Here are a few simple steps you might at least consider when thinking about your future.
Help your super grow
Whether you’re employed or self-employed, it’s never too late to build up your super to boost your retirement savings.
Make sure your employer is paying you the right amount of super.
Develop an investment plan
Planning is the key to successful investing. Creating a plan will help you find investments that fit your investing time frame and risk tolerance, to help you reach your financial goals sooner.
Before you invest, review your financial situation.
Write down what you owe (your debts) and what you own (your assets). For your assets include your:
Then write down your income and expenses. A budget planner can help you track what money is coming in and going out. This will help you see how much you can put toward investing regularly.
Set your financial goals
Write down your financial goals. For each goal include how much you’ll need and how long you have to reach it.
Understand investment risk
Investment risk is the likelihood that you’ll lose some or all the money you’ve invested. This can be due to your investment falling in value or not performing how you expected. All assets carry investment risks — some are riskier than others.
Little things now can make a big difference down the track.
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