Financial literacy: Why it’s important and how we can all improve

More than most, small business owners are responsible for ‘knowing their numbers’. But what happens when financial literacy is variable across the board? For many small business owners their day can be as colourful as a rainbow, juggling anything from products, to suppliers, marketing, and customer service. They’re expected to be the jack of all trades, learning and adapting as they grow — the success of the business reliant on the knowledge of the owner; even more so if you’re a sole trader.…

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Getting your super: Find out when you can access your super

You can get your super when you retire and reach your 'preservation age' — between 55 and 60, depending on when you were born. There are special circumstances where you can access your super early. Scam alert! Watch out for cold-call offers to help you get early access to your super The only way to apply to withdraw your super if you are eligible under the COVID-19 early release scheme is free and through my.gov.au Protect your personal information. Don’t share your myGov account details…

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Estate planning and superannuation

Many of us spend a great deal of time planning for our retirement but understandably, often do not put the same degree of effort into planning for our deaths. It is not always a pleasant topic to think about, nor is it a commonly understood process. It is however a way of caring for your loved ones even after you pass, and one that will ensure your assets go where you want them to. Good planning can also help your heirs minimise trouble when administering your estate—and may even reduce taxes…

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Investing basics for first timers

The students of 2020 are graduating to the adult world in one of the most uncertain times in recent history amid recession, pandemic and global political tensions. The prospect of working, saving and investing is a daunting prospect – and the hope of home ownership must seem an eternity away. In times like these, knowing the basics of how to get started down the road to prosperity is more important than ever. Here are five tips for the class of 2020 to keep in mind as they navigate their…

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How to save and budget

Finding it hard to save money or stick to a budget? Working out a realistic budget is a great way to take control of your finances. Although it may seem like a chore, it's an important part of managing your money. The benefits of budgeting A budget shows you how much money you’re earning, how much you’re spending, and how much you’re saving. While it can be tempting to put it off, creating a realistic budget can help you hit your savings goals faster. How to work out your income For most of…

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Transition to retirement: Access your super while you keep working

A 'transition to retirement' (TTR) strategy lets you access some of your super and keep working. Setting this up can be complicated, so contact your super fund or financial adviser for advice. How transition to retirement works If you're aged 55 to 60 and still working, you can use a TTR strategy to: supplement your income if you reduce your work hours, or boost your super and save on tax while you keep working full time Starting a TTR pension You can start a TTR pension by transferring…

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