Financial adviser Canna Campbell shared four things she uses to build wealth
The expert said you need to set a mindful money number you need to achieve
This number is the amount you would need to cut back or stop work completely
You can achieve this through things like investing and rental dividends
Canna said you should use ETFs and LICs to build a diversified portfolio instantly
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While student debt is technically interest-free, Canna (pictured) said it is crucial to remember that it is always indexed against inflation
Canna Campbell s five-step plan for paying off student debt
1. Contact the ATO and find out exactly how much debt you owe.
2. Draft a monthly budget that allows you to make higher repayments of your loan so you can pay it off quicker.
3. Set mini financial goals around reducing student debt.
4. Allow yourself some small rewards every time you repay a big chunk.
5. Be realistic - don t overstretch yourself or prioritise student debt over toxic credit card loans because it is likely the interest rate is higher than the student loan.
A financial advisor has shared her top financial hacks to help you to achieve your savings goals by the end of 2021, and it all starts with creating a budget and banishing toxic debt .
1. Set yourself an immediate goal of $1,000
As soon as she decided to start saving and investing, Canna set herself The $1,000 Project for saving. Never at any stage did I say to myself, I want to save $200k, because at the time that seemed like a crazy amount of money, Canna said. Instead, I focused on what I could do right now, and $1,000 seemed like an achievable amount of money to save.
As soon as the mum reached $1,000, she put it in a diversified investment portfolio so that she wasn t tempted to spend it.
Over the six years, Canna continued to save in chunks of $1,000 - investing as soon as she hit her target.