Spring Fling Series: Carissa Fairbrother, Rival Wealth
Spring Fling Series
INTRODUCING
Carissa Fairbrother –
Authorised Financial Adviser and Keynote Speaker
Carissa is a financial wellness warrior and doesn’t just talk the talk when it comes to her absolute passion for financial organisation. With a knack of making what can be a boring world of financial overload, exciting and relevant. She loves working with people, guiding them towards a better financial future. A regular contributor on the AM Show, Seven Sharp, financial expert on Newstalk ZB and a well-regarded financial adviser to businesses & individuals nationwide Carissa Fairbrother is an Authorised Financial Adviser who co-founded award-winning financial planning business RIVAL Wealth with her husband Tim.
Just over 100 days to the end of the calendar year…. 2020 certainly has posed several challenges, especially to those who are self-employed! If we are honest, we have all scratched our heads and thought ‘Wouldn’t it would be easier to be working for someone else and not carrying the burden of uncertainty’… and if you haven’t to some degree, well done, but the truth is - if it was easy everyone would be doing it!
We are self-employed for a variety of reasons, but ultimately we are self-employed to earn money, to fund our families, our lifestyle, repay debt and have the choice and flexibility of how we spend our time and with whom. In 2008, my husband and I made the decision to open our own financial planning business amid the Global Financial Crisis, trust me when I say there were many nay-sayers! Today, we have a growing team of 24 that includes an accounting practice – part of me would love to flash dance back to 2008 and give the nay-sayers a little glimpse of what our future held!
When Michelle asked me to contribute a piece with practical advice, I knew I’d struggle as there’s so much I could write but, fear not - I have kept it succinct and on point. Here are our 5 top tips that we have implemented in our business. They are practical and have set us up to steer our own ship, even when the journey got rocky.
Firstly, from the very outset of our business – we have communicated, articulated, and actively pursued our financial goals. At the start of every year, we take a full day to review the previous year (due to our size of RIVAL Wealth, we now do this with an advisory board – but you can do it alone), and go over our 1, 3 and 5 year goals. We also openly share these with our team so that they know what we are working towards what our focus is. Then at home, we chat about our personal goals – remember goals can only be achieved if all parties are on board. Take the time to chat to your other half, dream and get on the same page.
Work with people you like – especially your key financial team. Don’t just use your Dad’s accountant because you feel obligated or listen to the neighbour’s advice because it’s easy. Ask people you respect for recommendations so that you have a winning advisory team. We have always had a close relationship with our accountant, corporate banker, and lawyer – obviously, we look after ourselves on the financial advice front – but surround yourself with great professionals who really get you. Maybe you need to have a hire and fire session?
Sometimes retail splurges happen, but to be honest, because we are all over our Cash Management there is no longer any guilt associated with spending decisions and expenses. We see a lot of people who live beyond their means. It’s not rocket science you can either earn more or spend less right! We find that if you download your last 3 months of bank statements to an excel spreadsheet, you will be able to see what you have been spending and highlight where you can improve. The first contingency plan is your ‘Rainy Day Savings’ account – hard to go from Zero to Hero – but work towards saving 3 months of your household expenses. Also, you can name your bank accounts which helps if you are visual or struggling to save. You’re less likely to spend if you have named your account “building our property empire’ or ‘If sh*t hit’s the fan’ or ‘New family wagon’ – name your accounts to whatever resonates best with you.
COVID happens, unexpected Illness happens, accidents like crashing into the side of your garage because 6 strange kids in your 7 seater are yelling at each other happens – we need to make sure we have a solid Plan B so that when the unexpected occurs we have plans in place and a document which shares that vital info that is often locked in our heads. In New Zealand we are very happy to cover our vehicles and property with insurance – but when it comes to making sure in a worst-case scenario if something happens to our ability to earn…. us…. We fall short due to the anticipated expense. Please contact a recommended financial adviser or me and make a time to work on your Plan B, get your estate planning organised, and create some solid financial foundations, so your proverbial boat will not sink!
Last but not at all least is our success with being self-employed is directly linked to our ability to adapt, pick ourselves up, dust it off, and embrace opportunity. This is two-fold, especially if you have a team, for us, it was important to share the benefits of self- employment with our team. We created some ‘Rules’ and one that is really important to us is ‘Never miss family events’. This means that we never feel bad about leaving work to watch the kid’s cross country or take Mum to her doctor’s appointment! Do anything you can, so that when tough times come, you have the energy and clarity to adapt to the changing situation.
Daily I am reminded of why we love what we do. Working with self-employed business owners across the country to figure out and assist with their Plan B so that they can focus freely on creating and doing what they do best. Supporting their families and communities with positive contributions. Please feel free to email me directly carissa@rivalwealth.co.nz if would like to set up a free ½ catchup to see if we can add value to your plan.
