Theo Marinis’ contribution to his daughter’s super saw her wealth grow exponentially

·

Parents of working teens are being urged to make the most of Australia’s superannuation incentives and compound interest to give their children a powerful kickstart to building wealth.

According to The Australian, big benefits can flow from the government co-contribution scheme, which pays up to $500 a year into a low-income earner’s super fund if they contribute up to $1000 of their own money – less than $20 a week.

Financial strategist, Theo Marinis, started contributing to his daughter Sophia’s superannuation when she began part-time work at a supermarket at 14.

Financial strategist, Theo Marinis.

He told The Australian he doesn’t regret it as Sophia “is now 27 years old and has a super balance approximately 2.7 times the recommended super balance for a 30-year-old.”

“It’s definitely worth doing – it’s amazing how quickly it compounds and it sets them up and teaches them,” Theo said.

Sofia couldn’t agree more and told the newspaper she “feels a sense of security” knowing her superannuation is “compounding nicely in the background.”

“Superannuation is not something to sleep on – the sooner you start, the better off you’ll be,” she said.

Source: The Australian.

Advertisement

Share:

KEEP UP TO DATE WITH TGH

By subscribing you accept our Terms of Service and Privacy Policy.

Advertisement

Latest News

‘I will never forget you’: Emotional farewell for Greek Consul General in Sydney

An emotional Greek Consul General Yannis Mallikourtis delivered his farewell speech on Monday evening at Business Sydney’s Event Centre.

Adelaide’s St Sophrony Parish raises funds for hall construction

The newly established St Sophrony of Essex parish in Hectorville, Adelaide, held its first official fundraising dinner on Sunday, June 29.

From homelessness to homeowner: Kostas Papadimitropoulos shares his inspirational story

Melbourne man Kostas Papadimitropoulos has turned his life around after being scammed out of his life savings and forced to live in his car.

Sydney Dance Company shines at Athens Epidaurus Festival with ‘Impermanence’

The Sydney Dance Company captivated a crowd of 5,000 at the Odeon of Herodes Atticus last week, performing 'Impermanence.'

Former ATO worker Paraskevi Vula Danassis convicted in $2 billion GST scam

Former Australian Taxation Office employee Paraskevi Vula Danassis has been convicted over her role in a $2 billion GST fraud scheme.

You May Also Like

proika exhibition explores cultural bonds that unite the Greek Australian community

On November 20, the proika project invites you to the launch their multimedia exhibition, melding fashion, photography and conversations.

Greek PM: Greece will emerge victorious from the coronavirus pandemic

During the opening of the 5th EU-Arab World Summit, Kyriakos Mitsotakis, said Greece will emerge victorious from the coronavirus pandemic.

Award-winning Greek pasta with Australian roots: The Giannaras family story

What does a flour mill and Greek Pasta have to do with Australia? Theodoros Giannaras, spoke to TGH about his his family's history.