I’ve been a cycle commuter for years, ever since I started employment. In fact I’ve gotten so used to pedalling my way to work, it’s actually a novelty to have to get the train or bus. I must seem like an excited kid on the bus, while everyone around me wears the blank expression that says I sit here every fucking weekday.
A friend asked me to look at www.australianethical.com.au for your superannuation, I wasn’t very impressed. Maybe ethical for companies, but what about retirees?
You are the only person responsible for your financial future. If it all goes belly up YOU are to blame. Even if you have been given dodgy advice from a financial manager, it’s upto you to do your homework and take responsibility for your investment choices. Do you know how much you are paying in fees?, Does your advisor get trailing commissions? Why have they recommended a certain product over another?
Did you know that a seemingly small fee of just 1% on your investments can result in you losing more than 20% of your balance over 40 years, and that a 1.5% fee can result in you being deprived of around 30% of your investment over the same time!?
!
Recently the Murray Report found that Australian’s are paying double the fees of other Western countries for their retirement. That’s costing us $20 billion dollars each year, or an average of $1100 each!
I'm a big fan of index investing, It's the secret weapon that gives the average Joe the ability to play with and soundly beat the big bully’s of the investment world.
Just because something is expensive does not mean it is better.
Another parcel is plonked onto my doormap and I'm still in my dressing gown sipping a morning coffee :-)
Over the last few years I've been making use of the 0% spending rate on new credit cards and then transferring the balance to a 0% balance transfer cards. As you might expect I've racked up a considerable amount of debt, albeit at 0% interest + annual fees.
Did you know that the UK government will kindly allow you to make concessional contributions to your pension after leaving the UK?