Create an investment plan
Investing, although riskier than cash, can create wealth over the long term with a strategic investment plan.
Implementation and Cost
- Calculate your net worth using a net worth calculator.
- Figure out your short-term, medium, and long-term financial goals (e.g., retiring with a $1000,000 investment portfolio).
- Understand the risks of investment and consider your risk tolerance.
- Consider what type of investment plan you need based on your goals
- Short term – savings accounts, government bonds, term deposits.
- Long term – Super, shares, property, index funds.
- Income earning (dividend stocks), growth shares (growth stocks).
- Create your portfolio.
- Diversify industries, currencies, and shares to reduce your risk
- Monitor your investments over time.
Similar posts you may like
- Debt Recycling
Debt recycling is a three-tiered financial strategy that aims to generate future wealth, reduce the home loan, and minimise tax. Debt recycling Read more
- Educate yourself
Instead of trusting your money to others, gain financial independence and control by educating yourself on personal finance. Implementation and cost Read books and Read more
- Tax support for serious hardship
The ATO might give you extra time to pay your tax or remove penalties if you experience financial difficulties. Further to these support measures, Read more
- 6,000 BC – Labour Obligation Tax
Under the Bala Tax, Mesopotamia taxed almost everything – livestock, grains, handicrafts, funerals, etc. The most burdensome tax though was the Labor Obligation. This Read more
"You’d be stupid not to try to cut your tax bill and those that don’t are stupid in business"
- Bono: U2