Welcoem to posts!!
in the future - u will be able to do some more stuff here,,,!! like pat catgirl- i mean um yeah... for now u can only see others's posts :c
🚨 Changes coming to your super from 1 July 2024🚨
Some limits and amounts are changing - here's the breakdown:
Concessional contributions (before-tax)
The limit's bumping up from $27,500 to $30,000 per year. Plus, if you haven't maxed out in previous years, you can utilise the unused concessional contributions from the last five years to roll into your super fund and claim tax deductions. This is a great way to save for retirement and reduce your tax bill.
Non-concessional contributions (after-tax)
This limit is jumping from $110,000 to $120,000. This allows you to contribute after-tax money into your super fund and invest it. You can also contribute 3 years' worth of super contributions at once (up to $360,000) to maximize your savings.
Employer contributions
Your employer should also be chipping in more if working, as the super guarantee rate rises to 11.5% from 11%.
These changes are a great opportunity to boost your retirement savings even more over the course of a financial year and something I cover in my video on contributions
https://www.youtube.com/watch?v=vDjbl...
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Advice from Elon Musk.
‘Give yourself 6 months.
If you are serious about changing your life, do something consistently for 6 months.
I guarantee you’ll see results.
If you give up, you don’t want it bad enough.’
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New to investing and overwhelmed by all the options?
You're not alone. Investing isn't a sprint; it's a marathon.
The key?
Start with what you know and are comfortable with.
This sets you up for long-term success, allowing you to make informed decisions without panicking during market swings.
Want a deep dive into this game-changing approach?
Check out my latest video for run down.
https://youtu.be/Qjshp39fOi0?si=OiihU...
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Welcome to my channel if you are a new subscriber.
My name is Tim and have a bit of experience as a financial DIYer that I'm keen to share for you.
I'm aiming to add a new video every Tuesday and then some posts here in between.
Have a fair few topics on the world of personal finance and investing I want to cover here.
But also send me your comments or ideas for content I should be considering a well.
If you like reading then I send out my email newsletter each Friday morning that is the first place to get my work.
www.dadinvestor.com.au/newsletter/
Cheers
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I'm an Australian that talks about money. I don't provide financial advice.