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September 15, 2019

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It’s your money….

October 18, 2016

 

Friday evening after work in the beautiful Sydney city, the sun sets overlooking the Sydney Opera House and the weather is beautiful outside. So! What did we do? A group of us went for dinner in the Rocks.

 

The conversation started – naturally first about work, then moved on to the activities people have got planned over the weekend. Some way, somehow, we managed to find ourselves talking about money – as you do if you put a group of ambitious young professionals together with a glass of Malbec.

 

So I ask a question round the table. “If I ask you to give me 10% of your salary each year for 30 years, would you do it?” Now… imagine the initial shock and “are you freaking serious” look on these seemingly well-educated city professionals’ faces. Exactly! After an awkward silence – did feel like a decade, by the way – Charlene finally said; “why would I do that?”

 

My answer…. Why not? You do that every year, I said. You take approximately 10% of your salary and pay it to some random people and don’t even care to check how your hard earned cash is being invested until such time you think of retiring. It gets scarier… according to the ATO, in a research conducted in 2015, about half of working people in Australia have more than 1 super fund. This is what has become of us and our superannuation funds.

 

“So what does this all mean?” She asked. I turned around and asked her…. “When was the last time you spoke to your adviser about your hard earned cash?” Many of us don’t even consider it as our money. The sooner we take interest in our money matters, the better off we’ll be in the future. At Wealth Peak, we enjoy working with our clients to help them understand that it’s equally important to take control of your super fund as it is important to take control of your career. Speak to your adviser today!

 

General Advice Disclaimer

Note: - this article is of a general nature only and does not take into account your objectives, financial situation or needs. Please consult a qualified Financial Adviser, like Wealth Peak Financial Advice, before making any decisions on the basis of this article.

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