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September 3, 2007 | by  | in Books | [ssba]

Kiwi Saver: How to make it work for you

Many kiwi politicians have had savings crusades, from as diverse as Roger Douglas (who championed the third Labour Government’s employer-contribution superannuation scheme from 1972-75) to Winston Peters (1996 New Zealand First – National coalition agreement). They have usually failed.

As is the case with savings schemes, time is of the essence; each year that has ticked by since Muldoon overturned the last government savings scheme after being elected as Prime Minister in 1975, and the rejection by referenda of Peters’ compulsory savings scheme in 1997 has meant the loss of billions in potential savings.

This time around Finance Minister Dr Michael Cullen’s controversial Kiwi Saver scheme already seems entrenched with National seemingly going along with it. This book from respected personal finance journalist Mary Holm seeks to demystify the scheme and fill kiwis in on the potential benefits of the scheme.

Some of the key advice consists of investing for the long term, spreading your risk, investing regularly rather than lump sums and how various schemes work. You will also find a lot of questions and answers that get straight to the point, thus helping you decide whether to join Kiwi Saver now or later. If you have been paying any attention to Salient at all this year, you would have noticed Issue 14’s cover story that explained how to invest your student loan.

It is ironic that the amount they invest from their student loan each year probably exceeds 4% of most people’s incomes. This book goes even further by reinforcing just how wise it is to invest even only a small per cent of your income.

This is a purely informational book with lots of diagrams and figures, which is really useful, but if you are looking for true inspiration you may want to read George S. Classon’s classic The Richest Man in Babylon as well….



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