Money Mistakes
Don’t wait until you have a high income to learn about investing.
Review your super. Most industry superfunds in Australia provide a free financial advice service. Check your fees, insurance, and your investment.
Most funds are setup in the default option but this may not be the most appropriate.
It's so easy in your twenties to put off saving until later in life. Yet, there are so many benefits to starting early. For example, if you invested $1 in your superfund in your 20's, it would be worth $16 at age 70. Compared to someone who invested $1 in their 30's, it would be worth $8 at age 70. The power of compound interest means your money will work hard for you. If you money is sitting in a bank account it will lose value overtime because of inflation.
Avoid picking single stocks, that's very high risk compared to a diversified ETF.
Consider making extra super contributions when you are on a low income. The Australian Government offers super co-contribution
Don't invest money you need for short-term goals.
Set a budget. It tells you money where to go instead of wondering where it went. You should know exactly how much you spend and save.
Lifestyle creep is real, have good saving habits in place for when your income increases.
Watch out for bad debt, bad debt is anything that doesn't increase your wealth such as BNPL and credit cards.
Make sure to have a goal you are working towards, it will be easier to save when you have a reason why.
Avoid spending to impress others.
If you live FAKE rich now, you will retire REAL broke later.
Doing easy things makes your life harder, and hard things makes your life easier.
Not having car insurance because you missed the email. Always write the renewal date in your diary.