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Finance Tips & Tricks

Helpful Advice for People & Small Businesses

Finance Tips & Tricks

Eliminate Debt:
By limiting financial waste - impulse buying of items, buying goods and services you don't use i.e. gym membership

Create a Monthly Budget:
To monitor/track your spending, reach a comfortable budegt and stick to it, even if you begin to earn more income.

Switch to a bank Account:
Which works with your income and financial goals and needs. Avoid unnecessary and costly charges, it all accumulates to real money annually.

Practice Self-Control:
Pay with cash or cash equivalent, limit credit (be careful of how and when to use credit cards and creditable retail Acc's)

Start Planning for Yor Retirement:
(1) Manage your savings - low yeilding 'current Acc'.
(2) Make manageable investments - Public stocks/Private companies/Various investment funds.
(3) Accumulate value growing assets - Land/Property/Pension policies.

Understand Income & Business Taxes:
Depending on how you earn an income you can structure your earnings so as to pay lower taxes, this won't apply for some people, depending on the country and sector where you work.

Maximise Your Employment Benefits:
Your employer may offer multiple benefit schemes i.e. healtcare, childcare, transportation allowance or pension contributions, ensure to use them and understand the implications.

Invest in Multiple Rental Properties:
Ensure the income being generated at a minimum pays the mortgage obligation. Look for an ideal mortgage payment plan that works with your income and employable years left. Depending on the country you are in, bank you use, the value of the property/loan, the source of income (job;job type or company) or your legal immigration status, the minimum security required will various between 5% and 30%.

Teach Your Children Financial Literacy:
Practice with your children early & often i.e. types of bank accounts, budgeting, tax, investing, income, dividends, depreciating asset, liabilities etc...

Learn Management Accounting:
Especially as an entrepreneur, it is important to understand how accounting techniques can reduce your income & business taxes, manage cash-flow to maximise operating capital potential.

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