Personal Finances and Financial Goals.

16 Feb 2018 - Mark Prestige - 3 minutes

Personal Finances and Financial Goals.

Our digital media guy, Ian, asked me to put down my thoughts on budgeting and managing my own personal finances. As one of the founders of CashMaster, I spend a lot of time espousing the benefits of automated financial management but found the exercise of self-examination very interesting.

I try to follow an 80:20 Rule which has me set aside 20% of my income and live off the remaining 80%. I think this is a great rule for anyone no matter how much they earn because it builds discipline which is a critical factor in wealth building. This 20% goes straight into an interest-bearing account and at the end of the financial year, I look for somewhere to invest it, then start again.

I use a credit card for all purchases and have a notification set up so the balance gets paid before the interest-free period expires. I do this partly for the reward points which I always convert into cash payments off my balance.

I have a loose budget compared to some of the others in our office but I stick to it. The CashBar is a constant reminder of budget progress and I would rate checking this daily as one of the most important things to do. Knowledge really is power and managing anything properly is impossible without understanding it.

Having achievable financial goals is a necessity, in my opinion, set them too high and you won't make a serious attempt to reach them. I set short and long-term goals all geared towards retiring on my terms and helping my children to achieve whatever they want in life. I write these down and revisit them at the end of the financial year. Tax time seems to be a good time to evaluate financial goals and performance.

Another thing this exercise made me realise is I am pretty strict on paying no more tax than I legally have to. I diligently record all work-related expenses and use a good accountant. My role has me on the road a lot and without CashMaster, keeping track of every little purchase I make would be much more difficult.

I have been in the wealth creation and management business for a long time and met a lot of wealthy people.  What stands out to me is most of them don’t actually earn particularly high amounts of money, they just manage what they do earn very well. They also tend to be frugal which is a good thing in my opinion and they put the money that they save to work. 

Helping people manage their money better is why we created CashMaster in the first place. Our finances are much too important to be left to guesswork. Just like in AFL, getting ahead is not just about kicking goals, it’s about scoring points whenever the opportunity presents. Go the mighty Saints!

Note: Mark Prestige is the general manager of Evermore Money Management, the parent company of CashMaster and a leading innovator in the financial services space.

Mark Prestige

Mark Prestige

Group GM - Head of Digital Advice Solutions

One plus one can add up to much more than two and I get a real thrill out of making this happen. Put the right people together, in the right place, at the right time, and the sky’s the limit. JV’s, M & A’s and building distribution networks within the Australian financial service industry has kept me busy for the last 20 years. I have learnt a lot, met some truly inspirational people and enjoyed every stage of the journey.

And now the time is right to put all these pieces together and join a team creating something really special. A new kind of AFSL that embraces technology and introduces new ideas to take the advice business to a new level. There is huge opportunity in this sector to develop and grow an adviser network that delivers so much more to all involved. In the end, it’s all about the people and the process.