The new year is here and we want to help you start it off in the best way possible. In these 6 weeks, we’re coming to your ears (and inbox) with a 6-step plan to help set you up for investing success in 2023.
What we’ll be covering:
- Where to start with your money
- Should you invest your emergency fund?
- How to supercharge your superannuation
- Common mistakes and how to avoid them
- The stocks and ETFs to build your core portfolio
- Automate your investments and get on with the year!
3. How to supercharge your superannuation
In this week’s ep, we go through the 7 crucial steps to maximise your superannuation.
1. Compare fees
2. Compare performance
3. Investment options
4. Insurance
5. Consolidate
6. Contributing more
7. Basics
Superannuation is literally your ticket to a comfortable retirement, so make the most of it!
[Listen to the episode here]
Action 1
- Previous employers may have paid your super into the accounts they chose, which means you could have super in several different accounts.
- Make sure you consolidate all your accounts into one to avoid losing money on fees and simply to maximise your super balance.
Action 2
- Go to the site below and find which super account you’re using.
- Compare the fees and returns (and whatever else you want to consider) with the other options using the super comparison tool.
- You can then make a decision about whether you want to stick with that super account or change to another provider.
- https://www.ato.gov.au/YourSuper-comparison-tool/
Action 3
- Depending on your investing style or preference, you can decide how you want to invest your super.
- There are all sorts of categories – from high to low risk, ‘ethical’ to not so ethical and even options to invest in alternative assets instead of just the stock market.
- Take a look and see what works for you. You can also split your money up between different options.
A few other resources to help you…
- This article has some extra tips (that we didn’t mention in the episode) to potentially maximise your super.
[Check out these 8 tips to boost your super]
- If one of your financial goals is early retirement, maximising your super is essential. This article talks about the ‘4% rule’ which helps answer how much money you need for retirement.
[See what the 4% rule is here]
This is an excerpt from our Get Started Investing Newsletter email. Once a week, for those , we’re featuring some of the most interesting content we’ve come across in this weekly email. No spam, we guarantee.