Whether you are in business or working having an income is great
Find what you love to do
Set your own big bold income goal of ….
Its not what you earn but what you save
Make chooses in what investment are for you such as buying and keeping shares every year
What do you want to save each year …. And for how many years…. I like 25k per year for 20 years at 5% should get you $1m
Have a home
start owning a home
do you want to own you home completely?… When by?
Have a stash for a rainy day
always keep some money to enjoy your life
allow for children growing, education and futures
keep some money in case sudden financial or medical change. How much are you going to keep?….
Use negative gearing, it is what the rich do
only one or two investment properties for long term hold with high debt levels. I am not saying to not own more properties but just not to have high debt investment properties of more than two properties.
not only is the tax system encouraging this by giving you bigger refunds, your tenant is paying most of it for you and you are planting an investment tree which will add to your wealth
Get behind your superannuation
Super is blessed with a low tax rate of 15% before you retire and 0% tax on earnings after you retire
So it is a great place to accumulate wealth whilst staying in a low tax environment
Aim high, become a self funding retiree with saving and super of $1m so you can retire at the age of …
Plan for anything bad
have an updated will
consider and review your personal insurances
leave papers outlining your financial affairs in case anything happens to you.
Protect your assets
Lastly buy more fun stuff
Holiday houses and travel
When older no point in being the richest person in the graveyard