Give your career a health check

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Give your career a health check

Health… check. Finances… check. Career… check?

Are you happy at work? Do you jump out of bed excited about tackling your next project? Or are you counting down the days until your holidays or retirement?

If you answered ‘yes’ to the last question, it might be time to give your career a health check. We all know the benefits of having regular medical check-ups but, just like your body, your career needs a regular review to make sure you’re on track to meet your goals.

Do a career health check

The average time Aussies spend in a job is about 3 years and 4 months (as at June 2014)1 so if you’ve been in your job for more than three years, now might be a good time to give your career a quick health check.

But before you hit the search button on your favourite recruitment site, take time to work out what you really want to do – then you’ll have more chance of finding, or working towards, the job that will make you happy.

Here are some tips for a career health check:

  1. Take your pulse. List your top three work achievements over the last year. If you’re struggling to come up with any, think about where you want to be in five or ten years’ time. Will your current job get you there?
  2. Check your vital signs. List the top five reasons (in priority order) you’re in your current job. If you’re ranking your bonus and long-service leave higher than your job satisfaction, then things might be a little out of balance. It might be time to ask yourself whether you’re at the right place in your career.
  3. Take your own medicine. Think about how you could improve your career prospects:
  • Refresh your personal brand – update your LinkedIn profile, write a blog or upload articles which are relevant to your career.
  • Update your resume with your recent achievements. Make sure they match the type of work you’re looking for.
  • Do you need to study, get some training or update your skills?
  • Attend professional development events, workshops, seminars and conferences.
  • Join professional associations to meet like-minded people in your industry.
  • Collaborate in online forums where you can show your expertise on a subject.

Should you stay or should you go?

It’s one of the hardest questions to answer. Can you achieve your career goals where you are or do you need to look for a fresh start somewhere else?

If you’ve built up a solid reputation at your current employer, consider applying for a different role at the same company to give you a new challenge.

Perhaps you want more life/work balance? If so, you could consider working part-time, as a consultant or doing freelance jobs.

But if you still feel as though you’re just going through the motions, it could be time to get on the front foot and take action. A career health check could help you to keep you on track, reignite your spark and help you get (and keep) the job you’ve always wanted.

  1. http://mccrindle.com.au/the-mccrindle-blog/job-mobility-in-australia

 Important information

© AMP Life Limited. This provides general information and hasn’t taken your circumstances into account. It’s important to consider your particular circumstances before deciding what’s right for you. Although the information is from sources considered reliable, AMP does not guarantee that it is accurate or complete. You should not rely upon it and should seek qualified advice before making any investment decision. Except where liability under any statute cannot be excluded, AMP does not accept any liability (whether under contract, tort or otherwise) for any resulting loss or damage of the reader or any other person.

What’s your debt age?

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What’s your debt age?

The types of debt we have largely depends on our age and stage in life.

For most of us, having debt in some form or another is an inescapable fact of life. And despite its reputation, debt is not necessarily a dirty word. If managed well, it can be a powerful tool to build wealth, and good debts, such as those used to invest in an asset which increases in value – like property or shares – can do just that.

Borrowing to fund a lifestyle you can’t really afford, for big ticket items such as new cars and holidays, is an example of bad debt. It’s not always possible to avoid bad debt, but you should try to minimise it.

Often the types of debt we have at 20 are very different to those we have at 50.

Read on to discover the most common types of debt held by your peers, from the AMP.NATSEM report – Buy Now, Pay Later: Household Debt in Australia, and see if your financial circumstances match your debt age.

Starting out – under 30s

Younger people have the highest proportion of student debt as a percentage of their total household debt – at 8.3%.

This is because many students defer the cost of uni fees by accessing the HECS-HELP or FEE-HELP loan schemes, which they only need to begin to repay when their earnings meet the minimum repayment threshold.

This age group also has the highest proportion of personal loan debt – representing 5.4% of their household debt – with these higher interest, short-term loans used to fund purchases such as cars, holidays and other consumer products.

Perhaps surprising is that home loan debt is the largest contributor to household debt in this age group, at 58.3%, signalling that many young people are making it onto the property ladder.

Accumulators – 30 to 50 year olds

Home loans dominate household debt amongst this group, accounting for 62.8%.

Investor debt also begins to increase among accumulators as a way to build wealth through taking out a loan to invest in shares or property, representing 31.7% of all household debt; while student loans, credit cards and personal loans barely rate, all at less than 3%.

Pre-retirees – 50 to 65 year olds

Investor debt (46.3%) overtakes home loan debt (45.9%) as the biggest contributor to household debt in the pre-retiree group, who are paying down their home loans and looking to grow their wealth as they approach retirement, through investments in property or in shares.

Retirees – over 65s

Many retirees own their own home outright, reflected in the fact that home loan debt comprises only 28.2% of total household debt for this age group.

Compared to the other age groups, retirees have had a longer time to pay off their home loans, while some may have also used their super to pay it off completely. But compared to the past, more retirees are carrying more home loan debt over into retirement, with this figure up from 19.6% in 2004.

Investor debt represents 59.7% of household debt for people aged over 65, while retirees are also among the biggest carriers of credit card and personal loan debt, at 5% and 5.1%, respectively, perhaps reflecting their propensity to travel – or a need for additional cash to fund their retirement.

Tools and resources to help you manage your debts

Regardless of what type of debt you have – or its size – managing it effectively is crucial. As a first step, it’s a good idea to have a budget to get a clear picture of your financial situation.

Once your budget is in place, you can consider your financial goals.

If reducing your debts is one of these, the AMP debt reduction calculator could help, or seek financial advice to devise a strategy to keep your repayments on track so you can be debt-free.

 Important information

© AMP Life Limited. This provides general information and hasn’t taken your circumstances into account. It’s important to consider your particular circumstances before deciding what’s right for you. Although the information is from sources considered reliable, AMP does not guarantee that it is accurate or complete. You should not rely upon it and should seek qualified advice before making any investment decision. Except where liability under any statute cannot be excluded, AMP does not accept any liability (whether under contract, tort or otherwise) for any resulting loss or damage of the reader or any other person.

ATO Scam

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Telephone calls alleging fake arrest warrants used to scam money.

Scammers have recently been calling Australians telling them that there is a warrant out for their arrest. Many people have reported to SCAMwatch that messages have been recorded on their answering machines asking them to call back later. One of the telephone numbers provided is 02 6100 3027, among many others, and they ask you to call during office hours to discuss the matter further. However, the telephone number has no connection with the Commonwealth Director of Public Prosecutions, Australian Taxation Office or any other state or commonwealth department.

The scammers may spin a range of stories about why an arrest warrant has been issued, including that you have failed to pay taxes.

Scammers typically ask for money to be sent via wire transfer as it’s nearly impossible to recover money sent this way. They may also ask for people’s financial and other personal details to access their money and use this information to commit other scams.

Be on guard, if you receive a phone call from someone saying you have an arrest warrant and asking you to pay a fee, hang up and do not respond. If in doubt, don’t use the contact details provided – look up the government department or organisation yourself in the phone book or online and phone or email them.

How these scams work

  • You receive a call out of the blue from someone claiming to be from the Commonwealth Director of Public Prosecutions or the Australian Taxation Office.
  • The call may sound like it is an automated message with an American accent.
  • The caller or sender will claim that you have an arrest warrant for some reason.
  • The scammer will ask you to telephone a number that appears to be Australian but is likely to be a VOIP number.
  • One of the numbers reported is 02 6100 3027. This is not the correct number for the CDPP.
  • The scammer will tell you that in order to resolve the matter you will need to pay a fee.
  • You may also be asked to provide your bank account details or other personal information so they can confirm they have the right person.
  • If you send any money via wire transfer, you will never see it again – it’s nearly impossible to recover money sent this way. You will also never receive the promised rebate or refund.
  • If you provide your bank account details or other personal information, the scammer may use it to commit identity theft or to steal your money.Protect yourself

     

  • If you receive a phone call or email out of the blue from someone claiming to be from the Commonwealth Department of Public Prosecutions or Australian Taxation Office telling you about an arrest warrant, hang up.
  • If you have any doubts about the identity of any caller who claims to represent a government department, contact the body directly. Don’t rely on numbers, email addresses or websites provided by the caller – find them through an independent source such as a phone book or online search.
  • The CDPP is advising people to be vigilant when receiving phone calls of this nature and if in doubt about the authenticity of a call that you receive from the CDPP, contact them on one of the publically listed phone numbers (link is external) or email inquiries@cdpp.gov.au (link sends e-mail).
  • Never send any money via wire transfer to anyone you do not know or trust.
  • Never give your personal, credit card or online account details over the phone unless you made the call and the phone number came from a trusted source. If you think you have provided your account details to a scammer, contact your bank or financial institution immediately.You can report scams to the ACCC via the SCAMwatch report a scam page or by calling 1300 795 995.
  • Report

Buying your first home.

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Abolishing stamp duty for first home buyer purchases under $600,000

Buying your first home is getting harder. House prices are rising and the upfront costs – a deposit, stamp duty and fees – can be a huge hurdle.

To help first home buyers, we’ll completely abolish stamp duty for both new and existing properties under $600,000. First home buyers purchasing a property between $600,000 and $750,000 will also receive a tapered discount.

With an average saving of around $8,000, it will give first home buyers an advantage, and more money to put towards the purchase of their home.

This measure will help more than 25,000 people each year at a time when they need it most.

It’s all about putting first home buyers on a level playing field with investors.

These savings are in addition to the existing First Home Owner Grant, and will cost an estimated $851 million over the next 4 years. These changes will apply from 1 July 2017.

Young farmers will continue to be eligible for Victoria’s unique stamp duty concession on the purchase of their first farm – a concession only available in Victoria.

This will be administered by the State Revenue Office.

First home buyers – new house

Jon and Anne are first home buyers purchasing a new two-bedroom house in the western suburbs of Melbourne for $575,000. They would have paid $14,785 in stamp duty, partly offset by their First Home Owner Grant. Under the Government’s proposal, they will pay no stamp duty at all – allowing them to put their savings towards paying off their new home.

First home buyers – existing house

Rashid and Emma are first home buyers purchasing an existing townhouse in the middle suburbs of Melbourne for $650,000. They would have paid $34,070 in stamp duty, equivalent to more than 5% of their home value. Under the Government’s proposal, their stamp duty will be reduced to $11,357 saving the couple $22,700.