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On this episode of The nestegg Podcast, the CEO of Industry Super Australia, Bernie Dean, shares his insights into the impact of COVID-19 on super funds.

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Bernie joins host Grace Ormsby to unpack how the economic downturn has been affecting different demographics, why many in the older age bracket are experiencing increased levels of anxiety, and what those people can do to preserve their nest egg and minimise their losses.

Bernie also delves into Industry Super Australia’s stance towards accessing superannuation early as part of the government’s stimulus measures, whether now is a good time for people with the means to contribute extra to their super, and industry fund plans for a road to recovery for both their members and the national economy.

Thanks Bernie, for sharing your insights with the nestegg podcast team!

You can keep up to date with what Industry Super Australia are up to HERE

Have an investment story to share? Get in touch at [email protected] and you might get featured on the next episode.

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Thursday, 04 June 2020

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The 4 secrets to becoming wealthy

By Reporter · July 17 2018

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Invest

The 4 secrets to becoming wealthy

By Reporter
July 17 2018

Reading:

secret to becoming wealthy, wealth and financial freedom, financial planning, investible income

The 4 secrets to becoming wealthy

By Reporter · July 17 2018

Reading:

The secrets to achieving wealth and financial freedom are “extremely simple”, but the execution can be more complex, a financial planner has said.

“Most people in life want one thing and that is to be able to enjoy their life without having to work all the time,” Omniwealth financial planner Steven Korner sad.

“We all currently hold the tools to become wealthy, the only thing we lack is a real desire to achieve it.”

1. Earn

The first step is to have investible income.

“If you are not happy with your current income, then make yourself more valuable to your employer to increase your earning potential,” he said.

“If you’re more entrepreneurial, think about a current problem in society and start your own company that offers a solution to that problem.”

2. Save

It’s not rocket science. Mr Korner said saving will require discipline and the ability to avoid frivolous spending.

“Create a budget. This will create discipline and force you to put your desired savings aside. The faster you can save, the faster you will become wealthy,” he said.

3. Invest

Mr Korner reminded savers that saving alone won’t build wealth. Rather, savers need to invest in income-producing assets like shares or property.

“These assets generally have a greater rate of return than just leaving your money in a savings account over the long term,” he said.

“This will allow you to accumulate your wealth more rapidly and put you on the beach sipping your favourite drink much faster.”

4. Repeat

The first three steps are a cycle that should be repeated and reviewed as one completion of the cycle won’t be enough to build wealth.

He argued the first three steps and the discipline to repeat them are what separates the wealthy from the poor.

“Remember, it is easy to be average, everyone is doing it,” Mr Korner said.

“If you can’t be disciplined enough to start now you will find yourself relying on a pension at the end of your working life, instead of a comfortable income.

“The earlier you become disciplined in your approach to wealth, the more time you will have to build it.”