Finance Windfalls

Ggett a ttax refund?fd? Leahlh Oliver, Oli founder of Minnik Integrated Financial Solutions, helps you make the most of it!

MAKE A MORTGAGE PAYMENT

D Direct any spare cash t to your home mortgage. Unlike an investment property, a mortgage on your primary dwelling is a non-deductible debt, so the interest incurred drains you financially. Focus on repaying your home mortgage first and foremost. Every bit helps!

DIVERT IT TO YOUR INVESTMENTS

A positive investment is an asset that you own outright, such as a mortgage-free investment property. Negative investments are assets funded by debt. A positive asset is always more valuable than a negative asset. If you work towards making your investments debt free, it will stabilise your financial future. The idea is to ensure that if there comes a time when your income stops (if you’re unable to work, face redundancy or wish to retire early), then your fully owned investments will generate enough income to fund your lifestyle.

LEARN A NEW SKILL

Y You might be c considering a career chan change or additional skill requiring further education, or you may want to contribute to the future education of your kids. Putting funds aside and investing wisely is key.

CREATE A NEW INCOME STREAM

H Having a few income streams is great for financial security. Think about creating at least one other form of income. Perhaps try an online business or a new investment. If one income stream drops off, you will have another stream to fall back on.

FULFIL A DREAM

Y You work hard, but you w work to live. Take that l long-awaited holiday. Go to a place you’ve always wanted to experience. Buy the diamond ring for your loved one. Assist your parents, relatives or friends. Save an abandoned puppy. Money is important for security, but it should also bring you joy!