How To Get Ahead With Your Money by doing these 3 things!
One of the main reasons I started Take Back Control was to help people navigate the intricate and complex money system that we use in Australia. Through studying Financial Planning, I am in a very privileged position to have knowledge on all things money, including how to navigate the laws and systems, the history of money and how you can use the system as well as history to set yourself apart from the rest.
Hence, I wanted to bring you a series of blogs where I will delve deeper into the three things that will get you ahead of the pack.
Of course, there are many more things that you need to do, but these three things I believe are the most important to helping you feel secure with your finances. Not only feeling secure, but feeling confident that no matter what happens, you will feel like you are almost invincible, even if there was a recession, or you lost your job, or the markets are all crashing, like they are currently.
Therefore, lets get into a quick introduction on what the three things you should be mindful of to set yourself apart from everyone else when it comes to money and being financially comfortable or financially killing it, depending on your goals!
Pay Yourself First!
The first one is actually the easiest one, however requires a strong will, discipline and a different mindset to most people. Generally when it comes to coaching people for fitness, this would be the difference between your everyday general population person training in a gym and say an athlete who has trained all their life to be in the top 1-3% of people. Therefore, for you to to enter into even the top 5-10% of Australians who are well and truly wealthy, or if that is not your goal and you just want to feel financially secure and enter into the top 30% of Australians, you need to work on this one principle…
PAY YOURSELF FIRST!
I am going to delve into this a lot more in my next blog, but the principle is very simple, when you get paid, rather that waiting until the end of the pay cycle whether that is weekly, fortnightly or monthly, you take out a set amount from your pay that you will save or invest.
Watch out for my next blog on how I do this for my own finances right now.
2. Sort Out Your Tax
Our tax system can be very complex, but it can also be very simple, if you can understand the ins and outs of it. If you can understand the ins and outs, you can make the system work for you, where you can save a lot of money on tax by doing a few simple things to minimise your tax bill at the end of the year.
In two weeks I will be creating a blog that will run you through the ins and outs, so make sure you look out for that!
Because it could save you thousands of dollars that you are entitled to through the Australian tax system. You head me right, you are ENTITLED to these tax minimising strategies!
3. Choose the Investment Vehicle that is Right For YOU.
And finally, to truly set yourself apart from majority of Australians, from the majority of people in the world…
To truly set yourself up for Financial Freedom and to make your life a lot easier for when you look to retire or semi-retire…
You need to make sure that you choose the right investment vehicle for you.
There are quite a few ways that you can invest, which is buying up assets in the hope of future monetary return.
Bonds, which is simply you giving a government or company a loan, in which they need to pay you back with interest.
Equities or shares, in which you buy a small portion (or large, depending on the company) of the business/company.
Exchange Traded Funds, which is you buying into a bucket of companies/stocks.
Real Estate (one of the favourites for Australians the last thirty years), in which you buy housing, land, industrial/factories, retail outlets, storage or Real-estate Investment trusts etc.
Commodities, whereby you buy up a portion of necessities, such as timber, steel, iron ore, oil, gold, silver etc.
And finally the latest trend, Cryptocurrencies, where you can buy digital coins, digital land etc.
As you can see, there is just too much to go through in one blog, therefore this is just a short intro into my “Getting Ahead Series.”
I hope you can look out for the first blog, which will be complete next week.
Until next time,
Take Back Control
