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 / Business & Finance
Money MagazineMoney Magazine

Money Magazine October 2019

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.

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

IN THIS ISSUE

1 min.
dust off the cobwebs

Over time we inevitably gather the proverbial cobwebs in our lives. A garage full of electrical items you no longer use. A closet full of clothes you no longer wear. A hobby you no longer pursue. In this issue, we ask you to dust off those cobwebs, sell or discard those long-forgotten items and revive your long-held dreams. At the very least, convert your spare time into money. Research has found that Australians can, on average, earn around $7000 through a job on the side, called a “side hustle” in modern lingo, whether it’s in pet grooming, Uber driving or making gourmet pickles. The more unusual your skill set or interest, the more dollars you could earn. Welcome to the gig economy. There’s more on this in our cover story (page 36). If you…

3 min.
letter of the month

Knowledge gained over the years pays off I’d like to say thank you for the knowledge I’ve learnt over the years of reading Money magazine. Could you also say a big thank you to Paul Clitheroe, and let him know I have read both his books. I took a lot of guidance from these books and read them while in a dump truck out at Cloncurry, as well as buying Money magazines regularly. In 1999 I took the plunge to see a mortgage broker in Cairns, who put me on the right track. After approval I bought my first home for $160,000. I remember the feeling of seeing it being built and moving in with my girlfriend. I sold it six years later for $325,000 before designing and building my second home. The…

1 min.
how will you spend your tax refund?

GREG HOFFMAN Greg is an independent financial educator, commentator and investor. He says: “Travel! Our family has big plans for the year ahead, before our son heads to school in 2021. Japan, America, France, Germany and England are all on the cards. It’s been a long-term goal and I can hardly wait.” ALEXANDRA CAIN Alexandra is an experienced business journalist and contributing writer for Money. Alexandra says: “I put any extra funds straight on the mortgage because that’s my major goal at the moment. Once I have done that, anything remaining will go into my super fund so I can also get a tax benefit.” MARK CHAPMAN Mark Chapman is director of tax communications at H&R Block. Mark says: “We’ve recently done some renovations to our house, paid for on the credit card, so my…

1 min.
money australia

EDITORIAL Chairman & chief commentator Paul Clitheroe Editor-in-chief Michelle Baltazar (02) 8234 7500 michelle.baltazar@moneymag.com.au Managing editor Darren Snyder (02) 8234 7528 darren.snyder@moneymag.com.au Art director Ann Loveday Designer Andrew McLagan Senior sub-editors Bob Christensen, Debbie Duncan Senior writers Susan Hely, Pam Walkley Online content producer Sharyn McCowen CONTRIBUTING WRITERS David Bonnici, Alexandra Cain, Tony Davison, Alan Deans, Peter Dockrill, Nicola Field, James Greenhalgh, Anna Hacker, Greg Hoffman, Brian Hor, Rodney Horin, Nicki Hutley, Roger Montgomery, Anthony O’Brien, Marcus Padley, Scott Phillips, John Rawling, Annette Sampson, Phil Slade CONTRIBUTING ARTISTS Eamon Gallagher, Reg Lynch, Jim Tsinganos, John Tiedemann, Richard Whitfield PHOTOGRAPHS Getty Images PRE-PRESS Peter Suchecki ADVERTISING Director – head of media sales Stephanie Antonis (02) 8234 7547 stephanie.antonis@rainmaker.com.au MARKETING Marketing manager Julian Clarkstone Production manager Samantha Sherry CLIENT SERVICES Associate Kayleigh Sotto-Corona DATA Research associate Ben Russell MANAGEMENT Managing director Christopher Page Executive director Alex Dunnin…

4 min.
in your interest

I was with a few of my great mates from my university college days having a quiet beer and a chat recently. As we are all around 64, the conversation, as it often does, turned to investment. For nearly four decades this has been a regular area of discussion for me in the media and with individuals. But at our age we are now retired or partly retired, or plan to stop full-time work. So returns on our money are less of an academic subject these days and more about our lifestyle. At around this stage of the evening, a couple of the guys look pretty amused. This is because they joined the public sector as engineers back in about 1976 and are in the original Commonwealth and state defined benefit super…

2 min.
how australians could have saved $150m

A little extra effort to shop around for the best rates and fees when transferring money overseas could save you hundreds of dollars. Instead of relying on your usual bank, it pays to consider other foreign exchange services. The Australian Competition and Consumer Commission (ACCC) says that in 2018 consumers who used the big four banks to send international money transfers (IMTs) in US dollars and British pounds could have collectively saved about $150 million by using a lower-priced supplier. The ACCC’s latest inquiry found foreign cash is more expensive at airports. For example, when buying $US200 in February 2019, you could have saved up to $A40 by purchasing from the cheapest supplier outside an airport. If a customer of the big four banks used a debit or credit card without international…