Splurge. Set up an automatic transaction so that 10% of your salary goes here, this money is for short term use (think a night out with your partner, a round of drinks for your friends or a small luxury item/service). Thankfully, in last year’s budget the Government announced they’re building a new comparison tool called ‘YourSuper’ which is slated to be available by 1 July this year. Most of the advice assumes you’re working fulltime while someone else looks after the kids. The idea of freelancing or working extra hours etc is fine for people without disabilities or caring responsibilities but as a parent of a young child it’s just an infuriating reminder of how everyone else is getting ahead while we clean weetbix off the floor. Mojo. A place for long-term savings in case of a bigger financial rough patch. Should ideally be 3 months of expenses.

If you have read Pape's previous books you may be disappointed as this book is a lot of the same, however the influence of Pape's own experiences in life have clearly shaped the changes in this edition as we can see his perspective is now far more family focused with new chapters on leaving a legacy for your children and notes on insurance that will protect your family if something happens to your income. However, the media has not ignored it – it has instead entrenched it. And in doing so it’s created a much bigger problem that affects millions of retirees, both wealthy and poor: they spend the little time they have left worrying about money, and hoarding it, instead of enjoying it. That all seems fair enough, but I don’t know how little Benny’s braces would apply to any of these. Yet I also agree with Superannuation Minister Jane Hume, who says that it’s simply another tool, and if it encourages women to leave a dangerous, abusive relationship then that’s a good thing. My husband and I have been with Christian Super Fund for the past 20 years. Today they sent us a letter saying that they’ve been underperforming and that we should change funds. My husband is 61 and I’m 59. We don’t have much super. Should we be worried about this?OnePath was like my Year 8 report card: a total and utter sh…earing show (as my father would say). OnePath was singled out by the regulator for having no less than 33 dud super funds. Some of his advice is a bit questionable. Does one really need 6 bank accounts? probably not. Is it wise to put all your money in joint bank accounts with your partner? Definitely not. Private health insurance is a rip off, I’d rather pay the Medicare levy surcharge because putting my money into the public health system is a better investment than private health funds which are profit based and further fleece me when I try to use them. Now, no one can predict the future, yet you should internalise the real message your old man is giving you:

This is the best non-fiction book I've read in a long time - and I actually didn't intend to read it. I only started reading out of boredom eating my breakfast where my sister had left it from the day before.A group called Super Consumers Australia (a partner of CHOICE) has done the research and come up with their own figures — and given me a sneak peek. Pape avoids complicated Jargon that can often be off putting to new comers and instead lays out a set of simple yet actionable steps that anyone can follow. He argues that with just a few minutes each month and a few small tweaks to the readers lifestyle and money management habits anyone can begin to build long term wealth by following his principles. I strongly encourage any reader to put his steps into place as the immediate effect of these actions will hardly be felt yet the long term benefits will see you living a healthier, wealthier and generally leas stressful lifestyle. Expenses. This is an everyday trading account that all your bills come out of. Internet, Netflix, phone, utilities, rent, etc. Have your salary go into this box.

Scott Pape grew up in Ouyen, Victoria, where he held odd jobs – once being paid by his father with a single BHP share. [1] He later attended La Trobe University, receiving his Bachelor of Business degree in 2001. In 2003, Pape presented a weekly finance show for young people on SYN Radio in Melbourne. He's big on people freelancing and giving up massive amounts of their time to try and pull in some extra money and very dismissive of the criticisms that not everybody can or should freelance. I work in healthcare, I can't exactly start running a clinic out of my garage now can I? and why would I want to? Money is awesome and all but honestly, living within your means and having free time to spend with friends and family is more awesome. Some of the funds that were singled out for charging high admin fees include Verve Super (who market to women), Spaceship Super (who target millennials), Student Super (who need a detention), and the ironically named Cruelty Free Super (well, except for their barbaric admin fees).

Let’s Chat …

Yet what’s also true is that your mother is not “an ordinary Australian” and she does not have a “little nest egg”. She’s got more cheese stuffed in her super than 99.5% of the population! And that one bit of information is incredibly valuable: it can stop you from having hundreds of thousands of dollars of your retirement savings smoked by high fees and poor performance.

OnePath was joined in veggie maths by BT Funds Management, Colonial First State, Auscol (Mine Super), Perpetual Super, MLC Super – whose report cards revealed “significantly poor performance”. First, there are people who are using it for the purpose it was intended: maybe they’ve been laid off or have lost hours and they want a cushion for what promises to be a very long winter. He also has this weird hang-up with - what he calls - 'handouts.' As someone who lost their house to a natural disaster, you'd think he would be more sensitive to people who need extra help. Such an odd hill to die on. Just say you're rich and move on. So let’s hope the top-performing funds – who collectively invest for millions of Aussies both young and old – take heed of this new type of offering and build something even better for their members.

The Sydney Morning Herald

Here’s the deal. There are two ways to invest ethically within super: by choosing a dedicated ethical fund, or by selecting an ethical investment option within your existing fund. It is an inspiring book, well-written with a wonderful sense of purpose, and most importantly imparts practical and easy-to-implement advice, which is what we are after in the first place.