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Keeping Up With Life Changes.



















The harsh reality of working in Australia’s resource industry is that it can be highly volatile. One minute you’re enjoying working in your dream job, the next minute you’re left scratching your head as to why you’re no longer required. 

I’ve spoken with many people in our industry who have been impacted by this personally and whilst the majority saw it coming, it’s still a difficult situation to deal with.

So, what can be done?  There are perhaps some things you can do in relation to your superannuation and insurance.  With any change in circumstance whether it be employment, starting a family, buying a house, you should review your superannuation and insurance needs. 

For example, you’ve may have just left the mining industry, or have taken on a new role in the industry or with your current employer, it’s imperative that you review your personal insurances. 

Chances are your salary has changed and from the insurance companies point of view your occupation rating may have changed. What does this mean?  It means you could be over insured, under insured or paying inappropriate premiums due to your change in occupation. 

If you were previously working as a geologist earning $120,000 per year and now you’re in a different role on a lower income, you may be paying higher premiums than you need to.   Depending upon the structure of your existing insurances, it may be appropriate to make some changes. 

Your super is perhaps one of the largest assets you have.  Focus on making it perform at its very best now, for the future you. 

Coming out of our recent taxation period, it might be a good time to review your super and insurances?  If it’s an activity you do but once a year while you are in that “tax frame of mind”, it would be time well spent.

Let your super fund or Adviser know of any changes to your employment or life.  All new, updated information ensures your super plan and strategy is working hard to deliver you growth in the long term.

If you would like to discuss your unique financial and superannuation situation, message me here on LinkedIn, make a time in my online diary for a face to face or online chat or please phone, email or text me.  Happy to answer your questions or to review for free your latest super statement.

Andrew O’Brien and Hindsight Group Pty Ltd t/as Hindsight Wealth Pty Ltd (ABN 88 168 442 528) are Authorised Representatives of Affinia Financial Advisers Limited ABN 13085335397 & AFS Licence No 237857.  The material contains general advice only and the consumer should consider the PDS and whether the product is appropriate prior to deciding to buy.


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