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PRESENTED BY REGIONAL BUSINESS SERVICES

Trent Yesberg Business Administration Consultant Trent is a National Award winning Business Consultant with 15 years of Commercial & Finance experience. Trent shares practical advice and steps that your business needs to grow and prosper.

Regional Business Services 39 Ingham Road Townsville 4795 1181 trent@regionalbusinessservices.com.au www.regionalbusinessservices.com.au

Money counts in love and business So make sure you’re on the same page as your partner When I was working for ‘The Bank’ I worked with a manager who was getting married. I was early 20’s at this point and enjoying the freedoms that being young and employed afforded (pun intended). Weekends away, partying, clothes, i.e. all the fun stuff. With his impending wedding, he attended a workshop that discussed finances for couples. This seemed strange to me – a banker heading along to discuss relationship finances, but when it was explained to me, it made a lot more sense. Money (and associated financial pressures) is among the major reasons why marriages end in divorce, and I’m sure it’s a big reason why people have disagreements. Heading into any relationship, whether it’s marriage, friendship, coupling-up and especially business relationships, it’s as important

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to understand your own approach to finances, as it is to understand your potential partner’s. Money is the root of all evil, right? Well, I say wrong! I love money, and I love the life it affords me, but it’s essential to keep money in perspective. Money doesn’t buy you happiness, but it certainly helps you to be happier in the context that if you don’t have to ‘worry’ about money – life can be a lot, lot nicer. So how do you know if you’re a ‘match’ when it comes to finances? Find out! Ask your partner their thoughts on spending money: Do they have a budget? Do they have any debts? Credit cards, personal loans? Do they live week to week or do they have savings? Do they want to buy a house, a boat, a new car? What about children, retirement and having life insurances?

In business, do they have surplus funds? Are they willing to stick out the tough times? Like relationships, cash flow is a major killer for businesses in the first few years. One thing to remember and to pay particular attention to in the above is the use of the term ‘they’. Substitute ‘they’ with ‘you’ and contemplate your thoughts on your financial approaches and decisions. It might be confronting if you’ve never thought about it before. Now what? Did you find any uncomfortable answers? Are you happy with your own decisions and situation? Great news – you have the power to do something about it! 1. Set your goals 2. Develop a budget 3. Make a plan to accelerate your goals 4. Get started! Do it today! There are heaps of people who can assist you in making

financial decisions – as always; the professionals are the best place to start. And don’t discount the thoughts of friends/families/colleagues. I’ve known people who earn a 5 Star income but have a 6 Star spending habit. It’s not that hard to see that it will end in debt and heartache! I also know people who don’t earn a fortune but are in great financial shape and are super happy with life! No matter what approach you take to your finances, be certain to make sure you’re on the same page as your partner.

DISCLAIMER The information provided is general advice only. We have not considered your financial circumstances, needs or objectives and you should seek the assistance of a qualified advisor before you make any decision regarding any products mentioned.

Profile for DUO Magazine

DUO Issue 156 November | December 2019  

DUO. The Magazine of the North DUO is an elegant, intelligent publication highlighting style, home, fashion, food, travel, culture and exclu...

DUO Issue 156 November | December 2019  

DUO. The Magazine of the North DUO is an elegant, intelligent publication highlighting style, home, fashion, food, travel, culture and exclu...