Tax Strategies with Drew Miles — Lifestyle Money
Money doesn’t buy happiness. It’s an adage you’ve heard dozens of times. It may be a cliché but that doesn’t make it any less true. There will always be more money, a new car, a new boat. They key isn’t to acquire more money; it’s to better understand your needs, desires, and goals. What’s your next big purchase? A house or car? What kind of college do you want your kids to attend? Maybe you want to take your family on a trip to Europe.
Whatever your financial goals, the key to achieving them is to understand yourself and your budget well enough to achieve those goals. According to tax saving expert, Drew Miles and his team, living the lifestyle you want is about managing your wealth with an intimate understanding of your goals.
More than Just Your Budget
If your life was a business and you were the boss, you wouldn’t just balance the budget and clock out. You would have specific, achievable goals and a strategy to reach them. In the same way, lifestyle wealth management is more than just creating a balanced budget, it’s about creating a wealth management strategy. It is important to have a clear understanding of your income and expenditures, but creating a lifestyle strategy means taking the next step.
Look at your income and expenses and create goals. Budget out the time and money it will take to reach your goals. Looking at your cash flow is a good way to self-assess when planning out your goals. Knowing your financial abilities can give you a clear picture of the time it will take to reach the level you are aiming for. If you seem to have lofty goals given your cash flow, the next step is clear: You have to increase it.
Increase Cash Flow
If you mark out your goals and find that you need an extra boost to achieve the goals you’re after or maybe to speed up your timeline, look for ways to earn extra money. There are probably more ways to do that than you think.
Try selling items that you don’t use. Selling cars, furniture, clothes, and whatever else might be cluttering up your home, can help give you thecash flow boost you need.
Another good strategy is to start a side job. Something low-pressure like freelance work, blogging, or part-time employment comes with a lot of advantages. It increases your income, exposes you to new experiences, helps you develop new skills, and helps you explore new potential business opportunities.
Free Up Some Money You Are Paying to Taxes
As a tax saving specialist, Drew Mileshis team are aware of the money that an average person might be overspending on taxes. Many people are eligible for deductions but lack the information or expertise to take full advantage of them. Talking to a tax saving expert can help you free up more of your income that could be put to good use achieving your goals.
You can find out more about — Drew Miles