Many people aspire to financial independence, but it requires discipline and strength of mind. Very few take the necessary action to achieve financial comfort. How can we have sufficient financial resources to live comfortably? Here are some tips from Chan & Naylor Accountants in Redlands.
First, you must continually look for new ways to increase your income. You can also move forward by saving a portion of your income. A good rule of thumb is to keep a minimum of 10% from your pre-tax income and invest it to grow your wealth.
It’s a big mistake to wait for a strong market before you invest and another mistake to step out when the market contracts. It’s a classic error to buy high and sell low so before you invest, be ready for the long term and only make necessary adjustments along the way.
Remember that the best return on investment comes early in the cycle, during the upswing. Don’t wait for the market to turn hot or you’ll miss out on good returns.
With smart investing, you can secure your financial independence. With great advice, you can protect your wealth in case of liability, disability or unexpected legal claims, just like your health, life, home, and car.
If you would like to know more about financial independence, you can click here to know more about Chan & Naylor services. You can leave your details here and we can schedule you for a free consultation. We’ll contact you to explain more.
Whether you are a beginner, seasoned investor or business owner, our property and business tax accountants can give you guidance to maximise the financial areas of your life. Chan & Naylor Accountants in Redlands can also give you an integrated and tailored solution for your superannuation, taxation, property investment, asset protection, estate planning and more.
Chan & Naylor Group has nationwide offices in Brisbane and Capalaba in Queensland, Melbourne and Moonee Ponds in Victoria, East Perth in Western Australia, and South West Sydney, Parramatta, Pymble, North Sydney, and Sydney in New South Wales.