Archive for Personal Finance

Getting your super

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Many want to set up SMSF (Self Managed Super Funds) instead of going with a retail or industry superannuation fund. Why? There are a number of reasons why SMSF is more beneficial compared to other forms of funds.

The number one reason why people love SMSF is because they got full control. Just like its name, an SMSF is self managed therefore it gives you control over the decisions made in the superfund. You have the power to choose and develop an investment strategy that is tailored to your needs and have a direct say in all investment decisions, unlike other types of investment.

Another benefit of SMSF is cost-efficiency. When you run SMSF, the cost is fixed and is not dependent on the total amount of assets you have. Other superannuation funds usually charge a percentage of assets as their fees, so the higher your account balance the more you pay. Thus, having an SMSF would provide greater cost benefits when your superannuation funds/assets exceed a certain amount.

Freedom is another important benefit SMSF can give you. When it comes to a range of important decisions such as how benefits can be paid to members when they retire or how death benefits are paid in the event of a member’s deaths.

Do you want to know how to get your super? Check this: https://www.moneysmart.gov.au/superannuation-and-retirement/how-super-works/getting-your-super

How Can I Improve My Credit Score?

In many countries, including Australia, your credit score is extremely important. It is something that you should take care of. If you don’t, getting a loan or a new credit is almost impossible. Furthermore, getting a phone, cable or gas line hooked up in your home can be difficult to do. And even if you are qualified to do the job, a low credit score can ruin it all for you because there are also certain companies that take a look at your credit score first before they even hire you.

Your credit score is also analysed by creditors, such as banks and credit card companies. Just try to imagine that you need to get a loan to start your own business. Like we’ve said, with a low or bad credit score, you have a lesser chance of getting that loan approved or you may get it approved but with high interest rates.

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When you apply for a credit card, the same thing happens. Credit card companies or banks that issue credit cards will first take a look at your credit score before they can get your application approved. A high credit score is of course a lot more advantageous as you have a greater chance of getting the best credit card deals with a lot of features and also with low interest rates for your every purchase using a certain credit card.

To learn more about how you can improve your credit score, click here: http://time.com/money/2791958/how-to-improve-credit-score