How often have you been asked this question over the years?
Meeting new people at the school pick-up, or at kids sport etc., etc. I’m sure this is a question we have all been asked plenty of times over the years.
So, what is the answer?
To me there is a significant difference between who you are employed by and who you work for.
Your employer is who you receive your pay packet from each week.
To my mind where you pay packet goes each week determines who you work for.
Let’s take a minute to think about that…….
According to the ABS (Australian Bureau of Statistics) as at May 2016 the all employees average weekly total earnings was $1160.20. This equates to a gross annual salary of $60330.40.Based on current tax rates this means a net weekly figure of $922.20, or if you prefer, a net monthly figure of $3996.20.
From the $3996.20 you then need to deduct the ongoing fixed costs you have each month.
Obviously everyone will have a different level of fixed costs depending on individual circumstances; however I would define fixed costs as those commitments you must make each month to sustain your household.
Typically (but not exhaustively) these costs will include housing (either mortgage or rent), utilities, groceries, fuel, schooling costs and insurance costs.
Furthermore, if you have made the choice to borrow money via personal loans, car loans or credit cards you must also add the monthly cost of servicing these commitments to the fixed costs listed above.
………Now before you spend any money on actually doing something for yourself how much of the month’s income of $3996.20 is left?
So let me pose my original question to you once again.
Who do you really work for?
Don’t you think it’s time to take back control of your own financial affairs!
Do you feel like you could use some assistance crafting a monthly budget for yourself that is sustainable?
Would it help you to have someone who understands the broad range of products available in today’s financial marketplace provide you with some direction?
Contact Leigh at Empower Money Management on 0407 439 827 or email@example.com