It can be difficult to plan for something with great enthusiasm when it's decades away. Your Super or retirement savings can be easily over-looked in favour of the now; living expenses, mortgage payments, school fees and the rest. The problem with this approach is that it prevents your greatest asset, time, from doing its work. Compound interest is one of the most powerful wealth building tools around, and you can start benefiting from it today. Here are 4 things you can do to boost tomorrow without spending money today.
If you're under 40, here are 4 quick things you can do today to boost your Super that will make a big difference, without impacting your budget.
Get these 4 simple things right today, then let time do its job. Come back to it when you’ve got your home loan under control you're ready to top up your balance.
4 ways to boost your super today
1. Round up your lost Super
If you lose contact with your Super, you can't manage how it is invested and you may be losing money to unnecessary fees. Small differences in fees can make a big difference to your balance.
2. Put it all in one place
Most Funds have fees that are fixed regardless of your balance. So more than one fund means more in fees. Consolidate your Super into one fund.
3. Get it working hard
The right fund means you get the features you need without paying for ones you don’t; at the same time getting you good investment returns. So make sure you are in the right fund.
4. Make sure you're on track
The right assets are critical to getting the right return at a level of risk you're comfortable with. Make sure your balance is invested in the right option for your personality type.
Get help with choosing a super fund
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With over 25 years in Financial Services from consulting to management, Vince Scully is the go-to guy for wealth management and financial advice. Vince founded the Calliva Group; a fund manager, product issuer, advisor and lender to Government and private clients. Vince is an advisor to the Wealth Management Industry, and prior to his role as CEO at Calliva, a senior member of Macquarie bank’s infrastructure team.