HomeNewsAustraliaTheo Marinis' contribution to his daughter's super saw her wealth grow exponentially

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.

Recent posts