How to Make Money in Your Sleep
How to Make Money in Your Sleep
- October 20, 2019
- Posted by: Daniel McGregor
Imagine if making a whole lot more money was something you could do in your sleep! Would you be interested?
I hope so… because as Warren Buffett has said, “If you don’t find a way to make money while you sleep, you will work until you die.”
You can achieve this by using 9.5% of your income and investing it the same way really smart investors do… AND you can pay less tax on this money!
I’m talking about your superannuation. I’m talking about the most powerful investment tool you have at your disposal and one which most Australians are not using to its full potential because they don’t understand it. After all, I’ll bet you didn’t learn about superannuation at school.
You will already have super and it’s most likely you do not have it invested the best way possible and you are losing your retirement savings in higher-than-necessary fees.
Getting the right mix and style of super investments for your stage of life and paying really, really low fees are possibly the two easiest things you will ever be able to do to make more money.
Every week I’m showing more and more people how these changes can make a 6 or 7 figure difference to their future wealth… if they take action early enough. P.S. In case you were reading the last sentence quickly, 7 figures is more than A MILLION DOLLARS!
So, what to do? Take control! Your super is the bedrock of what you are going to have available when you want to retire. Yet most people treat it with such little respect that their retirement savings are walking out the door and making others rich instead.
AMP is the classic example. Just last week they won a 2019 ‘Shonky’ award from Choice for putting profit before customer returns.
Choice found AMP has a “grossly underperforming superannuation division, which has the lowest customer satisfaction ratings on record and boasted no fewer than a million-plus inactive accounts across its AMP Retirement Trust and Super Savings Trust products in 2018.”
Choice went on to explain that those products make up “a walloping 55.5% of its superannuation customer base, which is particularly bad news for a lot of Australian workers – AMP is the third-largest fund by number of accounts. These idle accounts are slowly, inexorably losing value as the fees eat into the principal, quite possibly surpassing any gains.”
This is seriously scary stuff.
Cameron Sinclair, a senior policy adviser at the CHOICE-affiliated Super Consumers Australia, said of AMP, “It has historically been much better at growing its books and signing up customers than it has been at delivering strong returns.”
Pretty scathing, yet how many people remain stuck in these products, unaware of the consequences?
How many years has your super already been failing to perform at its best? Put it this way… if you knew your car had problems, how long would you drive it around for before taking it into a mechanic to get it looked at? How much damage could you potentially do to the engine by putting it off? How much more will it end up costing you in the future by not taking action now?
Apply the same logic to your money. Your super is far more important than your car. But who is your money mechanic?
I’ve helped many people this year to sort this out (and put in place other wealth creation and protection strategies as well).
You can either take control of your financial future and start making money in your sleep, or you can ignore it and let someone else make money at your expense. The choice is yours!
In case you can’t tell, I’m passionate about getting people to start paying attention to what’s happening with their money!