Strategies to build, manage and protect your wealth
As a business owner, you diversify risks and investments everyday, but you mightn’t be doing this in your personal life. This week on Kochie’s Business Builders, Iain Rogers of NAB Wealth shares some simple strategies that’ll help build, manage and protect your wealth for the future.
We’ve partnered with Channel 7′s Kochie’s Business Builders to provide businesses like yours with simple, practical solutions to help you run your business more effectively. Each week we’ll bring you tips from our NAB Small Business Banking team as featured in the episodes.
This week as featured on Kochie’s Business Builders, Iain Rogers of NAB Wealth shares some simple strategies that’ll help you build, manage and protect your wealth for the future.
As a business owner, you diversify risks and your investments everyday, but you might not be doing this in your personal life. Here are some simple strategies that will help you build, manage and protect your wealth for the future. So where do you start?
Assess the value of your business
Your ability to produce income is the most important asset you have. You can do this by consulting a business succession adviser, who can ensure the business value can still be there if you can’t.
Think about diversifying your investments
The old saying about ‘not putting all of your eggs in the one basket’, applies to business as well. By considering a capital or income allocation to shares and property outside of your business assets, you can reduce investment risk and build another income producing portfolio.
Finally, consider making these sorts of investments within a superannuation trust
By doing this, you may be able to benefit from immediate tax advantages on your income, and build assets in a very low tax environment.
A Self Managed Super Fund can give you greater flexibility to achieve this, but it’s important to understand your obligations and seek specialist advice.
A quality financial plan, prepared by an adviser who understands small business, can help you achieve these goals and steer you and your business to a successful future.
For more tips and tools go to nab.com.au/smallbusiness
Watch the full episode of Kochie’s Business Builders