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 achieve 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 tip top shape.

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

Question your priorities

Many people think they don’t have enough time or money to fulfil their goals. However, Lisa says it’s all about prioritisation. She recommends writing down your vision, and prioritising what’s important to you and what you want 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. “I wanted an appreciating asset that would increase in value over time, rather than a depreciating asset that would drop in value.”

Money & Mindset with Lisa Messenger: Connect Event highlights.

Video transcript (PDF)

Write down your vision and prioritise what’s important to you.

Emulate others’ success

While reaching a goal on your own is possible, Lisa says that it’s easier when you have support around you. Whether your goal is as simple as managing your money more effectively, or it’s landing your dream job or building your own business, Lisa suggests seeking out others who’ve already done it.

"Surround yourself with people who are smarter than you, mentors, and people who’ve been there and done it,” she says. “Look at how others have achieved success and emulate it.”

Surround yourself with others who have already achieved success.

Make friends with money

Lisa says that it’s important to get comfortable with making money, as bizarre as that sounds.

“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,” she says.

Get comfortable with making money.

Start a side hustle

Want more money? Try starting a side hustle. Lisa says that it’s easier than ever for people to become entrepreneurs, as the internet and social media made it fairly effortless to reach potential customers. She recommends starting a side hustle while remaining in full-time work, as this provides the security of a regular salary while being able to test your business ideas in market.

“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 actually using that extra time in a productive manner, such as to start or build your side hustle.

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

Put a value on your time to help you focus on your passion.

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