Have young kids? Well, now’s the time to introduce them to the concept of saving, and there’s no better way to do that than opening up a bank account for them. As parents, we play a critical role in educating our kids around money and, within that, establishing positive habits around spending and, more importantly, saving. To this end, if you’re good with money, chances are,...
The word ‘debt’ cops a bad wrap, in my opinion. Mention debt, and our minds tend to jump to the negative connotations of the word. And rightfully so. ‘Bad’ debt is exactly that – not great. Meaning, any debt that’s not going to make you money over the medium to long term (aka building your wealth) is something you want to avoid like the plague. Well, as much...
Trade wars aren’t new. They’ve been played out throughout the annals of time. So why is the US-China Trade War, which seems to escalate with every passing week, any different? Well, that’s a tricky one to answer. The short answer is the global economy’s been on pretty shaky ground since the Global Financial Crisis. Meaning the world’s two largest superpowers rattling their sabres is shaking what are...
Being in debt ain’t fun. Particularly if it’s credit card debt and the compound nature of interest (in reverse!) means you can see no end in sight in terms of paying it down. I met someone recently who has racked up close to $30K between two credit cards over the past 18 months. She also has close to $3K on Afterpay. Both cards, I’m guessing, would be...
If you’re invested in the stock market and have had your ear to the ground, you’ve no doubt heard rumblings from Wall Street and major news outlets of the potential for an economic downturn. You keep hearing things like “the property market’s down another 20 percent”, “the global equities market’s bull run’s over”, “the United States’ trade war with China’s going to rip the carpet out...
I collect whisky. Interestingly, what started as a passing interest has developed into a bit of a passion. You’d hope so – my collection’s fast approach the 60 mark. I’ll be frank, two years ago I knew absolutely nothing about whisky. Like nothing at all. On a scale of 0-10, my whisky knowledge was a big, round zero. Fast forward 24 months, and I reckon I’m...
Okay, so you have kids or are planning on starting a family and want to give them the best education possible. Great. I’m the same. When my wife and I have children, we want to give our kids the best start in life we can, so I know where you’re coming from. As a financial adviser, two of the most common questions I get asked is “can...
Private schools aren’t cheap. Far from it. Last year, Australians forked out around $10 billion dollars for private school tuition, with 49 percent covering the annual cost of out of their disposable income. With that 49 percent in mind, if you are thinking of sending your kids private, there’s a lot to consider. You need a gameplan. The earlier you have one, the better. The last thing...
Budgeting sucks. I get it. Unless you’re someone who takes great pride in creating intricate Excel spreadsheets that break down every aspect of your weekly spending in forensic detail, budgeting can be a pain in the you know where. If you can’t be bothered, like to keep your head in the sand with your finances while fearing the worst, or shy away from getting ‘bogged down...
How good are you with managing your money? And don’t worry – it’s not a trick question. The reason I ask is you’d be surprised at how many people make it well into adulthood without learning the basics of good money management. In Australia, we’re talking almost half the adult population, according to the Australian Bureau of Statistics. Meaning, around 45 percent of Australians...
