Some Facts - Where most Australians are Financially......

That is simply not true. imo. Even uni students use debt, to get an education and then build a future.

 

That's certainly a different mindset, but for me it is too limiting.

 

Id say marry rich..no qucker way nor easier way to acquire wealth

 

The other way is a quick way of destroying wealth haha

 

Or lose it..

 

Do you live to see another day, enjoy it while you can attitude ... Trouble.

 

I think he means - those who own a sh.it load of assets debt free and make massive cash flow through business or trading.
great position to be in.

He does not mean grandma who buys 2 eggs with $3 cash

 

Here

 

It’s not surprising really. I earn an ordinary salary and receive just over $5000 a year in compulsory super. The average full-time wage in Australia is around $80,000. However, that’s an average so it distorts the figure because higher income earners increase that figure. Additionally, many people work part-time.

What is the average Australian wage in 2015? - MacroBusiness

“According to this release, the typical (median) Australian earned just $1,000 a week ($52,000 p.a.) in their main job as at August 2014, with average earnings coming in higher at $1,179 a week ($61,308)”.

From super you’ll receive just under $5000 if you’re on the typical (median) wage. Super hasn’t been around for 40 years, but assuming it had the typical person would have $200,000 accrued in today’s money from compulsory contributions. If the super fund gained decent returns and with compounding interest the typical person in 40 years’ time might have around $500,000 in today’s money (I’m at work so I didn’t calculate it so it could be more). Either way $500,000 isn’t exactly a fortune to retire on considering people’s life expectancies these days so it’s no wonder that the majority of people wind up on the pension unless they invest in assets or contribute significant additional contributions to their super.

 

...and hence the importance of investing at an early age- property, shares, gold..whatever...
Over time, if you invest early, come retirement that investment will supplement superannuation very nicely. Its mostly about time in the market for this stuff. The earlier the better. Property is a great investment because it also serves an underlying basic need ( day to day consumption) whereas a lot of the others are more discretionary...but they all have their pros and cons.

 

That and earning a good income!!!

 

Sorry but some of the numbers don’t look right.

RBA says saving rate has been steady at around 10% since the GFC therefore people are only spending 90% of their income on average.

http://www.rba.gov.au/chart-pack/household-sector.html#3


From ABS: less than 30% expect the pension to be their main source of income at retirement while 55% expect super/dividends/interest/rentals to be so.

When they actually retire, 65% have the pension as their main source of income while about 25% do not rely on the pension.

 

yes, although there are plenty of people who earn an average salary but because they invested early, come retirement they are comfortable. superannuation has the same beliefs. Start contributing early and let compounding work over time.

 

There are also those who earn a good income but do not get to retire the way they want.

 

My spidey sense tingles at facebook posts that claim to include hard data, with no link to source of said hard data, that increase fear, and then offer to sell you a product that will solve the problems...

 

'86.47% of facts on the internet are made up.' - Abraham Lincoln

 

Best to look around you at retirees of family/friends etc and see the issues they face, and the standard of living they have.

That's all you need to do to know the truth.

 

I did not post the original. Just advised where the information came from. Take what you want from the information.

 

What never ceases to amaze me is that people today who are my age or younger still can't fund their retirement when it is time to stop work!!!

I joined the workforce in 1977, nearly 40 years ago. I was lucky enough to work for an insurance company (no, not Comminsure ) and my first job was in Superannuation. I was told at work and outside of work, over and over again, that my generation (and subsequent generations) would have to fund their retirement because, due to the number of baby-boomers who were born after WW2 and that we were living longer, Australia would not be able to afford all of us to get the pension (whereas my parents' generation were told, that if you worked hard and paid your taxes, the Government would look after you in retirement). There was always going to be a safety net but the expectation was that you saved for your retirement.

I started contributing to a Super fund in 1977. I bought my first property in 1979. In those early days, we were allowed to withdraw money from Super when we changed jobs (rollover wasn't compulsory). Some spent it on holidays, a new car, etc; I put mine into property.

The warning bells have been ringing for at least 40 years. When will people remove their earplugs?

 

Quote:

• 42% still looking for answers?

That's a big number,and one would think this would allow allow counter ideas to emerge on their own,and with those numbers one can understand why fast buck soap=box speakers are in such a high demand in this country,better too just be the one percent debt free of the one percent..