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Cash in your frequent flyer award points
In September 2001 I lost over 100,000 frequent flyer points when Ansett Australia collapsed. I had been accumulating reward points with the intent of funding an overseas flight. To that end I’d even paid for a domestic flight rather than use some of my points. What a waste! Back then it was a common complaint [...]
What to do if massive world change is coming
“Perhaps the developed world is about to experience massive structural change”, mused my mate as we discussed the global financial situation recently.
In truth no-one knows what will happen.
The great news is that the actions which prepare you to survive a massive change also position you to thrive if instead a boom arrives. So irrespective of your personal forecast it is worth implementing these suggestions.
Why are only 5% of Aussies millionaires?
“One day I want to be a millionaire!” I recall that being an often expressed goal around the traps twenty years ago. Back then the median gross annual income was just $17,056* so the millionaire goal was quite a stretch. It was also before the explosion of free information on the internet. Since then there’s [...]
Time for tax planning
Three days before the end of last financial year I received a call from a journalist from the Australian Financial Review. He was writing an article for publication the next day about tips for managing your tax that financial year. With tongue firmly in my cheek I suggested my top tip was “to slap yourself [...]
Is this a scam?
Smart scammers try to make themselves appear legitimate as a way to suck you in. Before doing anything check the ASIC list of companies you should not deal with.
How much you should spend on your next house
The banks will tell you how much you can borrow. But how much should you really borrow? This article describes how to estimate the ideal maximum amount you should borrow and the true maximum affordable repayment. Follow this process so you can avoid over-extending yourself and find a harmony between lifestyle now and your future lifestyle.
Job change checklist
Changing jobs is often an exciting time of life. It can also be a busy time. Following is a checklist of important items to promptly address to ensure you keep your financial well-being on track.
Better budgeting
For many people the word “budget” conjures feelings of restriction. (Just like the word “diet”.) However a good budget should be the exact opposite. It should facilitate you having enough money for the things that really matter so you need not feel restricted. In this article I reveal a better budgeting technique using the model “Pay Yourself First (in practice)”
Be prepared to lose your job
Whilst there’s not as much doom and gloom around now as there was during the global financial crisis (GFC) of 2009 the world hasn’t returned to over-brimming confidence. Recent natural catastrophes plus instability in the Middle East have dented the return to confidence. Don’t worry – I’m not dragging out my dusty crystal ball and [...]
How to make smart financial choices
A scan of the many surveys about New Year’s resolutions reveals that it is common for people to set a goal to improve their financial situation. This may include saving more, repaying more debt or even investing more wisely. How do you choose what financial actions you take? To achieve a goal of improving your [...]
An updated wealth creation rule of thumb
You may have heard the rule of thumb that you should save and invest about 10% of your income. I think it originated from the book “The Richest Man in Babylon” by George S. Clason. I’m often asked if that is before or after tax saving. More importantly, is it even close to right? If it [...]
Protect yourself from identity theft
Two months ago my sister, Julia was the victim of identity fraud. Two thousand dollars quickly disappeared from her bank accounts before she detected it. This week is National Identity Fraud Awareness Week (NIDFAW), so I encourage you to consider how you may be placing yourself at risk of identity fraud. Then act to prevent [...]
Why you don’t need a SMSF
Self managed superannuation funds (SMSF) are often sold to people on the basis of getting greater control. That’s rubbish! Every time I hear it I roll my eyes and sigh heavily. An off the shelf fund gives you great control When you are thinking of getting more control over your superannuation, what control are you [...]
Save your Easter eggs for success
In a study conducted at Stanford University children were left in a room, each with a marshmallow, and given a choice of eating it then or fifteen minutes later, when they were promised a marshmallow as an extra reward for waiting. Imagine you are your five year old self – what would you do in [...]
The must read book for aspiring entrepreneurs
Over half the people I speak to professionally list “self-employment” as one of their life goals. If you too dream of going out on your own or starting a business then I strongly recommend that you read “The E-myth Revisited” by Michal E. Gerber before you quit your job. Preferably you need to read The E-myth before you succumb to what Gerber calls ‘the Entrepreneurial Seizure’. Read my full review of this essential book.
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