4. Do research
Information is power and power, in this arena, means money.
Whatever your goals and financial plans, shop around and hunt out a good deal. There’s a wealth of information on things like financial investments, shares and rental properties out there, and plenty of advice available from financial planners, your parents or siblings.
Importantly, look for reputable information sources that are not driven by selling you something specific as they are probably biased. Find different sources that agree with each other and with your experience and base your financial decisions on hard data as much as possible.
Take investment funds, for instance. On Kiwisaver funds alone there can be a wide range of fees payable. For example, the ANZ default Kiwisaver fund currently charges 2.5% fees and the AMP Nikko AM Balanced fund charges 6.1%. If you’re interested in your own fund, you can find a comparison calculator here.
The cost of any borrowings can also make a huge difference to the true cost of any investment in your business, as this example, from our free eBook, Cash Light in a Rich World, shows: