Find your Billionaire Mind
Here are the skills and tools billionaires have that you must have to achieve financial abundance!
Today more than any time in the history of the world it is possible to become a millionaire or even a billionaire if you learn the right skills, systems, and build a highly qualified team. In order to have the highest chance of reaching financial abundance need to develop the following.
1. Clarity – Eighty percent of success comes from being clear on who you are, what you believe in and what you want.
2. Competence – You can’t climb to the next level on the ladder until you are excellent at what you do now.
3. Constraints – Eighty percent of all obstacles to success come from within. Find out what is constraining in you or your company and deal with it.
4. Concentration – The ability to focus on one thing single-mindedly and see it through until it’s done takes more character than anything else.
5. Creativity – Flood your life with ideas from many sources. Creativity needs to be exercised like a muscle, if you don’t use it you’ll lose it.
6. Courage – Most in demand and least in supply, courage is the willingness to do the things you know are right.
7. Continuous learning – Read, at the very least, one book a week on business or ways to make money to keep you miles ahead of the competition. And just as you eat and bathe, organize your time so you spend 30 minutes a day exploring e-mail, sending messages, going through web sites, because like exercise, it’s the only way you can keep on top of technology.
There are also powerful online and offline ways in which you can make money. The goal is to be always thinking about multiple sources of income. If you do this than when one source drops you still have other income sources to fall back on. A couple of examples of ways to make money that could lead you on the path to become financial free are…
Making money Online
There are many ways that you can make money online and offline. Here are a couple money making options to look into…..
1. Joint Ventures- This is where you find different websites and offer them a service or promise to promote each other’s product online which the idea of sharing the profits
2. Affiliate Programs- If you have a website and you are willing to advertising on your site you can offer links that lead you back to the companies website where you can get paid a commission for every sale.
3. Selling Information- If you know something that you feel a lot of people don’t know about you should sell the information online. Who knows there could be serious profits in the information you know.
4. Advertising site- You can offer advertising on your site and receive a commission for letting people put banners on your site.
5. Offer a service- Examples of services you can offer is web design, Internet service provider, and web hosting.
6. Marketing- You can market other products and service by writing a company a marketing strategy, Advertising, and Copywriting.
7. Online Auctions- One person’s junk is another person’s treasure.
Making Money Offline
There are many ways you can make money offline, but here are just a few options you can do from your home in a few hours a day.
1. Investing in real estate- Looking for real estate deals that include checking hud, and local city foreclosers! There are many no money down or low down payment ways that are cover in my money makers newsletters. But if you don’t have a lot of time check at you local bank to see if they have in foreclosed houses.
2. Lien taxes- Using lien taxes can make investment returns of 18% to 50% percent!
3. Network Marketing- This is a powerful way to make residual income for years!
4. Licensing- Do you know some who has a great product. Sign a contract and connect them with the right people and you can make residual profit from it as long as the product is being sold.
5. Selling Information- Each person has a life story that could be worth millions. Why not write a book and let the whole world know about it and profit from it!
Passion
Also another smart way to become a millionaire you must not forget about is to start a business doing your passion. Following your passion or doing something you’re passionate about is a great way to make sure that the money will come. The reason why is because when you’re passionate about something you never give up because you don’g it for the love rather than the money and so work becomes easier and you end up doing better. People who do what they are passionate about are happier and live happier lives and have better productivity. Who knows your passion may also inspire others to follow their passion. So be inspired and know that there are people out their who are doing what they love every day. All they had to do is make the decision to follow their dream and the rest was history!
Millionaire Weapons
There are certain resources millionaires use to achieve their goals. These resources when used together can create a power way for people to achieve their goals. Here a the reveal.. secrets of millionaires………
1. Leverage
2. Mentors
3. Teams
4. Networks
5. Infinite Networks
6. Skills and Tools
7. systems
8. Real estate
9. Building business
10. Coporation
11. Tax Control
12. Retirement Plan
I’ll just mention a few below to give you a the tools to get started on you road to money more than you can ever need. The weapons above are powerful tools and when they are used correctly they can create powerful results in short periods of time.
Leverage
When trying to make your dreams come true is is important you use leverage. Here are some of the advantages of leverage.
1. Leverage equals speed. To make in goal come true in a minute you must master the power of leverage which is to use other peoples skills, talents,understandings to help you achieve a goal. Learn how to use other people’s talents to get your dreams done. You’ll find that you goals will get down a lot faster if you use this skill.
2. The longer the lever, the greater the impact. The Enlightened person knows that ease and speed are the new wants of life. So that’s why more resources you use the easier and the faster things get done. Hence very long and strong levers.
3. Masters are using all five kinds of leverage in the world have better success.
• OPM- Other people’s money
• OPE- Other people’s experience
• OPI- Other people’s Ideas
• OPT- Other people’s time
• OPW- Other People’s Work
4. Millionaires are constantly looking for leverage. Millionaires constantly ask: How can I leverage this situation, this opportunity, this idea? To become an Enlightened Millionaire. Always ask yourself “Where is the leverage?”
5. There are six key forms of leverage that give you maximum leverage.
• Mentors
• Teams
• Network
• Infinite Networks
• Tools and skills
• Tools and skills
• System
When you apply all these forms of leverage you become unstoppable.
Mentors
If you are to be successful it is important to you have a mentor. Here are something to know about mentoring.
1. Everyone successful person has mentors for their different needs. A mentor is a shortcut to perspective, proficiency, and patience.
2. Mentoring is powerful from of leverage . Drawing from your mentor’s experience is the quickest, safest, and easiest way to climb the Millionaire Mountain.
3. Mentors are everywhere. Each person you meet can “ accidentally” teach you something to advance your cause.
4. Mentors don’t need to be people. Anything that causes you to change the course in your life – a life threatening disease, losing a job, reading a book, or an encounter with an animal can serve as a mentor.
5. Constanly seek out mentoring relationships. When you find yourself lacking in anything- an attitude, an awareness, a skill, a habit, a technique, or a strategy-seek a mentor to show you the shortcut.
6. Assemble a Dream Team of your favorite heroes and sheroes, present and past. Form an imaginary Council of light consisting of your selected leaders. Imagine being able to counsel with them as if they were communicating with you in person.
7. Set a goal to search out as least one millionaire a month. Request an audeience, either in person, by phone, or by email to pick your millionaire mentor brain.
8. The best kind of mentor is a transformational mentor. A transforming mentor who creates a environment and offers context in which you experience enlightment.
Teams
1. You need a team to obtain your dreams because 2 minds always work better than one.
2. You must look for the hidden talents for your team because it’s the l little things that make a difference. The most talents you find the less you have to personally do.
3. Make sure you establish the values of a team. These values will help guide you when trouble times arise.
4. Determine what your team’s strengths and weakness are.
5. Make sure you have the right people doing the right job.
6. Always be looking for new member who may fit better into you dream team.
7. Make sure to set team goals and know where everyone stands on these goals.
For more information please check out http://www.findyourinnergenius.com
Michael Sharkey’s goal is to empower people with knowledge that can change their life. He wants to show people that they can have what they want if they believe.
http://www.mastiarena.com/?p=923&cpage=1#comment-21770
Friday, March 19, 2010
Saturday, March 6, 2010
The Secret to Success is to Make Yourself Obsolete
Why is it that 80% of companies that are able to survive the first five years of business will usually fail in the next five? Shouldn't they know what to do after being in business for the first five years?
The reason is because markets and economies are changing so fast that what works in business today will not work in three to five years. If you have the mindset of constantly doing things the same way and maintaining the status quo, you will soon be out of business.
Successful entrepreneurs are engaged in constant and never-ending improvement (CANI). They are always finding ways to innovate and improve their business operations, marketing, products and services. They know that if their business is not improving and growing, it is dying. Bill Gates (founder of Microsoft) once remarked that the key to succeed in business is to innovate and make yourself obsolete. If you don't make yourself obsolete, your competitors will make you obsolete.
This is why the moment a software like Windows is released, Microsoft is already working on the next version and upgrades like Windows 98, Windows 2000, Windows NT, Vista and so on. Bill Gates knows that the moment they stop innovation, another company will create an even better software and take over their customers.
This is exactly what has happened to companies that did not change fast enough. Back in the 1990s, the top selling mobile phone was Motorola. Motorola produced the best-designed and technologically advanced phones. Everyone, including me bought a Motorola phone. So, where is Motorola today? Last I heard, their mobile phone business has been losing so much money that Motorola is thinking of shutting down the whole mobile phone business altogether. What happened? Well, Nokia and Sony Ericsson happened to innovate even better designed and more user friendly handsets that captured all of their market shares and profits.
Do you know which is the first search engine on the Internet? Is it Google? Yahoo? MSN? The answer is none of them. The world's first search engine is Alta Vista. Many of you may never have heard of this brand simply because it has it is an obscure site that very people go to. Needless to say, the company that was once a market pioneer and leader is now a business failure. Again, what happened was that the founders had the mindset that their search engine was good enough and there was no need to change what was working.
This left the door wide open for Yahoo! to come in and take away that leadership position. Then what happened next? Well, Yahoo! was too slow to extend their service range and innovate their advertising services such that Google (one of the newest Internet search engines) came along and took away 70% of the market share, leaving the remaining 30% to be fought over by the other search sites. In today's ever-changing marketplace, a company that is the market leader today could be bankrupt five years later, if they stop innovated and finding new ways of doing things.
Instead of seeing this fact as a threat, see it as a fantastic opportunity. This means that your new company could take over the leadership position of the largest competitor today and even put them out of business! The key is to find a way to serve their customers even better then they can!
So, let me emphasize again that unless you keep innovating and changing the way you do business, you will be out of business soon enough. I can tell you that if I did not grow my business to enter new regional markets like Indonesia, China, Thailand, India and Malaysia, I will be bankrupt today! My company's monthly overheads are about $500,000 and Singapore only accounts for 50% of my sales and profits. If I did not constantly focus on creating new programs (i.e. the Wealth Academy and Internet Marketing Academy series), writing new books (two a year) and changing my marketing and distribution strategy every day (i.e. entering the Singapore schools market), I wouldn't still be the market leader in personal development training in Asia. Another competitor would have caught up and blasted me away to oblivion.
Today, it is impossible to maintain your position in the market by doing the same thing. The reason is because customer's expectations change constantly, competitors improve constantly, employees work habits change constantly and so forth. So if you keep doing business the same way, you are actually going down, as everything around you is improving.
Adam Khoo is an entrepreneur, master investor, best-selling author and a self-made millionaire by the age of 26. Over the last 15 years, he has trained over 350,000 professionals, executives and business owners tap their personal power and achieve excellence in their various fields of endeavor. Visit his blog at http://www.Adam-Khoo.com or download your FREE bonus report "Supercharge Your Success" at http://www.SuccessWithNLP.com.
Article Source: http://EzineArticles.com/?expert=Adam_Khoo
The reason is because markets and economies are changing so fast that what works in business today will not work in three to five years. If you have the mindset of constantly doing things the same way and maintaining the status quo, you will soon be out of business.
Successful entrepreneurs are engaged in constant and never-ending improvement (CANI). They are always finding ways to innovate and improve their business operations, marketing, products and services. They know that if their business is not improving and growing, it is dying. Bill Gates (founder of Microsoft) once remarked that the key to succeed in business is to innovate and make yourself obsolete. If you don't make yourself obsolete, your competitors will make you obsolete.
This is why the moment a software like Windows is released, Microsoft is already working on the next version and upgrades like Windows 98, Windows 2000, Windows NT, Vista and so on. Bill Gates knows that the moment they stop innovation, another company will create an even better software and take over their customers.
This is exactly what has happened to companies that did not change fast enough. Back in the 1990s, the top selling mobile phone was Motorola. Motorola produced the best-designed and technologically advanced phones. Everyone, including me bought a Motorola phone. So, where is Motorola today? Last I heard, their mobile phone business has been losing so much money that Motorola is thinking of shutting down the whole mobile phone business altogether. What happened? Well, Nokia and Sony Ericsson happened to innovate even better designed and more user friendly handsets that captured all of their market shares and profits.
Do you know which is the first search engine on the Internet? Is it Google? Yahoo? MSN? The answer is none of them. The world's first search engine is Alta Vista. Many of you may never have heard of this brand simply because it has it is an obscure site that very people go to. Needless to say, the company that was once a market pioneer and leader is now a business failure. Again, what happened was that the founders had the mindset that their search engine was good enough and there was no need to change what was working.
This left the door wide open for Yahoo! to come in and take away that leadership position. Then what happened next? Well, Yahoo! was too slow to extend their service range and innovate their advertising services such that Google (one of the newest Internet search engines) came along and took away 70% of the market share, leaving the remaining 30% to be fought over by the other search sites. In today's ever-changing marketplace, a company that is the market leader today could be bankrupt five years later, if they stop innovated and finding new ways of doing things.
Instead of seeing this fact as a threat, see it as a fantastic opportunity. This means that your new company could take over the leadership position of the largest competitor today and even put them out of business! The key is to find a way to serve their customers even better then they can!
So, let me emphasize again that unless you keep innovating and changing the way you do business, you will be out of business soon enough. I can tell you that if I did not grow my business to enter new regional markets like Indonesia, China, Thailand, India and Malaysia, I will be bankrupt today! My company's monthly overheads are about $500,000 and Singapore only accounts for 50% of my sales and profits. If I did not constantly focus on creating new programs (i.e. the Wealth Academy and Internet Marketing Academy series), writing new books (two a year) and changing my marketing and distribution strategy every day (i.e. entering the Singapore schools market), I wouldn't still be the market leader in personal development training in Asia. Another competitor would have caught up and blasted me away to oblivion.
Today, it is impossible to maintain your position in the market by doing the same thing. The reason is because customer's expectations change constantly, competitors improve constantly, employees work habits change constantly and so forth. So if you keep doing business the same way, you are actually going down, as everything around you is improving.
Adam Khoo is an entrepreneur, master investor, best-selling author and a self-made millionaire by the age of 26. Over the last 15 years, he has trained over 350,000 professionals, executives and business owners tap their personal power and achieve excellence in their various fields of endeavor. Visit his blog at http://www.Adam-Khoo.com or download your FREE bonus report "Supercharge Your Success" at http://www.SuccessWithNLP.com.
Article Source: http://EzineArticles.com/?expert=Adam_Khoo
What is Comprehensive Financial Planning?
Financial planning is about building an objective plan for your financial future. You should follow these principles to ensure that every aspect of your financial life is covered, and therefore build a solid foundation to meet your goals.
Your goals will depend on your own personal situation and what you want for the future. For example, you might want to plan for retirement, buy a second home or send your kids to private school. The list is only limited by your imagination.
This is all based on a common sense approach. Anyone can do it, you just need to be methodical and objective.
What about financial advice?
Unfortunately, most financial advisers do not offer comprehensive financial planning. Most of them are glorified sales people. This is proved by the fact that they usually sell products rather than plans. If your financial adviser starts by talking products he is thinking about himself rather than your future!
Of course, there is a place for products, but only at the end of a comprehensive analysis of the reasons why you need that solution. What's more your financial plan might reveal that you do not need further products!
What should be in my plan?
Here are the main areas which need to be covered. There may be other areas, depending on your own circumstances.
Gathering data
You need to think of your plan as a whole because your financial decisions are inter-linked. For example, if you have an expensive mortgage this may impact on your ability to save for the future. You will need to get together data on every aspect of your financial situation.
Setting goals
Without an end in mind, it will be difficult to evaluate your progress. Therefore you should think carefully about what you want your future to look like. These goals should be measurable.
Income and outgoings
This is fundamental to building your plan. If you spend less than you earn, you have a chance to affect your financial future. If you spend more than you earn you will have limited options and could spiral into debt. Understanding tax is a big part of this.
Assets and liabilities
You need to build up assets to underpin your financial future. And more importantly you need to build up the right kinds of assets. The sooner you can be debt free (unless it is the 'right debt'), the sooner you can be in control. For planning purposes we ignore certain types of assets.
Emergency funding
Making sure you can cope with short-term crises is vital. We recommend that you set aside 3-6 months worth of outgoings.
Protecting what you have got
You should think about what happens if things go wrong. This includes all types of insurance to ensure your lifestyle is defended from catastrophes. You should also consider making wills and powers of attorney etc.
Paying off debt
Generally, any debt is a barrier to your future prosperity. The sooner you become debt free, the sooner you have control over your future. Remember that your bank manager includes your mortgage as one of his assets!
Saving for the future and investing wisely
You need to work out how much will be needed to fund your future goals, how much risk this requires, and the effect of external forces such as inflation, charges and future legislation.
Tax
While this should not drive your plan, it is certainly an important part of the equation. Understanding how tax affects your life should run throughout your plan.
Monitoring your progress
Financial planning should be much like servicing your car. You would not spend £20,000 on a new car and then never take it to the garage for a service. Likewise, you should regularly review your plan to ensure your remain on target to meet your goals.
Of course, your circumstances will also change over time, so your ultimate goals may also need a tweak from time to time.
Conclusion As you can see, a proper financial plan should be extremely detailed, and will take some work. However, the rewards will really benefit you as you will be back in control of your life.
Want some help?
We work closely with our clients to develop and maintain their financial plans. If you would like some help in preparing your plan, please contact us.
Dan Woodruff is a Certified Financial Planner and Independent Financial Adviser based in Colchester, Essex, UK. He regularly writes articles on financial planning and investments aimed at UK business owners and investors. Go to http://www.woodruff-fp.co.uk to find more content, or sign up for his free newsletter or financial planning blog.
Woodruff Financial Planning is authorised and regulated by the Financial Services Authority.
Article Source: http://EzineArticles.com/?expert=Dan_Woodruff
Your goals will depend on your own personal situation and what you want for the future. For example, you might want to plan for retirement, buy a second home or send your kids to private school. The list is only limited by your imagination.
This is all based on a common sense approach. Anyone can do it, you just need to be methodical and objective.
What about financial advice?
Unfortunately, most financial advisers do not offer comprehensive financial planning. Most of them are glorified sales people. This is proved by the fact that they usually sell products rather than plans. If your financial adviser starts by talking products he is thinking about himself rather than your future!
Of course, there is a place for products, but only at the end of a comprehensive analysis of the reasons why you need that solution. What's more your financial plan might reveal that you do not need further products!
What should be in my plan?
Here are the main areas which need to be covered. There may be other areas, depending on your own circumstances.
Gathering data
You need to think of your plan as a whole because your financial decisions are inter-linked. For example, if you have an expensive mortgage this may impact on your ability to save for the future. You will need to get together data on every aspect of your financial situation.
Setting goals
Without an end in mind, it will be difficult to evaluate your progress. Therefore you should think carefully about what you want your future to look like. These goals should be measurable.
Income and outgoings
This is fundamental to building your plan. If you spend less than you earn, you have a chance to affect your financial future. If you spend more than you earn you will have limited options and could spiral into debt. Understanding tax is a big part of this.
Assets and liabilities
You need to build up assets to underpin your financial future. And more importantly you need to build up the right kinds of assets. The sooner you can be debt free (unless it is the 'right debt'), the sooner you can be in control. For planning purposes we ignore certain types of assets.
Emergency funding
Making sure you can cope with short-term crises is vital. We recommend that you set aside 3-6 months worth of outgoings.
Protecting what you have got
You should think about what happens if things go wrong. This includes all types of insurance to ensure your lifestyle is defended from catastrophes. You should also consider making wills and powers of attorney etc.
Paying off debt
Generally, any debt is a barrier to your future prosperity. The sooner you become debt free, the sooner you have control over your future. Remember that your bank manager includes your mortgage as one of his assets!
Saving for the future and investing wisely
You need to work out how much will be needed to fund your future goals, how much risk this requires, and the effect of external forces such as inflation, charges and future legislation.
Tax
While this should not drive your plan, it is certainly an important part of the equation. Understanding how tax affects your life should run throughout your plan.
Monitoring your progress
Financial planning should be much like servicing your car. You would not spend £20,000 on a new car and then never take it to the garage for a service. Likewise, you should regularly review your plan to ensure your remain on target to meet your goals.
Of course, your circumstances will also change over time, so your ultimate goals may also need a tweak from time to time.
Conclusion As you can see, a proper financial plan should be extremely detailed, and will take some work. However, the rewards will really benefit you as you will be back in control of your life.
Want some help?
We work closely with our clients to develop and maintain their financial plans. If you would like some help in preparing your plan, please contact us.
Dan Woodruff is a Certified Financial Planner and Independent Financial Adviser based in Colchester, Essex, UK. He regularly writes articles on financial planning and investments aimed at UK business owners and investors. Go to http://www.woodruff-fp.co.uk to find more content, or sign up for his free newsletter or financial planning blog.
Woodruff Financial Planning is authorised and regulated by the Financial Services Authority.
Article Source: http://EzineArticles.com/?expert=Dan_Woodruff
My Business is My Pension
When we first talk to business owners about financial planning they usually reply: 'My business is my pension.' Equally this applies to many employees - 'My house is my pension...' This is a poor place to start with your financial planning, and may leave you far short of your ultimate goals.
Why your business is not your pension!
OK, your business might prove to be your pension, but it might not. By saying that it will provide you with a future income you are leaving your retirement plans in the lap of the Gods.
By saying that your business will provide you with an income, what you are really saying is that you will sell up in the future, and someone will come in and give you enough money to retire on.
Will you be able to sell your business?
Any asset is only worth as much as what someone else is prepared to pay for it. You might not actually have a business that someone wants to pay for.
We meet many business owners who are actually just self-employed consultants. They have swapped the employee life for self-employment, but the business would not run without them. With this in mind, without them there is probably no business, so who would pay for that?
The best kind of business runs without the owner
If you haven't already, get hold of a copy of Rich Dad, Poor Dad by Robert Kiyosaki. His analysis of this area is very useful (his cashflow quadrant).
Financial planning is about getting to financial independence - i.e. being able to survive without the income from the business. If you run your finances well, you can eventually become an investor. This means you rely on your money to do the work, not you. If you do this well enough, you can choose not to work, and live off your independent income.
How much do you actually need?
You should first work out what you need to be able to fund your future lifestyle, and work backwards from there. If you know how much you need you can build a plan to achieve that worth for your business, and more importantly build the business in such a way that someone else will be prepared to buy it.
You could work closely with other business advisers such as an accountant or business coach to plan for your exit strategy.
Think of your business as a cash generation tool
You should be able to earn income from your business, either as salary or dividends. Hopefully you can also sell it at a later date for a lump sum. These streams of cash should be used towards your ultimate aim of independence.
Don't forget tax!
Why your house is not your pension!
You may be able to use your house to supplement your future income. However, in my experience this is rarely desirable for most people.
Downsizing?
You could choose to downsize, but who wants to work hard all their life to get the house of their dreams, to then sell up to someone else so you can live more easily?
Equity release?
You could choose to release equity from your home through a complex mortgage product. However, for most people this is expensive, complicated and risky.
Surely it would be better to have some financial discipline now and prepare for the future with your eyes wide open?
Want some help?
We work closely with our clients to develop and maintain their financial plans. If you would like some help in preparing your plan, please contact us.
When you sell your business you will need to pay capital gains tax at 10% or greater.
Dan Woodruff is a Certified Financial Planner based in Colchester, Essex, UK. He regularly writes articles on financial planning and investments aimed at UK business owners and investors. Go to http://www.woodruff-fp.co.uk to find more content, or sign up for his free newsletter or financial planning blog.
Woodruff Financial Planning is authorised and regulated by the Financial Services Authority.
Article Source: http://EzineArticles.com/?expert=Dan_Woodruff
Why your business is not your pension!
OK, your business might prove to be your pension, but it might not. By saying that it will provide you with a future income you are leaving your retirement plans in the lap of the Gods.
By saying that your business will provide you with an income, what you are really saying is that you will sell up in the future, and someone will come in and give you enough money to retire on.
Will you be able to sell your business?
Any asset is only worth as much as what someone else is prepared to pay for it. You might not actually have a business that someone wants to pay for.
We meet many business owners who are actually just self-employed consultants. They have swapped the employee life for self-employment, but the business would not run without them. With this in mind, without them there is probably no business, so who would pay for that?
The best kind of business runs without the owner
If you haven't already, get hold of a copy of Rich Dad, Poor Dad by Robert Kiyosaki. His analysis of this area is very useful (his cashflow quadrant).
Financial planning is about getting to financial independence - i.e. being able to survive without the income from the business. If you run your finances well, you can eventually become an investor. This means you rely on your money to do the work, not you. If you do this well enough, you can choose not to work, and live off your independent income.
How much do you actually need?
You should first work out what you need to be able to fund your future lifestyle, and work backwards from there. If you know how much you need you can build a plan to achieve that worth for your business, and more importantly build the business in such a way that someone else will be prepared to buy it.
You could work closely with other business advisers such as an accountant or business coach to plan for your exit strategy.
Think of your business as a cash generation tool
You should be able to earn income from your business, either as salary or dividends. Hopefully you can also sell it at a later date for a lump sum. These streams of cash should be used towards your ultimate aim of independence.
Don't forget tax!
Why your house is not your pension!
You may be able to use your house to supplement your future income. However, in my experience this is rarely desirable for most people.
Downsizing?
You could choose to downsize, but who wants to work hard all their life to get the house of their dreams, to then sell up to someone else so you can live more easily?
Equity release?
You could choose to release equity from your home through a complex mortgage product. However, for most people this is expensive, complicated and risky.
Surely it would be better to have some financial discipline now and prepare for the future with your eyes wide open?
Want some help?
We work closely with our clients to develop and maintain their financial plans. If you would like some help in preparing your plan, please contact us.
When you sell your business you will need to pay capital gains tax at 10% or greater.
Dan Woodruff is a Certified Financial Planner based in Colchester, Essex, UK. He regularly writes articles on financial planning and investments aimed at UK business owners and investors. Go to http://www.woodruff-fp.co.uk to find more content, or sign up for his free newsletter or financial planning blog.
Woodruff Financial Planning is authorised and regulated by the Financial Services Authority.
Article Source: http://EzineArticles.com/?expert=Dan_Woodruff
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