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Money Magazine

Money Magazine

November 2020

Money magazine is Australia’s longest-running, highest-selling and most-read personal finance magazine. Money magazine provides credible, independent, easy-to-understand financial advice to help its readers save money and make the most of their investments.

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Country:
Australia
Language:
English
Publisher:
Rainmaker Information Pty Limited
Frequency:
Monthly
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11 Issues

in this issue

1 min.
home care is the way to go – if you can get it

The article “Safety first for the aged” (October issue, page 49), written by Susan Hely, struck a chord with me. My wife and I are in our 70s, both fit and well, and have a desire to stay in our own home for as long as possible. We live in a medium-sized country town where living costs are quite moderate. Susan’s article is excellent and looks at the options, and time constraints, in accessing government-funded home care. Our situation is different, but I am sure there are many in a similar position, where we are self-funded retirees with a level of assets above the pension limits and, I assume, above any limits with respect to obtaining assisted home-care packages when the time comes. The reason for staying in our present home is to avoid…

1 min.
stay ahead of the curveballs

When we first started compiling our annual “Where to invest $10k” cover story (page 32), we contemplated doubling the amount to $20,000. The original figure just didn’t seem enough with the current cost of living and average household debt levels. It seems serendipitous, then, that the federal government’s early access super scheme, a lifeline handed out to every working Australian immediately after Covid-19 struck, was the magic figure of $10,000. The government didn’t expect it at the time, but millions took up the opportunity to cash in their super even though research shows that a 50-year-old taking out $10,000 today would be $28,500 worse off at retirement. So we decided to stick with the original plan. How can you stretch $10,000 further into your financial horizon? Our experts gave answers that will…

2 min.
feedback

Prize worth winning Each month we’ll award one letter a 12-month subscription to Money magazine. Write to: Letters, Money, Level 7, 55 Clarence Street, Sydney, NSW, 2000 or email money@moneymag.com.au Lessons can be learnt from a game of chess Thank you, Phil Slade! Your article, “Loss hurts but don’t throw the game” (August issue, page 50), is one of the best things I have read in Money. Chess should be taught in school. I am going to put the article on my fridge for my young adult sons to read! Julie Ed’s note: Julie’s letter was originally a comment on the website version of Phil’s article and is published with her permission. Gender discrimination is alive and well Thank you, Susan Hely, for the article “Surviving the pink recession” (September issue, page 51) and for highlighting how difficult it…

1 min.
subscribe

Contact us To send a letter to the editor, write to: Money, Level 7, 55 Clarence Street, Sydney NSW 2000 or email money@moneymag.com.au For all inquiries and letters, please include name, address and phone details. Letters may be edited for clarity or space. Because of the high number of letters received, no personal replies are possible. How to get Money Subscribe to the print or digital edition, as well as our free weekly email newsletter via the Money website or: Online: magshop.com.au/ money-magazine Call: 136 116…

2 min.
how would you invest $10,000 now?

MICHELLE BALTAZAR Michelle, Money’s editor-in-chief, says: “I would put $1000 towards a managed fund/ETF for my seven-month-old niece. My plan is to set aside funds for her each year until she turns 18. I’d like her to see compound interest at work and hopefully that would encourage her to invest as soon as she starts earning an income. The rest I would split between my super and an investment in a healthcare stock.” DARREN SNYDER Darren is the managing editor of Money. “As part of my 2020 goals I committed to saving an extra $10,000 and I’ll get there by November. There were several reasons for doing this: I needed to prove that saving was possible on my budget; the mortgage offset needed a boost; and I want to test a robo adviser…

3 min.
it’s time to repair our world

The average household wastes about $3800 worth of food a year I’ve just finished reading Ronni Kahn’s memoirs, Repurposed Life, and feel empowered and inspired. Ronni, who was interviewed for our Hot Seat this month (page 90) saw injustice in apartheid-era South Africa, where she was born, experienced socialism while living on a kibbutz in Israel and then put these experiences into tikkun olam – translated from Hebrew as “repairing the world”. Now she is best known for setting up the food rescue charity OzHarvest. More on this later. In last month’s federal budget, the government announced a $25 billion package of Covid-19 relief and recovery measures. Initiatives included a $1 billion fund to support the industries most affected – aviation, tourism, primary production and the arts. But is it enough and…