Many people choose to work in remote and isolated conditions to secure a better lifestyle for their family through financial independence. Obtaining strong financial and tax advice can assist with reaching your financial goals, making the sacrifice worthwhile. There are four areas to consider where independent financial advice can assist with your financial security:(1) Insurance:
Should you become temporarily sick or injured, permanently disabled or pass away, a life insurance and an income protection insurance policy can ensure that you and your loved ones are financially protected during difficult times. Seeking professional advice from a registered financial advisor or insurance broker will ensure that you receive the most appropriate and cost effective cover to suit your lifestyle and working conditions. It is also recommended that you speak with your tax agent as some insurance’s are tax deductible to you.(2) Superannuation and Retirement:
A registered superannuation advisor or financial planner can advise on tax effective methods which can assist in reaching financial independence on retirement. We also recommend speaking with a tax agent regarding reducing your tax payable while increasing your retirement nest egg through employee salary sacrifice arrangements.(3) Investment Advice:
Investing in property can not only reduce your tax payable and increase your cashflow; it can also secure future financial independence. We recommend speaking with a tax agent to assist with maximising your tax refund. Some tax agents have professional alliances with reputable property investment firms which assist clients in reaching their financial freedom through savvy and cost effective investment techniques. We also recommend that you find a tax agent who is an experienced property investor themselves that understands firsthand the best practices in reducing tax.(4) Tax:
As a taxpayer, it is important to understand how current tax legislation effects your financial situation. Good advice from a registered tax agent can help reduce your tax payable while maximising your tax refund. Obtaining the right advice not only assists with immediate tax relief, it can also be invaluable to reaching your long term financial goals.
Whether your financial goals are short term, long term or both it is important to plan for the lifestyle you want to achieve. Seeking advice from a number of professionals including financial planners, tax agents, and insurance brokers will ensure you reach your financial freedom efficiently.
These professionals can assist you will mapping your goals through budgets and other cost saving strategies while minimising the impact of your current lifestyle. Sacrifices made by miners and mining families are significant, and financial independence can be the key motivator for those sacrifices. Seeking professional advice through effective financial solutions can assist with proficiently reaching your financial objectives, making your personal sacrifices worthwhile.
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