offered by the bank.
Some financial planners specialize in certain areas, such as retirement planning, estate planning, or risk management. It’s important to choose a financial planner whose areas of expertise align with your financial goals and needs.

III. What services do financial planners provide?

Personal insurance

Personal insurance includes life insurance, trauma insurance, TPD insurance (total and permanent disability), and income protection insurance.
A financial planner can help you assess your insurance needs and recommend appropriate policies and coverage amounts.

Superannuation

Superannuation is a retirement savings plan in Australia that employers are required to contribute to on behalf of their employees.
A financial planner can help you manage your superannuation fund and make informed investment decisions.

Investments

A financial planner can offer advice and guidance on investing in stocks, bonds, mutual funds, and other financial instruments.
They can help you identify suitable investment opportunities based on your risk tolerance, financial goals, and time horizon.

Estate planning

Estate planning involves creating a plan for the distribution of your assets after your death.
A financial planner can help you create a will, establish trusts, and minimize estate taxes.

Tax planning

A financial planner can help you minimize your tax liability by identifying deductions and credits that apply to your situation.
They can also offer advice on strategies such as salary sacrificing and concessional contributions to your superannuation fund.

Retirement planning

A financial planner can help you plan for retirement by estimating your income needs, identifying sources of income, and creating a savings plan.
They can also offer advice on investment strategies, superannuation contributions, and retirement income streams.

Insurance claims and disputes

If you have an insurance policy and need to make a claim, a financial planner can assist with the claims process and liaise with the insurance company on your behalf.
They can also help you resolve disputes with insurance companies if necessary.

Mortgage and debt advice

A financial planner can provide advice on managing debt, including strategies for paying off loans and credit card balances.
They can also help you choose a mortgage that fits your financial goals and needs.

Aged care planning

A financial planner can help you plan for aged care expenses, including nursing home costs and home care services.
They can also offer advice on strategies to maximize government benefits such as Centrelink and the Aged Pension.

Returns on investments

Financial planners can help you assess the returns on different investment options and choose the ones that align with your investment goals and risk tolerance.

By providing these services, financial planners can help individuals and businesses achieve financial security and reach their long-term goals. However, it’s important to understand the fees and costs associated with these services, as well as the potential drawbacks and risks. In the next section, we’ll explore some of the key factors to consider when choosing a financial planner.

IV. Differences between Financial Planners and Financial Advisors

In Australia, the terms “financial planner” and “financial advisor” are protected under the Corporations Act and require individuals to hold a license from the Australian Securities and Investments Commission (ASIC) to provide financial advice. However, some unlicensed individuals have been using the title of “financial coach” to bypass these requirements and give the appearance of being a professional financial advisor.

While the titles and qualifications of financial planners and financial advisors may be similar, it is important to verify that an individual is licensed by ASIC and registered on the Financial Adviser Register before seeking their advice. This will help ensure that the individual has met the necessary education and professional requirements and is bound by the fiduciary duty to act in their clients’ best interests.

It’s also important to be aware that not all financial professionals who use titles such as financial coach or money mentor have the necessary expertise and qualifications to provide comprehensive financial advice. Consumers should carefully research and evaluate any financial professional they consider working with, regardless of their title or apparent level of professionalism.

Moneysmart maintains a register of all licenced advisers, including if they have ever been banned or disqualified before.

V. How to Choose a Financial Planner in Australia

Choosing a financial planner is an important decision that can have a significant impact on your financial future. When selecting a financial planner in Australia, consider the following factors:

Experience: Look for a financial planner who has experience working with clients in situations similar to yours. Ask about their track record and client retention rate.
Qualifications: Check if the financial planner is registered with ASIC and if they hold any professional qualifications such as a Certified Financial Planner (CFP) designation. This ensures that they have met the necessary education and professional requirements.
Services Offered: Consider the range of services offered by the financial planner, such as investment advice, retirement planning, estate planning, and tax planning. Ensure that the planner can provide comprehensive advice that meets your specific needs.
Fees: Discuss the financial planner’s fee structure and ensure that it is transparent and reasonable. Ask about any ongoing fees, as well as any fees associated with specific services.
Compatibility: Don’t underestimate the importance of personal rapport. You should feel comfortable with your financial planner and be able to communicate openly and honestly.

To find a financial planner in Australia, consider using the following resources:

Professional organizations like the Association of Financial Advisers (AFA), which maintains a directory of members.
Referrals from friends, family, or other professionals like accountants or lawyers.
Online search engines, which can provide a list of licensed financial planners in your area.

By taking the time to research and evaluate potential financial planners, you can make an informed decision and find a professional who can help you achieve your financial goals.

VI. Do’s and don’ts of working with a financial planner

Working with a financial planner can be a great way to achieve your financial goals and secure your financial future. However, there are some common mistakes that people make when working with a financial planner. Here are some do’s and don’ts to keep in mind:

Do set clear goals: One of the most important things you can do when working with a financial planner is to set clear goals. This will help you and your planner stay on track and ensure that you are working towards the same objectives.

Do communicate effectively: It is important to communicate effectively with your financial planner. Be sure to ask questions and share any concerns you may have. This will help ensure that you are getting the most out of your relationship with your planner.

Do review your plan regularly: Your financial situation can change over time, so it is important to review your plan regularly with your financial planner. This will help ensure that your plan is still on track and that you are making progress towards your goals.

Don’t expect overnight results: Achieving your financial goals takes time and effort. It is important to be patient and realistic about the timeline for achieving your goals.

Don’t be dishonest: It is important to be honest and transparent with your financial planner. This will help ensure that your planner has all the information they need to provide you with the best possible advice.

Don’t make decisions without consulting your planner: Before making any major financial decisions, be sure to consult with your financial planner. They can help you evaluate the pros and cons of different options and determine the best course of action for your situation.

When choosing a financial planner, it is also important to consider whether you like their personality and whether you feel comfortable working with them. Your financial planner should be someone you trust and feel comfortable discussing your financial situation with.

VII. Red flags for financial advisors

When working with a financial advisor, it’s important to be aware of the red flags that may indicate that something is amiss. Some common warning signs to watch out for include:

Conflicts of interest: Your financial advisor should be working in your best interests, not their own. If you feel like your advisor is recommending products or services that benefit them more than you, it may be time to re-evaluate the relationship.
Undisclosed fees: Financial advisors are required to disclose all fees associated with their services. If your advisor is not transparent about the costs involved, it may be a sign that they are not acting in your best interests.
Pushy or aggressive behaviour: If your financial advisor is pressuring you to invest in something that you are not comfortable with, or is using scare tactics to make you feel like you need to take action immediately, it’s time to reassess the relationship.
Unlicensed or unregistered: Before working with a financial advisor, make sure to verify that they are licensed and registered with the appropriate regulatory bodies.
Lack of communication: Your financial advisor should be keeping you informed and up-to-date on all aspects of your financial plan. If you are not receiving regular updates or are having difficulty getting in touch with your advisor, it may be time to consider other options.

If you suspect that your financial advisor is behaving unethically or illegally, it’s important to take action. You can file a complaint with the Australian Securities and Investments Commission (ASIC) or seek legal advice. Remember, your financial future is too important to leave in the hands of someone you don’t trust.

VIII. Do Millionaires Use Financial Advisors?

When it comes to financial planning, it’s easy to assume that only those struggling to make ends meet or just starting out in their careers need the help of a financial advisor. But what about millionaires? Do they use financial advisors too?

The answer is a resounding yes. In fact, many high-net-worth individuals rely heavily on the services of financial planners and advisors to manage their wealth and plan for the future. Here are some ways that wealthy clients may work with financial advisors:

Advanced Estate Planning Strategies: High-net-worth individuals often have complex estates with various assets, trusts, and tax implications. Financial planners can provide guidance on how to structure an estate plan that minimizes tax liability and ensures a smooth transfer of wealth to future generations.
Specialized Investment Vehicles: Wealthy clients may have access to investment opportunities that are not available to the general public, such as private equity, hedge funds, or venture capital. Financial advisors can help evaluate these options and ensure they align with the client’s overall investment strategy.
Business Succession Planning: Many wealthy clients own businesses that need to be passed down to future generations. A financial advisor can help create a succession plan that addresses issues such as ownership transfer, management succession, and tax implications.

So, if you think that financial advisors are only for those on a tight budget, think again. Millionaires and other high-net-worth individuals often need the guidance of financial planners to help manage their wealth and plan for the future.

IX. Conclusion

In summary, seeking the advice of a qualified financial planner can be an excellent way to set and achieve your financial goals. Before choosing a financial planner in Australia, it’s important to carefully consider their qualifications, services, and fees, as well as to establish clear goals and communication. It’s also important to be aware of potential red flags when working with financial advisors, and to seek out professional advice if you suspect any unethical or illegal behavior.

While there may be some confusion between the terms “financial planner” and “financial advisor,” it’s important to remember that both are protected under the Corporations Act in Australia and must be licensed to provide financial advice. As a consumer, it’s important to choose a professional that meets your needs and has the experience and expertise to help you achieve your financial goals.

Whether you’re just starting out or have significant wealth to manage, working with a financial planner can be a valuable investment in your future.

So, take the first step in securing your financial future today by seeking the guidance of a trusted financial planner.

Mortgage vs super

February 12, 2023 Experts, Finance, Superannuation 0 Comments

With interest rates on the rise and investment returns increasingly volatile, Australians with cash to spare may be wondering how to make the most of it. If you have a mortgage, should you make extra repayments or would you be better off in the long run boosting your super?

The answer is, it depends. Your personal circumstances, interest rates, tax and the investment outlook all need to be taken into consideration.

What to consider

Some of the things you need to weigh up before committing your hard-earned cash include:

Your age and years to retirement

The closer you are to retirement and the smaller your mortgage, the more sense it makes to prioritise super. Younger people with a big mortgage, dependent children, and decades until they can access their super have more incentive to pay down housing debt, perhaps building up investments outside super they can access if necessary.

Your mortgage interest rate

This will depend on whether you have a fixed or variable rate, but both are on the rise. As a guide, the average variable mortgage interest rate is currently around 4.5 per cent so any money directed to your mortgage earns an effective return of 4.5 per cent. ⁱ

When interest rates were at historic lows, you could earn better returns from super and other investments; but with interest rates rising, the pendulum is swinging back towards repaying the mortgage. The earlier in the term of your loan you make extra repayments, the bigger the savings over the life of the loan. The question then is the amount you can save on your mortgage compared to your potential earnings if you invest in super.

Super fund returns

In the 10 years to 30 June 2022, super funds returned 8.1 per cent a year on average but fell 3.3 per cent in the final 12 months.ⁱⁱ In the short-term, financial markets can be volatile but the longer your investment horizon the more time there is to ride out market fluctuations. As your money is locked away until you retire, the combination of time, compound interest and concessional tax rates make super an attractive investment for retirement savings.

Tax

Super is a concessionally taxed retirement savings vehicle, with tax on investment earnings of 15 per cent compared with tax at your marginal rate on investments outside super.

Contributions are taxed at 15 per cent going in, but this is likely to be less than your marginal tax rate if you salary sacrifice into super from your pre-tax income. You may even be able to claim a tax deduction for personal contributions you make up to your annual cap. Once you turn 60 and retire, income from super is generally tax free. By comparison, mortgage interest payments are not tax-deductible.

Personal sense of security

For many people there is an enormous sense of relief and security that comes with having a home fully paid for and being debt-free heading into retirement. As mortgage interest payments are not tax deductible for the family home (as opposed to investment properties), younger borrowers are often encouraged to pay off their mortgage as quickly as possible. But for those close to retirement, it may make sense to put extra savings into super and use their super to repay any outstanding mortgage debt after they retire.

These days, more people are entering retirement with mortgage debt. So whatever your age, your decision will also depend on the size of your outstanding home loan and your super balance. If your mortgage is a major burden, or you have other outstanding debts, then debt repayment is likely a priority.

Older couple nearing retirement

Tony and Elena, both 60, would like to retire in the next few years. Together they earn $180,000 a year, excluding super, but they still have $100,000 remaining on their mortgage. Tony has a super balance of $600,000 and Elena has $200,000.

They want to be debt free by the time they retire but they are also worried they won’t have enough super to afford the lifestyle they look forward to in retirement.

If they do nothing, at a mortgage interest rate of 4.5 per cent it will take five years to repay their mortgage with monthly mortgage payments of $1,864. At age 65, their combined super balance will be a projected $1,019,395.

Jolted into action, they decide they can afford to put an extra $1,000 a month into their mortgage or super.

If they increase their mortgage payments by $1,000 a month, the loan will be repaid in three years and two months. But their super will only be a projected $931,665 by then, so they may need to work a little longer to fund a comfortable retirement. From age 63, they might consider salary sacrificing into super with money freed up from early repayment of their mortgage.

If they salary sacrifice $1,000 a month to super from age 60, their combined super balance will grow to a projected $1,082,225 by the time they are 65 and their home is fully paid for.

These are complex decisions, but whichever option they choose they will probably need to consider working until at least age 65 to be debt free and build their super.

All calculations based on the MoneySmart mortgage and retirement planner calculators.

All things considered

As you can see, working out how to get the most out of your savings is rarely simple and the calculations will be different for everyone. The best course of action will ultimately depend on your personal and financial goals.

Buying a home and saving for retirement are both long-term financial commitments that require regular review. If you would like to discuss your overall investment strategy, give us a call.

i https://www.finder.com.au/the-average-home-loan-interest-rate

ii https://www.chantwest.com.au/resources/super-members-spared-the-worst-in-a-rough-year-for-markets/

Buachailli Pty Ltd ABN 57 115 345 689 atf Harlow Family Trust t/as Queensland Financial Group is a Corporate Authorised Representative of Synchron AFS Licence No. 243313 This advice may not be suitable to you because it contains general advice that has not been tailored to your personal circumstances. Please seek personal financial advice prior to acting on this information. Investment Performance: Past performance is not a reliable guide to future returns as future returns may differ from and be more or less volatile than past returns.

The trouble with intuition when investing

January 30, 2023 Economic Update, Experts, Finance

Knowing how your mind works can help you avoid the more obvious traps many investors fall into.

Cognitive bias has become a bit of an investing buzz phrase in recent years.

The theory is that the human brain predictably makes errors of judgment that can lead us to be emotional, short term and come to other incorrect conclusions.

Cognitive bias has been of particular interest to the investing community and long lists of biases – confirmation bias, anchoring, the recency effect and dozens of others – are now the stock-in-trade of beginner investors worldwide.

The Nobel-prize winning economist Daniel Kahneman first researched bias in human thinking, distinguishing two ways in which we think: an automatic, instinctive and almost involuntary style contrasted with effortful, considered and logical thought.

That original research has grown into an industry.

Researchers and psychologists have identified endless ways in which the human brain is prone to bias, errors and poor judgment – and the investing community has latched on.

But underlying it all is that original finding that we spontaneously seek an intuitive solution to our problems rather than taking a logical, methodical approach.

Kahneman wrote that when we are confronted with a problem – such as choosing the right chess move or selecting an investment – our desire for a quick, intuitive answer takes over.

Where we have the relevant expertise, this intuition can often be right. A chess master’s intuition when faced with a complicated game position is likely to be pretty good.

But when questions are complex and rely on incomplete information, like investing, our intuition fails us.

The very fact we find the concept of cognitive bias so appealing is simply another example of our innate desire for simple, intuitive answers.

Unfortunately, the world is complicated, and almost everything that happens in investment markets emerges from the combination of a web of unrelated, intricate and multi-faceted events.

Our bias towards simplicity is reinforced by the nightly news and the morning newspapers that persist in providing simple explanations for complex events. Each day, market movements are distilled into ‘this-caused-that’ explanations that obscure the true drivers of change.

It is our intuition that is reacting when we find ourselves excited that markets rose 100 points – and a little nervous when markets ‘wipe off’ billions. We experience these emotional reactions even though the effect on our overall wealth from either event is likely to be tiny.

Our understanding of history is similarly simple, reducing wars, recessions and pandemics into simple cause and effect stories that are easy to remember and teach.

These stories help us understand the past. But they do not help us predict the future.

This explains why investment opportunities that seemed certain at the time we made them so often go awry.

It is not bad luck or circumstances changing against us – it’s the fundamentally simplistic cause and effect model in our minds that doesn’t allow us to understand all the possible outcomes.

So how can we best use the science of cognitive bias to become better at investing?

It is certainly worth learning about the wide and growing range of cognitive biases scientists are identifying that can stand in your way of being more successful.

Knowing how your mind works can help you avoid the more obvious traps many investors fall into.

We can use the basic principles of successful investing to avoid becoming victim to our own cognitive biases. Stick to a plan and don’t react to market noise or your emotions. Stay diversified to reduce the risk of permanent loss. And ensure you do not spend too much money on unnecessary fees.

But it is also a trap to rely too heavily on the science of cognitive bias, thinking that it can provide you with the keys to investing success.

The serious research being done by psychologists has been co-opted to offer you yet another tempting short cut – and in successful investing, there is no such thing.

Source: Vanguard

Reproduced with permission of Vanguard Investments Australia Ltd

Vanguard Investments Australia Ltd (ABN 72 072 881 086 / AFS Licence 227263) is the product issuer. We have not taken yours and your clients’ circumstances into account when preparing this material so it may not be applicable to the particular situation you are considering. You should consider your circumstances and our Product Disclosure Statement (PDS) or Prospectus before making any investment decision. You can access our PDS or Prospectus online or by calling us. This material was prepared in good faith and we accept no liability for any errors or omissions. Past performance is not an indication of future performance.

Important:
Any information provided by the author detailed above is separate and external to our business and our Licensee. Neither our business nor our Licensee takes any responsibility for any action or any service provided by the author. Any links have been provided with permission for information purposes only and will take you to external websites, which are not connected to our company in any way. Note: Our company does not endorse and is not responsible for the accuracy of the contents/information contained within the linked site(s) accessible from this page.

Six ways to pay off your mortgage faster

January 12, 2023 Consultant, Economic Update, Experts, Finance

Paying off your mortgage early will save you money and take a financial load off your shoulders. Here are some ways to get rid of your mortgage debt faster.

Switch to fortnightly payments

If you’re currently paying monthly, consider switching to fortnightly repayments. By paying half the monthly amount every two weeks you’ll make the equivalent of an extra month’s repayment each year (as each year has 26 fortnights).

Make extra payments

Extra repayments on your mortgage can cut your loan by years. Putting your tax refund or bonus into your mortgage could save you thousands in interest.

On a typical 25-year principal and interest mortgage, most of your payments during the first five to eight years go towards paying off interest. So anything extra you put in during that time will reduce the amount of interest you pay and shorten the life of your loan.

Ask your lender if there’s a fee for making extra repayments.

Smart tip: Making extra repayments now will also give you a buffer if interest rates rise in the future.

Find a lower interest rate

Work out what features of your current loan you want to keep, and compare the interest rates on similar loans. If you find a better rate elsewhere, ask your current lender to match it or offer you a cheaper alternative.

Comparison websites can be useful, but they are businesses and may make money through promoted links. They may not cover all your options. See what to keep in mind when using comparison websites.

Switching loans

If you decide to switch to another lender, make sure the benefits outweigh any fees you’ll pay for closing your current loan and applying for another.

Switching home loans has tips on what to consider.

Make higher repayments

Another way to get ahead on your mortgage is to make repayments as if you had a loan with a higher rate of interest. The extra money will help to pay off your mortgage sooner.

If you switch to a loan with a lower interest rate, keep making the same repayments you had at the higher rate.

If interest rates drop, keep repaying your mortgage at the higher rate.

Use our mortgage calculator

See what you’ll save by making higher loan repayments.

Consider an offset account

An offset account is a savings or transaction account linked to your mortgage. Your offset account balance reduces the amount you owe on your mortgage. This reduces the amount of interest you pay and helps you pay off your mortgage faster.

For example, for a $500,000 mortgage, $20,000 in an offset account means you’re only charged interest on $480,000.

If your offset balance is always low (for example under $10,000), it may not be worth paying for this feature.

Avoid an interest-only loan

Paying both the principal and the interest is the best way to get your mortgage paid off faster.

Most home loans are principal and interest loans. This means repayments reduce the principal (amount borrowed) and cover the interest for the period.

With an interest-only loan, you only pay the interest on the amount you’ve borrowed. These loans are usually for a set period (for example, five years).

Your principal does not reduce during the interest-only period. This means your debt isn’t going down and you’ll pay more interest.

Source:
Reproduced with the permission of ASIC’s MoneySmart Team. This article was originally published at https://moneysmart.gov.au/home-loans/pay-off-your-mortgage-faster

Important note: This provides general information and hasn’t taken your circumstances into account. It’s important to consider your particular circumstances before deciding what’s right for you. Although the information is from sources considered reliable, we do not guarantee that it is accurate or complete. You should not rely upon it and should seek qualified advice before making any investment decision. Except where liability under any statute cannot be excluded, we do not accept any liability (whether under contract, tort or otherwise) for any resulting loss or damage of the reader or any other person. Past performance is not a reliable guide to future returns.

Important

Any information provided by the author detailed above is separate and external to our business and our Licensee. Neither our business nor our Licensee takes any responsibility for any action or any service provided by the author. Any links have been provided with permission for information purposes only and will take you to external websites, which are not connected to our company in any way. Note: Our company does not endorse and is not responsible for the accuracy of the contents/information contained within the linked site(s) accessible from this page.

Three top strategies for setting goals you can actually achieve

January 7, 2023 Business, Consultant, Experts 0 Comments

Setting goals for yourself and your business is sometimes easier said than done. Productivity coach, Chelsea Pottenger, shares some handy tips to set effective goals – and achieve them!

A new financial year is a great time to pause, review and evaluate your goals. Asking yourself and your team if you are on the right track? If your daily activities match your goals? Whether you even set up the right goals to start with?

A mistake we can all fall into is setting up big goals, only to discover we aren’t following through to achieve them. You can stop that happening by using a framework that will not only help you set up your goals but achieve them as well.

So, what is a goal?

A goal is simply a future desired outcome. Your goal could be to ‘increase yearly revenue by 25 per cent’ or ‘to create a more connected culture’.

Whatever your goal is, it’s important to consider how you want to feel, the specific action of the goal and how you are going to achieve it.

Clearly articulated goals help trigger new behaviours, which prompt new habits, allowing you to work more efficiently and effectively towards achieving your goals.

Three steps to successful goal setting

Step 1: Start with your values

Your values are your ‘why’. They are the things you believe are important. They determine your priorities and help measure whether you are fulfilled. Your values will help guide why you are making the goals you are, and ensure they are aligned with the purpose of the business.

Write down three values and then process why they are important.

Step 2: Determine how you want to feel

This part may not seem that important, however cognitive therapy tells us that when we can harness the emotion we would feel by achieving our goals, we will better understand our ‘why’ and intrinsic motivation, prompting us to put more energy into achieving them.

Ask yourself:

Do you want to feel successful?
Do you want to feel abundant?
Do you want to feel energetic?

Before writing down your goals, clearly identify how you want to feel and return to this feeling when finding your intrinsic motivation.

Step 3: Set S.M.A.R.T Goals

S.M.A.R.T goal setting is a widely proven formula for success. The acronym ‘S.M.A.R.T’ stands for Specific, Measurable, Attainable, Relevant and Timebound.

Writing goals in this format prompts you to be crystal clear about what the desired outcome is and how you are going to achieve it. For example, if your goal is to support employee wellbeing, we would break down the goal like this:

Specific: Introduce a twice a week wellbeing program for my employees.
Measurable: I will survey my employees on what types of fitness and mindfulness they would like to be included in the wellness program.
Attainable: I will outsource a fitness trainer and meditation/mindfulness coach. I will spend two hours per week working with them to curate sessions for the program.
Relevant: Supporting my employees’ wellbeing will increase their happiness, productivity and performance at work.
Timebound: I will start working on the program tomorrow and have it up and running in six weeks time.

Now you have set your goals, you need to achieve them.

3 strategies to help you stick to your goals

1. Treats and rewards for the brain

Reward yourself along the way. Celebrate each milestone that gets you closer to your goal.

2. Pre commitment and accountability

Consider getting an accountability partner. This could be a spouse, friend, colleague – someone to celebrate the wins along the way and offer a fresh perspective.

3. Intrinsic motivation

Check on your ‘why’ and what motivates you. When our behaviours match our values, it means our goals are aligned with our purpose and we feel a stronger drive to achieve them.

Source: Flying Solo August 2022

This article by CHELSEA POTTENGER is reproduced with the permission of Flying Solo – Australia’s micro business community. Find out more and join over 100K others https://www.flyingsolo.com.au/join.

Important:
This provides general information and hasn’t taken your circumstances into account. It’s important to consider your particular circumstances before deciding what’s right for you. Any information provided by the author detailed above is separate and external to our business and our Licensee. Neither our business, nor our Licensee take any responsibility for any action or any service provided by the author. Any links have been provided with permission for information purposes only and will take you to external websites, which are not connected to our company in any way. Note: Our company does not endorse and is not responsible for the accuracy of the contents/information contained within the linked site(s) ac www.flyingsolo.com.au

Category: Experts