You can't do today's job with yesterday's methods
and expect to be in business tomorrow
|Top 5 Investment Tips|
1. There are 3 tax free environments
- Own home
- Build a business and sell it
- Superannuation after 60
Have a good strategy for at least 2 of these
2. Ego is Expensive
Learn to puff up your self esteem without Gucci sunglasses and a Porsche.
If you can feel great without expensive things you will capture so many more of your earned dollars - retire with a Holden rather than still working to make the Porsche payments.
3. If it's too good to be true; ask good questions
Good investments look good so you do not want to miss out on them.
Bad investments look good in glossy brochures too.
Ask good questions to determine if all the risks are being divulged, or get an advisor to help.
4. Determine your Risk Tolerance and then choose an appropiate investment
You need to think about why you are putting this money away and when you might need it again. The longer it is before you want it back, the more risk you can take.
5. End in Mind:-
- opportunities will present themselves more regularly
- they will look clearer
- bad ideas will become self evident
- and the advice that you will receive along the way will be so much better
If you start with the end in mind then there is a clear goal with a road map to get there. For example 85% of investment properties in Sydney are sold within 5 years because the original plan fell by the wayside.