Ignorance is not bliss when building wealth

By Dale Gillham. Published at Nov 20, 2020, in Investor 101

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

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