In the realm of personal finance, timing is everything. Sarah Wells, in her insightful article “Is the value of financial advice in the timing?” from The West Australian, highlights the significant impact that timely financial advice can have on one’s financial health. Let’s delve into the key insights from the article and explore why timing is so crucial.
Why Timing Matters in Financial Advice
“Timing is a light-bulb moment. It springs from a revelation, and money is no different,” states Wells, emphasising the pivotal role of timing in financial decision-making. This revelation often stems from significant life events or changes in economic conditions, pushing individuals to seek professional guidance.
Key Triggers for Seeking Financial Advice
According to Wells, people often seek financial advice during major life events such as:
- Falling in love and getting married
- Experiencing illness or injury
- Starting a family
- Planning for retirement
- Going through a divorce
Additionally, “Major economic changes, such as a recession or market volatility, often kick our procrastination habits to the curb and force us to seek professional financial advice,” Wells notes. These events act as triggers, prompting individuals to re-evaluate their financial strategies and seek expert advice.
People often seek financial advice when they experience significant life events, like starting a family. Credit: skynesher/Getty Images
The Power of Glimmers in Financial Success
Observing financially successful individuals reveals consistent behaviours and characteristics, such as discipline, long-term thinking, adaptability, and patience. Wells highlights that these individuals understand the value of timing in financial decisions. “We see consistent behaviours such as discipline, long-term thinking, scenarios and options, a willingness to learn, adaptability, patience, and the ability to take both calculated and measured risks,” she explains.
Light-bulb Moments: Defining Financial Goals
One of the most crucial steps in achieving financial success is defining clear financial goals. “There’s no better time than now to define what you want your finances to look like, then find an adviser that can help you design a road map to get there,” says Wells. This proactive approach allows individuals to align their financial strategies with their life goals.
Setting Up for Success in Wealth Transfer
We are currently in the early stages of the largest intergenerational wealth transfer in history. Wells stresses the importance of this phase for setting up financial success. “We’re in the early stages of the biggest intergenerational wealth transfer in history, so to my mind there’s no better time to set yourself up for success,” she advises.
Taking Action: The Key to Financial Well-being
To benefit from financial advice, it’s essential to take action promptly. Whether it’s focusing on your tax refund, topping up your superannuation, buying or selling property, or making investments, the right timing can make all the difference. “Whether you’re focused on your tax refund, topping up your super, buying or selling property, or even your next investment, seeking advice at the right time can help you create your own luck,” Wells concludes.
At Inspired Money we completely agree with Sarah, that the value of financial advice lies not just in the advice itself, but in the timing of its application. By recognising key triggers, observing successful behaviours, defining financial goals, and taking timely action, individuals can significantly enhance their financial well-being. As Sarah Wells aptly puts it, understanding the timing can be the light-bulb moment that transforms your financial future.
Ready to take control of your financial future? Don’t wait for the right moment; create it. Connect with one of our expert advisors today and start crafting a financial plan that’s as timely as it is strategic. Alternatively, call us on 08 6222 7909 or email us on admin@inspiredmoney.com.au to book your complimentary consultation and begin your journey toward financial success.
