In the previous blog, we looked at the ‘profit first’ theory which is the same as ‘paying yourself first’. This means putting money into your superannuation fund from your pay check before you spend money on anything else.
In this blog, we discuss one of the theories from a book called Profit First by Michael Michalowicz. We decided to base a podcast around this because many of its principles can be adapted at a household level. In financial terms, the ‘old way of thinking’ is discussed in the book, which is referring to the formula ‘the revenue of a business minus the expenses equals its profit.'
In this blog, we look at investing in one company as opposed to diversifying your portfolio by spreading your investment over a number of companies.
How should you give money to your kids? So, if you’ve made the decision to help them out, the question now is how to go about it so that it’s a positive experience for both parties.
Often, our clients tell us stories about how they used to get by on very small amounts of money when they were younger, and their struggles of getting ‘set up’ for life. We love hearing the stories of the run-down apartments, $2-meals and dodgy old cars. But we’ve noticed a pattern with some of these clients. They recognise and understand the value of ‘doing it tough’, but they find it really difficult to watch their children go through the same thing.
We’ve thoroughly enjoyed recording the podcasts each week and we want to take this opportunity to thank all our listeners for joining us. We’ve always said that we would do the podcast even if we had just one listener, but we’re glad to see so many of you out there! Thank you!
We received another listener question today, from a small business owner called Kerry. Kerry is in her early 60s and, like many in her situation, she is close to retirement but only has a small amount of money in her super. Her husband is not able to work, so they rely solely on her income.
Dallas Davison, Michael Hogue and Ali Hogue.