3 Rarely-Celebrated Financial Milestones PERSONAL FINANCE
MILESTONES
BY ROBERT RUSHFORD – RUSHFORD MATHESON ADVISORY MELBOURNE AUSTRALIA
There are certain financial milestones that tend to get the lion’s share of attention—namely, retirement, buying a home, or selling a business. But there is a huge variety of financial goals. Take advantage of the varied opportunities on your long-term wealthbuilding path, and celebrate achievements along the way.
1. Kids graduating or leaving the nest When the kids move out, some of your household expenses may go down, providing you the opportunity to ramp up savings for retirement or
other goals. You will also enjoy more time and flexibility to go and do things—all while you are still in the workforce and have income.
2. Reaching a saving milestone. Whether it’s your first, fifth, or twentieth million (or more), securing your financial future is an achievement! Of course, the number in itself is fairly arbitrary—having $5 million is not significantly different than having $5,000,001 or $4,999,999. However, it is a threshold bringing you closer to your goals, which is an achievement worthy of celebration.
3. Business anniversary Small business survival rates are notoriously low. About two-thirds of businesses with employees survive 2 years and about half survive at least 5 years. As one would expect, after the first few relatively volatile years, survival rates flatten out. Just 10% of family businesses remain active for the third generation. If you own a successful business, you know that success is no accident.
So be sure to celebrate with your team! Robert Rushford