BUILDING WEALTH FOR THE FUTURE
How much money do you need to start investing?
It can feel like a big step to start investing your money. And younger investors are often put off by the thought of having to invest a large lump sum.
What you need to know
One of the easiest ways to build your investment portfolio is to simply keep adding to it on a regular basis. With a regular investment plan you can start small and build your investment over time. And by putting money into an investment portfolio rather than a savings account you could earn a higher return.
For example, with an initial investment of $1,000, and by adding as little as just $100 a month, you can start a regular investment plan into a managed fund or superannuation. Assuming you earn an average of 7% each year on your investment, after 10 years your investment will have grown from $1,000 to $16,000.
Count on us
A Count adviser can help you:
- Set up a regular investment plan
- Provide guidance on where to invest your money
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BUILDING WEALTH FOR THE FUTURE
How much money do you need to start investing?
It can feel like a big step to start investing your money. And younger investors are often put off by the thought of having to invest a large lump sum.
What you need to know
One of the easiest ways to build your investment portfolio is to simply keep adding to it on a regular basis. With a regular investment plan you can start small and build your investment over time. And by putting money into an investment portfolio rather than a savings account you could earn a higher return.
For example, with an initial investment of $1,000, and by adding as little as just $100 a month, you can start a regular investment plan into a managed fund or superannuation. Assuming you earn an average of 7% each year on your investment, after 10 years your investment will have grown from $1,000 to $16,000.
Count on us
A Count adviser can help you:
- Set up a regular investment plan
- Provide guidance on where to invest your money
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YOUR SUPER
Did you know you might be doubling up on your super fees?
Once you start working your employer will make contributions to your super through the superannuation guarantee. Each month 9.5% of your salary will be paid in to a super fund for you. This money is yours - you earned it - so it makes sense to keep track of your super.
What you need to know
As we change jobs it's easy to end up with more than one super account. This means you may be paying more fees than you need to. By consolidating your super into one fund you can:
- Save money on fees
- Cut down your paperwork
- Make it easier to keep track of your super
You can now also choose which super fund your superannuation guarantee is paid to (rather than your employer choosing for you).
Getting started
- Consolidate your super online using the ATO's online SuperSeeker tool
- Shop around – find a super fund that has the features you want
- Remember to check that your employer can contribute to your chosen fund before you consolidate
Count on us
- A Count adviser can help you:
- Choose the best super fund for you
- Boost your super using smart super strategies
- Consolidate your super
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UNDERSTANDING DEBT
What is good and bad debt?
It can be tempting to use debt to get what you want now and pay for it later. But too much debt can impact your ability to save and even make it difficult to meet your everyday expenses, particularly if you are borrowing using credit cards with high interest rates.
What you need to know
Avoiding unnecessary debt early in life will be a huge benefit later on. But, it is also important to understand that not all debt is bad. Purchasing assets that are likely to go up in value (such as your first home) or generating additional income using loans can often be a sound financial decision.
Ideally, try to avoid going into debt to pay for depreciating items, such as cars and luxury goods. You'll probably end up paying a lot more than you intended, so before you buy you should consider the total cost of the purchase, including interest repayments.
Getting started
- Do your best to pay the balance of any credit card debt in full every month to avoid your credit card bill spiraling out of control
- Shop around - find the cheapest card that suits your needs and cancel multiple cards
- Start a budget so you know exactly how much you can afford to spend
Count on us
A Count adviser can help you:
- Review your finances and help you reach your goals
- Minimise your bad debt
- Set up a budget and regular savings plan
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