Entrepreneur Elon musk spent his first month in the United States living on $1 a day. He was 17 years old. Obviously, this discipline did wonders for his personal financial planning. Other people have taken on a similar challenge and report much the same thing. This article shows what we can learn from their experience.
If you run a small business, or if you are thinking about doing so, then that business needs to be the foundation of all of your financial planning. After all, get the business right and you make all the other parts of your financial plan – your investing, your debt management, your super, your insurances – much more likely to succeed. This article gives you a little illustration of the powerful impact that effective business planning can have.
Compared to previous years, the 2017 Budget was a bit of an anti-climax. In previous years, there have been a number of big-ticket changes – such as the big changes to superannuation that we have been discussing in recent articles. But this year there have simply been a whole lot of small changes, some of which will be of benefit and others will represent a small loss.
Many working Australians – or Australians who used to work – have insurance of which they are unaware. This can be a huge relief if ever something goes wrong and you cannot work. If you or someone you know has become unable to work, then this article is a must-read. And if you think you might need help with a claim, please make sure you contact us.
This article is a must-read for any business owner thinking about travel. Claiming a tax deduction for travel costs can make a huge difference to the effective cost of that travel. The Australian Taxation Office’s general position is that the cost of travel is tax deductible to the extent that the travel relates to the business’ purpose of deriving assessable income from an existing business activity. A business can’t claim costs for travel related to speculative business activities that you have not yet entered. But travel that relates to work that your business is already doing will usually be fine.
At this time of year, many people are keen to make some sort of donation to charity. Here is a simple but powerful idea that will ensure any donation you give does as much good as possible
Lists of the highest paid professions can be good fun. But they also tell us some fundamental truths when it comes to making money, whether we are running a business or deciding on investments. So, take a look and have a think about the most recent list of Australia’s best paid.
The end of the year is almost here. Here is a great way to reward your staff – with a little bit of help from the taxman.
Dedicated-use credit cards make for a simple way to keep track of business expenses.
Many business owners do not realise that their cars and travel are frequently deductible.
