Tania, after being nominated on a few different occasions has taken out the Lonsdale award for Financial Advisor of the year for 2019! Everyone at dmca advisory is very proud of Tania’s achievements.
Read MoreEver dreamed of retiring before 60? It is possible, but only if you can start early. Maybe 2020 might be a good time to start?
If you are thinking of an early retirement, you need to work out how much you will need to fund the lifestyle you want. Be realistic. To quit your job, you need to really look at what you spend and how much you really need to continue living the way you are used to. Do others depend on you for finances? Have you paid off your home? You will need to examine these points to establish how much income you need to generate each year to stop working full-time.
That’s not always easy. But there are some things you can do to make the dream more possible.
Save
It’s not rocket science, but in order to think of early retirement, you need to have put money aside for this purpose. Work out how much you can save each month. Then consider what you might do with it. Will you leave it in the bank, or will you put it to use?
Invest
This has a lot to do with your personal risk tolerance. There are very few entrepreneurs or self-made millionaires who have not taken a risk at one point with their investments. But it needs to a considered risk, under the guidance of a professional. Basically, it’s the choice between leaving the money in the bank with little to no interest, or finding investment opportunities where your money will grow and deliver a return could stand you in good stead in future years.
Don’t get into debt
Being able to retire early is not possible if you are still carrying debt. Try to pay off more of your home loan each year, pay off the credit cards (or keep them to a minimum) and get debt levels under control.
Simplify your life
It’s not realistic for most people to imagine living in a mansion and having frequent overseas holidays if they only draw an income of $40,000 a year. Some people have been able to retire early by simplifying their life, and downsizing to save money. Perhaps this might involve selling a larger house and moving to another city or town with a cheaper cost of living? A sea change can work financially if planned properly.
Consider part-time work
It might be unrealistic for many to entirely retire when you are less than 60 years old, especially as we are all living longer. But you might be able to work less. If your investments are working for you, you could enjoy more free time by shifting to part-time, consultancy, or contract work which will provide you with more autonomy and will help to transition to full retirement more slowly.
The key to an early retirement is always in the planning. dmca advisory has the specialist knowledge to help you plan for the life you want to lead. 2020 might be a good time to schedule an appointment to discuss where you want to go, and how we can help you get there?
Read More“A COLLABORATIVE approach between government, local business and industry is key to reversing South Australia’s “brain drain” and stopping young graduates heading interstate to start their careers, says the head of a respected Adelaide business consultancy,” Rebecca Baker.
“There’s a responsibility as a collective group to think outside the square and come up with a range of measures to make this (retaining our future leaders of tomorrow on home soil) happen,” says dmca advisory director Adam Griffiths.
“He believes retaining the job accelerator grant, introduced in July 2016 but due to finish in June this year, is vital.
The program offers financial support to small business owners who take on additional staff — almost 17,000 jobs have been partly funded through the program since its inception with 5500 local businesses making use of the incentive,” Rebecca Baker.
Mr Griffiths says graduates must get the opportunity to put skills learned into practice in the workplace, and to gain exposure to potential employers through short-term paid placements, internships or part-time work. “Summer internships work well but there are not enough of them … (we must) stop the exodus of up to 3000 people each year,” he said.
“Local businesses, government and industry bodies should work together collaboratively to actively help university students find employment – with short-term paid placements, internships or part-time work,” he said.
“With government support, we could increase the number of graduates we employ but it’s just not possible without funding.”
“With an ageing population we need to keep young professionals in the state – we have up to 3,000 people leaving SA each year.
“Many university graduates, in areas such as business, commerce, law, engineering and science, are really struggling to get their foot in the door … (they) don’t want to leave SA but it’s become a sad reality that our young people make a beeline for Sydney or Melbourne simply because it’s more likely they’ll find employment there.”
He says retaining bright young people in SA will not only make the state more competitive but will also entice new and diverse industries to establish here as well.
To read the full article by Rebecca Baker click here.
To learn how we can help you maximise the Job Accelerator Grant for your business before time runs out, give us a call or get in contact with us via the below contact us form.
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