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TAX PLANNING
When Christmas arrives the tax year-end quickly follows. So before your new year’s resolutions, commit to ending the tax year positive. Tax rates are 20% and 35% on the higher band in some countries. Each $100 invested in a tax instrument will return 20% to 35% depending on your tax scale. In other words, you can get up to a maximum tax return of $35 for each $100 invested. So plan your Christmas shopping with the Mutual funds or Credit Unions to have a Merry Christmas next year when your tax return comes in next year.
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EVERY CHAMPION NEEDS A COACH
Riding a bike or driving for the first time is very uncomfortable because you are learning new habits. This will eventually become second nature and you will graduate to higher and bigger systems. In the meantime, to expedite your learning, start an accountability arrangement. Incorporate it into your daily prayers, but more importantly, talk about it. Tell others of your plans; better yet, teach this process to some church group, friends or stranger. By repeating the information verbally, you will marinate in the truth and it will force you to be obligated to following your pronouncements.
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LIFE AND HEALTH INSURANCE
Life insurance is one of the most important financial instruments you will ever own. The real purpose of life insurance is to protect the family against premature death. It works by substituting income after the departure of the insured.
If you have others depending on you, you need that supplement earning power, if you have significant financial obligations such as a mortgage or other long term loans, you need that supplemental earning power, and if your dependants would have increased expenses such as child care, etc, after your departure, you definitely need that supplemental earning power.
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Hear with your ears.
Financially Fit
