CoreData’s research over the past two decades has consistently found that at any point in time, only around one in four Australians are receiving financial advice. This is a relatively low proportion considering we have also consistently found that the value of financial advice is clear, both at a tangible and intangible level. Those who…
When you are looking for professional advice on anything to do with money, knowing who to turn to can be challenging. Should you contact an accountant or a financial adviser or both? The two fields are vastly different in how they can help you. What does a financial adviser do? Financial advisers (also known…
For most Australians, this tax time will be unlike any other. If you’ve lost your job, had to work reduced hours due to COVID-19, or met other eligibility criteria, you may have received government assistance like JobKeeper, extra JobSeeker, or accessed some of your super early to help cover expenses. So how will this new…
How compound interest works Compound interest is the interest you get on: the money you initially deposited, called the principal the interest you’ve already earned For example, if you have a savings account, you’ll earn interest on your initial savings and on the interest you’ve already earned. You get interest on your interest. This is different…
The power of compound returns is startling and the mathematics in favour of starting to save early in life is undeniable. At a 4 per cent annual return, $100,000 invested today will grow to around $580,000 over the course of a regular 45 year working life. Vanguard’s retirement planning team has a worked example online1….
Super and investment scams target your personal wealth by convincing you to invest in fake schemes and companies. They’re very skilled at convincing you that their scam is real and unfortunately are very widespread, taking many different forms. A super scam is when someone tries to access your super and withdraw your money. An investment…
Tracking your spending is a way to take control of your money. Knowing exactly how much is coming in and going out can help you spend less and save more. 1. Understand where your money goes Taking the time to make a note of every dollar you spend can give you a clear view of…
Have you written a personal financial register, listing your super and non-super investments, your other assets, your income and any debts? This fundamental task for managing your personal finances, investing and saving for retirement would often be left on a must-do-tomorrow list – and perhaps never done. Behavioural economists typically rank investor inertia and procrastination…
Finding motivation for starting a new business can be easy to come by, but as time passes these feelings may begin to fade. So what do you do when motivation is lacking? The buzz and excitement of all the things a new business owner discovers each day, coupled with the joy of being your own…