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DO YOU dream of designer handbags when you’re carrying a knock-off purse? Here are 10 helpful tips to get you on your way to living a life of luxury.
DO YOU dream of designer handbags when you’re carrying a knock-off purse? Here are 10 helpful money tips to get you on your way to living a life of luxury.
1. . CONSOLIDATE YOUR SUPER ACCOUNTS
You might be a bright young thing now, but later on, you won’t be able to enjoy a life of luxury purely funded by your Aged Pension, warns Lisa Barber, financial adviser at Hillross. Now is the time to put a plan into place for your retirement nest egg to help you maintain the kind of life you’d like to be accustomed.
“Many people have a disconnect with their super — they see it as something that happens to them, not something they control which can lead them to their lifestyle dreams,” says Barber.
“Make sure you have no lost super accounts lurking in your past and think about consolidating your super accounts so you’re not paying multiple sets of fees and charges.”
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2. MAKE EXTRA CONTRIBUTIONS TO YOUR SUPER
Consider buying that pair of stilettos next month and instead, put the money into your super to give it an extra boost, so you’ll be wearing designer shoes well into your golden years.
“Making contributions from pre-tax salary through salary sacrifice means you can take advantage of super’s concessional contributions tax rate,” advises Barber. “Consider your timeline — when would you like it, how much you need to deliver on what’s important to you, what you want to do with that asset and whose name should it be in?”
3. EXAMINE YOUR ASSET STRUCTURE
Do you have assets like shares or property? Make sure that you review them at least once a year, to make sure you’re being protected from creditors and excess taxes, says Jessica Darnbrough, spokeswoman for Mortgage Choice Financial Planning.
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