WA News Letters Super not just for retirees
Super not just for retirees
Written by Dr Kane Della Vedova
Wednesday, 28 June 2017

Dear Editor,

I write in response to the articles on changes to superannuation tax rules in the new budget (Help to Negotiate the Super Circus, June). While the importance of understanding these changes is paramount, the discussion sparked with colleagues on this matter highlighted a much larger issue – the disturbingly low economic IQ in our medical community.

I am an intern, just starting off in the salaried world, but I have quite a different mindset when it comes to money compared to most people, especially doctors. Most of my interest came from tutoring economics during university, which drove me to become quite heavily read in finance topics and encouraged me to attend various seminars on money and how it works.

Only after several years did I begin to have clear financial goals, a detailed investment strategy, and a baseline of tax break comprehension.

Superannuation is an excellent government scheme which helps people finance their lives when they retire. For many it’s a realisation that they only ever knew how to make money one way – by working. This epiphany occurs at different times for most, but it is often recognised too late to make a significant difference to one's financial outlook in retirement.

The answer that most juniors need to begin to wrestle with early is – how to make your money make money, and what is passive income. But the answer is a question! It sure is.

There are so many paths to choose and each one suits people in different ways. My feeling is that very few of my colleagues feel sufficiently equipped for this endeavour, and are busy enough trying to decide whether or not to get a credit card.

Having the highest paid jobs in the country does not guarantee our long-term security, but enables us to achieve strong financial goals instead. Superannuation will have our back, but we juniors need more. Who should we turn to for help, and what should we focus on?

Dr Kane Della Vedova, intern, RPH