2014 is likely to be another milestone for the superannuation industry, with forecasters expecting self managed super funds to account for one third of all Australian superannuation assets. Self managed superannuation is not suitable for everyone, so why does it remain a major market growth sector? Below are some advantages that have led to the continued uptake by newcomers of self managed super funds.
It’s something you hear about often, drifting in and out of conversations, and you probably know you should take an interest, but as usual you turn the other way and talk about something else. After all, who really needs health insurance? Maybe you think you don’t need it and everything is fine. Possibly you feel it’s an expense you would rather not make, but can you really afford to do without health insurance?
Australia’s cash rate, decided by the Reserve Bank of Australia’s Board, currently stands at 2.50%, the lowest it’s ever been. This is good news if you owe money but bad news if you’re a saver, as this figure is used by lenders and banks to decide how much you pay and how much interest you earn on the money you have invested.
As this rate is at a historic low and has been for some time, it doesn’t take a financial genius to figure out there’s only one way it can go. Economic growth drives interest rate rises, and with experts forecasting that Australia is leaving the financial lull behind, the rate looks set to get moving once again. Equally important is to be aware there’s a long way to go before it could stop.
Price of the Great Australian Dream – An infographic by the team at vouchercloud
You may have realised you need health insurance. Here are some strategies to make sure you get the best deal.
- Take the time to become familiar with the rules governing the health insurance plan you choose, and then follow those rules. The rules may be related to pre-authorisation or associated matters. If you ignore the rules related to your plan there is a chance that your coverage will not be forthcoming when you need it. Never make uneducated assumptions. Even if you are reluctant to expose your lack of understanding, speaking to your health insurance company representative could save you thousands of dollars.
- You may not require every coverage feature of your chosen health insurance plan. For example, mental health services or maternity features are specific to particular segments of society. Some health insurance companies can offer a policy for basic cover that may be more specific to your needs. Although you will be covered for fewer eventualities, it will be a less expensive health plan.
- Some health insurance plans contain spousal benefits. If you and your spouse are covered by health insurance, it’s worth checking the policies to determine your cover. If you are both covered by one of the policies, the other policy can be terminated, immediately cutting your health insurance premiums in half.
- If you are familiar with your health insurance plan you will be better prepared in case of emergency. Certain hospitals and doctors may be included in your network, and by knowing who and where they are you will save time and money when the need arises. Keep this information where it can be readily retrieved.
- By cutting down expenses on medicines or drugs you will be doing your health insurance costs a favour. Methods can be as simple as requesting free samples from your doctor or using generic drugs. There are many reduced cost medications available. Investigate if you are eligible for programs that are available, especially if you are a low income earner.
- A simple method of becoming a desirable health insurance customer is to give up bad habits. For example, smokers pay higher premiums, and if you have given up for several years you will qualify for a better health insurance rate.
- Getting fit and healthy is a good idea. Obese people pay a higher health insurance premium than smokers, alcoholics and the elderly. Healthy people have greater energy and vitality, less stress, and often more money for enjoying life’s healthy pleasures.
Health insurance should be seen as a privilege rather than a burden, especially in a country like Australia where health services are designed to provide the very best of care and attention. The money spent on getting healthy and keeping healthy, along with the security good health coverage can offer, will mean that you can enjoy life without wondering just where and when an unfortunate occurrence or accident will derail your lifestyle.
The survival of a small business is reliant on having enough cash flow to cover additional expenses and prepare for unforeseen events. Many businesses struggle every month, between the time they invoice customers and the time they are paid, and a shortfall of funds can cripple expansion plans or even break a business.
Without sufficient cash flow, a business is operating in a risky fashion regardless of profit margins. The difficulties are also increased when outside forces play their inevitable role, such as occurs during economic volatility, times of low consumer confidence, or a high Australian dollar. Many thousands of businesses become insolvent every year, and while it’s expected that not everyone will be a success, good money management could help to save those who may otherwise be tottering on the edge of insolvency.
Construction costs have increased significantly since the carbon tax was introduced, with additional expenses filtering through the building sector from top to bottom. Soft economic conditions have also affected small construction companies, with many owners under-insuring their business against potential losses. A lot of businesses are under-insured, with few owners understanding the ramifications until they make a claim.
For many people it’s a bold move to begin a small business and it takes self-motivation, a degree of confidence, and sometimes nerves of steel. Business owners have to understand the workings of their business from the bottom up, leaving no stone unturned in the search for profitability. Some areas of your business may not be getting the attention they deserve, and business insurance may be one such area.
For business owners, there is no opportunity to take paid sick leave. Unexpected illness or injury can result in turmoil for your business if you remain uninsured as an individual. It’s important to insure yourself just as you insure your business if you want certainty regarding your future.
Businesses are constantly on the lookout for ways to increase profit margins and achieve sustainable business growth. It makes good sense to ensure your business doesn’t come to a grinding halt if you are out of the picture for a period of time.
You can only climb a ladder one step at a time. It’s the same in the business or corporate world, with each step you take leading you higher in your chosen field. Furthering your education and improving your skill-set will give you the best chance of climbing that ladder and improving your lifestyle.
In today’s competitive work environment it makes sense to keep one step ahead of the competition, whatever your field of employment. There is always more to learn and greater learning can translate into greater earnings. Whether you are a recent school graduate or are of mature age with a keen desire to learn new skills, a huge range of study options are available to suit you.