The millennial's guide to earning a million dollars
Attention, millennials! Are you looking to accumulate wealth for your future while still enjoying life? Super-Rewards may be the answer you've been looking for. Each year, millennials are a growing segment of the workforce. A generation that values personal fulfilment and financial independence yet may find it challenging to save enough money for retirement. Enter Super-Rewards, an industry-recognised superannuation cashback program that can help millennials accumulate wealth for their future. With its innovative technology, Super-Rewards lets users effortlessly save for retirement by earning cashback on everyday purchases. Let's delve deeper into how Super-Rewards works and how millennials could use it to become millionaires.
So, how does it work?
Super-Rewards is the first mobile app provider of super cashback from physical or digital spend into any super account in Australia. It offers over 500 of Australia's leading online retailers when users shop using the Super-Rewards platform, iOS or Android app, or Chrome and Safari browser extensions. Super-Rewards shoppers can also earn up to 15% cashback into their super when they shop at 1000 physical stores nationally. Shopping smarter with Super-Rewards will earn you cashback, which can significantly impact your retirement savings when added up over time.
But the best part?
Millennials who have enrolled in Super-Rewards could be well on the way to becoming millionaires by the time they retire, thanks to the rewards earned from participating retailers in the dining, leisure, and travel. Millennials’ app-first spending patterns can see them earn as much as $50 Super-Rewards per month without any extra effort.
With the average instore cashback of 10%, this figure could easily be achieved through rewards from dining out, after-work drinks, new clothing, and car hire or travel booking.
How can I accumulate through Super-Rewards to reach millionaire status?
If the average millennial could save $50 per month towards retirement by adding to their super, reaching $1 million in retirement savings by the age of 65 could be possible. Super-Rewards could make it easier for you to reach that target even faster.
Even if the millennial did not make any other super contribution over the course of their lifetime, they could still be welcomed into the millionaire’s club in retirement^.
How can I track my rewards?
With the Super-Rewards mobile app, you can keep track of your progress towards your millionaire status. You can see from the My Rewards page below the total rewards earned to date.
So, why wait?
The traditional "save and spend wisely" route to building wealth is still right, but it is no longer enough. Millennials need to be more strategic and savvier with their money. Super-Rewards can help bridge this gap by enabling you to increase your retirement savings with little extra effort. Because they already have the cashback feature, they incentivise you to increase your retirement savings, and their rewards tally up quickly. By implementing Super-Rewards as a new saving habit and starting now, millennials will have a higher chance of retiring as millionaires. Start saving with Super-Rewards today and contribute to your future success and happiness.
^**Assumes starting super balance $43,583, the average super balance for a male aged 30-34 years old according to ASFA, 40 years to retirement, no other contributions to super, median net return of 7.4%p.a. over 10 years, (balance fund category to 31 December 2021 (ChantWest)) Super-Rewards of $50 paid monthly and compounding monthly. Source: moneysmart.gov.au.