5 Quick Actions That Can Change Your Financial Life Forever | Koste
If you look up ‘ How to improve my financial health’ online, I am sure you could find thousands of articles to help, which include the famous Barefoot Investors from Scott Page. As a Quantity Surveying team, we deal with property investors and business owners in our everyday life. We came across some investors with terrible financial health and went into a bad debt situation. We would like to share the following 7 actions with you and hope it helps! 

Audit your finance 

It is common for investors and business owners to have more than one bank account. It is important to keep a track record of your current cash on hand, estimate sales revenue and debt. Set aside an hour or two to audit your finance, have a better understanding of your current financial situation, and start working on it! 

Set up a saving system 

Saving money could be a habit or system. Due to laziness, our minds tended to follow the ‘Default’ settings. Therefore, setting a system at the beginning helps a lot! Try putting a percentage of your salary in a saving account once you receive it. You will be amazed at how much you have saved at the end of the year. 

Invest your money 

There are plenty of ways to invest your money, which include buying stocks, purchasing properties, or investing in Startup Business. It is better to talk to your financial planner or your bank to have a better understanding of your budget and return on investment. Most of their services are free of charge because they are getting commission from the investment products. It is wise to get advice from a few agents and bankers. 

Spend wisely 

As Scott Page mentioned in his book: “Success isn’t found in the eyes of others: buying things you don’t need, with money you don’t have, to impress people you won’t know in 20 years’ time.” Spend your money wisely and think of what you really want and need. If you spend that amount of money to pay off your debt earlier, would it make you happier in the long run? 

Manage your tax

Look for a qualified account! Your accountant should be your best friend to help organise your tax every year. Also, if you have investment properties that are currently rented out, you will be able to claim depreciation on the property, furniture, and other expenses.

On the other hand, if you have a business that is renting a shop front or warehouse, you will be able to get tax deductions from it too. The best way is to contact a qualified Quantity Surveyor to organise an inspection to maximise your tax deductions. Get a free tax depreciation quote for your investment properties or business. 

Related Tags: Quantity Surveyors Australia, Tax Depreciation Australia