Skip to main content

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.


Labels:
Location: level 4/33 Remora Rd, Hamilton QLD 4007, Australia

Comments

Post a Comment

Popular posts from this blog

Times are tough. How can you position yourself to minimise the impact?

The last few weeks have been extraordinary to say the least. We’re battling a world wide health crisis and we face uncertainty in many aspects of our lives.  It’s true that there are simply some things beyond our control and we will more than likely see many changes to our everyday lives for the remainder of 2020 and beyond. So, what can be done?  On the other side of this, many people will be left with dramatic financial stress, whether it be periods of unemployment, depleted cash reserves or battered superannuation balances.  And for many, timing will be an issue. Those who were weeks ago contemplating retirement may now need to change their plans. And those that are still accumulating for retirement have more than likely just seen their investments and superannuation return to levels of 5 or 6 years ago. Essentially the clock has be wound back in one way or another.  It may well be a good time to take stock and lay some foundations for when thing...
Post a Comment
Read more

Does one size fit all when it comes to Superannuation?

Super Choice – how can employers help their employees? Since 1 July 2005, most employers have been required to give their employees a choice of fund for their superannuation guarantee contributions. It is only if the employee fails to choose, or chooses a fund which cannot be used by the employer, that the employer will be able to choose the fund. Prior to this, employees essentially didn’t have a choice and they were basically stuck with the fund their employer chose for them. In the past decade since “Super Choice” was introduced, there has been a great deal of competition in the superannuation market given that employees can choose where to put their money. A competitive market is good for consumers with an almost limitless choice of highly developed options for employees to choose from. So, what does this mean for employers? Well, in the early stages of this change it was essentially an administrative burden as large companies with large numbers of staff were faced with p...
Post a Comment
Read more

Is Your Life On Track?

A complimentary review of your super and insurances is the first step we take with you at Hindsightwealth.  Put it on your new year resolution  "to - do" list. 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 making a decision to buy.
Post a Comment
Read more