BBF158: How a business owner used property to get through tough times with Michael Fuller

This week we get an important reminder of the value of investing in assets outside of your own business. Michael Fuller from DPN has done this himself and now makes it his business to advise others on how they can achieve their financial goals through property investment.

See below for some of Michael’s top tips:

**  If you were to get sick or go away on holiday, could your business run without you?

**  Outside investments allow you to take a step back and make changes to your existing business.

**  Get a business coach. Of course we would say that, but one of Phil’s great regrets is not having one.

**  Do you have a business exit plan? You should always have an exit plan to focus the mind.

**  Einstein insightfully predicted that the most powerful thing in the universe would be compound interest. Let those property assets give you that power!

**  Take time to sit down and make an investment plan. What can I do now? And what can I do over time?

**  If you are going to invest in property, make sure you have the time to manage it. If you are using property as a sideline investment, you don’t want to be bogged down by having to manage renovation and short-term flipping.

In this episode of Business Brain Food you will learn:

**  The benefits of income protection

**  The costs of retaining property

**  Cashflow V capital growth

**  How to take the emotion out of buying property

**  The myth of reducing your tax bill

**  The perilous pension situation

**  What debt really means

 

Resources mentioned in this episode:

**  Ben’s Business Advice: http://www.maxmyprofit.com.au

**  Michael’s company site: http://www.dpn.com.au

**  Contact Michael directly at [e-mail]

**  The Business Brain Food Facebook group: https://www.facebook.com/groups/businessbrainfood

**  All previous BBF episodes & show notes can be found at http://www.businessbrainfood.com.au

**  Twitter: https://twitter.com/bfewtrell

 

Call to action:

Don’t just rely on your day-to-day business and your pension to look after you. Think about investment!

Also, if you are enjoying these Business Brain Food podcasts, then make sure to share them via social media sites or email the links to family and friends. A lot of time and effort goes into producing each of these podcasts with the goal in mind of the more people we can inspire about business the better. You can help us do just that!

Until next time, have a profitable day!

Cheers,
Ben Fewtrell
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