A shocking number of Australians have no financial plans at all for their future. A recent survey shows that very few Australians have any financial plans beyond the short term. Short term plans as far as paying bills and receiving paychecks are only the basics and everyone needs longer-term financial plans. Growing your assets and building a wealth of capital for you and your family should be priority number one.

A comprehensive financial plan is going to include short, middle and long term plans to get you through your working years and make retiring comfortable. Managing your debt with short term loans and long term debt are also part of a complete financial plan. Curiously, younger Australians are more likely to say that they have set up a comprehensive financial plan. Younger Australians will also have more time to pay off short term loans and long term debt.

A striking amount of middle age Australians have no financial plan in place for the next 10-20 years despite that being about how long they have left to work before retirement age. Middle-aged Australians should take advantage of short term loans to help get their various short term costs paid for so they can focus on the future. Middle age is also when a lot of people will be making the most in their career and is a great time to pay off credit cards and free up funds for retirement. Unfortunately, many Australians are not utilising the financial tools available to them. Higher income earners are more likely to have comprehensive financial plans in place that take advantage of short term loans and long term debt.

Short Term Loans and Investments

Paying off debt, using investing tools and saving for retirement are the most important points to any financial plan. Having credit cards, a mortgage and short term loans are all forms of debt that can be used in your favor. A short term loan can help you consolidate debt into one payment so it is manageable. Long term debt can be used as an investment vehicle to earn money through an investment property. Saving into retirement funds creates a solid base of capital to rely on when you finally get to leave your job. It is never too early to start planning for your financial future. Make sure to use all of the tools available to you so you can build your wealth and retire comfortably.