So Ben Walker, brings you his top 9 New Financial Year Resolutions you should start now.
A mentor of mine once told me “Ben, a great morning, makes a great day, which makes a great week, which makes a great month, which makes a great year, which ultimately makes a great life!” There’s a book I recommend called Miracle Morning, which outlines a practice used by millions in their pursuit of an extraordinary life. My miracle morning includes - getting up, brushing my teeth, drinking water, meditations, affirmations, visualization, planning the day ahead, reading, journaling and exercise. How many miracle mornings will you have in the next 365 days?
A percentage of every dollar that comes in the door goes straight to our ‘Profit War Chest.’ In the beginning, we started with putting aside just 1% but cranked up this profit percentage as we cut expenses that we didn’t really need. I’m happy to say we’re a lean (mean!) machine and every quarter Harvee (my business partner), and I empty the Profit War Chest and spend it according to our “Build The Nest, Spread Your Wings” philosophy.
Every quarter, 50% of our Profit War Chest goes to Build The Nest - I like to invest in cashflow producing assets like Shares, Property (Residential & Commercial) & Precious metals. The other 50% of our Profit War Chest goes to Spread Your Wings - driving that new car, enjoying regular holidays, eating out, drinking that nice bottle of wine, etc. It’s great to be rewarded for your hard work while knowing there’s enough going towards an inspirational future.
As well as taking our Profit First, we also take our Holidays First too.
Every June, we grab a big 12-month calendar and map out all the holidays we want to take. We aim for about 8 - 12 weeks. Travel opens your eyes, gives you ideas and nourishes your soul. From a business perspective, it leaves room for your team to grow, make decisions on their own and appreciate the magic you bring to the table. Travel is a non-negotiable.
So often I hear stories of business owners staying up until midnight as they “do their books”, or retailers sitting in their store on a Sunday doing their books on their laptop as customers come in and out of the shop. In terms of “doing your books” (sending invoices, paying staff, paying invoices, recording what should be in the bank and what is in the bank ) - all of these functions can be outsourced for as little as $50 an hour. As soon as you get to a point where there is any volume of bookkeeping required, you should be able to outlay a couple of hundred dollars each month on having someone do that job for you while you continue to spend 80 per cent of your time on sales and marketing activities - activities that should be worth a lot more than $50 an hour to your business.
Every day I see business owners who don’t really understand what they can and can’t claim. This means you could be missing out on deductions which will ensure you keep more of your hard-earned cash. Knowledge is power so read up on what is and is not tax deductible for your business so that you can make more informed decisions around spending. For example, remember you can still claim accelerated depreciation in the form of an immediate write-off for assets costing less than $20,000.
There are some really cool things a Young Family can do with a Self Managed Super Fund. For example, right now I’m using the money in our Family SMSF to invest in a Commercial Property as the new office for Inspire CA (which means my own company will rent it off my own trust - how cool!). By 2018 there is expected to be $1 trillion of assets in Self Managed Super - I don’t know about you, but I look forward to representing a good portion of that $1,000,000,000,000 ;). Starting Aug 1st we are running a new 12-week challenge, where we’ll share with you The Mechanics & The Magic behind our own #SelfMadeSuccess journey and introduce you to the little-known strategies, tips, success stories of actual SMSF Millionaires and Australia’s top SMSF experts - who have guided our journey. Check it out here.
The new financial year is a great time to Change Accountants. Do you have a feeling your current accountant might have you paying too much tax? So did Katie Richards, CEO, and Founder of Virtual Legal. Then she did a “Look Under The Hood” with Inspire, and we saved her $18,586 tax. BOOM! In fact, we ran a campaign in Apr - Jun 2016 where we aimed to Save our clients $500,000 Tax. We ended up saving our small business clients a total of $1,261,715.00 by giving proactive advice on tax planning strategies before 30 June. If your current accountant isn’t very proactive or isn’t on the inspirational business journey that you are on, it might be worthwhile changing accountants.
Each one of us has natural talents that we were born with. Therefore the fastest path to wealth is to know these unique talents and capitalize on them. I did this profile on the recommendation of a mentor four years ago and I almost instantly went into FLOW and had been there ever since. By flow I mean, I doubled down on the things I was really really good at, my strengths. The wealth profile tool I did is called Wealth Dynamics, and it helps you find your path of least resistance on your spiritual journey to Wealth. By spiritual, I mean your internal fire, your human spirit. You can tell when people are ‘on fire’ or in flow, as they can make a radical impact and make it look easy. Have a look at the eight wealth profiles and you might consider doing the Wealth Dynamics profile yourself.
Now you have read these top 9 Resolutions - Enjoy the process of Implementing them into your own business and life! Go for Gold and have the best New Financial New Year Yet!
For every dollar in tax we save a small business, we give a family in need a days worth of access to life changing help. Here are some of the impacts -