Money Magazine May 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.

Rainmaker Information Pty Limited
11 号


our mission remains the same

It’s a humbling moment for me to write this note, my first as the new editor-in-chief of this publication. The Money team, superbly led by Pam Walkley as editor, Effie Zahos as her deputy and the iconic Paul Clitheroe as chief commentator, did something extraordinary when they started in 1999. They delivered the first practical and easy-to-understand magazine about money to everyday households. Money, in its 20th year, is moving to its new home with the Rainmaker Group, a financial services information company. While Rainmaker is little known outside the financial services industry, it has covered money-related issues for more than 28 years. It publishes Financial Standard, an industry newspaper where I cut my teeth as a finance journalist, covering superannuation, financial advice and wealth management. While Money is changing address, it…


Letter of the month Outsourcing household jobs is the way to go Thank you for producing such a high-quality magazine on the important issue of money. I only wish I had been introduced to it when I was 18. I’m sure I would be much wealthier now if I had the benefit of the articles and advice that Money provides each month. I would like to comment on the article “Give chores the finger” (March 2019). As someone who is self-employed, I benefit by outsourcing the mowing of my lawn. Over the years my wife and I have paid for the cleaning of our house and for ironing from time to time. If you are a professional you can gain a financial benefit by putting that time into your business and paying someone to…

what would be your one money ‘do over’?

DARREN SNYDER Darren is managing editor of Money magazine. Darren says: “Saving during university. I started to save with a part-time job at uni but didn’t maintain my discipline. Ultimately, it was the difference in buying a home much earlier.” BEN KINGSLEY Ben is managing director of Empower Wealth. Ben says: “Way back when, I bought a property that was always destined to be an investment property. No one told me about the benefit of using an offset mortgage account instead of paying it down. Won’t make that mistake again.” JOANNA MCCREERY Joanna is a director of Majella Wealth Advisers. Joanna says: “With the benefit of hindsight, I’d have been less conservative with my finances in the early 2000s. I should have kept and rented out our Rozelle (Sydney) terrace instead of selling it to…

in your interest

When it comes to money, an absolute necessity is a really good “crap meter” because, by goodness, there is so much absolute nonsense said and written about money and investment. The good news for me is that this provides an endless source of issues to write about, but the bad news is that many people seem to have some of the great money myths ingrained in their DNA. One of my favourites is the oft-quoted “good property doubles in value every seven years”. This seems to be in the real estate agent’s training manual. But it has also penetrated the minds of many investors. As with any good myth, there is always partial truth. Here the part truth is that at times property does double in seven years, but when it…

protection against poverty

Just as medical vaccinations rely on immunity of the herd to protect against diseases, superannuation relies on the participation of the herd to protect us all from poverty in retirement. Today, one in four people sits outside the super system. That may be because they are working in the gig-economy, are self-employed, are at home caring for children or parents, or other reasons. The percentage of the population covered by super is in decline and unless we act now to include these outliers many more people face a bleak retirement, living in poverty. The simple fact is that the more people in the superannuation system, the better off we will all be, for two reasons. First, increasing the level of private savings for more people in retirement means more will be self-funded for…

first home scheme gets a makeover

Among all the budget and election noise in April, federal parliament passed new laws that aim to improve superannuation member outcomes, including implementation of two recommendations from the banking royal commission. One of the most important was an amendment to the First Home Super Saver Scheme (FHSSS). The new legislation means individuals can enter a contract to buy or build their first home at an earlier time and still have access to the scheme rather than waiting for funds to be released from their super. They must have applied for and received a FHSSS determination and applied for their super release within 14 days of entering the contract. What will come as a relief to some first home buyers is that the new law is being retrospectively applied from July 1, 2018.…