Money Magazine August 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.

Rainmaker Information Pty Limited
11 号


don’t give up the big dreams

Should you ditch your plans to start a new business, change jobs or buy a house because of the recession? Put your big projects on review, sure, but keep your eyes open for opportunities that wouldn’t have come up if not for Covid-19 – and there are plenty of them out there. Just last month, one of the big banks decided to reduce its lenders mortgage insurance (LMI) cost to just $1 for eligible first-time home buyers. That’s even cheaper than buying a chocolate bar these days and I bet it wouldn’t have happened if we didn’t have a crisis that forced us to re-evaluate the way home loans are structured and what would work for consumers. It’s not so much that LMI costs a buck but it sends a strong signal…

good decisions, rather than gender, are the key

I’ve been an avid reader of Money for the past three years. I have the app on my phone and I don’t miss an issue. Even while I was travelling solo around Europe for three months last year, I still read the mag. Susan Hely’s article “Secrets that end in tears” (July, page 69) struck a strong chord with me. Her article revealed her own personal story about money, family and lies, which was very hard to read. I’m 37 and I find we are constantly told by the media that women are worse off than men financially and that especially when it comes to retirement we need to make sure we are not old and poor by topping up our super. What I love about Susan’s article is the emphasis on taking…


A place for humility I’ve enjoyed Marcus Padley’s rollicking June and July columns very much. The generosity of his advice-giving seems to know no bounds. Far be it from me to accuse him of hubris, but there was precious little in his July column to suggest that he sees any place for humility when it all works out okay. I do wonder, though, what wise nostrums he will have to pass on when he and his team inevitably find themselves guilty of a misstep in the current financial circumstances. Patrick Cashless society? No thanks Interesting ideas in Darren Snyder’s Buzz column in June (page 12) suggesting that we are all moving towards a cashless society and that this movement has been hastened by the banks and by restrictions implemented to combat the spread of…


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have you made any changes to your investment plans since covid hit?

SUSAN HELY Susan is a senior writer at Money. “The whipsawing of the market amidst Covid-19 is a reminder of why buy and hold can be easier than timing the market. But I was pessimistic early on in the crisis. My tolerance to risk is on the low side at my age and as journalism shrinks, so I sold out of growth assets way before the bottom and have been surprised by the bounce.” PAM WALKLEY Pam, founding editor of Money and a real estate expert, says: “I’m a bit of a risk taker when it comes to investing so I don’t hold much cash. As Covid-19 hit the markets I took some share profits to build cash reserves to take advantage of buying opportunities. So far, I’ve not seen many apart from…

focus on what we can control

As I write this, Victoria is experiencing lockdown once again. It’s a sobering reminder of how Covid-19 continues to control so much of our lives – and the Australian economy is bracing for the repercussions. This takes me back to when the whole country was in lockdown in March and I decided I’d keep a diary, to remember what we did and how we felt. It can be tricky to remember exactly how you felt about a past event. It was an interesting exercise. In the early days of lockdown, I was stressed, in particular about the prospect of losing a large percentage of my super and the many years of work it would take to make it up, if at all. I also started making big plans: working on a budget;…