26 Jul What Is In Your Flowerpot
To the utmost shame of my fiance, I am a terrible gardener!
She has tried many times to get me to take an interest in gardening, but it is not for me.
I have a habit of taking any healthy, living plant and turning into dead mulch in a very short period.
It may be due to a lack of skill, but it is ultimately it is a lack of care factor as well.
I recall my late grandmother telling me how excited she was that she got to spend hours in the garden in retirement and look at all of her flowers.
I couldn’t think of anything more boring. I may have been born in the country, but I wasn’t bred for it. Give me a concrete jungle with astroturf and plastic plants any day!
Errr Thanks Honey…
For some reason, my fiance recently gave me a plant as a “gift.” I have been told it is a low maintenance indoor plant and I need to look after it.
Sidenote: I do not understand why you would give someone you supposedly love the thing they despise the most as a “gift.” I’m pretty sure if I gave her Warren Buffett’s 1,000-page biography “The Snowball” for her birthday I would be a single man by the end of the day!
It must be a very hardy plant because it is somehow surviving! It is still green, and it seems to be growing, so I must be doing something right.
But I don’t have a clue what sort of plant it is. For me it is a Green Pot Plant, not so much because the plant is green but because the color of the pot is green. I have no idea what is growing inside of it, but I do know I green pot plant when I see one.
Sooo What Does This Have To Do With Money?
I share this story with you because I see this every single day with clients when they talk about their super.
You see most people (certainly not all) know who their superannuation is with. It may be with their bank, employer fund or one of those funds with the “funny hand thing.”
But when I ask them about what is inside their super, I mainly get a blank stare.
I don’t know much about gardening, but I do know that it doesn’t matter what color the pot plant is, it is what is growing inside the pot plant that counts.
The same philosophy comes with your super. It doesn’t matter what super account you have, it is what your super is “growing” is what matters.
We have been lead to believe that as long as we have it with a particular fund, then our super will look after itself. This may have some merit ten years ago, but nowadays I do not believe it is the case.
You can see two people in the same super account; one may be growing daffodils and roses, the other may be growing weeds and thistles.
What Is In Your Flowerpot?
Your super needs the right “plants” in it. If you are in your 20s and 30s, you will need “plants” that are going to grow over time. If you are close to retirement, you need “plants” that are going to be more sturdy especially if weather conditions are not favorable.
Your super needs the right “fertilizer” in it. The fertilizer keeps your fees low to ensure they are not eating away at your plants.
Finally, your super needs water. The more water you put in, the more likely the plants are going to grow. But too much water means you are going to drown your plants (which in this case means going over your contribution caps and having to pay significant penalty tax).
You need to be growing the plants within your super account to ensure you have a garden when it comes your time to stop work and smell the roses. You can do this yourself, or you can hire a “gardener” to look at this for you.
We have plenty of “gardeners” who can help you with growing the plants within your super fund. We can ensure you have the right pot, the right plants within the pot, and it is watered and fertilized on a regular basis. To ensure your super plants don’t turn into weeds and thistles go to www.masteryourmoneynow.com.au/getstarted for more information.
P.S. After writing this article, I discovered the plant my fiance got me was a ‘Zanzibar Gem.’ I only know this because the tag is still in the pot and I didn’t notice!
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This information is general information only. You should consider the appropriateness of this information with regards to your objectives, financial situation and needs.
Chris Carlin is an Authorised Representative of Infocus Securities Australia Pty Ltd ABN 47 097 797 049 AFSL and Australian Credit Licence No. 236523