A work-life balance is something many dream of but few actually achieve. Countless books have been written about it and yet so many don’t have it. I believe the books don’t help much because what a work-life balance means to you is going to be different to the way I see it, and therefore the way you achieve it will also differ. Whether or not we get it comes down to two things; your ability to define what it is you want and making the right choices to get it.
By Janine Cox.
In speaking to a lot of people who have set down their goal to achieve a work-life balance there is one common denominator, that is, the need for financial security. In other words, if we eliminate the money worries everything else should follow. So how do you get it?
Here are my five investment tips to assist you in getting that financial security to put you on your way to developing your own personal work-life balance:
- If you do nothing, then nothing happens. Set aside a few hours each week to concentrate on your investments. This could include learning how to invest effectively and profitably, undertaking research or managing your current investments. The more you do now the less you will have to do later, as you will reap the rewards from your efforts.
- Pay yourself first – Every time you pay money out to someone else you are working to fund someone else’s wealth instead of your own. Put away at least 10% of your income into some form of savings; super or an income producing investment.
- Learn how to create multiple income streams, including passive income streams. I am currently mentoring a lady who is learning how to replace around 25% of her income from buying and selling shares for profit. She now has the choice to work less so she can spend more time on the other areas that will improve her work-life balance.
- Never invest just to save tax, because to create real financial security you need to look to invest for income and capital gain.
- Buy and hold strategies have proven to be ineffective as this approach exposes your capital to the full extent of any market downturn.
If having a work-life balance is important to you, then improving your finances will make achieving your goal a lot easier.
Janine Cox is the Senior Analyst at Wealth Within, a private investment company specialising in managing direct share portfolios through their Individual Managed Account Service. Wealth Within is a government accredited specialist share market educator, where Janine educates people on how to invest and trade the share market. www.wealthwithin.com.au
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