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Getting it together
It’s been a bit of a rollercoaster ride since Benn launched his career in the Internet and online media industry 11 years ago. He has hung in there through boom and bust. There’s been lots of change. So much in fact that Benn has had more jobs than average, including some contracting roles. “During the dot com period when things went bust around 2000–2001, I might have had about five jobs in that period alone. Businesses were going bust, being bought out, and there were redundancies,” he says. Thankfully the industry has settled down in recent years and Benn has enjoyed stable employment. But the earlier volatility of the industry, combined with Benn’s then laissez-faire attitude to superannuation, means he finds it hard to know
Benn’s laissez-faire attitude extended to finances generally. But that began to change a few years ago when he met his now wife-to-be Kellie, who works as a product manager for a risk insurance business. Benn says Kellie took a much smarter approach to money which influenced him. Almost 30 years of age, Benn doesn’t have the financial responsibility of a mortgage or children yet. He is working on clearing debts, saving for his wedding next year and taking charge of his super. Finding his super has been difficult because several of the organisations he used to work for no longer exist. Benn tried the Tax Office’s ‘find your lost super’ service but it turned up nothing for him. He says part of the problem is that to deem him as lost, funds need to get returned mail but nowadays many people just throw mail from previous residents in the bin rather than returning to sender. He has started digging up old paperwork from funds and trying to contact them. “I’ve got thousands of dollars in lost super and I’m intent on finding it. It won’t be lost for good but for me, finding it is a painful process.” By putting his super all together in one account, Benn may be able to save money on fees and take control of his super investments. In retirement, Benn wants to be able to enjoy life, be comfortable and able to travel when he wants to.
“Superannuation is important to me now and will be even more so when I’m 50 or 60. The fact I’ve got it now and am building it is peace of mind.” Benn says he’ll consider putting extra money into super after he has cleared debts and paid for his wedding. He and Kellie are having their marriage ceremony and reception at a restaurant on Sydney Harbour. Then they’re off to Asia to experience the culture, food and sites of Vietnam, Cambodia, Laos and Thailand. The couple want to enjoy and experience life and aren’t driven to jump into a mortgage at the moment. Benn believes wealth is best achieved through hard work and smart work. The smart work is the second part, built through investments. “The hard work is getting started and building a base – being set up where you’re living comfortably and doing what you want to do. We’re comfortable, though we haven’t laid those first foundation stones yet. But at least I’ve almost completed clearing off the rubble.” For now, he is preparing the foundations.
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Achieve is issued by Russell Investment Management Limited (RIM), ABN 53 068 338 974, AFSL 247185. In preparing this information we haven’t taken into account your own personal circumstances, including what you want and need for your financial future. It is important for you to consider these matters and also to obtain and read the relevant PDS before you decide whether to acquire or to continue to hold a product. Go to www.yoursupersolution.com.au to download a PDS. Interests in Russell SuperSolution are issued by Total Risk Management Pty Ltd.
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A wedding on the horizon and a fiancée who likes to have money matters in order inspired Benn to get on top of his finances. He made consolidating his superannuation a priority - that's proved a little trickier than expected.