Having multiple income sources is a fundamental principle that billionaires across the world apply successfully to create wealth. Here are 21 ideas that you can consider to create an income or multiple income sources.
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As you might know SARS has rolled out auto assessments for the 2019/20 tax year, mainly for non-provisional taxpayers. In this vlog I explain what an auto assessment entails and the 3 important things you should do when you are auto assessed.
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Many business owners find the invoicing process quite tedious and this is also a process that many businesses neglect. Invoicing is however a critical process for your cash flow management. Effective invoicing can certainly help you to get cash quicker into your business. It is however also important to check that the invoices you receive from suppliers etc. meet the standard requirements to ensure SARS doesn’t disallow some of your expenses causing for you to pay more tax. In this video clip I explain what a valid invoice for tax purposes should look like and contain…
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Debt is probably the biggest thief stealing financial freedom from people. Once in the trap of having too much debt, it becomes increasingly difficult to get out of this situation. As a result of the financial impact of the lockdown period on households, businesses and the economy, it is expected that debt levels will rise. More people will depend on debt to survive this difficult time. How can you become debt free?
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For the majority of the population this period feels like a steep mountain to climb. Here are a few tips to help you with your financial decision making. Making informed and solid financial decisions will certainly contribute towards conquering this economic downturn.
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Despite the financial stress, uncertainty and knock-on impact the covid-19 crisis is causing for the economy, businesses and households, there are also multiple opportunities for people to create wealth for themselves amid the crisis. Looking at history various companies that have grown into massive multi-national companies were in fact born during a time of recession.
Look beyond the challenges to see the opportunities. Here are a few opportunities to look at.
Cash flow is critical to any business despite the size or type of business. In a recent study conducted by SasFin and sme.africa, businesses indicated that cash flow (or rather a lack thereof) contributes to 61% of their biggest financial stress and concerns during the current pandemic. Implementing an effective cash flow management strategy is becoming more critical now than ever before. Here are a few tips to help businesses improve their cash flow.
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Lockdown did force us to slow down, to reflect on our lives and businesses / careers and to make certain adjustments. Sometimes we need to face the harsh reality and answer the tough questions, whether we like it or not.
Financial wellbeing is one aspect that comes to mind. Whether lockdown had a severe, mild or no financial impact, this is a good time to spend time on your financial wellbeing. Is your finances in order? What changes do you need to make to be in a better financial position if something like this has to happen again?
Concerns were rightfully raised about the various relief options been announced to help individuals and businesses been affected by the national lockdown enforced to stop the spread of the coronavirus. Amidst the negativity, uncertainty, stress and questions, SARS announced their relief measures. Eventually the dark cloud got a slight silver lining for some tax payers. The SARS relief options whereby a portion of PAYE and provisional payments will be deferred with no interest and penalties, will truly benefit taxpayers’ cash flows. This is the kind of relief most people, being heavily affected by this crisis, were probably looking for and hoping to receive from all role players.
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The real value of having an emergency fund will only be fully appreciated during an emergency like the current pandemic. During the lockdown period imposed to stop the spread of the coronoavirus, both businesses and individuals are severally impacted. The individuals and businesses who are probably less stressed are the ones who have an emergency fund in place.
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