The 3 Threats to Wealth
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If you’re not in control of your money, your money will control you. The three major issues that can adversely affect financial health are lifestyle spending, inflation and taxation. Here are some tips to deal with these issues and start safeguarding your financial wellbeing today:
Monitor Lifestyle Spending
Money is like a gas that finds a way to leak – no matter how much you make, you’ll always spend more! To prevent your lifestyle spending from getting out of control, you need to track everything carefully and get a clear understanding of your spending habits. As Lord Kelvin once said, “You can’t improve what you don’t measure.” What are you spending? Are you wasting resources unnecessarily? Where can you make cuts and savings? Once you’ve tracked everything, you need to implement a budget – and stick to it! Lastly, you need to get on the same economic page as your life partner. People can have different ideologies and philosophies about money but, if you want to be in financial harmony and avoid conflict, you have to really communicate and agree your approach.
Consider Inflation
Inflation affects everyone. Like a hole in a bucket, the declining value of the dollar can destroy your economic health without you even realizing it. Right now, inflation is an issue because of increased money supply. Of course, having some cash is critical – you need rainy-day reserves – but having all cash is dangerous. Investing in fixed assets, like real estate, is a good idea but perhaps the best way to offset inflation is to invest in yourself. If you partake in training and coaching, you’ll constantly improve, grow and develop. Remember – if you haven’t invested in yourself in the last 90 days, you haven’t appreciated in the last 90 days!
Pay Attention to Taxation
As the tax laws get more complicated, you need to spend more time on tax planning to meet your requirements in the most effective manner possible. You must pay what you need to of course, but not what you don’t! Take the appropriate steps to fund your retirement, always take full advantage of tax credits and then minimize your tax exposure, by making provisions such as a will.
If you want to build a financial fortress and safeguard your future economic security, tune in on Brian Buffini Facebook watch on September 14th at 10am or listen to the latest episode of “It’s a Good Life” and download your free resource on the 3 keys to wealth today!
