How smart people focus on their life plan
As we approach the end of the financial year, your accountant would have been looking backwards to prepare for the EOFY. Now let's talk about looking forward, to not only making a business plan but a life plan. In this short sharp video, I share what is a life plan. Plus the five areas that smart, wealthy people make sure they have covered.
If you have any questions contact me or one of the Millens team to get you on the right track.
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VIDEO TRANSCRIPT
Ross Millen:
Hi. As we approach the end of the financial year, I'm sure your accountant or your tax advisor has been telling you about all the things to get ready for the end of financial year, but that's looking backwards. And what I want to talk to you today about is shouldn't we also be looking forwards? Shouldn't you be thinking about what's going to happen in the next financial year or the next couple? Failing to plan is planning to fail as someone said. So I'm talking to you about making a business plan for your business, and in some ways also a life plan for your life.
Now, what's a life plan? You might say, "Well, I've got a business. Some of my children work in it, maybe some others don't." And so you're thinking, "How will I progress that over the next few years? How will I fairly provide for my children, the ones that want to work in the business and the ones that don't?" Or you might say, "Well, now is the time. I haven't looked at my wills or my estate planning for five years or so. I've got a lot more money now. There's more money in super. How am I going to sort all this out?" Or you might say, "Now is the time to buy an investment property." Have you thought about that? And what's the best way to do it? Or you might think, "I'm going to sell some properties and then use the cash to pay off some debt and then move into a non-dead environment."
So creating your life plan, and there's many steps in this that Millens can advise you about. Or in your business, a business plan. Are you creating new products? Are you going to employ new people? Do you need new larger premises or maybe you're downsizing a bit, you're going to sell off part of the business and you can sell a property or something like that? So again, these are many things that Millens can help you with.
So what I'm going to urge you to do is not just be looking back at the financial year ending, but look forward, create a business plan or a life plan. And if you've got any questions, contact me at Millens or any of our other staff and we'll be able to help you and get you on the right track. Thank you.
