Get Your Financial Future Sorted – Be Financially Independent Single & Couples VIDEO 2 || SugarMamma


hi everyone welcome back to my channel sugar mama TV so this video is actually an important follow-up video from money Monday where I shared with you why is so incredibly important that you have your own individual financial goals financial strategy financial passion project when you have your own individual personal financial gameplan it significantly contributes to your own individual sense of self-worth self-respect and self-love and it means that no matter what financial curveball the universe decides to throw your way you are still standing strong and independent by no means by saying you need to forego your family’s financial goals or the financial goals that you have with your partner what I’m saying is you can actually have the best of both worlds you should have things that you’re working on for yourself individually and also you have the respect and responsibility of your financial goals with your family or with your partner but make sure you always learn to do things for yourself so that you then free up your resources and energy to also be able to put that back into the joint goals together now I’m going to be sharing with you six steps as to how to do this for yourself but because these videos are just bite-sized videos for you guys I highly recommend you grab a copy of mindful money because in mindful money I go into these steps into so much more detail but I also give you case studies that you can then use to create and design your own individual financial strategy as well as the joint financial strategy for you and your partner or for you and your family now step number one is to grab a piece of paper and a pen and go and sit in a quiet place alone I want you to write down all the things that you would like to see in your own individual financial situation it doesn’t matter what it might be but just make sure you write down what are the financial goals and aspects you would like to see in your own individual financial situation now once you’ve done that I want you to go back to those goals and look at them and ask yourself why are they important to me it is so great to have financial goals but unless we understand our big why what is the value one of the aspects what is the purpose behind those goals why are they important they become meaningless soulless goals and we will lose our sense of determination and motivation so sit down and think about what is it that excites me what is it that’s so important about achieving that goal it might be just a sense of security or stability it might be choice and flexibility or it might even be something like more luxury in your life it doesn’t matter but just make sure you write this down so that you really connect with your goals on a deep level step number two is to do a budget and a financial snapshot for your net wealth position now by doing a budget you can understand what your cost of living is I recommend cross-referencing your bank statements your credit cards so you know exactly how much things cost nothing can be missed and you can see how quickly it all adds up now that will give you a total and cost of living per year so say for example I work out that my cost of living is say $80,000 per year that is a great game plan or point of reference to help create one of my financial goals I could then make one of my financial goals to build up a passive income of $80,000 a year because I know what’s I’ve achieved that I’m completely financially free and independent the other part of this strategy is also to work out your net wealth figure this is where you add up all your assets such as your savings your retirement savings accounts pensions or superannuation accounts any shares or investments you might earn or property and then you deduct all your liabilities now once you’ve got that net wealth bigger you make a promise to yourself that you are only going to build up from that number you are only going to strengthen your net wealth figure and you’re also going to start building and buying passive income streams that help cover your living expenses so for me my goal would be to improve my net wealth figure and to start building and buying passive income streams that can slowly build up to $80,000 a year see we’re already creating financial goals and we’re not even Koerner the way through this video step number three has two components to it one is to go back through your budget and look at each individual expense and ask yourself what do I love value use and appreciate if it doesn’t match either of those four requirements it has to get cut down or cut out completely I want you to spend money by what you do is spend money and enjoy it and get value and gratitude and appreciation when it comes to spending your money I do not want any mindless wasteful spending in your budget you must make sure that you actually need every single expense in there and it’s within reason and then any savings that you could find from going through your budget I want you to use that money proactively and put it towards one of your financial goals it doesn’t matter what it is and how that savings is created make sure you proactively do something with that money and you put it towards your financial goals that you have set for yourself now the second part of this strategy is to look at ways that you can earn create manifest hustles some extra cash in your life and where every time you do this you put that money also towards your financial goals start to look at things you can do to bring some extra cash in your life if you are in a relationship and you have already some very strict family budgets and financial responsibilities doing the thousand dollar project for yourself is a great way of saying I’m still going to stick to the family budget I’m still going to make sure we pay the mortgage or the rent or start saving but this I’m going to do for myself I’m gonna have my own individual thousand dollar project where any money I can read I put towards one of my individual personal financial goals step number four is your retirement saving plan your pension or your superannuation accounts now that you understand where you stand financially your cost of living you’ve got some really great powerful financial goals and you’ve gone through your budget and you’re hustling extra money that you’re putting towards those goals we need to make sure our ducks are lined up when it comes to retiring we really need to make sure that no matter what happens we will never be reliant on our partner or the government to be able to retire on time and at a level that we feel comfortable with so there are actually four things I look for in a quality superannuation account and I explain all of those in mindful money and I also share with you my top four favorite superannuation accounts but in a nutshell the four things are making sure number one they’re cost effective but not at a jeopardy of quality the second thing that I look for is you’re able to access quality personal insurance policies through that superannuation account the third thing that I look for is making sure that there is a wide range of quality investments that include direct equities listed investment companies exchange-traded funds index ETFs and of course things like term deposits and then the fourth final thing that I look for in a quality superannuation account is what is called an in specie transfer service this is probably one of the most important things that most people completely forget when it comes to superannuation and I explain it in so much detail because it’s quite technical but essentially if you have an in specie transfer service it could save you tens of thousands if not hundreds of thousands of dollars in capital gains tax when you go to retire remember the more money you’ve got in superannuation the more comfortable your timing is going to be and the more financially independent you’re going to be from a single person’s perspective step number five is coming back to that personal insurance conversation everyone should have some form of life cover total and permit disablement and income protection as an absolute minimum now working out the right level of cover is different for absolutely everyone and what they value as an individual and I explain how to work that out for yourself in my book but make sure your superannuation account allows life and TPD cover and you have the right cover in place the most important type of a personal insurance do you have in place is actually income protection now income protection pays you in the event of you being unable to work due medical reasons regardless of where there is an accident or an illness and I highly recommend you always cover yourself up to a minimum of age 65 so that again you never need to rely on the government or someone else to help pay the bills and to help you keep you living now the sixth step for your financial independence is actually so much easier than all the other steps because you’ve done all the hard work but that is to constantly track and monitor your progress always come back to your budget always come back to your net wealth figure and constantly update it whenever you do something for yourself that improves your financial situation also always track your growing passive ink tract it in relation to that budget how am i tracking towards achieving that $80,000 a year in passive income constantly updated make sure you write it down with the date so you can see how powerful and how effective you are in achieving your financial goals and how realistic financial success is in your path now I would really appreciate it if you could share this video with 10 of your friends who you think need to take care of their financial well-being they need to do something for themselves that builds up their own sense of self worth and self respect so that they know exactly what they need to do and when and how to make this happen for themselves and they can be engaged and committed with building their own individual sense of strength and stability thank you everyone for watching don’t forget to subscribe if you haven’t already and I will see you next week for more money Monday and if you want to grab a copy of mindful money where I talk about this in way more detail please click on the link below and it will take you to exactly where you need to get it Chaffin our

16 thoughts on “Get Your Financial Future Sorted – Be Financially Independent Single & Couples VIDEO 2 || SugarMamma

  • Thank you again for such helpful tips. 😃 I have to be more educated and comfortable with the passive income part. I am so intimidated by this.

  • Hi Canna, first, I love your channel! i would be interested to hear your thoughts on investing during a recession. I plan on continuing to invest at exact intervals recession or otherwise. In this way i will not let my emotions take the best of me (emotional investing doesn't let you make good decisions). what are your thoughts? any strategies you like? thank you!!!

  • Congratulations to those in the comments section who are currently buying ASX (Australian Stock eXchange) shares of ‘SZL’ (Sezzle, US-based rival of AfterPay) at about $2.29 (mid August 2019), and around the time of NFL SuperBowl 56 in Los Angeles (early February 2022) sell it when ‘SZL’ is about $25 – $30 a share, and buy a $5,000,000 mega-house in Melbourne VIC Australia or Sydney NSW Australia or where-ever you live or want to live

  • Hey Suga mama, looking stunning! would love to see you in your red lipstick next video

    Can you cover the topic of looming recession looks like markets are bleeding red.

  • Canna- what on earth is a "Dow Jones" and what is the hype about it falling 800 points in the news today? Does this mean we shouldn't invest in our market or is this just media fear-mongering?

  • Hi Canna ☺️ Very Good, Helpful Video 👍
    Previous I was spending money randomly on things, Now I buy very Mindfully ☺️ I always track my investment portfolio how I am Progressing ☺️👍 Thanks for sharing 👍 Have a Lovely Day ❤️

  • Updating my super account immediately so that I've got Income Protection Insurance! Thank you Canna, excited for the book!

  • Thank you. You inspired me to start investing. I now make enough money each year to pay to take 7 month old swimming twice a week. I feel so empowered by this as a mamma on mat leave with a reduced salary

  • Hi, just so you know, your booktopia links give me 406 Not Acceptable error, you might want to check them. Maybe it's just that their server is down right now, but still.

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