Winners make New Financial Year’s Resolutions!

Having a tax year different to the financial year is a blessing in disguise.

The majority of people who set New Year's Resolutions in late December or 1 January fail to realise their goals. Whether it is the alcohol or other factors are debatable. Losers do what the pack do. Winners do what the pack does not do.

Setting goals on or around 1 July is different. It is what the winners do. There is no fanfare of: taxpayer funded fireworks; public holidays; and celebrations.

 

People that are serious about building wealth for their loved ones assess, how much:

1)  net wealth they have now and how much they need to replace their income.

2) tax they will pay this year- in advance of the end of 30 June.

3) their assets have grown over the last financial year.

5) more money they can make in next financial year.

6) harder their assets work harder next year; making better asset allocation and management decisions.

7) 'Super Riches' they have and how to optimise its growth to retire earlier (as detailed in the chapter 1 free download at the end of this blog).

I remember in my twenties celebrating with my accountant because I had achieved what had eluded me for a long time; I had a tax problem and I liked it.

If you do not have a tax problem, then you may need to work smarter and seek out that problem.

If you do have a tax problem because you earned so much this financial year; then you may need wiser advisers to plan in advance how to optimise your tax and assets for the next financial year in advance.

 

There are many paths to get wealthier. Just a few include:

• Have clear written plans to achieve your wealth goals as America's richest man did.
• Protect against the "worst possible thing that could happen in this situation" (as detailed in chapter 6 of my latest book).
• Reduce your 'bad debt'.
• Optimise your 'good debt'.
• Make your 'Super Riches' compound at a higher rate (read my free download).
• Compound your wealth at a higher rate (read my blog on 'The awesome power of Compound Interest').
• Follow the 'A, B, C's of Investing in another of my blogs.

Winners will identify what in the above list they are not doing excellently and will make a plan to take decisive action on it in the next week.

Losers will accumulate lots of knowledge and fail to prioritise it or take decisive action.

Winners take decisive Action only after they have a great Strategy based on the relevant Knowledge. If you are one of the tens of thousands or people who bought and read my first best-selling book How to Build Riches then you will remember the ASK formula.

Everyone has a different set of goals and financial position than everyone else. So, everyone needs a plan targeted to them. If you do not have potent New Financial Year's Resolutions then your resolution should be to set them. Success and wealth leave clues.

The definition of insanity has been described as: "doing the same thing, the same way and expecting a different result." If what you are doing is not making you wealthy fast enough then arrange for a Wise Investment Adviser from my company to assist you with a plan to get wealthier.

Call us for a free initial consultation.