Archived News
In August 2021 Finfeed changed from a website that covered ASX listed news to a website
that covered a select range of ASX
listed small cap Biotech stocks that we are personally
invested in: find out more.
The old Finfeed website, and all of the old articles are kept here for record keeping purposes.
VISIT NEW SITEIgnorance is not bliss when building wealth
2 minute read
Up until this week, South Australia was confident that they were safe from the COVID-19 virus, yet now they find themselves in another strict lockdown unable to do anything.
If there is one thing that 2020 and the virus has taught us, it is that we cannot be complacent as the world is at a point where our health and security can be challenged at a moment’s notice.
There is an old saying that “ignorance is bliss”, but it would be to your detriment if you applied this philosophy to building wealth for your retirement.
The statement that ignorance is expensive is more appropriate, given that research highlights that Australians prefer to save for a holiday or spend money on other lifestyle choices rather than prepare for retirement.
Yet, the one thing 2020 has taught us, is that everything can be taken away in a heartbeat, and ignoring this fact can be a costly mistake.
Unfortunately, too many people move towards retirement without much thought or planning, as they believe their superannuation or the pension will suffice, yet the evidence strongly indicates otherwise.
This year we have learned that our job can be taken away or put on hold indefinitely, which has the ability to affect your lifestyle in retirement. For this reason, it is even more important than ever to plan for that inevitable rainy day.
The Government cannot continue to borrow heavily and shell out money indefinitely to support every Australian should another COVID-19 like event happen. Therefore, it is up to each of us to be prudent with our money, which means investing wisely so that you have sufficient income to retire comfortably.
Dale Gillham is Chief Analyst at Wealth Within and international bestselling author of How to Beat the Managed Funds by 20%. He is also the author of the award-winning book Accelerate Your Wealth—It’s Your Money, Your Choice, which is available in all good bookstores and online at www.wealthwithin.com.au
Latest articles on Wealth Within
More Commentary
Post COVID stocks to watch
18-06-2021
Should you get a Life ... 360?
11-06-2021
Trading commission fee is costing you more money than you think
04-06-2021
Understand what you buy
07-05-2021S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.
Conflict of Interest Notice
S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.
Publishers Notice
The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain.