(03) 9020 2905Yeah, yeah. I could tell you all the “normal” stuff. Spend deductible money before June 30. Delay income until July 1. Same, same.
But let’s try something bigger picture and positive.
We always moan about how quickly New Year’s Eve resolutions are broken, usually by mid-January. The weather’s great, you’re on holidays and it’s chillaxin’ time. Bad time for making promises.
July 1 is the opposite of that. Cold, miserable and, generally, you’re stuck at work. Even chance your footy team is out of finals contention. Perfect time to divert attention elsewhere.
I’ll make it easy for you. Here’s a choice of three “new financial year resolutions” to make for July 1. (And, like December 31, don’t forget to get drunk on New Financial Year’s Eve, even if it’s a school night.)
Make a significant investment. Commit to something. It doesn’t need to be big, but make it an ongoing commitment, where you have to chip in every month. A managed fund, buying shares, an investment property.
Protect yourself and your family. It’s called love. Making sure they’ll be okay if something happens to you. Get yourself adequate life, total and permanent disability, trauma and income protection insurances. Nasty things can happen to good people, but insurance stops it also being a financial disaster.
Pay down debt. The dumb stuff. Credit cards, car loans and personal loans. Interest paid here is truly wasted dough. Get rid of it this year, then start investing next year.
If you don’t know what you’re doing, find a financial adviser who understands you and what you want.
Bruce Brammall is the principal adviser with Castellan Financial Consulting (www.castellanfinancial.com.au) and author of Debt Man Walking.