The goal is for you to achieve financial freedom

  Property investment is a popular way to increase a person’s wealth and secure their financial future. But changes in interest rates, fluctuations in supply and demand, and even emotional decision making processes can make the decision to invest in property a difficult one. How an investor manages their investment ultimately determines whether or not they will reach their financial goals. Below are some things to consider before taking the plunge into property investing. Establish what you want to get out of it If you don’t know what you want to achieve, then you will never get anywhere with property investing. You need to be specific about what you want to achieve, how much money you want to make and how long you want to spend trying to get to that goal. Speak to a mortgage broker For beginner investors, a well-informed mortgage broker can be invaluable. Having access to a range of mortgage and property information means they can help you calculate how much you can borrow and provide

  A contributing factor to a business's success is the owner's personal financial stability. Business owners who carry personal financial troubles into their business risk being distracted by their personal situation, which can affect concentration levels and decision-making processes. Rather than thinking of how to keep improving a business, time may be spent instead thinking about how to earn any much-needed money. Owners should also keep their personal financial situation completely separate from their business in terms of money. Borrowing any money from the business to pay personal bills can very quickly lead to a disaster. One way business owners can avoid this kind of predicament is to clarify and track their business goals, as well as face up to dealing with the obstacles that will come with running a business. There will always be rough patches that can set a business back a few steps, but that doesn’t mean that the business is a failure. Setting a series of small goals

  Businesses looking to improve their profitability may need to consider cutting under-performing products and services.  There are a few simple ways to decide which products should stay and which should go. 80/20 rule An often used marketing and business rule states that businesses should focus their attentions on the 20 per cent of products that generate 80 per cent of revenue.  Using this principle, companies should compile a shortlist of the products and services that bring in the most profit and scrutinise the products that fall short of this mark. Emotional attachment There will always be those few products that have emotional significance, however for the sake of profitability; businesses should emotionally detach themselves from their products and services. Trial run If it is still too difficult to make the right cut, businesses should consider doing a trial run. Going a week or month no longer promoting and marketing the least profitable products will help businesses imagine a

  Make sure any new financial year resolutions made to keep your business financially healthy don’t fall off the bandwagon now.  Here are four tips to keeping it in tip-top financial shape. 1. Know your tax deductions Keep an eye out when lodging tax returns, so you don’t pay too much. If you work from home, you may be able to claim home office costs such as repairs or cleaning expenses. If you use your personal mobile phone to contact customers or your staff, you could also claim for those calls. 2. Stay cash-focused It is important for a business to stay focused on keeping the cash generation rate above the cash burn rate. Try implementing business models that enable you to collect most of your payments upfront. Invoicing your customers on time, or sending timely reminders a couple days ahead of time can also help ensure a business can generate cash flow every month. 3. Hire the right people Time is money, and hiring the wrong people can set you back quite a while after taking into a

  It can only take one or two late payments from customers to turn a business’s positive cash flow into a negative one. Maintaining positive cash flow can be a struggle for many businesses, but setting realistic goals for cash flow management can help make a business profitable and generate enough cash to offset monthly expenses. Below are three cash flow goals every small business should be aiming for: Pay attention to margins : Even though margins vary by industry, there are things an owner can do to ensure theirs is healthy. Controlling the cost of materials, labour, and setting the right price point are three ways of managing a business’s margins. Have finances in reserve:  Business owners should plan to have enough cash to cover at least two to four weeks of business expenses. It is always a good idea to aim for a cushion of 90 days to cover any emergencies like illness, natural disasters or market fluctuations. Avoid debt:  It may be an obvious one, but owners with debt need to t

Are you sick and tired of the nine-to-five grind with no exit in sight?  You are not alone.  There is a growing tribe of people the world over that is getting disillusioned with the traditional job path.  The traditional job itself is disappearing.  We have now entered the gig economy.   In the gig economy, people are constantly looking for their next gig which itself if becoming ever more elusive.  So, armed with your hard-earned college degree (or two) and while drowning in student debt, you spend countless hours hunched in front of your computer job hunting.  Hunting for that gig not even related to your field. We need to open our eyes wide, look around and observe what is happening.  If we continue down this path where are we going to end up?  Are we going to retire young and rich?  Are we going to end up with millions in our bank account?   Most likely we will end up in poverty with nothing to show for all our hard work. Yes, folks, it is time to take action.  I