Now more than ever we are told to diversify our income sources, however, when you are busy and already have a job, it can seem unmanageable to make it happen. I personally find that a single income is not enough to sustain a living where you not only survive but truly thrive. With this in mind, have you thought about creating multiple income streams? So your job isn’t the sole source of your income? Let’s explore some options.

Using smart investments when creating multiple income streams

Investing your money can be risky for first-time investors. We’ve all heard horror stories of investments gone wrong, which can be daunting and overwhelming. However, one bad experience shouldn’t put you off from investing. Many successful investors will even tell you that you must be willing to lose money, in order to be successful.

The most important thing to remember is that you don’t have to go big, especially not at first. Investing isn’t just about the stock market. Start small and focus on lower risk investments that you’re comfortable with, before investing larger amounts. 

When considering a potential investment opportunity, ask yourself, “What can I invest my money in that would allow it to grow?”.

Embrace your side hustle

The modern-day woman has so much on her plate and the idea of turning a side hustle into a business can seem counter-intuitive. However, it doesn’t have to be. Many successful businesses have been created by people juggling multiple commitments.

Creating a part-time business can be done with only a little bit of your time, providing you are willing to jump all in and commit. Start by writing down all your different ideas, no matter how crazy they seem! The more ideas and choices you have to look at, the more opportunities you have available. Don’t just decide on your first idea as this limits your options.

When you’re happy with your business idea (or your first of many), look at what daily action is required. No doubt you’ll be juggling many priorities, so instead of working until your breaking point, take a few small steps each day. 

Putting you on the list of those that receive

When looking to create extra income, one of the major pieces we forget is to put ourselves first. We like to provide for our families and come up with millions of reasons for where the newfound money should be spent. However, when you don’t put yourself first on that list, you are sending a message that everything else comes before you and you are your last priority. Have you looked at where you are on your list of priorities?

One of the greatest ways to start prioritising you is to put away 10% of everything you earn. You will find that once you have accumulated a certain amount, you have a sense of ease around money. Another side effect if you put this amount away in a bank account is that financially, you will start to look better on paper and be exposed to more investment opportunities.

Your day job doesn’t have to be the sole source of your income. There are many income streams waiting for you. Money is an ongoing possibility, available if you are willing to go out and choose it.

About the author
Rebecca Hulse is an author, speaker, Wealth Creators Anonymous Facilitator and possibility-maker. She is an Access Consciousness® Certified Facilitator, event organizer and consultant. Rebecca revels in shaking up the realities and limiting paradigms of her clients, all over the world. Having completed her first bucket list by age 20, Rebecca is the personification of her motto “impossible is temporary”. She is a go-getting, jet-setting millennial and the author of three books. Rebecca regularly speaks to a global audience on business, consciousness, bodies, being and sex. She has experienced firsthand the power of opportunity and strives to constantly push the boundaries of what she is capable of, both personally and professionally, and help others do the same.


Everyone has a different story to tell when it comes to the way they manage money. There is no right or wrong way, and that’s OK. Different strokes and all that. Budgeting is one thing, but the way you approach managing, spending and investing your money will actually play a major part in your financial success in the long term. Below are my 4 tips to money management, something every smart woman – and man – should follow!

1. Quality over quantity

When it comes to most purchases, this is the number one rule. Yes, you might pay more from the outset but if the quality is there, it will likely last the test of time. This goes for so many of life’s expenses, including clothes, appliances and furniture. It’s easy to go cheap and nasty, but eventually whatever you have bought will break down or will need to be replaced. A common trait of smart money managers is to buy less, but buy quality. Think about it, you don’t need 12 black blazers in your cupboard, you just need 1 really well cut, high quality blazer, and it will be in your wardrobe for years to come.

2. Stay away from the amateurs

“So you think it’s expensive to hire a professional? Wait until you hire an amateur”. This perfectly sums it up. As much as we like to think we can, we just can’t do everything. We need to outsource parts of our life to other people, whether that be plumbing work on our house, hairdressers or financial planners. If you are always on the hunt for the cheapest of the cheap, then you might engage a total amateur who ends up costing you more to fix anyway. The smart woman will hire a referred, qualified and trusted professional for the job (whatever it is) so that they know it is done right the first time round.

It’s easy to go cheap and nasty, but eventually whatever you have bought will break down or will need to be replaced

3. Don’t put all your eggs in one basket

When it comes to investing, putting all your money on black, so to speak, is akin to gambling. Diversification is a major player when it comes to investing and should be part of any person’s investment plan. No smart women (or man) will ever just buy shares in one company alone. They will strive for a diversified and balanced portfolio taking into account different business types, sectors, countries and asset classes.

4. Cover what needs to be covered

It’s smart to insure the important and expensive things in life. I’m not talking about getting extended warranties on your toaster, I am talking home insurance, life insurance, car insurance and health insurance. Yes, insurance costs money but you can bet it will alleviate the financial pressure on these big ticket items if something ever happens.

The above tips aren’t just about basic budgeting, it’s about shifting your overall mindset about your money strategy. If you can start to view your spending and investing habits differently you will reap the rewards in the long term.

 

Featured image via Pixabay under Creative Commons CC0


If you’ve owned a small or medium business, you’ve probably heard the horror stories. The business that seemed to be turning a profit but couldn’t pay their bills. The business who lost their biggest customer and couldn’t get enough new sales to make up the difference. The business whose key employee left and took the bulk of the knowledge with them.

Any one of these incidents can leave your business bleeding—or gushing—funds with no way to staunch the flow. In many cases, a quick death seems to be the only option. So how can you prevent this from happening to your business? What steps can you take to ensure you have a financially healthy business?

1.     Plan and forecast!

Spend time to plan out how your business will operate. How will you pay your staff and suppliers? How will you collect payment from your debtors? Will you pay for everything upfront and expect the same from your customers, or will you provide and request credit for a certain number of days?

Your business may seem to be doing well in terms of profit, but cash flow can be a hidden trap for many businesses. There’s no point in turning a profit when you have no cash to pay your day-to-day bills! Use 3-way accounts, which show you the health of your business financials based on your Profit & Loss (P&L), Balance Sheet (B/S), and Cash Flow Statement. Your accounting software should be able to provide you with all three.

Forecasts, too, are valuable as they show you what to expect going forward. Look for software that can use the previous year’s P&L and B/S to forecast your finances and cash flow in the coming year.

Beyond the financial side, you should also be looking for tools to manage stock and inventory, invoicing, payroll management, and marketing. It’s important to have an overview of every aspect of your business and plan ahead based on the data on hand.

2.     Monitor your expenditure

When things are going well with your business, it’s easy to pay little attention to overhead expenditure. Marketing, supplies, utilities, staffing—these are just some of the areas where it’s easy to let inefficient spending slip through. When a business hits hard times, however, the difference between efficient and inefficient expenditure can determine if that business sinks or swims.

You should constantly check the returns on each major area of expenditure. Is the money spent well, or is it disappearing into a mysterious black hole? Are there any processes you can automate? Any cuts or changes you make in the good times will be one less you have to do in the bad. And you may find yourself with extra capital for expansion!

3.     Manage risks and plan for contingencies

One of the biggest causes of business failure is when unexpected circumstances hit, and the business is ill-equipped to cope with them. There is no plan in place, no back-up funds, no processes to get the business through.

There are many areas of risk that need to be managed, from staffing, to inventory, to finance. At the very least, you should have business insurance to protect your income. But there are plans and processes you should put in place for items such as:

  • General business operation and management
  • Disaster recovery
  • IT system maintenance and management
  • Knowledge transfer and spread between employees
  • Short-term cash shortfalls
  • Corporate governance (board of advisers)

A professional accountant or financial adviser can also provide an objective look at your business and point out the weaknesses you need to shore up. Some advisers can also help you prepare bank documentation to present your business in the best light when applying for loans or lines of credit.

Running a small or medium business can be hard. It can keep you up in the early hours of the morning, worrying about not only its future, but yours as well. If, however, you plan and forecast, monitor your expenditure and manage your risks, you will have a business that is able to weather the storms of an ever-changing market.

This was written in collaboration with Intuit. Find out how Intuit QuickBooks Online can help your small business succeed by visiting their website.


It’s a common sentiment that most people want to ‘get their finances sorted’ before they have kids. The questions is, how do you know when your finances are actually ready and what should you be doing to prepare?

1. Take stock

Look at where you are at right now. If you haven’t already got a budget, then this is the first step you need to take. What debt do you have? Do you have any savings or do you live pay to pay? If so, it doesn’t mean you can’t have a baby, but now is the time to get a bit of structure and have a better understanding as to where your money is going.

If you are currently spending everything you earn, how do you expect to pay for the extras that come with being a parent?

2. Create the post-baby budget

Once you know where you are now, you then need to start mapping what your post baby budget would look like. This needs to include any reduced income due to maternity leave, and the added expenses such as nappies, formula, and child care.

Setting a realistic budget will let you know if you have enough money for all of these things, and should highlight how long you can take off for maternity leave if that is what you are currently considering.

If you are currently spending everything you earn, how do you expect to pay for the extras that come with being a parent?

3. Do you have an emergency fund?

This is an important feature in any well managed personal budget, but this is even more important if you are expanding the family. Firstly, if you don’t have one of these then you need to consider it. My general rule is to aim for 3 months’ worth of household expenses to be set aside for an ‘in case of emergency’ situation. Think about medical expenses, white goods breaking, freak weather events that mean you have to pay for an insurance excess. It’s hard to plan for all of these, so having an emergency fund is super important.

4. Do you have stable income?

Everyone’s jobs are different, but you need to consider how stable your income is. It may be slightly different from month to month depending on overtime etc, but do you feel confident that your job isn’t going anywhere? Think about the industry you are in, are there a lot of redundancies going around at the moment? Are you getting regular, consistent hours or is it all over the place?

It is likely the case that you will need to rely on one income for a period of time. Ensuring that income is as reliable as possible is important. This could mean getting a full time, permanent job or trying to position yourself in a large company that has great employee benefits.

An interesting trend to consider is that most employers are putting 6 month probationary periods into new contracts now, so if you are after a new role that is something to be mindful of.

5. Do you have all of your life insurances sorted?

Life insurance (including disability and income protection) are so much more important when you have dependents. Having enough life insurance to look after your children for the long term if something were to happen to you, should be priority number one. Depending on your personal situation, you can fund this via your superannuation account or your everyday budget.

It’s not all about the money, but putting yourself in the best position in advance will mean that when you get there, you will know exactly what your money is doing and how much you have to spend on your new family.

We love to spend money on cute outfits and overpriced gifts but the best gift you can give your future children is a stable and loving home, one that is not overflowing with debt, money stress and late bill notices.

 

Featured image via Pixabay under Creative Commons CC0


We all value our health, but many Australians do not make the right financial decisions to protect their health or ensure they are financially covered when they are sick or injured. Positive Lending Solutions provides insurance options for these types of situations. Here, Positive Lending Solutions Director Tom Caesar gives us his top 5 list of financial health decisions all Australians need to consider.

1. Do You Have The Right Health Insurance?

More than 47% of Australians have health insurance for a number or reasons, ranging from reducing tax, to ensuring they are treated in a private hospital, to reducing the costs of treatment. For overseas visitors such as 457 visa holders, it is a visa requirement to have adequate health insurance.

Anyone who has health insurance should regularly re-evaluate their policy to ensure they understand:

  • If they are covered for the treatments they are likely to actually need,
  • What out-of-pocket expenses they may incur if they do become sick or injured,
  • What additional benefits exists within their policy (such as discounted gym memberships)

The key is to be covered only for what you are actually likely to need, while ensuring you plan for future events such as having a baby.

2. Do You Have Income Protection?

While most Australians have an insurance policy to protect their house from damage, they are 45 times more likely to lose their house due to defaulted loan repayments (due to illness or injury) than in a fire. Most people do not account for periods when they may not be able to work and how it will impact their financial position.

Income protection can provide a ‘safety net’ for these periods, which is a great way to protect your assets through tough times.

Many Australians do not make the right financial decisions to protect their health or ensure they are financially covered when they are sick or injured

3. Do You Have Life Insurance?

Similar to income protection, Australians rarely consider the financial impact of unexpected events. In the case of your or your partner’s death, or being diagnosed with a terminal illness, it may become impossible to make ends meet.

Life insurance can cost as little as $5 per week, so it is an affordable way to achieve peace of mind. There is also Total and Permanent Disability Insurance to consider.

4. Are you up to date with immunisations?

Immunisations are relatively cheap compared to the cost consequences of being sick. A yearly flu immunisation (costing about $30) will protect you against the illness, and save you the days of work you are likely to miss with a nasty bout of the flu. Prevention is always better than cure, so make sure you regularly discuss this with your doctor, especially before each winter or when travelling overseas.

5. Are you up to date with health tests?

For many illnesses or diseases, early detection is key. There are many tests that you should regularly schedule (especially if there is a history of certain diseases in your family), such as mammograms and prostate checks. The differences between early detection and discovering issues later may mean less medical expenses, less time off work, and a faster, healthier recovery.

This post was written with the assistance of Positive Lending Solutions

 


The end of the financial year is not all balloons, champagne and celebrations for most people. Typically, unless you work in financial services, it is just another day like any other.

So then why is it significant? Well for one, this date is the line in the sand as to when the ATO decide how much you owe them for the all the hard work you have done throughout the year.

If you are after a swift and hefty tax return, here are the 5 things that you should be doing in the lead up to end of financial year:

1. Charity

Now is the time to make any last minute donations. Donations to a registered charity of $2 or more can be claimed as a tax deduction. Remember, you aren’t getting all of the donation back, the deduction just reduces the amount of income you must pay tax on.

2. Consider superannuation contributions

Consider making a concessional contribution to your super account. If you have some excess cash and you aren’t above the super contributions cap ($30,000 for 14/15 year for those under 50 and $35,000 if you are older), then investing in super could be the best bet. Any investment earnings within your super fund are only taxed at 15%, as opposed to investments personally owned being taxed at your marginal tax rate, up to 45%.

For those who are low income earners ($48,516 pa or less), you may be able to receive the government co-contribution of up to $500 if you make a non-concessional contribution before June 30. It’s free money, so if you have some spare cash to go towards your retirement, then consider this before the end of financial year.

Getting your ducks in a row now will help you when you prepare for your appointment with your accountant or tax agent

3. Get organised

Getting your ducks in a row now will help you when you prepare for your appointment with your accountant or tax agent. Collect all of your work related expenses, travel expenses and working from home expenses. Anything that you think could be deductible is worth taking with you.  A good tax specialist will be able to tell you what you can and can’t claim. Either way, if you don’t have the receipts you can’t claim them anyway, so keep them safe and take them with you.

Some common deductions you may be able to claim depending on your situation include work and uniform expenses, travel, education expenses, donations, expenses in relation to your investments such as interest payable on loans, and income protection insurance.

4. Repairs and maintenance

If you hold an investment property (or two), then consider whether there are any repairs or maintenance that needs to be completed on your investments and whether you can do them by the end of financial year. You will be able to receive the deduction straight away instead of holding it off until next financial year.

5. Get your insurance up to scratch

Some of your personal insurance, like income protection is tax deductible. If this has been on your to do list for a while, then get it sorted by June 30. The premiums you pay will be tax deductible so opt for an annual payment and receive the full deduction immediately.

If you are relying on your tax return for a cash injection, then these tips are even more important. According to Moneysmart.gov.au only 70% of people actually receive a tax deduction back, the remaining end up owing the tax department. Prepare now to get yourself into the best shape. Your accountant and your bank balance will thank you for it.

photo credit: Checklist Chalkboard
Cara-Brett-Leaders-in-Heels-profile-picCara Brett

Cara Brett is the Director and Senior Financial Adviser at Bounce Financial. Having worked in the financial services industry since 2003, she saw an opportunity to work with the young professionals and the movers and shakers in Brisbane, and so Bounce was born.