Interview with Dan Smith
An interview with Dan Smith
What do you see as the role of Plan 2 Prosper?
The major role of Plan 2 Prosper is to help people do exactly what the name suggests. Individuals need to take responsibility for their own financial future. Plan 2 Prosper provides assistance and expertise to help do this by developing their clients own practical skills and financial knowledge.
Generally, speaking, how much do Australians know about managing their finances?
The sad reality is very little. A recent Employer group survey found that 20% of employees spend up to 2 hours a day worrying about their financial situation. Another survey found that over 35% of people have more debt than savings.
So, do you believe a solid financial foundation can reduce a persons stress levels?
People could achieve so much more if they weren't so worried about the mortgage, school fees etc... Much of the worry comes from the uncertainty of not knowing or having a plan in place. Financial Literacy skills are essential life skills for everyone and are truly a foundation for bigger things.
What do you think are the main topics that should be covered to get that solid foundation?
Personal Goal Setting, Budgeting principles, and then a broader understanding of the role of savings, credit and debt in establishing your own circle of safety. It would also be important to help people understand the need to seek, obtain and value good objective advice and the role of financial service providers in this process.
What is the greatest challenge you expect to face in this venture?
From a business perspective, its the same things all small businesses face and that is controlling cashflow. From an advice perspective, it would be getting people to give their personal financial management the time and attention it seriously deserves.
What is the biggest financial mistake most people make?
Credit card use and debt. The second biggest mistake is not taking an interest in something which is so important - finance is not that complicated; you just need to be disciplined. Most people spend more time planning what they wear to work than planning their financial security.
What's the best decision you've ever made?
Getting married and starting a family (3 boys under 3 years of age at one stage) - made a choice based upon the life we wanted to live as against whether it was the right thing to do financially at the time. Whilst it has and continues to provide many challenges, seriously do not think of it for one second as a mistake but an affirmation to myself of why I work in the first place - to provide a secure and stable environment for my wonderful wife and family of energetic little men.
What drives and motivates you?
The values inherent in me as a result of my upbringing and involvement in such things as the scouting (On my honour ...I promise ... do my best ... do my duty) and surf lifesaving (vigilance and service) movements. I want the community in which I live to be proud of service I provide and the difference I can make to peoples lives by helping them plan to prosper.
Where do you see yourself in five years?
Continuing to build a business that delivers people the tools to plan to prosper. I see myself practicing what I preach and having a balanced work-life schedule.
Who is your business hero?
Numerous people have inspired me. Many have not realised it and often I have not realised the impact they have had at the time. For me the most inspiring people are those who in the face of adversity keep going and finish what they have started. Wayne Bennett suggested something along these lines "Don't die with the music in you" and "Don't stop three steps short..."