Kris, I'm not so au fait with super, although at 55 I should be but I don't have one cent in it; hubby has that covered.
But at your young age, does it make any sense to be socking money away into super? I've read in several financial sessions written by financial planners that young ones should use any excess money to save for a house.
You quote some outstanding return on your super, but remember the old adage, "Past performance is no indication of future returns", and believe me, you will see very little increase some years.
One thing that stood out like the proverbial dog's whatsits last night was a total lack of respect from that author, and I'm sure that's what is behind the poor attitude in society in general. People think, "You've got it, why can't I have it", but they don't see the effort put into acquiring assets.
In my early years I didn't know there was such a thing as government handouts and after being literally abandoned in a broken family, I did what I thought I had to do - go out and get a job, any job. I can remember thinking I could manage a job on the production line at the Golden Circle cannery and they were always looking for workers. Thank God it was too difficult for me to get to and I got a clerical job instead.
I then went to night school to learn typing and to finish Grade 12 Maths I and II. That was night school four nights a week after working full time during the day.
I then wanted to travel overseas so I took on three jobs to get the money. I didn't live at home so had to pay rent. Didn't have a car, or a radio, or a telphone etc, and I certainly didn't have the attitude that anyone was going to do it for me or that I was hard done by.
If the baby boomers have done one thing wrong, it is perhaps not letting our kids struggle. I haven't given my kids everything. When they were young, they used to get $8 per week pocket money and they had to buy their own clothes, sport subscriptions etc. They got a local free paper run (younger son used to sell them to the Chinese!), sold Christmas cakes at markets, grew plants and sold them, got Christmas jobs unloading bags of rice out of containers, making bird cages, anything. Then I introduced them to shares and that is where they are making money, even while studying. One has now bought a house, not by our giving it to him, but by our lending him the deposit which has since been redrawn from his loan and paid back.
So don't sit there getting frustrated about having to pay HECS (which can be delayed), or not being able to get into the housing market. You mightn't get inner city living, but it can be done and that's what you have to realise; it CAN be done - if you are prepared to do without, make sacrifices. There is one sure thing to hold you or any other person back - getting bogged down with anger and frustration.
And remember, instant success takes at least 15 years!!!
