I've recently set up a Super account - (how very adult-ish of me) - and thought I'd make this infographic to help me comprehend the basics a bit more. This is not financial advice, nor am I in a financial advisor. To the best of my knowledge, this information is accurate and truthful. Seek out resources like ASIC's Moneysmart for further, professional information.
Hi @jordan.white306. Nice info, the earlier you set up your super and pay attention to it, the better off you will be in the long run. Well done mate.
Also, regarding #teamaustralia, if you haven't already found it, check this link out for detail on how to join: https://steemit.com/teamaustralia/@choogirl/team-australia-new-recruits-13-06-18-it-s-all-ladies-today
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thanks mate! :) I salary sacrifice 5% of my wage and contribute an additional $10 a week after tax, which will hopefully make a huge difference eventually.
And thanks, I'm in the process of (hopefully) joining now.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Hmm, I'd be reluctant to put any extra in that you don't have to. Personally I think super is a massive rip. The fees are ridiculous compared to regular investing and the govt changes the rules all the time making it more difficult to get back. At least if you put that money into crypto or the stockmarket or property, YOU'RE in control of it. You can take it back when you want. Not a fund whose focus is on maximising fees, or the govt who ultimately decides when and how you can access it. That's my 2c anyway.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
The fees are certainly very high. It seemed like a good starting point for myself as I want to gradually grow my investments. I am building my knowledge about Cryptos and want to learn more about the stock market in the future - perhaps than I'll view Super in a different light to now - and will be a bit more independent financially (in regards to investments).
And my grandmother had some trouble accessing her Super when she retired, just shy of the preservation age due to medical reasons. Whereas if she had stocks or a self managed investment, she wouldn't have had such trouble. Thanks for your perspective!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit