Victus Group

Taxes are a fact of life that we can’t avoid, even after we pass away. They can be a significant source of stress and anxiety for many people, especially when we consider how we’re taxed and how The Receiver spends our hard-earned money. However, changing our perception and behaviour towards taxes can help us minimise the mental hurdles and pave the way for a healthy financial future.

First and foremost, we need to change our perception of taxes. We should accept that not all aspects of taxes will be agreeable to us, but we must understand that taxes are essential for building and maintaining our shared resources, infrastructure, and leadership. When we choose to live in a country, we become members of a community, and just like a country club, we need to pay our dues to enjoy the benefits.

It can be challenging to comprehend the complexities of tax when we move from a small demographic to millions of people, but grasping the fundamental principles of tax can help us better understand our contributions to the greater good. Knowing that our taxes are used for our shared benefits can help us overcome the mental hurdles of paying taxes.

Secondly, we need to change our behaviour towards taxes and financial planning. Ignoring our finances and taxes throughout the year will only lead to more stress during tax season. To avoid this, we need to be more mindful of our money and pay attention to our tax responsibilities regularly. At Victus Group, we keep you on track throughout the year, not just once every 12 months.

Working with a financial adviser or planner is an excellent way to stay on top of our finances and keep track of our income and spending. They can help us identify tax-exempt investments and tax-free savings initiatives, maximising our financial potential in both the short and long term.

We can also set up a small savings account to pay our estimated yearly taxes. This allows us to make smaller monthly payments, which are easier to manage than large bi-annual or annual payments. Plus, we can earn interest on the saved money, which can help us when payments are due.

Ultimately, being tax-savvy is about understanding that taxes are part of our daily financial planning. We need to change our mindset towards taxes and our behaviour towards earning money and paying taxes. With the help of our team, you can stay on top of your finances and considerably reduce the stress of tax season. Taxes are a necessary part of life, but with the right mindset and habits, we can ensure they don’t become a source of unnecessary anxiety.