Super is one of the easiest ways to build your wealth

APPLICATIONS, or apps, are designed to make our lives easier, to take short cuts and to do things so much quicker when online.

It would be great if there was an app for wealth accumulation, higher returns, or an app that pays off your mortgage quicker. Unfortunately there isn't one ... yet.

To accumulate wealth there is no shortcut. Those that believe there are, usually fall victim to investment scams or make investments that lead to financial ruin.

It seems sayings such as, "if it's too good to be true, it probably is" and "a penny saved is a penny earned" have become somewhat old fashioned and forgotten, in our modern age of easy credit and words like apps.

So what are some strategies if there are no apps around? Consider paying yourself first, either into savings, super or the mortgage, where you regularly set aside some of your income before you're tempted to spend it.

Stay clear of investments that are hard to understand or offer unrealistically high returns. Making the most of super is usually the easiest strategy.

Super is simply a very tax effective structure for holding investments, and being subject to a lower rate of tax, superannuation investments compounds faster than non-super investments.

Having an understanding of debt, the difference between good debt, bad debt and how to use debt for wealth accumulation is also key.

Finally, get advice from a licensed adviser. With most advisers being fee based these days you don't need a fortune to invest in order to get advice. Even professional sports- men at the peak of their game still rely on coaches, and a licensed adviser will be your personal money coach.

Wealth accumulation, being financially independent, having a retirement that sustains your lifestyle is all obtainable, but there are no shortcuts.

There's no app, but there are plenty of strategies for simple wealth accumulation.

Jason McFadden is a Certified Financial Planner with JPM Financial Planning. This editorial is general advice only

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