Personal finance

The finance strategy saving families, but it’s not ideal

SADLY, business closures and high unemployment rates are the norm in these unprecedented times.

More and more Australian families are struggling to make ends meet.

A lot of people are diving into their super to get them through, but one money expert says this is less than ideal.

Noosa based financial educator Tom Ellison, also known as The Naked Investor, said Australians have taken over $9 billion out of their superannuation funds in the past two weeks.

 

“One of the things that have saved people is super, but the message from super industry is leave your super until your retirement,” he said.

“In the current climate it is very different if they haven’t got any money behind them or if their job is out the door,” he said.

Mr Ellison has written a book titled, Super made sexy showing about getting people to engage with their super.

“It’s more like super made sad in the current environment,” he said.

“It’s an opportunity to learn about their super and how it can work better for them.”

Moving forward, Mr Ellison said the best advice is to adopt a simple savings strategy.

“Some people have never learnt how to save,” he said.

“They always broke by payday.”

“You really have to try to develop that saving habit,” he said.

“It doesn’t mean you have to reuse tea bags or live on beans.

“The older you get the harder it is to break those habits.”

LNP leader Deb Frecklington has again refused to say whether she supports party president David Hutchinson staying in the job

Former Channel 7 host Ryan Phelan has made his first statement since being charged with domestic violence offences against his girlfriend Chelsea Franklin

A southeast Queensland woman has been charged after allegedly recording the highest blood-alcohol concentration the district’s top traffic cop has seen in the past…

Police have released footage of the moment they arrested a man, who they allege was carrying drugs and ammunition, following a dramatic highway chase

A man who caused over $16,000 worth of damage to a rental property during a drunken rampage has been left with more than the clean-up bill.

A mother-of-three charged over a shooting incident at a Brisbane car yard is yet to satisfy strict bail conditions for her release.

This article was originally published on Sunshine Coast Daily

Products You May Like

Articles You May Like

How To Invest For FIRE In Any Market
Northeast travel restrictions add to small business owners’ struggles
Kiowa Chairman updates on tribe’s efforts during COVID-19 shutdown
Asia Pacific telcos to invest $331 billion in 5G in 2020-25: GSMA
Sustainable-investing flows have smashed records in 2020. What’s going on?

Leave a Reply

Your email address will not be published. Required fields are marked *