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Money magazine helps you manage your finances by cutting through the jargon to deliver clear and precise information to help you save money and make the most of your investments. Each issue, you'll enjoy credible, well-researched reports and expert commentary from some of Australia's most respected financial writers.
In This Issue:
Lessons in life and money
EDITOR’S WELCOME EDITOR’S NOTE There is a dearth of financial literacy in Australia, and the sad fact is that what is not taught during our early adult years is learnt as painful lessons during our adult lives.
Knowing how to budget, appraise risk and ‘think’ about money isn’t a compulsory subject in the national curriculum. Instead, it’s up to individual schools, if they so desire, to invite experts in for short sessions to fill in the gaps.
That means that most of us are left to educate ourselves about personal financial matters, all while possessing very little insight into how our early experiences with money, our inherited values and our natural temperaments, drive our financial decisions.
And all too often, into this knowledge hole step finfluencers, some of whom share useful…
Letter of the month
Success and failure
As an immigrant from India navigating the Australian financial landscape, 2022 presented daunting challenges with the Covid-induced market downturn. During the pandemic, I began a ritual of walking 5km each week to the library to get my hands on a copy of Money magazine.
Inspired by some of the insights, particularly in the Q&A section, I initiated my ETF journey, and took proactive steps such as closing my credit card and redirecting savings towards investments through platforms such as Raiz, BrickX and Superhero. Moreover, Money ignited my passion for property investment, and I am now saving for my first home. Additionally, I have embraced the importance of superannuation, increasing my contributions through salary sacrifice.
I would like to offer some feedback. I encourage you to feature stories…
'What is the biggest money myth you grew up believing?'
JOANNA TOVIA
Senior journalist
I grew up thinking that somehow everything would work out financially and I’d live a comfortable life. Luckily, I soon learnt that the more proactive you get about your finances, the more it pays off. Turns out the family we’re born into influences how we view money, our place in the world and how successful we become. As I discovered writing this month’s cover story, however, we can override our money psychology if we take the time to understand our own subconscious beliefs.
Read this month’s cover story ‘Think yourself rich’ on page 34.
IVAN COLHOUN
Economist
I grew up wondering whether it was possible to get rich quick. Thirty-five years in markets and – while there are exceptions to the rule – it’s clear that…
Weather the unpredictability
IVAN COLHOUN OUTLOOK Some may have heard the joke about the economist and the weather forecaster, the punchline being that one profession exists to give the other credibility. A few years ago, a forecaster from the Bureau of Meteorology spoke at a gathering of economists. I found that much of the weather forecaster’s approach could be applied to economic forecasting, and to forecasting in general.
The two key takeaways for me were:
• The starting point is important. Weather forecasters spend a lot of time collecting information about and understanding current weather conditions across the country. This is, of course, very important for the short-term outlook as weather mostly moves from the west to the east in Australia, with what is happening in Perth and Adelaide now allowing early insight…
NEWS&VIEWS
CALENDAR OF EVENTS
Thursday, May 2 Balance of trade
Tuesday, May 7 RBA interest rate
Wednesday, May 8 NAB business confidence
Tuesday, May 14 Federal budget
Thursday, May 16 Westpac consumer confidence Unemployment rate
Student debt set for a refresh
It’s easy to imagine that the student loan balances accrued by many Australians in years past would hardly have been front of mind.
Sure, the regular raiding of each pay packet would have been a thorn in their side, but the indexation rate applied to HECS-HELP debt each year wouldn’t have raised many eyebrows. After all, between 2013 and 2022 indexation rates almost always started with a ‘1’ and only ventured above the 2.5% mark once.
That changed abruptly last year. As a result of soaring inflation – the indexation…
Why the gym should be tax deductible
The Australian government uses the tax system to encourage us to invest in our superannuation to reduce dependency on the age pension when we retire. Similarly, it uses the tax system to encourage us to take up private health insurance to reduce demand on the public hospital system. Why not, then, encourage us to take personal responsibility and invest in our health and wellbeing by making gym memberships, including Pilates, yoga and tai chi, tax deductible?
The existing healthcare system is universally acknowledged as being financially unsustainable: costs associated with treating our appalling rates of chronic disease, mental health and general sedentary habits far exceed the rate of inflation. Australians can claim donations to organisations dealing with diabetes and heart and kidney disease, for example, but have no tax incentive…
Hearing voices: are they real?
If there is one thing you thought you could trust, it’s a phone call from your child, partner or best mate. It sounds like them, so it must be them, right? Sadly, not any longer. With the advent of voice cloning, bad players can take mere seconds of a person’s recorded voice, clone it, then manipulate it to say whatever they want.
So potent is this technology that OpenAI, which developed a tool called Voice Engine that needs only 15 seconds of a person’s recorded audio, has delayed its general release during a year of elections, most notably in the US in November.
Voice cloning can be used for good – think voice preservation and helping those with speech disabilities – but it can also be deployed for a nefarious…
Tax incentives for start-up investors
MARK CHAPMAN TAX TIP If you qualify as an ‘early-stage investor’ you may be entitled to tax benefits on your investments in so-called ‘early-stage investment companies’. These incentives are designed to promote investment in potentially high-growth start-ups where there is also a high degree of risk.
The incentives provide eligible investors who purchase new shares with:
• A non-refundable carry-forward tax offset equal to 20% of the value of their qualifying investments (offset capped at a maximum $200,000).
• Modified tax treatment, under which capital gains made or accrued on qualifying shares that are continuously held for at least 12 months and less than 10 years are fully exempt from CGT, but losses made or accrued on shares held for less than 10 years are disregarded.
An early-stage investor must…
NEWS&VIEWS
BOOK OF THE MONTH
Just the title of this book is enough to pique the interest of anyone sick of working too hard for too little money and yearning for a more lavish lifestyle. Serial entrepreneur Noah Kagan says there has never been a better time in history for entrepreneurship.
In this book, he sets out to help readers create a market-tested, scalable business idea in a weekend. Readers should expect to get out of their comfort zone, stop making excuses and take action. With real-world examples and advice on everything from building an audience through social media to avoiding common mistakes, Kagan offers a simple guide to building a business that works.
To win one of five copies.
In 25 words or less, share a tip for launching a…
MY MONEY
▶ MORE MONEY STORIES ON P44-54
Technology could cut the cost
Australians are being hit with some of the largest insurance premium increases in years, partly as a result of the impact of frequent natural disasters and higher claim costs for insurers.
In the 12 months to February, premiums across home and car insurance rose by 16.5%, according to the latest monthly inflation figures published by the Australian Bureau of Statistics.
But could an increase in the adoption of technology help reduce costs for both households and insurance companies?
Honey Insurance, a Sydneybased start-up that recently closed a successful $108 million Series A funding round (which follows the seed stage), certainly thinks so.
Unlike traditional home insurers, Honey equips its customers with three smart sensors to monitor their homes for…
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