Money Magazine March 2022

HERE AT MONEY HQ, we want everyone to be filthy rich and happy, hopefully at the same time. Financial freedom comes in all shapes and sizes, regardless of our gender, race and favourite sports team. But in the spirit of International Women’s Day this month, we turn our focus to pay gaps and inequities that quite frankly, should be a relic of the past but are still with us today. In our cover story (page 33), we will try to convince you to abandon all your financial hang-ups. Then turn to page 43 for our must-read on how to boost your pay at every age. We have not shied away from the more sombre issues: we find out how victims of domestic abuse and ugly separations can regain their financial…

Letter of the month Renovation advice is right on the money Tracie Ellis’s article on renovations (“Keep the costs under control”, February) was front and centre of mind for me! Having just completed a renovation by installing new floorboards and freshening up my home with new paint, her advice was right on the money. In addition to drawing up a budget, I would also suggest detailing your project timeline, so that tradies are lined up in the right order. Selecting the right contractors is made easier by taking recommendations from friends (and seeing the end results in their place, too!) Renovations are also a good excuse to declutter – you may just find by offloading pre-loved furniture and other items on eBay or Facebook Marketplace that some of your renovation…

EDITORIAL Founder & editorial adviser Paul Clitheroe Editor-in-chief Michelle Baltazar (02) 8234 7500 michelle.baltazar@moneymag.com.au Managing editor Julia Newbould julia.newbould@moneymag.com.au Art director Ann Loveday Designer David Matthews Senior sub-editors Bob Christensen, Debbie Duncan Senior writers Susan Hely, Pam Walkley Digital editor Sharyn McCowen CONTRIBUTING WRITERS Mark Chapman, Peter Dockrill, Tracie Ellis, Nicola Field, Peter Forrestal, Nicole Haddow, Steve Johnson, Anthony O’Brien, Marcus Ohm, Benjamin Ong, Marcus Padley, Vita Palestrant, Scott Phillips, Max Riaz, Phil Slade, Graham Witcomb CONTRIBUTING ARTISTS Michelle Mossop, Reg Lynch, John Tiedemann PHOTOGRAPHS Getty Images PRE-PRESS Peter Suchecki ADVERTISING Director – head of media sales Stephanie Antonis (02) 8234 7547 stephanie.antonis@rainmaker.com.au Partnerships manager Sam Starrat (02) 8234 7531 sam.starrat@rainmaker.com.au MARKETING Marketing manager Julian Clarkstone julian.clarkstone@rainmaker.com.au MANAGEMENT Managing director Christopher Page Executive director Alex Dunnin Syndication enquiries: money@moneymag.com.au ISSN…

ANTHONY O’BRIEN Covid has made me more thankful for my two little angels, Abbey and Lucy. The girls were often my only physical contact with the outside world during a lockdown, and they have reignited my passion for Lego! Covid also made me grateful for those clients who stuck by me through thick and thin. Like plenty of Aussies, I was thrilled to discover that lockdowns create an excellent environment for saving money. ANN LOVEDAY I love home! While initially getting set up to WFH was a stress and a challenge, it’s also been a bonus. Work and home have blended where design happens while watching over a bubbling chicken stock. Our doggo is content with constant companionship and I often fit in a lunchtime swim. Don’t tell the boss!…

International Women’s Day is on March 8, and this year it seems like better timing than ever to focus on money for women. We still struggle with the gender pay gap, retire with less, and at times are forgotten in financial discussions – because we opt out, or for other reasons. I’ve always been single in terms of finance. I’ve had partners but we’ve not shared finances – or homes. This means I have to be on top of all my financial decisions and it will be my money that keeps me in retirement when that day comes. When I started writing about finance, I decided to go out and invest in the stockmarket. I knew it would force me to pay greater attention than if I was just writing…

Money magazine’s Paul Clitheroe recently received a letter from someone who was paying $9000 in financial advice fees to have their super managed (in a retail fund). This amounted to 1.1% of their super. To put this in perspective, most industry funds charge well below 1%. Paul explained that if $9000 included more than just looking at a super statement twice a year and included returns and services reflecting the fees paid, it may be justified. We’ve had many questions about costs so I consulted Marisa Broome, chair of the Financial Planning Association. As expected, the answer is complicated. An adviser may charge per hour, a flat fee, a percentage of your funds or a combination of all of them. “What is important is that you as a client have…