Stop Think Do !!
At my childrens school they have a behaviour modification program of sorts, which encourages the children to STOP, THINK & DO. The same process is something we all could enjoy utilising as part of our own personal review process. That we are approaching the end of another financial year adds even more credence to doing so. This post creates awareness of Clever Year End 2007-08 Strategy Guide for consideration and an expansion of how you could use the STOP THINK DO process in the context of your own situation.
Clever Year End 2007-08 Strategy Guide further explores the following concepts:
- Invest Assets in your own name in Super
- Top-up your super with help from the Government
- Contribute for your spouse and save tax
- Boost savings and save tax by salary sacrifice
- Make personal deductible super contributions
- Contribute to super and offset capitals gains tax
- Purchase life and TPD insurance tax-effectively
- Delay withdrawing super benefits to save lump sum tax
- Use losses to reduce capital gains tax
- Defer asset sales to manage capital gains tax
- Pre-pay 12 months interest on an investment loan
- Pre-pay 12 months income protection insurance premiums
Stop, Think& Do:
- STOP – what you are doing now and make some time to consider your current plans and their ongoing relevence. Remember if you keep on doing the same things, the same things will keep on happening (this might or might not be a good thing). What has changed? What has happened that you didn’t think would? What remains constant?
- THINK – take a moment ( or many) to pause and reflect on your current situation, read the Clever Year End 2007-08 Strategy Guide and determine if you could possibly benefit from any of those strategies. Seek advice for clarification if necessary. There are some simple strategies which could make a major difference to your situation in the short and long term.
- DO – Make a personal commitment to yourself to take action. Hold yourself accountable for ensuring you actually do something. Regardless, of whether its committing to continuing with the financial plan you already have in place, or making yourself stick to your own personal cashflow management plan for 3 then 6 then 12 months … just do something.
Let me know if STOP THINK DO works for you. Email story@plan2prosper.com.au