Passion - Build assets

Build assets

14th Feb, 2015 By TeamLiveLife

Read books, surf web and get professional advice to learn the basics as there are many ways to build substantial amount of wealth even with a low income. Focus on building assets for life, invest in properties and try to be consistent in your investments to get good returns. If your job does not allow you to make new investments than you must consider part time courses or learn new skills to make yourself able to earn more. Stated another way, your conventional mode of income enables you to buy a cake and the passive income adds the icing on the cake making it wholesome, satisfying and lucrative.

Goals

16th Feb2015

Plan building your fiscal assets

Those who keep themselves prepared for future enjoy each moment of their lives. Make a list of your post-retirement needs and plan your investments accordingly. Set short-term as well as long-term goals to provide a secured future to your family.

Tasks

Set long term targets for creating an asset

Do not attempt to invest in financial assets only because a friend has

Take time to figure out your post retirement needs

Avoid taking up a fiscal strain in order to build an asset quickly

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Do not overspend on luxuries until you have assets in place

When you buy luxurious stuff you have to spend on their maintenance too, try to go for less expensive replacements instead. Do not plan a new investment if you have to pay off a loan or make an immediate expense.

Tasks

Tackle your assets in a way that all taxes are clear

Avoid tax evasion in case of asset sale

Understand nuances of capital gain taxes

Do not spend on new buys when debts are piled high

Take time to figure out the immediate asset needs in your future

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Avoid spending cash over big assets

Plan your budget in such a manner that you do not have to compromise with your regular expenses to pay installments. One must not invest all his/her savings right away; invest a share of it so that you have funds for an urgent situation.

Tasks

Do not give up savings for asset building

Take time to understand if an overdraft or loan is most suitable

Plan your financial habits in a way that your expenses are not sacrificed for EMIs

Adjudge right time to invest on big assets

Have a pool ready before going in for major investments

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Plan immovable property investments

If you are planning to buy land or a plot, make sure you have enough information with you. Consider all the legal issues and make a decision once you discuss with your legal advisor. Use help of real estate agents to get property of your own choice but do not invest all your savings on it.

Tasks

Decide if you want a plot of land or a home

Weight long-term lease against sale

Decide how much you can pay for in case of finance

Make sure the legalities of searching for property are taken care of

Do not spend savings at once on an immovable asset

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