Superannuation is a fantastic way to save money for retirement. Why? The simple answer is tax. With the maximum tax rate of 15%, your money can grow faster inside super than it would outside super where earnings are generally taxed at a much higher rate.
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If you have a hard look at your finances there are almost certainly lots of small steps you can take to reduce your day-to-day costs and increase the money in your hand. Here are some great ways you could save money across major household expenses.
Read MoreTopics: Personal Financial Planning
Saving a five figure sum usually takes a long time, and requires copious amounts of patience and discipline. In a world with low interest rates, a term deposit reaps returns for investors that are not much higher than the official cash rate. That makes other opportunities more enticing for investors who wish to seek higher returns on their savings. Here are three ways people can invest $10,000 that could result in a higher return than the standard term deposit.
Read MoreTopics: Investment
If you have been procrastinating when it comes to saving some money for retirement, you’re not alone. There’s always that new tech gadget to buy, that grand vacation to take. But you may be paying a higher price for these items than you realize. You may be giving up your chance to be a millionaire. Consider this: If you were to begin saving just $2,000 a year—$167 a month— at age 22 and you earned an average annual rate of 10% on your money over the years, you would be a millionaire before your 65th birthday. If you wait until you’re 30 years old to begin saving this amount, you will have less than $550,000 in your account at age 65.
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It’s hard to appreciate the value of insurance until something happens to you or someone close to you.
Becoming totally and permanently disabled is undoubtedly one of the most difficult adjustments a person may ever have to make in their lives. The emotional and financial effects on you, and those close to you, can be devastating.
Topics: Personal Insurance