Wealth creation strategies, topics and specialtiesHow can you build wealth, make more money? Find out here.
It’s challenging doing a money makeover, budgeting and planning. Even more of a nightmare knowing where and how to start investing. Who can you trust with your money, your lifestyle, your future?
You’ll find loads of products and services on wealth creation (money, finances, budgeting, spending, planning, investing and more) on the internet, media and elsewhere.
BiG shows you as many of them around as we can in the lists of Wealth Gurus and Analysts and Commentators, their products, services and quality that vary substantially.
Here in Strategies and Topics BiG gives you an overview of the resources available out there, to help you get started. Such as:
- Choosing a financial planner or adviser
- Choosing asset classes, such as Property, Shares, Commodities, Funds (eg ETFs, LICs)
- SMSFs (self-managed superfunds)
You’ll find Tribes, experts and gurus throughout BiG, below are some of them in the wealth creation industry.
(Don’t forget to check out BiG’s ratings of experts and gurus and what the analysts may say, so you can be confident in them and their strategies. Just because someone’s popular, or great at marketing, doesn’t mean they’re the ‘best’ investment guru.)
If a strategy, topic, specialty or asset class, you’re interested in isn’t here,
check out these other BiG areas.
Because wealth creation’s often a mixture of:
Check out these Wealth Creation Strategies
How much money do you need to start investing?
Investing $5,000 when you don’t want to keep it in the bank, ABC Everyday, Patrick Wright
What is Compounding? It's magic!
The power of compounding is that it makes your money (and debt!) grow faster. This vital concept can make, or break, your financial success.
MoneySmart (ASIC) Compound Interest Section says:
The power of compounding helps you to save more money.
The longer you save, the more interest you earn.
So start as soon as you can and save regularly.
You’ll earn a lot more than if you try to catch up later.
For example, if you put $10,000 into a savings account with 3% interest compounded monthly:
After 5 years, you’d have $11,616. You’d earn $1,616 in interest.
After 10 years you’d have $13,494. You’d earn $3,494 in interest.
After 20 years you’d have $18,208. You’d earn $8,208 in interest.
How does compounding work? Have a play with their Compound Interest Calculator.
Compound interest formula
To calculate compound interest, use the formula:
A = P x (1 + r)n
A = ending balance
P = starting balance (or principal)
r = interest rate per period as a decimal (for example, 2% becomes 0.02)
n = the number of time periods
How to calculate compound interest
To calculate how much $2,000 will earn over two years at an interest rate of 5% per year, compounded monthly:
1. Divide the annual interest rate of 5% by 12 (as interest compounds monthly) = 0.0042
2. Calculate the number of time periods (n) in months you’ll be earning interest for (2 years x 12 months per year) = 24
3. Use the compound interest formula
A = $2,000 x (1+ 0.0042)24
A = $2,000 x 1.106
A = $2,211.64
7 Top Investments for Young Australians in 2021, Canstar They say: “Start sooner rather than later
We’ve all seen the Compare the pair ads where Alice and Bob both make the same salary but Alice’s super provider has a better return, and by the time they retire she has thousands more in her account than Bob. Compound interest is a strange and powerful force and over time can make a huge difference to your investment. If you were to start saving while you’re young, even if it’s only a small amount, you’d have time on your side to grow your money. A little now can add up to a lot later, especially with the help of compound interest. You can start investing with as little as $500 in an exchange-traded fund or $1000 for a managed fund.”
Check out money and investing legend Noel Whittaker’s work and other analysts and commentators such as 5 Great Charts on Investing – Priority1 Wealth acknowledging Dr Shane Oliver, Head of Investment Strategy and Chief Economist AMP Capital.
Michael Kemp (a wealth expert) is a big fan of the power of compounding returns.
The Magic of Compounding Interest, SAM [USA]
MoneySmart (ASIC) Diversification. Spread your investments and lower your risk
Ethical Investing - climate change and more
- Ethical Investing 101, RASK, Free Course
- Funds such as Australian Ethical Superannuation
An Australian man successfully sued his super fund over climate risk. Here’s what that means for your nest egg Anita Foerster, in The Conversation
Property vs Shares
Why invest in shares – some ‘pros’:
- low entry and exit costs
- little active management
- enter the property market through vehicles such as real estate investment trusts (REITs/(Australian) AREITs) and Exchange Traded Funds (ETFs)
Why not to invest in shares – some ‘cons’:
- lack of personal control and ability to add value
- too much or too little knowledge and understanding about the company, its business, its board and management
You might invest in shares because you’re not comfortable investing in property because of:
- pressures on borrowing, affordability and capital growth – in current financial times (see Michael McNamara below)
- property bubbles (see Michael McNamara below)
- the need for active management
- vacancy and tenancy risks
Commentary and resources:
- How a 30-something couple got rich and retired by not joining home ownership ‘cult’ watch Ditch the Home Ownership Dream You Tube
- Dale Gillham: Three golden rules to share market success
- James Leitz: The Stock Market vs Real Estate Investing
- Nigel Ward (InvestEd): Property vs shares the real story
- Caroline Munro: Listed versus unlisted property
- Chris Vedelago: Osama Bin Laden and 1001 other property excuses
- Australian Property Investor (API): Investing in property or shares
- Property Man: Why property investment is better than shares
- Michael McNamara: Peak Debt marks the limits of affordability and Bubble or paradigm shift?
- Christopher Joye: Damned Lies and Statistics
13 investing and risk terms you need to understand – Julia Newbould, Money Magazine
Free risk profile test: Bruce Brammall – Risk profile for dmw.com.au
Superannuation| How much do you need?| Women and Superannuation| Buying property in superannuation
For superannuation for younger peeps check out too BiG’s accordion above: Millenials (25-35yr olds)| “FIRE’ Financially Independent Retire early| Setting goals| Investing guides
- Superannuation generally
SuperGuide “is Australia’s only INDEPENDENT website for consumers on superannuation. SuperGuide was founded by Trish Power, author of Superannuation for Dummies, DIY Super for Dummies, Super Freedom, and many other books on super and investing, and Robert Barnes.”Super Guru They say: “is an ASFA website that provides Australians with independent information and tools to help them understand and make the most of their superannuation. Our website isn’t selling any product or service and doesn’t accept any advertising so we remain unbiased.Information on Super Guru is put together by ASFA’s writers and industry-leading policy and research teams, who have decades of experience in super, investing, tax and government policy. Whether you’re young or old, studying, working, single or a family, preparing for retirement or already retired, Super Guru can help you sort your super.”* Investment Bonds, Scott Pape says [are]: “an alternative/addition to superannuation that financial planners won’t recommend! 10yr set and forget investment … Pros – more flexible and doesn’t lock up your $ (like super), great tax advantages for high income earners, great for 20-30yr olds”As a rule, BiG doesn’t recommend superannuation fund services and managers. But because brightday is an off shoot of the highly credible Eureka Report, Alan Kohler and team – we will! Their wealth of useful resources and no doubt (although we haven’t used them to manage our shares or SMSF) expertise will be a great advantage for investors (basic and advanced). Here’s how: brightday (How they work) provide different levels of investor control and education. Tailored to whether you’re a beginner, experienced, or advanced. They have fabulous free resources such as:
Fees v. Performance after fee performance is the main issue – not just the % fee
Start managing your super
- How much do you need to retire?
MoneySmart Retirement Planner and How to Use the MoneySmart Retirement Planner, SuperGuideASFA Retirement Standard benchmarks the annual budget needed by Australians to fund either a comfortable or modest standard of living in the post-work years. It is updated quarterly to reflect inflation, and provides detailed budgets of what singles and couples would need to spend to support their chosen lifestyle.Super Reality Check Busting the $1 million retirement myth August 2015 AIST (Aus. Institute of Superannuation Trustees) and VPR have considered the value of superannuation to members facing retirement with relatively low balances. We aim to debunk the myth that $1 million is necessary for a dignified retirement and provide much-needed clarity about how even small amounts of super can make a big difference in retirement.”Transition to Retirement:
Transition to Retirement Pensions (TRIPS) SuperGuide
- Women and Superannuation
Women and superannuation Inequality and disadvantage in retirement IndustrySuper.com
The ‘Herstory’ of superannuation: Uncovering the discriminatory traps that disadvantage women: at The Power to Persuade, they say is “a platform for discussion about social policy in Australia in a global context.”
Mark Bouris “I am largely concerned that we are pushing women away from super, especially if the current system is forcing them to turn away, or turn off completely.” other Bouris articles:
Fixing the super gender gap – Christine St Anne Switzer Daily
Simple Solutions to Fix Women’s Super – Noel Whittaker, ASIC turns focus to women’s finances “According to the Association of Superannuation Funds of Australia, women aged 60-64 have on average $104,734 in their super balances, while men have $197,054.”
Video: Women and Super – Tracy Spicer interviews Natasha Janssens
Women retire with 43% less super – Stephanie Zillman
Let’s not pretend the ‘bad decisions’ of women are to blame for the gap in super balances – Richard Denniss
10 tips for sorting out your super – Mark Bouris, in Women’s Agenda
- Buying property in superannuation
SMSF property spruikers competing with charity muggers on Melbourne street corners Larry Schlesinger, Property Observer
ASIC investigates four Melbourne SMSF property spruikers over alleged misleading ads Smart Company
Check out these Wealth Creation topics
Achieving goals, brain training & critical thinking
Mark Bouris podcast– love it! F#* goals and goal setting – ‘lofty ideals’ better!
Dr Stephanie A. Burns: Some interesting ideas about goal achievement and Life exerts itself – just in case you meet obstacles in achieving your goals.
Neuroplasticity and brain training:
Podcasts you will love: Music for your ears and food for your brain Erica Davis, Women’s Agenda
Todd Sampson – can modern science turn your brain into a super brain? TV series Redesign My Brain
Qi. – No such thing as a Fish (podcasts)
Critical Thinking | Information and the Internet:
The Internet Makes Us Stupid and Here’s Why by Kabir Sehgal- Fortune
Dreams and passions:
Alan Watts: What if money didn’t matter
Dr George Blair-West “Did he live with passion?” “The Greeks, when someone died, asked one question: Did he live with passion? … I attended the funeral of a close friend of more than 30 years who suicided … under the influence of the most severe, treatment-resistant depression I have ever come across…. part of a larger, complicated condition of Bipolar Disorder…”
The Banking Royal Commission (aka The Hayne Royal Commission|
Five must-read books on the banking royal commission Susan Healy, Moneymag She says: If you have a bank account, insurance policy, and financial planner or belong to a superannuation fund, you want to avoid the wrong ones. One way is to understand the DNA of the companies behind these financial services. But up until last year, journalists had limited evidence of bad practices, extortionate fees and detrimental, inflexible terms.Enter the royal commission into misconduct in the banking, superannuation and financial services, along with commissioner Kenneth Hayne and his legal team. They uncovered so much corruption, self-interest and excess that an estimated $10 billion compensation will be paid to back to customers.
Banking Bad, Adele Ferguson
A Wunch of Bankers: A Year In The Hayne Royal Commission, Daniel Ziffer
Money Spinners, Annelise Nielsen
It’s Your Money, Alan Kohler
The People Versus The Banks, Michael Roddan
Covid-19 and other disasters |Help with Financial decisions after bushfires
Financial and other impacts of Covid-19 and other disasters
- Covid-19 and Credit Equifax
- As the COVID-19 crisis deepens, few Australians have much cash in the bank Grattan Institute
- Supporting people making financial decisions during COVID-19 (FC)Financial Capability (ASIC)
- COVID-19 making financial decisions Steps to look after yourself and your money MoneySmart (ASIC)
- ‘Money’ coronavirus news
- 18 tips for buying and selling shares during a pandemic Marcus Padley, Moneymag
Help with financial decisions after bushfires
Managing your money after a bushfire (YouTube) MoneySmart (ASIC) and Scott Pape (plus others in the 6 video series )
Financial Literacy, Teaching and Learning about Money| Your Money Mindset (Psychology) and Values| Managing Your Money
Financial Literacy, Teaching and Learning about Money
The National Financial Literacy Strategy is led by the Australian Securities and Investments Commission (ASIC).They say: “It provides a practical framework for action to guide and encourage all those with a role to play in improving financial literacy for Australians. Improving financial literacy is a long-term behavioural change initiative. It requires a multi-faceted approach and sustained action over time to bring about gradual improvement.”
It shares its extensive research on a broad range of topics including – Australians Understanding Money
[UNFORTUNATELY they’re retiring the site from 30.7.21 and refer you to MoneySmart for Adults, FDIC] Smart About Money (SAM) [USA] – They’ve got great free resources – money courses, a Life Values Quiz and more.
They say: “You try to be physically healthy. Watch what you eat. Exercise. But are you doing the right things to be financially healthy too? Consider the experts at Smart About Money your partners in financial fitness and long-term wealth health.
Smart About Money is one of the many programs of the [USA] National Endowment for Financial Education®. NEFE champions effective financial education. We are the independent, centralizing voice providing leadership, research and collaboration to advance financial well-being. As one of the first organizations to wholly dedicate its efforts on improving the effectiveness of financial education, we continue our legacy of strengthening action-oriented research agendas, mobilizing intermediaries, and creating better solutions for researchers, educators, practitioners and policymakers.
Nonprofit. Noncommercial. Unbiased.
SAM is trustworthy, dependable and knowledgeable — did we mention SAM stands for Smart About Money? It’s a free, unbiased resource where you can find in-depth personal finance courses, articles, calculators and tips to help you manage your money through life’s ups and downs.
Dedicated team. The SAM editorial staff is committed to delivering accurate and unbiased information to help you save, protect and grow your money.
Trusted content. NEFE does not receive funding from any bank or investment firm. You can trust our unbiased resources.”
5 Key Factors for Effective Financial Education, NEFE, The National Endowment for Financial Education , [USA]
Take a look too at all the fab resources in the Tribes section below eg MoneySmart – the videos, articles, tips and hacks
Your Money Mindset (Psychology) and Values
What’s your money personality?, Marie Claire [a lighthearted quiz]
What’s your financial identity are you a Pathfinder, Trooper, Nomad or Tenderfoot? Take this Financial Identity Quiz [SAM, USA *Unfortunately the site’s being retired from 30.7.21 so resources might not be available from then]
They say: “As we make the transition from our teenage years into adulthood, we begin to define who we are in relation to our friends, relatives and cultural influences. Your identity — an understanding of who you are — gives meaning to your daily life, provides a sense of personal control, and helps you successfully navigate the demands of living in today’s complicated society.
Financial identity is a person’s understanding and expression of who he or she is in relation to managing and practicing personal finance. The goal of this quiz is to help you understand the process through which you come to your financial identity, as well as how your identity shifts and changes over time.
Your financial identity (Pathfinder, Trooper, Nomad or Tenderfoot) is determined by your answers to 12 questions about your behaviors and beliefs when it comes to money.
Financial identity is not necessarily fixed — you may move from one identity to another at different stages in life. Knowing your financial identity may provide insights into what you need to become fully financially self-sufficient, an important goal in the transition to adulthood. Learning about your current financial identity gives you a great starting point for improving your financial skills and achieving your money goals.
Managing Your Money
Improve Your Savings and Money Management with this Quiz, ABC Everyday, Isabella Krebet
Kids and Money| Teaching your sons and daughters| Teaching kids about money - MoneySmart Resources
Nicole’s Smart Money Start [SMS] for high school students, Nicole Pederson-McKinnon, she says “[SMS] educates and enthuses high school students about the make-or-break topic of money. The multi-media financial literacy presentation dovetails with content in the curriculum. Nicole has worked closely with Paul Clitheroe, Financial Literacy Australia and ASIC, and is an official presenter on the government’s financial literacy website MoneySmart. Smart Money Smart features television segments, apps, social media and unique online-forecasting tools that show students exactly what they could achieve and when. Nicole also shares stories and shows clips of her work with Rove, Kochie, Tracey Grimshaw, Larry Emdur and 7News.It is suitable for cohorts from Year 9 to Year 12 and runs the length of one lesson or longer. A presentation specifically tailored for female students, dealing with their particular financial challenges, is also available.”
Watch Nicole: Why I’m passionate about getting Aussies MoneySmart
What to teach our daughters about money, SMH, Nicole Pedersen-Mc Kinnon
What Insurance do you need?
Life, TPD, Trauma, Income Protection
4 key questions to get your insurance right by Christine St Anne Switzer Daily
Women – money, leadership, business and investing
One of many™ Website, Blog, Podcast. They claim [to be] “women leading the change they want to see in the world”. Some of their stuff:
How Does Money Stop You Making a Difference? (Podcast) Joanna Martin and Ann Wilson
Ellevest (USA) They say: “A new way to money Invest, bank, and do more for your career. Ellevest was built by women, for women. The financial industry wasn’t.. Ellevest is a financial company on a mission to get more money in the hands of women… Founded in 2014, Ellevest is led by CEO and Wall Street veteran Sallie Krawcheck, who realized that financial products weren’t serving women. Ellevest’s monthly membership provides access to personalized investing tools, banking services, coaching expertise, and learning resources. Ellevest also offers Private Wealth Management for those looking to invest [US] $1M or more. The company is made up of a diverse team from product, engineering, design, and finance backgrounds. In 2018 and 2019, Ellevest was named to LinkedIn’s list of top start-ups and CNBC’s Disruptor 50 list..”
Some great articles: (Any you want to share? I’ll add more as I find them)
50 Motivational Quotes From Disruptive, Trailblazing, Inspiring Women Leaders
Some Wealth Creation resources, Tribes, experts and gurus
Managing your Money and Wealth Creation - saving, loans, micro-investing, credit scores...|Apps| Articles |Blogs |Books |Courses| Forums |Podcasts | Twitter |YouTube...
Some popular Money and Investing sites, blogs, podcasts and courses:
- Financial Capability implements The National Financial Capability Strategy, they say: “led by ASIC, informs and drives actions to improve the financial capability of Australians. [it] identifies three behavioural areas in which Australians can be empowered to take control of their financial lives:
Managing money day-to-day
Making informed money decisions
Planning for the future
- Understanding Money – How to make it work for you Australian Government
- MoneyMinded “Develop your money skills for free … If you’re looking to create a budget, reduce your debt or save more regularly.”
- MoneySmart Free Budget Planner
- She’s on the Money, Victoria Devine. Check out her Budgeting and Cashflow Masterclass
- BootCamp: an online course to hone your investing skills from InvestSMART, Course structure:
“Module 1 – Investment Planning, Investment Planning Overview, Financial Goals, Time Horizon, Risk Profile, How much to invest? The Power of Compound Returns
Module 2 – Investment Diversification, Diversification Overview, What are asset classes, Sequencing risk, Different blends of asset classes, Alignment with investment time frame, Rebalancing Your Portfolio
Module 3 – Different Investment Vehicles, Investment Vehicles Overview, Shares, Managed Funds, ETFs, Managed portfolios, Cash & Bonds
Module 4 – Investment Strategies, Investment Strategies Overview, Active vs Passive, Core & Satellite, Value Investing, Technical Analysis, Income, Income Based Strategies, Market Timing
Module 5 – Investor Psychology, Investor Psychology Overview, What holds you back, What tempts you to invest, Biases and their Solutions, Common mistakes”
- Finance Fundamentals: Investment Theory and Practice Free Course Open University. They say “Learn how to invest your money by looking at what investment strategies are open to you, and the risks and returns of each.”
- Rask Australia – Free Courses, Podcast. They say “[Rask] is a diversified investment advice, news, research, financial education, podcast and money network which is Australian-owned and created right here in sunny Melbourne. Our company was founded in 2017 by Owen Raszkiewicz, originally to provide financial and investment education to the majority of Australians and Kiwis who go without. We’re on a mission to have 10,000 students enrolled in our free finance courses.” Check out their 10-Step Free Financial Independence Ultimate Course and more.
Peter Koulizos likes – Podcast: The Money, Website: corelogic.com.au App: realestate.com.au
Marcus Padley likes – Website: livewiremarkets.com App: Finabase
Effie Zahos likes – Podcast: Freakonomics Website: napkinfinance.com App: GasBuddy
Shaun Bond likes – Podcast: Planet Money Website: The Bogleheads Forum
- The 6 Best Investment Apps Australia, Canstar
Raiz (previously Acorn)
Stocklight – ASX Stock News
Simply Wall Street
- What is Microinvesting? Turn your spare change into big bucks with these 4 micro-investment apps. Finder.com (it’s got a good comparison)
They say: “Not every micro-investment platform works the same way. Some apps let you invest smaller amounts than is normally allowed into the stock market, also called fractional investing. Others, like Raiz – Acorns in the US – work by investing your spare change from everyday purchases when you link your bank account.”
Stake [let’s you invest in USA]
Saving, loans, credit scores
- Can a savings account help you grow wealth?
- Various money managing and saving apps (not reviewed):
Finder App (includes free Credit Score) they say “Give your savings the boost they need. The Finder app tracks your spending, hunts down savings and sends you alerts – automatically, 24/7.”
PocketBook they say “By connecting to your banks, we give you a real-time health-check of your personal finances – any time and at your fingertips.”
TrackMySPEND they say “Track your personal expenses on the go with this free easy-to-use app.”
- Various money managing and saving apps (not reviewed):
- Credit scores and credit reports MoneySmart (ASIC)
- Money mini blog (USA) Kalen (founder) says “[it] shows you how to control your finances, create positive habits and get the life you want.”
Check out their Blog Roll of other money and finance blogs and their own blog and extensive free resources and guides on:
- controlling your money
- pay off debt
- using credit cards
- being more productive
- creating good habits
- The Simple Dollar (USA) Blog – They say: “Investing your money takes attention to detail as well as some educated risks. Here, we’ll help unpack some best practices so that you can make well-informed and strategic investment decisions.”
Online Share Trading
International Share Trading
Cryptocurrency Exchanges and Wallets
Peer 2 Peer Lending
Self Managed Super Funds
Account Based Pension
Online – various
- Passive Investing Australia great resource, but I’ve got no idea who created and runs it! It covers:
BUILDING A PASSIVE PORTFOLIO
1. Inflation and why you can’t just put everything in term deposits
2. Fear of investing
3. The risk reward spectrum
4. Asset allocation and your risk tolerance
5. Index funds
6. Mitigating risks
7. Bond funds
8. Equity funds
9. Franking credits – how much more are you really getting
10. Currency risk – personalising your AUD to non-AUD allocation
11. Portfolio maintenance – Rebalancing
12. VDHG or roll your own
13. Does the 10% bonds in VDHG make it a no-go?
14. Summary & further reading
CREATING AN INVESTMENT PLAN
1. Creating an investment plan and Investment Policy Statement (IPS)
2. How much do I need to save every month to meet my retirement goal?
BEYOND THE ESSENTIALS
1. What about other asset classes besides stocks and bonds?
2. What’s the deal with REITs?
3. Cash vs bonds in your portfolio
4. Risk premium explained
5. Stock market risk
1. What should I do if I have $5,000 (or $20,000) to invest?
2. The market has never been this high, should I wait to invest?
3. Lump sum investing
4. Low interest rates – should I move to high dividend stocks instead?
5. Low interest rates – should I move from HISA to Bonds?
6. Why bonds?
7. Pay off the mortgage faster or invest?
8. What are ETFs, LICs, index funds, and managed funds
9. Should I diversify out of VDHG?
10. How to get worldwide index exposure on the ASX
11. The Australian version of the 3-fund-portfolio
1. Dividends are not safer than selling stocks
2. Dividend investing vs total return investing
3. LICs – are they all they’re cracked up to be?
4. What is total return investing?
5. P2P lending and the risk-return spectrum
6. Why not invest in Indian fixed deposits at 8% interest?
7. Should I chase higher interest rates in another developed country?
8. Why not just invest everything in the US market?
9. Emerging markets is crap – should I leave it out?
10. Why you can ignore the index bubble argument
11. Whipsaws and hopping out of the market when there’s bad news
12. Should I hold off buying stocks until the volatility from coronavirus has reduced?
1. Fund domicile and avoidable US taxes
2. Non-residents or not planning on retiring to Australia
- Twitter 25 Aussie Finance Experts You Should Be Following On Twitter
Personal finance experts:
Effie Zahos – @effiezahos
Ross Greenwood – @Ross_Greenwood
Sophie Elsworth – @sophieelsworth
Noel Whittaker – @NoelWhittaker
Nicole Pedersen-McKinnon –@NicolePedMcK
Karen Collier – @KarenCollierHS
Clancy Yeates – @clancyyeates
John Collett – @jcollett_money
Stoykov – @ceovanessa
Katherine Temple – @Katherine_M_T
Bianca Hartge-Hazelman (Financy) – @LiveFinancyGeneral finance experts:
David Scutt – @Scutty
Alan Kohler – @AlanKohler
Mark Bouris – @markbouris
Ross Gittins – @1RossGittins
Jessica Irvine – @Jess_Irvine
Shane Oliver – @ShaneOliverAMP
Stephen Koukoulas – @TheKouk
Jane Slack-Smith – @Renoqueen (and podcast)
Michael Pascoe – @MichaelPascoe01
Michael Janda – @mikejanda
Simon Pressley – @SimonPressleyWealth & investment gurus:
Josh Callaghan – @CallaghanJosh (Canstar Investor Hub)
Assad Tannous – @AsennaWealth
Greg McKenna – @gregorymckenna
Various sites, articles, books etc:
It’s About Wealth and Me – Noel Whittaker
MoneyMinded (ANZ and others). They say “is an adult financial education program developed by ANZ in 2002 in consultation with community and government stakeholders and education experts. Whether you’re looking to create a budget, reduce your debt or start saving, there’s something for you… How does it work?
MoneyMinded is made up of a series of interactive activities that are designed to improve your money management skills. You can complete any of the activities at any time and at no cost to you. You don’t need to be an ANZ customer and ANZ will not promote their products or services.”
Here’s The Smart Way To Start Investing Young – Christian Hudspeth, Business Insider Australia
How to get started investing – BT Financial Group
How to invest – Money Morning
wikiHow How to invest (USA, basic – but cool graphics!)
MILLENNIALS (currently 25-40yr olds)| "FIRE' Financially Independent Retire early| Setting goals| Investing guides
What life and money information interests and impacts on you depends on many things like: your age, life stage, circumstances and the lifestyle you want.
Seeing how other like minded people are living their lives, how they’re managing their money, investing and where they get their information can help you decide for yourself. So too can looking at others, with more knowledge, experience, generations, or people who’ve made mistakes you can learn from.
Throughout BiG we focus on resources and current issues impacting on Millennials. Largely because 25 – 40 yr olds are at a stage where they’re making huge life decisions, changes which can impact enormously on them now and in the future.
They’re a huge and important proportion of the population, increasingly being targeted by the money, finance and lifestyle industries and marketers.
Check out the information below to understand some of the issues, particularly intergenerational.
Millennials according FEE [The Foundation For Economic Education USA] – a lot of articles on Culture, Economics and Education
Try their Quiz: Which Generation’s Money Habits Do You Match?
Boomers, Gen X, Gen Y, Gen Z, and Gen A Explained [USA] Kasasa They say:
- Baby Boomers: Baby boomers were born between 1946 and 1964. They’re currently between 57-75 years old (71.6 million in the U.S.)
- Gen X: was born between 1965 and 1979/80 and is currently between 41-56 years old (65.2 million people in the U.S.
- Gen Y: or Millennials, were born between 1981 and 1994/6. They are currently between 25 and 40 years old (72.1 million in the U.S.)
Gen Y.1 = 25-29 years old (around 31 million people in the U.S.)
Gen Y.2 = 29-39 (around 42 million people in the U.S.)
- Gen Z: is the newest generation, born between 1997 and 2012. They are currently between 6 and 24 years old (nearly 68 million in the U.S.)
- Gen A: Generation Alpha starts with children born in 2012 and will continue at least through 2025, maybe later (approximately 48 million people in the U.S.)
What separates Generation Y from X? And hey Gen Z and Gen A, welcome to the party! What’s the cutoff? How old is each generation? Are they really that different?… If you’ve ever felt muddled by this “alphabet soup” of names — you’re not alone. The real frustration hits when you realize that Millennial consumers represent the highest-spending generation in 2020 — with a projected $1.4 trillion tab. And though their current wealth has been dragged down by not one but two “once-in-a-lifetime” economic crises during their most impactful career years,
Millennials stand to inherit over $68 trillion from Baby Boomer and early Gen X parents by the year 2030, setting them up to potentially be the most wealthy generation in U.S. history.
Generation Z isn’t far behind, projected to hit $33 trillion in income by 2030 — that’s more than a quarter of all global income — and pass Millennials in spending power the year after.
And coming up last but not least is Generation Alpha, the name given by social analyst Mark McCrindle to the youngest children on the planet. By the year 2025 there will be nearly 2 billion members of Generation Alpha across the globe.
No matter how you slice the data, the younger generations have never been more critical to your financial institution’s future.
Unless you understand who they are and what they want, you won’t capture a dollar of their money.”
Here’s a fun article 11 Awkward Money Questions Gen Z’ers Had For Millennials (And Their Answers), Buzzfeed, Jasmine Suknanan.
A good read – The Defining Decade, Why Your Twenties Matter and How to Make the Most of Them Now USA Meg Jay (Clinical Psychologist) says “Contemporary culture tells us the twentysomething years don’t matter… Dr. Meg Jay argues that this could not be further from the truth.
In fact, your twenties are the most defining decade of adulthood… the latest science of the twentysomething years with real-life stories to show us how work, relationships, personality, social networks, identity and even the brain can change more during this decade than at any other time in adulthood. Smart, compassionate and constructive, The Defining Decade is a practical guide to making the most of the years we cannot afford to miss.”
19 WAYS TO INVEST IN YOURSELF THROUGHOUT YOUR 20S, The Cusp, Esther Semo
An investment guide for your 30s Eureka Report
Financially independent and retire early (FIRE)
- Rask – Check out their FIRE Mega Course 10-Step Free Financial Independence Ultimate Course and more.
- Aussie Firebug They say “Aussie Firebug is an anonymous blog detailing the journey to financial independence through investing in real estate, low-cost index funds and Super. By investing at a young age and consistently it is possible to reach a point where your investments pay you enough money to live off. Once you get to this point you are financially independent (FI) and can retire early (RE) or do better things without the constraint of your job…[I] am trying to condense the 45 years of reckless spending into 5-10 years of aggressive saving/investing in order to reach the retirement part years ahead of the current trend. I will be blogging about my frugal lifestyle and investing techniques along the way to reaching financial independence. ” and Podcast.
- Aussie HIFIRE They say: “This is a blog about having enough money to have a high income and be financially independent after retiring early, or HIFIRE for short.”
- Strong Money Australia and their FIRE&Chill Podcast they say: “we break down exactly how to reach Financial Independence and Retire Early in Australia. We cover everything from saving, spending, investments and living a great life.
Our favourite bits from the show are uploaded regularly to the FIRE & Chill YouTube channel“
- Millennial Revolution (Canada)
Other bits and Pieces
Glen James (Aus), Sort Your Money Out; and podcasts My Millenial Money and My Millenial Business
5 ways to have more money| Glen James shares 5 tips to have more cash – Millenial Money or watch on YouTube
Why it’s important for millennial investors to define their goals -The Motley Fool, April 2020
Creating an investment plan and Investment Policy Statement (IPS) – Passive Investing Australia
Millennials struggle to invest, but property top priority Ross Fox, FirstLinks Morningstar which has got lots of great research into areas millenials are interested in investing in so fund managers can target them.
It’s refers to an extensive survey of 3,000, 22-34yr olds around the world THE IMPACT OF TECHNOLOGY ON INVESTMENT FUNDS.
MoneySmart (ASIC) - VIDEOS| brilliant resources, especially for help managing your money or starting to invest
MoneySmart (ASIC) Here’s their About video (where you can subscribe to their YouTube Channel and access some helpful videos) where they say “As a key initiative under the National Financial Capability Strategy, the Australian Securities and Investments Commission’s [ASIC] Moneysmart program helps you take control of your financial life. The Moneysmart website provides free calculators, tips and guidance for all Australians so you can make informed decisions, manage your money day to day and plan for the future. Moneysmart also supports teachers across the country to teach students about money to prepare them for the real world. And ASIC works closely with Indigenous communities to tackle some of the most pressing financial issues affecting Aboriginal and Torres Strait Islander peoples’. Moneysmart is for all Australians, whatever your situation, wherever you find yourself in life. Because when it comes to managing your money we all need a place to start.”
Here’s the MoneySmart Playlist if you want to check out some investing basics, tips and tools: (I’ve added some links – you’re welcome!)
- MoneySmartRookie They say “Are you going through some first-time experiences like buying your first car, moving out of home, first job or getting your first big bill? Everyone’s a rookie first time around and it’s easy to make mistakes – mistakes that could cost you a lot. Be a MoneySmart Rookie and make smart decisions about your money.” see Kate gets scammed (YouTube) overseas online subscription scam http vs https and many more.
- Finance 101 videos
- What is super?
- The difference between a financial adviser and a financial counsellor
- How to spot a scam
- Quick ways to start a budget
- Pay off your mortgage faster
- Using a buy now pay later service
- What are shares?
- What are Exchange Traded Funds [ETFs]?
- Smart ways to invest $10,000
- Helping your kids buy a property
- Increase yor super balance
- Super investment options explained
- What are term deposits?
- Hidden costs of buying a car
- Pay off your credit card faster
- Choosing a Home Loan
- How to check your bank statement
- What is diversification?
- How do you buy shares?
- Student life and money such as:
- Superannuation – what are you owed?
- Consolidate your super – it’s easy!
- Do you need to pay for insurance in super?
- Financial literacy education
- Indigeneous Videos
- Women talk money
MoneySmart (ASIC) - WEBSITE| Lots of Topics, Resources, Tools, Spreadsheets, Calculators, and great Glossary of Money and investing Terms
MoneySmart’s (ASIC) got a handy Glossary – to help you understand some tricky money and investing words and phrases.
They say “We’re committed to helping Australians of all ages, backgrounds and incomes to increase their financial wellbeing and build a better life.
Through the Moneysmart website we:
- encourage saving
- provide simple steps for the 1 in 3 people who feel stressed and overwhelmed by money
- encourage informed use of financial products and services
- increase retirement preparedness
- provide specialist support for priority audiences”
Some of their extensive, topics, useful resources, spreadsheets, tools and calculators include:
- How to plan, choose and track your investments
- Golden rules of investing
- Investor toolkit (Love it!)
- Develop an investing plan
- Six steps to get ready to invest
- Choose your investments
- Investing and tax
- Borrowing to invest
- Keep track of your investments
- Financial advisers register
- Choosing a financial adviser
- Working with a financial adviser
- Financial advice costs
- Problems with a financial adviser
- Choosing shares to buy
- How to buy and sell shares
- Keeping track of your shares
- Employee share schemes
- Managed funds fee calculator
- Choosing a managed fund
- Exchange traded funds (ETFs)
- Hedge funds
- Listed investment companies (LICs)
- Peer to peer lending
- Property schemes
- SMSFs and property
- Debentures, secured and unsecured notes
Hybrid securities and notes
- Investment scams
- Cryptocurrencies and ICOs
- Investment seminars
- Binary options
- Land banking
- Ponzi schemes
- Company director fraud
- Forex tradingSuper and retirement
- How super works
- Choosing a super fund
- Types of super funds
- Self-managed super funds (SMSF)
- Getting your super
- Find lost super
- Consolidating super funds
- Tax and super
- Superannuation scams
- Superannuation calculator
- MySuper funds listGrow your super
- Employer contributions calculator
- How much super you need
- Super contributions
- Super for self-employed people
- Super investment options
- Super contributions optimiserRetirement income
- Age Pension and government benefits
- Super and pension age calculator
- Transition to retirement
- Retirement planner
- Account-based pensions
- Account-based pension calculator
- Super lump sum
- Retirement income and tax
- Downsizing in retirement
- Reverse mortgage and home equity release
- Reverse mortgage calculatorInsurance
- How life insurance works
- Life insurance calculator
- Income protection insurance
- Life cover
- Total and permanent disability (TPD) insurance
- Insurance through super
- Life insurance claims comparison tool
- Trauma insurance
- Making a life insurance claim
- Car insurance
- Choosing car insurance
- Claiming on your car insurance
- No claim bonus on car insurance
- Add-on insurance
- Home insurance
- Choosing home insurance
- Contents insurance
- Storm, flood and fire insurance
- Health insurance
- Funeral insurance
- Pet insurance
- Mobile phone, tablet and laptop insurance
- Travel insurance
- Consumer credit insuranceMoneysmart for teachers
- About Moneysmart for teachers
- Teaching resources
- Professional development for teachers
- Moneysmart in schools
Motivators, Coaches, Mentors – wealth, business, finance & other
The lists of finance, success and motivational books, CDs etc are endless. You’ll find them at Amazon, Penguin Random House and many other sites.
Some popular and often quoted books and authors are:
James Allen – As a Man Thinketh
Dale Carnegie – How to Win Friends and Influence People
Dr. Robert Cialdini – Influence: The Psychology of Persuasion
George S. Classon – The richest man in Babylon
Stephen R. Covey – 7 Habits of highly effective people
Wayne Dyer – Your erroneous zones
Napoleon Hill – Think and grow rich and W. Clement Stone Success through positive mental attitude. 78 years ago, a journalist studied 500 rich men and boiled down their success into 13 steps Kathleen Elkins, Business Insider
Dr Spencer Johnson – Who moved my cheese?
Og Mandino – The greatest miracle in the world
Tony Robbins – Awaken the giant within and MONEY Master the Game: 7 Simple Steps to Financial Freedom
Bodo Schafer – The Road to Financial Freedom
David J Schwartz – The Magic of Thinking Big
Brian Tracy – Personal Success Made Simple
The Australian Investors Association (AIA)
The Australian Investors Association (AIA) is a fantastic resource/community. They say “is a not for profit organisation dedicated to providing independent quality investment information helping Australians to decide their financial future. First formed in 1991, we act with integrity and are not aligned to any institution which allows us to filter and hand select the best possible information for our members.
We do not offer advice and believe investing is founded on sound long term decision making. We are investors, not speculators and focus on quality not quick and easy stock tips. Many of our members run their own self managed super funds and enjoy the independent and clean information we provide. Our events are well known and are highly regarded for the calibre of presentations and the opportunity to network. We are also agnostic and provide a range of opinions to allow our members to consider the merit and alignment for their own circumstances.
The AIA is a trusted gateway to investing and the investment industry
We are utterly committed to helping our diverse range of members in many ways. Our members vary from beginners to highly sophisticated investors and traders in all markets. For instance, we can help you with:
- meeting other investors
- understanding your share investing and risk management process
- keeping abreast of local and global news and developments which can impact your investing activities
- establishing and managing a SMSF
- investing in managed funds or other instruments, such as ETFs
- building portfolios and strategies across asset classes, including fixed interest and property
- making you aware of what you don’t know”
It has a lot of FREE STUFF in its Education Section including:
Investment basics – be clear on the basic principles of investing, improve your investing skills over time and avoid the costly pitfalls
Fixed income – consider fixed income alternatives that may best suit your investing needs
Shares – learn how to invest in shares and the different ways ways you can approach share investing
Property – learn about the various type of property investments including residential and commercial property
Other investments – understand the range of investment options and make informed investment choices
Portfolio management – learn about investment strategies, administering your portfolio and the pros and cons of the DIY option
Superannuation – learn about superannuation to help you make the the most appropriate decisions on how to save your money, particularly for your retirement
Estate planning – learn about wills, powers of attorney, testamentary trusts and other important estate planning issues
InvestSmart and Eureka Report (Allan Kohler and others)
In 2015 the Eureka team set up brightday Superannuation and Superannuation Advice online(rated in our Guru section) which has fabulous tools for beginner and advanced investors and has an affiliation with OneVue ” an independent investment and superannuation platform business…” see Investing with brightday 4 Steps
Various Analysts and Commentators such as Scott Pape (the Barefoot Investor)
- See BiG’s list of Analysts and Commentators.
- Scott Pape (Scott’s changed paths, now focusing on financial counselling, financial education in schools and not advice.)
Scott Pape, the Barefoot Investor explains often complex financial and investing information clearly and simply, making it sound fun and achievable.
- His book The Barefoot Investor – Five Steps to Financial Freedom
- His ‘serviette investing strategy’ Serviette Strategy – Bonus Report – v1.3 (1) has helped many people take hold of their finances and start investing successfully. He suggests boosting your income (e.g. promotion, extra business) and breaking down your income into 3 money buckets:
- ‘blow’ – house, car, spending (use cash)
- ‘mojo’ – online saver, property trust (aim 6 mths)
- ‘grow’ – superannuation, shares, property investment (compound 7-10 yrs)
spending your money
What area of life, money and investing will you explore?
Disclaimer: The information and comments in this site are general in nature, opinion only and don’t take your personal financial circumstances into account. Our aim is purely to educate you and show you people and organisations in the finance and investing industries you may, or may not, choose to contact for personal financial advice. Any claims or comments of others are strictly those of the cited individual and not endorsed by Andrea or Best investment Gurus. Before you take any financial or investing action or buy any service or product - get your own independent financial advice, tailored to your specific needs.