TALKING FINANCE with Michelle Higgerson of Baiocchi Griffin Private Wealth SIMPLE BUT TRUE With a new year comes aspirations and hope. Approximately 25% of the population will make a new year's resolution, and of these people, one-fifth believe they have the strong chance of achieving their goal by year end. While some people set themselves atypical goals such as learning a new instrument or committing to an intrepid holiday, the most common new years resolutions have a common theme of focusing on our health, with living healthier and losing weight the top two goals. It comes as no surprise that weight loss is a top resolution following the indulgence of the period between Christmas and New Year. Whatever fad diet you commit yourself to, be it Keto, Atkins, Dukan, Cabbage Soup, or intermittent fasting, the reality is that it is not what happens between Christmas and New Year that matters, rather what happens between New Year and Christmas. That, and simple acts like eating more fruit and vegetables, smaller serving sizes, and drinking plenty of water each day. Incorporate these acts into your eating habits and you may have a better chance of losing the 'Christmas cheer' compared to what any crash fad diet plan can offer. Simple strategies are also likely to better deliver on improving your financial position too, hence the famous quote "the way to get rich quick is to do it slowly". Get rich quick schemes have a horrible but apt reputation for being almost always doomed to fail. This is because they offer an unrealistic rate of return for the investment period. They also create the impression that users can obtain the high return with little skill, effort, or time, and with minimal risk. While Ponzi schemes and advance fee schemes (think of random emails received from a faux Nigerian prince) have been around for years, the more modern example of a get rich quick scheme is 'meme stocks' whereby the shares of a company gain viral popularity due to heightened social sentiment. This leads to the market value of the shares becoming incredibly overvalued relative to their technical valuation (google 'Gamestop' for a recent example). To better improve your chance of investment success you need to keep it simple and stay committed for the long haul. Spending less than you earn, investing in long-established companies with a proven track record of good performance and avoiding the temptation to invest in excessively risky or obscure assets will prove a far greater return over the long-term than what any get rich quick scheme can, and with far less stress and pain along the way. Simple but true. And remember, investing shouldn't be all about getting the best return, it's better to get a steady return consistently. BAIOCCHI GRIFFIN PRIVATE WEALTH Level 1, 462-464 Peel St, Tamworth NSW 2340 6766 9000 AFSL No 424658 This article is general in nature and does not take your individual situation into account. You are advised not to act on anything contained herein, or discussed as a consequence of the contents of this document, without receiving financial advice from a suitably qualified person such as a financial planner, lawyer or accountant. Follow us on Twitter @BaiocchiGriffin facebook.com/Baiocchi GriffinPrivate Wealth Find us on Facebook www.bgprivatewealth.com.au AW7431076 TALKING FINANCE with Michelle Higgerson of Baiocchi Griffin Private Wealth SIMPLE BUT TRUE With a new year comes aspirations and hope . Approximately 25 % of the population will make a new year's resolution , and of these people , one - fifth believe they have the strong chance of achieving their goal by year end . While some people set themselves atypical goals such as learning a new instrument or committing to an intrepid holiday , the most common new years resolutions have a common theme of focusing on our health , with living healthier and losing weight the top two goals . It comes as no surprise that weight loss is a top resolution following the indulgence of the period between Christmas and New Year . Whatever fad diet you commit yourself to , be it Keto , Atkins , Dukan , Cabbage Soup , or intermittent fasting , the reality is that it is not what happens between Christmas and New Year that matters , rather what happens between New Year and Christmas . That , and simple acts like eating more fruit and vegetables , smaller serving sizes , and drinking plenty of water each day . Incorporate these acts into your eating habits and you may have a better chance of losing the ' Christmas cheer ' compared to what any crash fad diet plan can offer . Simple strategies are also likely to better deliver on improving your financial position too , hence the famous quote " the way to get rich quick is to do it slowly " . Get rich quick schemes have a horrible but apt reputation for being almost always doomed to fail . This is because they offer an unrealistic rate of return for the investment period . They also create the impression that users can obtain the high return with little skill , effort , or time , and with minimal risk . While Ponzi schemes and advance fee schemes ( think of random emails received from a faux Nigerian prince ) have been around for years , the more modern example of a get rich quick scheme is ' meme stocks ' whereby the shares of a company gain viral popularity due to heightened social sentiment . This leads to the market value of the shares becoming incredibly overvalued relative to their technical valuation ( google ' Gamestop ' for a recent example ) . To better improve your chance of investment success you need to keep it simple and stay committed for the long haul . Spending less than you earn , investing in long - established companies with a proven track record of good performance and avoiding the temptation to invest in excessively risky or obscure assets will prove a far greater return over the long - term than what any get rich quick scheme can , and with far less stress and pain along the way . Simple but true . And remember , investing shouldn't be all about getting the best return , it's better to get a steady return consistently . BAIOCCHI GRIFFIN PRIVATE WEALTH Level 1 , 462-464 Peel St , Tamworth NSW 2340 6766 9000 AFSL No 424658 This article is general in nature and does not take your individual situation into account . You are advised not to act on anything contained herein , or discussed as a consequence of the contents of this document , without receiving financial advice from a suitably qualified person such as a financial planner , lawyer or accountant . Follow us on Twitter @BaiocchiGriffin facebook.com/Baiocchi GriffinPrivate Wealth Find us on Facebook www.bgprivatewealth.com.au AW7431076