If you want to increase your nett worth and your personal wealth you need to understand how to make your money work for you rather than against you.
moneysmart is building a central financial dashboard so that you will quickly be able to see exactly where your money is going.
This will empower you with information for action to increase your personal wealth with all your financial transactions.
Money has a time value, this means that the longer you hold onto your money the less it is worth.
This takes place due to factors such as inflation and tax. To increase your personal wealth you need to make sure that your money is used in a way that it does not lose value over time.
Many people think that investments are the way to go, but you should be aware that most ‘investments’ are either not investments or only protect the value of your money rather than increasing it.
It is important that you take at least fifty percent of the money you have to invest and place it in higher risk vehicles.
Not only do higher risk investments have a lower tax rate, they can actually increase your personal wealth significantly.
Low risk investments are taxed higher and are prey to the ravages of inflation.