Insurance
Before you even think about borrowing or investing, the first thing you need to do is sort out your insurance.
You can have all the assets in the world, but if they're not protected, you could lose the lot very quickly if things go wrong.
Income protection is one of the most important covers to have, especially if you have debts and bills to pay. The cover can provide an ongoing income if you are unable to work for a period of time due to accident or illness.
Life insurance is also very important if you have debts or a family that relies on your income. Life insurance will pay out a lump sum that can be used to extinguish business and personal debts, as well as providing for your loved ones in the event of your passing.
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Superannuation
Superannuation is seen as being too complex for many people to worry about, especially when they're young, but the truth is that super can be very simple when you take the time to understand it.
Taking a few simple steps with your superannuation when you're younger can mean a huge difference as you get older, and we don't just mean putting more money in there.
By spending some time learning about super, you may find that time is your best investment yet.
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Investment
Investing wisely is one of the greatest ways to accumulate wealth. You're unlikely to strike it lucky and "get rich quick" by investing wisely, but if you remain patient and do the right things you should be hansomely rewarded in the long term.
Investing can take many forms. It may simply be using term deposits, or it could be more serious and involve managed funds and other investment vehicles. Either way, careful investing can be very financially rewarding.
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