More than 90% of Australians don’t know how much they will need to retire and a staggering two thirds of people believe they needed less than $1 million to live comfortably in retirement, when the actual amount ranges from $2 million – $4 million.
That’s according to research, commissioned by Vanessa Stoykov, the creator of the Channel Nine’s “Learn From The Money Masters: The Investment Series”.
She said the research also highlighted that women are 70% more unlikely to know how much they will need to retire.
Ms Stoykov who has founded a finance education company and recently written a fiction book “The Breakfast Club for 40-Somethings” to illustrate her finance principles said, “These new figures, paired with the fact that up to 80% of Gen X and Y will fall short of a comfortable retirement, are terrifying. My passion – alongside many others in the finance industry – is to help people better their financial situation to achieve a better life. But unfortunately, this research highlights that there are still so many Australians who really need help.”
Vanessa said she had created her new “fiction” book called “The Breakfast Club for 40-Somethings” to help educate Australians about their finances and four key golden rules –
1. Don’t believe everything you hear. A great deal of people trust too deeply in other people’s opinions and beliefs. Before making any money saving or investing decisions, make sure you do your due diligence to ensure you are in line with the current climate.
2. Think hard about the future, often. It’s a lot easier to say no to something today if you know what that action will mean in 5, 10, 20 years’ time. Having long term goals to work towards is vital to success.
3. Admit bad habits. Most people know they spend too much money, or know that they aren’t very financially savvy, but rather than trying to make too many major changes at once it’s important to decide which areas you need to prioritize first. Start by taking an online self-assessment questionnaire that will help determine exactly what you need to unlearn about money, otherwise you risk overwhelming yourself and giving up.
4. Take the first step. Making a change can be daunting, but it’s essential to success. By putting any of the above points into action, you’re on your way to improving your financial future. For me, the most important step I ever took to change my financial future and take action was to pick the right financial adviser – it was as easy as that.
Vanessa said her debut novel ‘The Breakfast Club for 40-Somethings’, is a unique way of learning about finance, rather than simply or explaining investment advice, she has written the book with fictional characters to illustrate the lessons learnt.
“The story is told through the eyes of six former schoolmates who have all gone off along different paths and re-connect at a school reunion,” she said.
“Through storytelling, the book presents the invaluable financial and life lessons everyone needs to understand to build a solid foundation for their own life, no matter what their situation is.
“I really hope that my book demonstrates the value of advice to people who may not realise it has value for them; or worse, have a mindset about money that prevents them from seeking advice at all. Money doesn’t need to be scary, but understanding the reality of what your future could look like without it should be.”
About Vanessa Stoykov
Vanessa Stoykov has over two decades of experience in the wealth creation space, and is a the Founder of No More Practice Education, and Founder and Chief Executive of Evolution Media Group. Vanessa is also the creator of the Channel Nine’s Learn From The Money Masters: The Investment Series, and author of The Breakfast Club for 40-Somethings.
For more information visit http://www.vanessastoykov.com