How much does the average Australian earn?
According to the Australian Bureau of Statistics (ABS), the full-time adult average weekly ordinary time earnings was $1,634.80 per week, which equates to around $85,000 annually. This was an increase of 3.1% compared to the previous year.
The average weekly total earnings for all employees was $1,237.90 per week, which equates to $64,370.80 annually.
Do you earn something similar to those numbers? Less? More?
There are several things you can do to improve your earnings. Have an informed, factual confirmation about why you deserve a payrise with you boss (if you can in your type of company). Do a qualification. Try to do new tasks that improves your capabilities and pay. Change jobs if necessary, although make sure you have a new job before you leave the job.
You shouldn’t take too much from the average pay numbers. All the different age groups are included in the overall average. All the different career stages are included in the overall average. All the different industries are included in the overall average.
Do you feel happy with how much you earn today? Just a bit more would be the right amount? It’s funny how that works. Most people would say their money happiness is just around the corner if they could just earn a bit more. You could say it’s human to always want a bit more, to strive to improve our lives. But I do think we need to try to find happiness with what we currently have, or else we’d never be truly happy.
I think there’s one way to help your earnings improve just a bit:
Building your superannuation is important for your retirement, but you can invest in shares to build up your income and wealth earlier. Shares have returned an average of 10% per annum over the long-term. That’s a good way to build your wealth.
You can invest in a good ETF like Vanguard Australian Shares Index ETF (ASX: VAS) or iShares Global 100 ETF (ASX: IOO).
You could invest in a high-yield listed investment company (LIC) like WAM Research Limited (ASX: WAX). You could invest in a capital growth LIC like MFF Capital Investments Ltd (ASX: MFF). You could pick an investment business that mixes growth and income like Magellan Global Trust (ASX: MGG).
Or, you could invest in some of the best growth shares on the ASX, which is what this site is mostly about.
The post How much does the average Australian earn? appeared first on Motley Fool Australia.
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Motley Fool contributor Tristan Harrison owns shares of Magellan Flagship Fund Ltd and MAGLOBTRST UNITS. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2020