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Archives for December 2022

Australian Money

Need more cash?

Ok so the heading sounds great, and who wouldn’t want more cash?  With rising interest rates and general market uncertainty, we all want a little extra in our bank balance.

Let’s have a look at some options out there that may just provide an added windfall.

1. Lost Super

Remember that job you had once packing shelves at the supermarket, or the paper delivery?  Ever wondered where the super went?  Changed jobs and never really looked at the paperwork you signed?  Changed address or email and lost contact with an old fund?  Chances are you may have some lost super out there and it is worth checking.

Good news – the money is still yours, you just need to claim it.  It will either be with the ATO or with the original super fund.

The search is relatively simple.

  • Go to MyGov website and log in
  • Ensure your account is linked to the ATO
  • Select ‘Super’.

This will show detail of your super accounts and consolidate them into one fund if that is your preference.  Not everyone wants to do this – consider whether there is insurance held in super you require, which account to consolidate to and if there are any advantages to a particular fund.

You can also call or fill in a form to look for super. More detail can be found at

Sorry to say, that unless you meet a condition of release, this isn’t going to benefit you until retirement.

2. Unwanted items

One option for an immediate cash injection is to sell some unwanted items from around the house.  Remember those presents from last year, that unwanted home décor, the kid’s bike they have outgrown, computer games that just aren’t cool anymore?  Clothes can definitely raise a few dollars from a clean of the closet. With a multitude of options to sell online, this can be an excellent way to raise money and buy something you want now.

Depending on the online platform used, take care with scams, consider insurance for expensive items sent out and consider where is best for pick up / drop off of items.

Yesterday’s goods are today’s treasures!

3. Grow your own plants

So the kids are now on holiday and looking for something to do. Why not put them to work on making a veggie garden?  This can be a fun experience for the kids and yourself.

Take the kids to your local garden centre and let them choose some of their favourite veggies and herbs. The enjoyment of eating your own carrots or cherry tomatoes combined with a few extra dollars off the grocery bill.  Planting a citrus tree will also pay off over time.

4. Airtasker / Uber and part-time roles

Part-time roles can help fill a gap at this time of year and whilst time with the family is important, a few hours spent on an odd job could just get the ultimate present for someone.

Airtasker is an online site where people list odd jobs they want done. If you can assemble flat packs or trampolines, this may be for you. Have a look on the site for typical prices and know what you are worth before you sign up for a job.

Uber will allow you the flexibility to choose your hours and your trips. You don’t always get to choose who the passenger is, but if you are going from point A to point B anyway and can get some money from someone needing a lift, this may be perfect.

These ideas may not be for you and perhaps controlling the budget in other areas is a better way to save. With rising living costs and loan repayments, planning on how to manage your finances is critical. If you need some help, talk to one of our financial advisers.

Please note this article provides general advice only and has not taken your personal, business or financial circumstances into consideration. If you would like more tailored advice, please contact us today.

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Insurance Policies

Is your insurance all it claims to be?

Many Australians hold some form of personal insurance, with many of us choosing to hold insurance through our superannuation provider. However, few truly understand the cover, how it works and if it is actually suitable to our personal needs.

A few common misunderstandings we encounter:

Group Insurance

Group insurance covers a group of people, most commonly members of a particular super fund.

Most industry super providers will offer default (group) insurance. This insurance has not been underwritten by an insurance provider, tends to be lower quality with the benefit amount decreasing as you get older, when the likelihood of a claim becomes higher.

Most industry super funds will allow you to fix your cover or apply for higher levels of cover through group insurers (subject to underwriting).

Retail Insurance

An alternative to group insurance is retail insurance, with more industry super funds providing the option to fund these retail policies.

Retail insurance policies are underwritten by the insurance provider before cover is offered. This generally results in the insured gaining higher quality cover and generally a higher chance of a successful claim as the insurance company will note any exclusions from cover up-front.

Linked Policies

This option allows you to combine cover.  The most common situation is linking total and permanent disability (TPD) cover (life or trauma) with TPD. Linking policies reduces the premium more than if you were to hold the cover separately. However, many people do not realise if you claim on one (i.e. TPD), this amount will then reduce from the life benefit available, unless you have a buyback or reinstatement option on your cover.  This option tends not to be offered with industry super insurance.

Income Protection

Many people understand they have income protection but wait periods before a claim can be made, these vary from 14 days to two years. It is important to know what your wait period for a claim is to ensure you can fund your living expenses whilst being unable to work. In addition, benefit periods typically vary from two years to age 65, this is the length of time you are able to be covered/receive income payments from the insurer.

We like to think we would recover within two years but it is rather common to be incapacitated for longer than two years, for example, mental health or spinal injuries, extended benefit periods should always be considered when applying for cover.

Premium Types

Stepped: these premiums start out lower but the base premium increases as you get older. Generally, this type of premium is good for younger applicants working on building wealth or clients who only need insurance for a shorter period of time.

Level: these premiums start out higher but as you age, they increase slower generally with CPI. If you think you need insurance up to retirement at age 65, this type of premium will work out more cost-effective for the life of the policy.

Stepped vs Level Insurance Premiums

Insurance benefit amount

It is important to ensure you have the right level of cover to suit your needs such as clearing debt, maintaining your lifestyle and funding medical expenses.  You may have other items of importance to cover such as funding children’s education.

At The Investment Collective, we take a comprehensive approach to providing financial advice. An important part of that advice is insurance and ensuring you have the right cover in place to suit your needs and complement the achievement of your goals and objectives.

Please note this article provides general advice only and has not taken your personal, business or financial circumstances into consideration. If you would like more tailored advice, please contact us today.

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