THINGS THAT PREVENT YOU FROM GETTING RICH AND HOW TO AVOID THEM
THINGS THAT PREVENT YOU FROM GETTING RICH
P A U L M A R T I N
C H A R T E R E D A C C O U N T A N T L T D
AND HOW TO AVOID THEM
I N T R O D U C T I O NMOST OF US WANT TO BE RICH - TO BUY THE THINGS THAT WE
WANT , TO TRAVEL TO DIFFERENT PLACES , TO PERHAPS BUILD
OUR OWN BUSINESS AND MORE . BUT FOR MOST GETTING RICH
IS NOT THAT EASY . EVEN THOUGH YOU WORK HARD EVERY
DAY , THE MONEY YOU EARN IS STILL NOT ENOUGH TO BUY AND
DO ALL THE THINGS THAT YOU WANT .
ONE OF THE REASONS FOR THIS IS DUE TO OUR POOR MONEY
HABITS .
PAUL MARTIN CHARTEREDACCOUNTANT LTD
WWW.PMARTINCA.COM
WHAT MONEY TRAPS
CAN YOU FA L L I N TO ?
AS A TRUSTED PERSONAL FINANCIAL AND BUSINESS ADVISOR IN AUCKLAND ,
WE ARE SHARING SOME OF THE COMMON THINGS THAT WE NOTICE PEOPLE
DO THAT PREVENT THEM FROM BUILDING A STRONG FINANCIAL POSITION .
Y O U D O N ' T H A V E
E M E R G E N C Y
F U N D S
NO MATTER HOW GOOD YOU ARE AT BUDGETING
YOUR MONEY , IF YOU DON 'T HAVE AN
EMERGENCY FUNDS THAT WOULD COVER
SUDDEN BIG EXPENSES , YOU ARE FINANCIALLY
FRAGILE . YOU MIGHT EVEN END UP WITH
INCREASED DEBT BECAUSE YOU DON 'T HAVE
EXTRA MONEY TO PAY FOR THESE SUDDEN
EXPENSES .
01PAUL MARTIN CHARTERED
ACCOUNTANT LTDWWW.PMARTINCA.COM
E X P E R T A D V I C E
SAVE AT LEAST 20% OF YOUR INCOME . SET UP A
DIRECT DEBIT FROM YOUR WAGES TO MAKE THE
SAVING AUTOMATIC . IF YOU THINK YOU CAN
INCREASE YOUR SAVINGS , INCREASE IT BY 5 OR 10%
QUARTERLY OR YEARLY . THIS WAY YOU WILL BE ABLE
TO PREVENT SPENDING ALL YOUR MONEY ON NON-
EMERGENCIES AND BUILD A NEST EGG FOR THE
FUTURE .
PAUL MARTIN CHARTEREDACCOUNTANT LTD
WWW.PMARTINCA.COM
N O T P A Y I N G
Y O U R D E B T S O N
T I M E
SOME PEOPLE PAY ONLY THE MINIMUM AMOUNT
DUE ON THEIR CREDIT CARD , THINKING THAT
HAVING A CREDIT BALANCE WILL GIVE THEM A
SOLID CREDIT HISTORY . BUT IN REALITY YOU
ARE NOT BUILDING A GOOD CREDIT RATING IF
YOU CANNOT PAY OFF YOUR DEBTS .
02PAUL MARTIN CHARTERED
ACCOUNTANT LTDWWW.PMARTINCA.COM
E X P E R T A D V I C E
IF YOU CANNOT PAY OFF YOUR DEBTS RIGHT AWAY ,
IT IS ADVISABLE TO CREATE A PLAN FOR SETTLING
YOUR DEBTS . PRIORITISE THOSE THAT ARE URGENT
AND WITH THE HIGHEST INTEREST RATES . MAKE A
FLEXIBLE PAYMENT PLAN OR SCHEDULE THAT YOU
KNOW YOU CAN FOLLOW .
PAUL MARTIN CHARTEREDACCOUNTANT LTD
WWW.PMARTINCA.COM
N O T K N O W I N G
W H E R E Y O U R
M O N E Y G O E S
YOU MAY HAVE MANY BILLS TO PAY AND OTHER
THINGS THAT YOU BUY FOR YOUR EVERYDAY
NEEDS . BUT NOT PAYING CLOSE ATTENTION TO
YOUR FINANCES HAS REPERCUSSIONS . IF YOU
CONTINUE MINDLESS SPENDING , YOU WON 'T BE
ABLE TO SAVE FOR EMERGENCY SITUATIONS , OR
HAVE FUNDS TO PAY OFF YOUR DEBT . MINDLESS
SPENDING ALSO PREVENTS YOU FROM GETTING
RICH .
03PAUL MARTIN CHARTERED
ACCOUNTANT LTDWWW.PMARTINCA.COM
E X P E R T A D V I C E
IF YOU DON 'T HAVE A BUDGET , IT 'S TIME YOU
CREATED ONE . IF YOU ARE NOT GOOD AT BUDGETING ,
IT 'S TIME TO LEARN . BUDGETING YOUR MONEY AND
KNOWING HOW TO TRACK YOUR SPENDING HABITS
WILL HELP YOU TO MANAGE YOUR FINANCES
PROPERLY . IF YOU KNOW WHERE YOUR MONEY IS
GOING IT IS EASIER TO MAKE NECESSARY
ADJUSTMENTS .
PAUL MARTIN CHARTEREDACCOUNTANT LTD
WWW.PMARTINCA.COM
H A N G I N G O U T
W I T H T O X I C
P E O P L E
YOUR SPENDING HABITS WILL ALSO DEPEND ON
THE TYPE OF PEOPLE YOU SOCIALISE WITH . IF
YOU SPEND TIME WITH PEOPLE WHO LOVE
GAMBLING , DRINKING AND PARTYING , IT IS
LIKELY THAT YOU MAY FALL INTO THEIR
SPENDING HABITS , WHICH WILL AFFECT YOUR
OWN FINANCES .
04PAUL MARTIN CHARTERED
ACCOUNTANT LTDWWW.PMARTINCA.COM
E X P E R T A D V I C E
SPEND TIME WITH PEOPLE WHO YOU THINK WILL
HELP YOU BE MORE RESPONSIBLE WITH YOUR
FINANCES . OR SEEK FINANCIAL ADVICE FROM
MENTORS OR EXPERTS . FIND SOMEONE THAT YOU
CAN TRUST TO HELP YOU MANAGE YOUR FINANCES
PROPERLY .
PAUL MARTIN CHARTEREDACCOUNTANT LTD
WWW.PMARTINCA.COM
WANT TO KNOW HOW
YOU CAN GROW YOUR
F INANCES ?
THESE ARE JUST SOME OF THE VERY COMMON THINGS WE SEE THAT PREVENT
CLIENTS FROM GETTING AHEAD FINANCIALLY . AS CHARTERED ACCOUNTANTS
IN AUCKLAND , WE HELP PROFESSIONALS AND BUSINESS OWNERS MANAGE
THEIR FINANCES .