Thursday, 5 July 2012

An update to my wealth Management post. Things I have done and incorprated into my life.

I followed up on the informtaion and insights I gain through reading "Rich dad, Poor Dad".
I have tried to gain myself a financial education. So I read about taxes. Most of it didn't apply as I work for a large employer and everything is PAYE. But I do have some shares that I had to pay extra tax on the dividend. Through my studies I discovered I could have a self select ISA in to which I could put my own shares. I always assumed a shares ISA had to be the products offered and I had no choice. Now I have transfered over my shares into this ISA I don't have to pay out the extra dividend. Money saved and books paid for themselves already in one move.

Made sure I got all my work expenses in, logged and tracked. Cashback through the credit card on those purchases.

Cashback credit cards now on both joint and personal accounts. Nectar card being used, even online to boost points up for the Christmas spend. Work wants us to do more home working, excellent less fuel to pay.

Bought some ishares bonds and recieve a some money every month.

Buying shares through the company scheme pre-tax. So theoretically making money on each purchase, but they are in trust for 3 in order to keep the pre-tax benefit. This is along term strategy, but hopefully will be worth it in a 3 years time.

Sell on ebay of old stuff in the house we didn't need anymore and raised £250.

Started lending money through a crowd sourcing website zopa. Put in the £250 made on ebay plus a dd of £20 per month. Loans are 2-5years, so again a long term strategy, but intend to keep adding in extra cash. Money made is re-invested.

Cut back on spend in the house. Got a membership for costco and have been able to buy some stuff in bulk and store in garage in order to save money.

Finally I have written a book. Its advertised at the side of the page. This is very long term project. I tend to keep writing a couple a year and build up list. Its hard work to write and even harder work to market. I have done this through self publishing on amazon. Self publishing and the book market is extremely competitive. However, I do enjoy writing so will carry on with it in the hope I get good enough and build a fan base. If I can do that these books can earn me money in the background, the perfect passive income. If after a few years I have a good enough reputation I may offer editing and proofreading services that I can do in the evenings or weekends.

The list grows of things I am looking into. However, time is the biggest factor at the end of the day. There is only so much of it so need to use it wisely.

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