5 top tips for financial wellbeing

Lisa Messenger
CEO and Editor-in-Chief of Collective Hub 16 November 2018

Having the right mindset about money, success and life is crucial to achieving financial wellness. That’s according to best-selling author, entrepreneur and investor, Lisa Messenger. Here, she provides her five top tips to help keep your finances in shape.

Profile image of Lisa Messenger Lisa Messenger
CEO and Editor-in-Chief of Collective Hub 16 November 2018

Reset your priorities

Many people think they don’t have enough time or money to fulfil their goals. However, it’s all about prioritisation. Try writing down your vision first, and then prioritise what’s important to you and what you hope to achieve.

“If you want to save for an overseas holiday, maybe you don’t need to spend as much on clothes, or perhaps you could cut back how much money you spend eating out,” she says.

“That’s how I bought my first investment property. I would have loved to buy a brand new car, but it was more important to me to use that money I’d saved for something that would help my financial wellbeing,” she says.

Our Goals Tracker can help you crunch the numbers and achieve your savings goals.

Money & Mindset with Lisa Messenger: Connect Event highlights.

Video transcript (PDF)

Emulate others’ success

While reaching a goal on your own is possible, some find it easier when there’s support around. Whether your goal is to manage your money better, land your dream job or build your own business, it’s good to seek out others who’ve already achieved it.

Change your attitude towards making money

“When I was younger, money felt like a dirty word,” Lisa says. “However, making money and being a good person don’t have to be mutually exclusive.”

Lisa says that being successful and making money gives her freedom of choice in life. “It allows me to focus on what I am passionate about, be it in my career, with family and friends, or in the broader community.”

Start something on the side

If making more money is one of your goals to financial wellness, try starting a side hustle. Lisa says that it’s easier than ever for people to become entrepreneurs, with the internet and social media making it easier to reach potential customers. It also allows you to test your business ideas and have the security of receiving a regular salary from your everyday job.

“Start a side hustle that you’re passionate about, there’s a market for and that’s commercially viable,” Lisa says. “It’s a great way to be able to test an idea, whether that be a product or service, before starting your own business and becoming an entrepreneur full-time.”

Put a value on your time

“A fun game I like to play is to look at a task and understand how much it’s worth of my personal time,” Lisa says. She uses the example of cleaning her house. “Am I good at cleaning my house and do I enjoy it, or should I pay someone else to do it, so I can make better use of that time?” she asks.

She emphasises the importance of using that extra time in a productive manner, like starting to build your side business.

“Outsource what you’re not good at, so you can focus on what you‘re good at and what you’re passionate about.”

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The information contained in this article is of a general nature and is not intended to be nor should it be considered as professional advice. You should not act on the basis of anything contained in this article without first obtaining specific professional advice. Also to the extent permitted by law, Bankwest, a division of Commonwealth Bank of Australia ABN 48 123 123 124 AFSL / Australian credit licence 234945, its related bodies corporate, employees and contractors accept no liability or responsibility to any persons for any loss which may be incurred or suffered as a result of acting on or refraining from acting as a result of anything contained in this article.