Keeping An Optimistic Mindset Contributes To Achieving Sound Financial Wellness

Today we look at a topic that really resonates with our culture at Endorphin – Optimism. We love to see the glass as half full, every cloud having a silver lining and of course living above the line.

 

 

Have you ever joined the dots between positive thinking and your financial habits?

Optimism doesn’t translate as ignoring the real world. Rather, optimism is defined as the expectation of good things yet to happen coupled with the belief that behavior matters, especially during times of challenging turbulence. A rational optimist can see reality for what it is, while still believing good financial habits can improve their financial position.

These days we define our health and wellness quite broadly. We’ve come to embrace mental health, social engagement and financial well-being in our definitions of good health.

 

Optimism Delivers Superior Financial Benefits

A recent study Mind Over Money in the U.S. by Frost Bank, in conjunction with FleishmanHillard connected the link between financial well-being and an optimistic mindset.

If you doubted the financial benefits of positive thinking, the study found people who classify themselves as optimists enjoy 62 percent fewer days of financial stress per year compared to pessimists.

Optimism was also associated with an increase in a respondent’s financial well-being. Greater optimism, after controlling for skills, income, wealth and other demographic factors, related to superior financial habits.

 

A Catalyst For Improved Financial Health

Believing our challenges in life are temporary rather than permanent enables us to be inspired to adopt meaningful financial habits that contribute to financial improvement.

Optimism can act as a catalyst for improved physical, emotional and financial health. The study found respondents wanted more optimism in their lives.

One potential remedy to the stress endemic to our busy lifestyles is nurturing an optimistic perspective. When it comes to financial strategy, the study shows optimists are better placed to adopt a savvy approach and enjoy the financial benefits of their investment strategy.

 

Optimism Enhances Financial Agility

The research indicates optimists were substantially likely to enjoy superior financial wellbeing compared to pessimists. Moreover, optimists were more likely to adopt better financial habits in managing their money. Roughly 90 percent of optimists in the study saved for a significant purchase, be it a car, a house or an overseas trip compared to pessimists at just 70 percent.

Some 66 percent of optimists had an emergency fund, compared to fewer than half the pessimists. Moreover, optimists appear to be more active in seeking out and following counsel from a trusted source.

 

Optimism Fuels Your Career

Optimism also appears to be a sage investment beyond personal finance. Optimists seem to do better in their careers than pessimists.

These Work Optimists are 40 percent more likely to receive a promotion in the coming twelve months, five times less likely to experience burnout than pessimists and up to six times more predisposed to displaying high levels of engagement in their workplace.

 

Final Observation

Optimism is a lucrative investment for professionals. Positive thinking together with sound financial habits can unleash your inner optimism and help you take back those 145 stress-free days each year lost to pessimism while fuelling your sense of happiness and work success.

The team at Endorphin Wealth Management is happy to assist with helping you achieve a positive outlook on your financial situation from a financial planning perspective.

For an obligation free discussion, call us on 03 9190 8964, or schedule a meeting at endorphinwealth.com.au/contact/

 

Guest Blog: Melbourne’s Vacancy Rates For Investment Properties

For this week, we’d like to welcome a special guest blogger – Lee Buoy from Melbourne Real Estate as she shares her insights on Melbourne’s Vacancy Rates For Investment Properties.

Melbourne Real Estate strives to continually improve and develop our services. Reaching out to our landlords and getting to know their greatest concerns and needs regarding their investment property is one of the most valuable ways for us to gain feedback.

You can see the most common responses to 3 key questions in our recent landlord survey in the charts below:

·  What do you value most in a property manager?

·  What are your fears, frustrations, and anxieties (if any) in relation to your investment property?

·  What are your wants, needs, and hopes (if any) in relation to your investment property?

Ranked as a top concern for landlords is VACANCY, closely followed by the want for their investment property to have NO VACANCY.

This feedback is more than just a reflection of the concerns experienced by Melbourne Real Estate’s clients, it is a sentiment felt by almost anyone who owns an investment property.

At Melbourne Real Estate, our vacancy rates have outperformed the market on a consistent basis. Whilst I can’t predict the future, I can assure you we have no plans on slowing down.

The Real Estate Institute of Victoria (REIV) has released their latest stats, suggesting vacancy rate for inner city Melbourne have fluctuated between 1.8% – 2.1% for the past year (2019). Throughout 2019, MRE has maintained an average vacancy rate of 0.82%, never exceeding 1.09%. Considering the number of properties we manage (3521), we’re pretty stoked with these figures!

Supporting article relating to vacancy rates from domain.com.au can be found here: https://www.domain.com.au/advice/domain-rental-vacancy-rate-january-2019-799465/

 

Comprehensive analytics and research

Endorphin Wealth Management invests a great deal of time and effort researching the best investment strategies for our clients. We have developed a number of systems to manage and track the marketplace.

The investment landscape always evolves and it is more important than ever to consider your investments and carefully. We pride ourselves on being experts in researching opportunities, investments, and strategies that fit in with your goals. We want our clients to get on with enjoying their life rather than worrying about money.

For an obligation-free conversation about your financial future, please contact us on 03 9190 8964 or at advice@endorphinwealth.com.au

Endorphin Wealth welcomes Husnia Noori

We’re very excited to announce that Endorphin Wealth has expanded the team in Melbourne – welcoming Husnia Noori.

Husnia has completed her Bachelor of Commerce (Financial Planning & Finance) and has brought a great energy to the team in her short time with us.

She has commenced in our Support Team and is looking forward to developing her skill set and working with her own clients in the near future.

 

Husnia Noori: husnia@endorphinwealth.com.au

LinkedIn: https://www.linkedin.com/in/husnia-noori-8b2756b8/

Endorphin Wealth Offers Pro-Bono Assistance For Bushfire-Affected Families

Endorphin Wealth is offering pro-bono financial advisor support to three families who have been significantly impacted by Australia’s ongoing bushfire crisis.

Families who have lost homes and loved ones may not be aware of the many financial tactics they can employ to access some much-needed relief in their time of need. With our experience from assisting a number of clients through the Cancer Council Australia pro-bono program, we will offer assistance with budgeting, Centrelink payments, debt management, insurance claims & restructuring income and assets. Endorphin Wealth can help people who don’t understand their options when it comes to managing debt and repayments in this time of dire need, this can really help to lessen their burden at an incredibly difficult time.

 

Those that wish to apply for the pro-bono assistance can contact us on our website. Whilst our offer will extend to three families, we would seek alternative ways to support additional families looking for help with our professional associations, such as Financial Planning Association (FPA) and the Association of Independently Owned Financial Professionals (AIOFP), as well as colleagues from the financial advice industry to assist in this more. Endorphin Wealth gives its heartfelt thoughts to everyone impacted and all the emergency services and volunteers who are doing an incredible job.

Top 3 financial tips for those severely impacted by bushfires:

1.) Focus on your goals, dreams, and aspirations for the future. There will be many challenging times throughout our lives, but with determination and the right support, anything is achievable!

2 .) Take the time to reassess your budget and cash flow to ensure you can maintain your monthly living expenses.

3.) Ensure you regularly review your levels of insurance cover – both personally and on your property.

Speak with the team at Endorphin Wealth for more information, call us on 03 9190 8964, or email us at advice@endorphinwealth.com.au

Media Opportunities

Interviews and media opportunities, either in person or over the phone, can be arranged by request.

Contact:

Philip Richards – 0477 004 455

Matthew Galea – 0438 007 511

Endorphin Wealth welcomes David Patterson

We’re very excited to announce that Endorphin Wealth has expanded the team in Melbourne – welcoming David Patterson. David joins us with over 12 years’ experience in the financial services industry having previously held roles as an Associate Advisor and in Client Services.

David Patterson

David has already impressed us with his professionalism and dedication to helping Endorphin Wealth provide client-focused advice to our clients.

David will be completing additional studies in the coming years and we all look forward to seeing David work with his own clients in the years to come.

David Patterson

david@endorphinwealth.com.au