How much money do you need to succeed?

 In Accounting & Business Advisory, Financial Planning, Investment, News, SMSF, Uncategorized

Define what success is for you

What is your definition of success? Is it growing your business’ revenue by 15% for the coming financial year? Is it that dream holiday you and your spouse have been talking about for years? Is it buying your first investment property or adding to an already healthy portfolio of assets? Success is very different for everyone (sometimes it doesn’t even involve money) so it is important to clearly define some goals you would like to achieve across the next few months, years or decades.

How much do you really need?

The maths may be simple in some situations and trickier in others. To sip mojitos on the cliff tops of Santorini you may need to allocate a budget of $20,000. After budgeting you may find your saving a total of $150.00 a week outside of everyday expenses therefore that $20,000 dream holiday will, in fact, take you 133 weeks to save for – that’s 2 ½ years of saving. The same can be applied for investment deposits.

Growth of business involves significant strategic business decisions and advisory – along with considering all internal and external changes – to achieve that 15% growth you are hoping for. Sit down, lay out the steps to get there and do the maths. You may find you can only achieve 7.5% growth this year with investment needed for resources – however, with that can reach the 15% growth mark in the following fiscal year.

Look at your options

The term ‘every cent counts’ has never been more relevant, look to cut costs, add another revenue stream or make your money work for you!

If there is one thing about goals and dreams – there is usually a few different options on the table to get there. Everyone’s idea of success may be different and the same can be said for everyone’s path to success. Start to plan out your path, you may find there are some forks in the road, but ‘those who fail to plan, plan to fail’.

Start now

Don’t wait until Monday because it’s the start of the week! Today is the best time to start because time is money and the longer you hold off on it the more money you are wasting.

Educate yourself, ask questions from those in similar situations, don’t be afraid to ask for help from professionals and please do not only read articles about overnight success’ they will give you nothing else than the end picture. Success is like a marathon, you need to put in the hard work and training to get you over the finish line.

The MWL team provide a 360 degree on wealth generation and management. To book a FREE, no obligations, meeting with one of MWL’s specialists, simple Click Here to enquire.

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