00:00it's a major change in your life or someone's life.
00:05Up until now, you've had structure.
00:07As a kid, you had structure from your parents,
00:11then structure at school, structure at uni,
00:13structure from your boss or whatever.
00:16All of a sudden, you are on your own with no structure.
00:21And you've got to fill 24 hours a day,
00:24and there's eight to sleep and eight to mess around.
00:27What about the missing eight hours?
00:30Yeah.
00:31A lot of people now are finding they retire with a mortgage.
00:36That's why you should be planning a retirement at least 10 years before,
00:43because then you don't want to retire with a mortgage.
00:46You can often solve that by boosting your superannuation contributions.
00:52I always say, if you've got a mortgage now,
00:55focus on the super, not the mortgage.
00:58If you say you're 50 to 55,
01:01super contributions are pre-tax dollars,
01:05and mortgage payments are after-tax dollars.
01:08Right.
01:09Furthermore, good superannuation funds are returning 8%.
01:13Your mortgage rate should be 6%.
01:17So you get the double whammy of pre-tax contributions
01:21and the fund earning more than the loan.
01:25Yeah.
01:25And when you get to retire, you take out a week and do two things.
01:29You can take out a big tax-free sum and pay the mortgage off.
01:32Yeah.
01:33To let the super grow and take out the interest every year.
01:38One guy, the brother of a friend of mine, age 83,
01:43got on Facebook and found a guarantee to make 20% a month trading silver.
01:49Oh, no.
01:50Lost his entire superannuation.
01:53Oh, no.
01:54Yeah.
01:54So scams are rife.
01:57Yeah.
01:58And never, ever, ever, ever, ever invest on the internet.
02:02No.
02:03I think for most people,
02:05you need to form a relationship with an advisor.
02:08I'm on the ASIC local board in Queensland,
02:11and one of our ASIC meetings,
02:13one of the commissioners showed us,
02:15she talked about scams.
02:17And they're so good because the scam's crook.
02:20But they'll say approved by ASIC,
02:23a link to the ASIC website,
02:25which is genuine.
02:26Mm.
02:27So clever.
02:28Mm.
02:29Mm.
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