Rise High Investor Weekly Video #33 Don’t mix business with pleasure

Simplify Your Finances with Dedicated Accounts

One of the best ways to simplify your finances is by using separate accounts for different purposes. For example:

1. Have a dedicated offset account for your personal spending and home loan.
2. Use a separate account for your business.
3. Create an account specifically for your property portfolio.

If you own properties under different ownership structures, take it a step further and set up accounts for each structure. This approach makes it easier for your accountant to prepare your taxes, saves money on record-keeping, and helps maximize your tax deductions.

Protect Your Investments by Keeping Ownership Separate

Never use a business trading entity, like a trust or company, to purchase an investment property. Here’s why:

1. Loan Complications: Combining business and property investments makes securing loans more expensive and complicated.
2. Asset Protection Risks: If your business is sued, your investment properties could be at risk. Keeping them separate provides an extra layer of protection for your assets.

Stay Organized to Maximize Your Portfolio’s Success

Another key to managing your property investment effectively is staying organized. Keep detailed records for each property, including income, expenses, and ownership details.

Using digital tools or property management software can streamline this process and reduce stress. Being organized not only helps during tax time but also ensures you’re always prepared to make informed financial decisions.

The best time to take the first step is now. Let’s start building your property portfolio together—your journey begins today!