Money lessons learnt at different life stages [eBook]
Money certainly makes the world go around, and as we grow up, we learn plenty of financial lessons along the way. With Aussie households spending a whopping $666 billion on general living costs in 2016 alone, it’s important to learn about the common financial pitfalls and put smart budgeting strategies in place.
This free eBook from Choosi will explore all the money lessons we learn on life’s journey, and share tips to help you become a savvier money manager. From focusing on your future in your youth, to protecting those you love most as you get older, here are the biggest money lessons in life to take heed of.
Chapter 1: Money lessons for the young and single
You might think that because your rent, food, and fuel costs eat up 90% of your weekly earnings, there’s no point in saving money until you get a better-paying job. But stashing away just a few dollars every week can snowball into something much bigger down the track.
Chapter 2: The financially savvy young couples
Australia’s overall mortgage debt exceeds $1.8 trillion, with a household-debt-to-income ratio of just under 200%. So, if you don’t want to be working well into your golden years, it may be wise to try to buy within your financial comfort zone and spend as much time as you can beefing up that first home deposit.
Chapter 3: Young family future considerations
The 2019 Choosi Dollar Report found that around 59% of the 5,000 people surveyed had no life insurance. With such a low uptake, it could leave a lot of Aussies quite vulnerable if something unexpected happens, and they can no longer financially support their families.
Chapter 4: How a mature family should plan for their golden years
According to recent research, more than 1 in 3 (36%) Aussies find dealing with money both stressful and overwhelming. Perhaps more concerning is that the same study found less than half of Aussies have a ‘3–5 year’ financial plan.
Chapter 5: Retirees must protect themselves and their loved ones
With the rising cost of living, there’s a risk that only relying on what you’ve accumulated in your superannuation won’t adequately provide for you for the rest of your life.
Understand and control your exposure to financial risk
Hopefully the tips in the Money lessons learnt at different life stages eBook will help guide you through the exciting and sometimes confusing world of finances as you get older. By understanding the common mistakes and looking into protection measures such as life insurance, you can help provide peace of mind at each stage of your life.
14 Sep 2020