Ridgway Financial Services

Being your own boss can be rewarding, but it’s also incredibly challenging. That’s why it’s important to future-proof your hard work by taking steps today that will prepare your business for tomorrow. When you’re running your own business, it’s demanding enough to keep up with the day-to-day, which means it’s easy to lose sight on the big picture. But without careful planning, your business might not be prepared for whatever the future holds. Here are five essentials that every small business owner should factor into their business plan. 1. Give it structure. Make sure you structure your finances so your personal assets and business assets are kept separate. As a minimum, you should have a separate business bank account and credit card, and pay yourself a salary. By untangling your personal finances from your business bookkeeping, you may even save time on administration. 2. Be prepared for the unexpected . If anything were to happen to your staff, your equipment

It’s a good idea to regularly revisit your personal insurance to make sure it’s giving you the level and type of cover you need at your specific stage of life. Here are some things worth considering to make sure you and your family are protected. Recent research shows that Australians are largely underinsured, with the median level of life cover meeting only 61% of basic needs. [1] Part of the problem may be that we tend to ‘set and forget’ our insurance – even as our circumstances and responsibilities evolve throughout our lives. That’s why it’s so important to regularly review your cover to make sure it’s working to protect your lifestyle, loved ones and financial goals. Here’s what to consider as you move through different life stages. Young and single While you may not be thinking about life insurance when you’re young and healthy, there are still the risks of injury and illness. What’s more, an extended period without an income can do serious damage to your finances.

Success in generating long-term wealth has a lot to do with awareness of the tricks money can play on your mind. How many of these do you recognise? Money and emotion are strongly connected. Purchases often mean something to us personally. They broadcast our identity. They make us feel special. They reward us for hard work. But in the background, behind our most basic reasons for spending or saving, our mind plays further tricks. If you become aware of these tricks then the added clarity will benefit your wealth generation. 1. Bigger is better Consider the purchase of a new car. You have just spent $35,000, so when the salesperson offers you a special deal – a $700 upgrade pack including a towbar, carpet mats and alloy wheels – it seems like a bargain. But would you happily go out today and spend $700 elsewhere? How many grocery trips does that represent? And many of us will grab the opportunity to buy a $100 item that has had its price slashed to $50. But if a $5000 item