Money Magazine July 2022

Late last year, I signed up for #NoSpendNovember as part of an online challenge to withhold my discretionary expenses for a month. While there were days when the deprivation only made me think more about how I could waste my money, I survived the trial. The experience taught me it is possible to break old habits. The seemingly inconsequential behavioural test became the foundation of big financial decisions I made a few months later. There was not a singular moment when I thought I was ready to make smarter financial choices. It happened gradually. First, there were the small victories: comparing utility providers and jumping on discounted offers, switching banks, and updating my superannuation payments and insurance. I went from small choices that saved me tens of dollars to choices…

Corey is an inspiration I’ve been an avid reader of Money magazine for many years now (psst – don’t want to show my age). The June issue arrived today and I just started reading this afternoon, but had to comment on your story about Corey Tutt. What an incredibly inspiring story of such a generous soul. It’s wonderful to read such a heartwarming story, which gives you faith in the generations to come. Well done, Corey and Money magazine, for finding such a hidden gem, and Smartsheet for having DeadlyScience showing on the McLaren race car.   Fiona Key topics covered I have to commend your team on the May 2022 “Know your credit score” issue. You have now ticked the top three topics that have been on my mind…

I received a surprise birthday gift from my superannuation fund, QSuper, this year: a notice of the premium increase. I was more than surprised, I was shocked! The weekly fees on a $194,500 policy for death, TPD and income protection insurance are a shocking $132.04, or $6866.08 a year. Money magazine was very helpful in enabling me to check out other super funds in the market. Going through their websites, I was able to obtain comparative quotes and was pleased to note that AustralianSuper had the lowest rate of $57.02 a week, while others were between $75 and $85. I would like to bring this to the attention of your readers who, like myself, may rarely look into what our funds are deducting and passively think they are looking after…

MICHAEL LYNCH Multimedia producer I like Etoro. It’s a comprehensive and easy to use online and mobile trading platform. Whether you’re interested in cryptocurrencies or the S&P, Etoro makes it easy for beginners and professionals alike. You can start investing with as little as 10 USD with fee-free stock and ETF trading. You can even invest through “social trading” – just pick a high-performing investor and let the app do the rest. PHIL SLADE Contributing writer Outside of my banking apps, I’m on the road a lot so my BPme fuel app is the one I’d struggle to live without. Not only can I pay without going into the shop (which means I’m less tempted to buy junk food), but I love the transaction history which helps at tax time…

Becoming a solo parent has been a gift in some respects, as I’ve had to take ownership of my financial future. In the past, I wasn’t at all interested in talking stocks, bonds and money – that was something men typically liked to control. These gender expectations soon change when you are looking at the last $80 in your bank account and realising everything falls squarely on your shoulders to provide for yourself and your child. I’ve always been a good saver and lived by the ethos “never spend more than you earn”. This is one of the most valuable nuggets of wisdom imparted by my parents. Having said that, when I separated from my ex-partner as a stay-at-home mum with a toddler in tow, I was unemployed and had…

THE VIP LIST of the rich and famous just got more exclusive. In this year’s annual rich list, according to the Australian Financial Review, the price of entry is $629 million, almost double the wealth required to make the cut-off five years ago. At a time when the average annual salary is $68,000, those who made it to the list have an average wealth of $2.77 billion, more money than most of us even dream about. So how have they made their wealth? Looking at the individuals ranked in the top 10, you can see a mix of old and new money. Gina Rinehart, Andrew Forrest and Clive Palmer are mainstays who have made their wealth through mining and resources, while regulars Anthony Pratt and family, Harry Triguboff and Frank…