If done effectively, asset structuring can provide tax advantages, family tax protection and the longevity of assets.
4. INVEST WISELY
Done correctly, investing in shares, property or a business can help build the cushy life that you’re dreaming of in the future. Just make sure you do the research, talk to a financial expert and always have a clear investment strategy in mind.
5. TIMESHARE A BOAT
Fancy cruising the harbour? Rather than paying for a boat upfront and the ongoing costs of maintenance, you can timeshare it for a fraction of the cost, suggests Chris Magnus at ARK Total Wealth.
6. CANCEL YOUR CREDIT CARD
If you’re struggling to pay off your credit card in full at the end of every month, it might be time to cut it up and switch to a debit card, advises Darnbrough. According to a recent survey, 35 per cent of Australians with a credit card owe a hefty $5,000 or more.
“Many people get stuck using a credit card because they can’t break the cycle as interest continues to accrue,” says Darnbrough.
7. SALARY PACKAGE YOUR CAR
If you want to drive a flashy car one day in the future, then you might want to think about buying a used one for the time being, to avoid being hit the massive depreciation you get as soon as you leave the car lot, says Chris Magnus from Ark Total Wealth
“Then salary package the payments to make a portion of the loan repayments and the ongoing maintenance costs before tax. This can easily save a couple of thousand dollars a year,” he says.
8. FLYING HIGH
Stuck in economy class? Signing up for frequent flyer points can save thousands on a business class trip or can even be used to upgrade very cheaply, too, suggests Magnus.
9. SEPARATE YOUR ACCOUNTS
It’s never too late to talk to a financial adviser who can help you create a plan for your future life of luxury and then implement it.
“Planning for tomorrow today will help to put you in good stead for the future and make sure you are able to live the life you want when the time arrives,” says Darnbrough.
http://www.news.com.au/finance/superannuation/how-to-live-a-life-of-luxury/news-story/d85aaace5668396fac6959bd064718f4