Congratulations – you’ve made it to Day 5 (or if you’ve just joined the Challenge – welcome, never fear, you can catch up in no time; Day1, Day 2, Day 3 and Day 4 are here waiting just for you!).

So far in the Challenge we’ve seen some basics of investing:

  • financial planning
  • setting and achieving investing goals
  • numerous investment options – strategies, specialties and issues

You may not have a detailed investing plan, or one at all, but if you know your investing timeframe, you can decide which investments you’re more attracted to, and who can help you invest.

Are you in your 20’s, 30’s, 40’s, 50’s, 60’s or other? Do you want to invest for yourself or your kids – for now, lifestyle, a holiday, the future, your retirement? If you want to buy a house in the next 5 yrs perhaps (as Paul Clithero suggests in the June Money Magazine) you may be better of putting all, or some, of your money in an interest bearing account, or the short term risk of shares may work against you.

Who can help?

3 main sources of financial advice and information, which often overlap, and can be direct, from the media, from the internet (websites, blogs, forums) magazines and books are:

  1. Formal providers – such as licenced financial planners (often affiliated with banks, financial institutions, accountants and others with ‘wealth management teams’). Unless you’re a client, they can only give general information – disclaim they must!
  2. Less regulated providers – (‘gurus’ and ‘non gurus’ such as analysts, commentators), educators, mentors or coaches (especially in the wealth creation and property investment industries) (oh, but wait – have a disclaimer and it’s ok – they’re not giving ‘financial advice’?! But more of that in guru cops and scams!).
  3. Unregulated providers – other investors, friends, family, taxi drivers …!

Formal providers

You’ll find some in the many articles, rating, comparison, and “find a” sites, that list and/or analyse the performance of financial planners and the like. (So we don’t ‘rate’ them, only the less regulated ones). In the Big Directory are some:

  • general sites – Canstar, Choice, Money Buddy, Mortgage and finance association of Australia, Compare the market, iSelect, Moneyhound, RateCity, InfoChoice (inc stock brokers), financial products such as credit cards, mortgages and insurance
  • specific sites – eg accountants and financial planners

MoneySmart (ASIC) Choosing a financial adviser/ CPAAustralia (CPA) “Find a CPA (certified practising accountant) or financial planner”/ Financial Planning Association of Australia – Directory/Find a financial planner/Quotify – Choosing a Financial Planner/ Top10 financial planners,/Yellow Brick Road – “How to pick a planner”

Less regulated providers

Most people get their information and research from the Analysts and Commentators BiG lists. They may be:

  • economists
  • financial planners
  • journalists, or
  • others with some form of financial qualifications

Usually they don’t give personalised advice, just analysis, commentary, education or networking. They may cover general wealth creation, or specialise, for example in property (they may also be in the relevant BiG Book and may not be listed here) , shares or business.

Some are:

Australian property forum

Australian shareholders association

Bruce Brammal – Debt Man

Business Chicks

Choice

Christopher Joy

SQM Research

Paul Clithero

David Koch

Domain

John Edwards – Residex

Fat Prophets

Fat Cat

Flying Solo

Grattan Institute

Home Guru

Homesales.com

HouseNet

investEd/

Neil Jenman

John Lindeman

Christopher Joyce Rismark International

Alan Kohler – Eureka Report, Business Spectator, clearday

Peter Koulizos

Lowy Institute

MacrobusinessSuperblog

Michael Matusik

Michael Lewis

MoneySmart

OntheHouse

Nicole Pedersen-McKinnon – The Money Mentor Way

Peter Thornhill – Motivated Money

PriceFinder

Property Assist

Real Estate Investar

Real Estate Investment Information Australia

realstate.com.au

realestateview.com

Regional Australia Institute

Rob Balanada

RPData

Margaret Lomas – Destiny Financial Solutions

Scott Pape – The Barefoot Investor

Phil Ruthven – IbisWorld

Terry Ryder – Hotspotting

Kris Sace – Money Morning

Search Investment Properties

Simple Home Invest

Somersoft Property Investment Forums

Peter Switzer

Talking Trading

The Motley Fool

Kevin Turner – Real Estate Talk

Noel Whittaker

Women’s Agenda

In BiG Books #1-5 there are more GURUS – hundreds of them! Some we’ve rated, some we haven’t yet, and some we may not have come across (tell us others you know of, we’ll add and rate others we find later).

You’re welcome to send any information, on any gurus (and others).

Unregulated providers – good luck with them, your on your own! Although some of the Guru Cops in BiG will help you avoid scams!

As you can see there are spoilt for choice with the huge number of people and players who offer financial information and advice. On Day 9 we’ll look at how to choose one you can trust.

Day 5 Your Task/s:

 WorksheetDay5-8

Days 6, 7 and 8 (Happy long weekend) are all about consolidating and reviewing all you’ve learned over the past 5 days.  Our goal is to get you moving and starting to invest – we hope we’ve helped so far!

Next up:

Day 9 “How to choose a financial adviser and advice you can trust. It’s all about the faith!

I’d be delighted if you find my work helpful and share it with friends and family.

All the very best with your investing.

Andrea

the Bucket List Investing Chick