Ways to Wealth – any age any stage

Ways to Wealth – any age any stage

Whoever you are, wherever you’re at in life, you can create wealth by making the most of what you have. Everyone’s situation is different and you need to consider what’s right for you. However seemingly small, good decisions can really add up. These can have a big impact on creating  wealth over your lifetime.

No matter which part of life’s journey you’re currently at, we’ve put together a range of helpful pointers to help guide you through. So whether you’re just starting out, mid-way through your career or starting to think about winding up your working years, this is where you’ll find information relevant to every stage of your life.

Click on your age group below to see more:

Aged 20 - 30
  1. Start budgeting to manage your cashflow and debt – the right spending choices now can help set you up for life
  2. Identify bad debt – such as credit card and personal loan repayments
  3. Start a regular investment plan – keep disciplined using direct debit and re-invest your earnings
  4. Kick-start your super:
    • – find out if you can get a government bonus of up to $1,000 a year
    • – get your super money together in one account
    • – consider a more aggressive investment mix – you’re in for the long haul
Aged 30 - 40
  1. Identify bad debt – such as credit card and home loan repayments
  2. Consider consolidating:  debts / super fund accounts / bank accounts
  3. Have a regular investment plan and re-invest your earnings
  4. Get financial advice on borrowing to invest for the potential to magnify your returns
  5. Take out adequate insurance – eg, life, disability, income protection
  6. Be smart with super. Consider:
    • – getting your money together in one account
    • – a more aggressive investment mix
    • – putting in extra for you and your spouse
    • – finding out if you can get a government bonus of up to $1,000 a year
  7. Create a Will
Aged 40 - 50
  1. Identify bad debt – such as credit card and home loan repayments
  2. Consider consolidating: debts / super fund accounts / bank accounts
  3. Have a regular investment plan and re-invest your earnings
  4. Get financial advice on borrowing to invest for the potential to magnify your returns
  5. Check your insurance cover and who it will be paid to
  6. Be smart with super. Consider:
    • – getting your money together in one account
    • – a more aggressive investment mix (you still have a long-term investment horizon)
    • – putting in extra for you and your spouse
    • – finding out if you can get a government bonus of up to $1,000 a year
  7. Review your Will for changing circumstances
Aged 50 - 55
  1. Look to take advantage of higher limits for concessional super contributions until 2012
  2. Get financial advice on how to pump up your super savings now to take advantage of the 55+ opportunities
  3. Review your risk profile and make sure your investments still suit
  4. Get financial advice on borrowing to invest for the potential to magnify your returns
  5. Check your insurance cover and who it will be paid to
  6. Review your Will
  7. Consider estate planning
Aged 55+
  1. Look to take advantage of higher limits for concessional super contributions until 2012
  2. Get financial advice on accessing your super to consider
    • – continue working to tax effectively boost your super, or
    • – reducing your work hours and accessing your super to supplement your income, or
    • – delaying retirement until at least age 60 for tax-free access to super
  3. Get financial advice to help you take advantage of government benefits
Aged 60+
  1. Get financial advice on accessing your super – Look at “refreshing” your arrangements each year to increase your income payments and contributions to further boost your super
  2. Maximise government benefits by structuring your income and assets appropriately
  3. Super savings can be accelerated if still working, by
    • – maximising your after-tax contributions while you’re still under 65
    • – contributing up to your concessional contribution limit
  4. Release other wealth – consider reverse equity and downsizing strategies
  5. Child advancement
  6. Review your Will and estate plan