I read an article by Angry Anderson recently in Business Resource and Lifestyle entitled the Weak Do Inherit. He was warning that if the government continues its socialist trends of taking from the working class to give to those who do not work it will soon reach the point where the working class will stop working as they can receive the same amount for staying at home and doing nothing.
What do I mean?
As a life coach who helps families work out the best career strategies for themselves in terms of personal and financial satisfaction it is, sadly, essential to factor in government benefits as the system works in such a way as to penalise many average families from working harder.
At the moment if both parents are working, families do not get Family Tax Part B and if the family earns more than a joint adjusted income of around $120,000 per year Family Tax Part A reduces to the base level. Remember that the adjusted income means that you have to add in any losses you make from negative gearing, your superannuation contributions and fringe benefits from your employer such as a company car. Anything you do to get ahead financially reduces the amount of assistance you will get from the government.
A non-working family will receive approximately $880.00 per week in unemployment benefits, $160.00 per week in family tax benefits, $189.00 per week in child care benefits and rent assistance. A working family jointly earning over $140,000 receives virtually no government assistance, other than a child care rebate. With child care rates of up to $100.00 per day, even after the rebate, they will still be left with childcare bills of over $200.00 per week, if they have just one child in childcare. They also have to struggle with before and after school care and school holiday care costs and travel costs to and from work.
When you factor in these costs families on an average income are only marginally (if that) better off than families where the parents rely on the government for financial support. Parents who don't work also have little superannuation and continue to rely on the government in old age which adds further to the strain on the public purse.
This is an intolerable situation,
Next Step - Stop The Private Health Insurance Rebate
Now the government has decided to reduce the private health insurance rebate for families earning over $166,000.00 per annum. This means that private health insurance will cost 30% more.
Put simply there is now even less incentive for Australian families to put in the effort required to work hard to bolster the family finances and provide for their retirement. They are continually penalised financially for earning more.
This decision will force many families who struggle to pay for private health insurance to cancel their cover and rely on Medicare. As the public system is already strained this is a completely unrealistic result. The costs saved on the 30% rebate will be lost on trying to expand the public health system, which is already in dire straits.
It is essential that you take the time to speak with a financial coach to help you best plan your work and saving strategies, particularly in light of the government's system of penalising middle income earners.
Tonette Watson is a certified NLP Practitioner with much experience in Business and Life Success strategies.
She is the Founder of Sow For Success http://www.sowforsuccess.com/.
She focuses on the law of attraction as method of using your thoughts to shape your life as each thought is an energy source which connects with a like energy source, drawing it back into your life. The result is that you get the life you think about, even if this is not what you want. She also offers personal, financial, career and relationship counselling.
Tonette offers on-line, telephone and group mentoring and coaching sessions which will change your mindset and empower your life.
Tonette Watson
Sow For Success
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