Money Magazine February 2022

If you are a fitness fanatic, you would have heard this oft-quoted line: trust the process. It means that even if you can’t see the results straightaway or you can’t seem to make progress, don’t worry – stick with your training regimen and you’ll reap the rewards. The same can be said about managing money. Who doesn’t want to be rich overnight? But just as our physical strength needs time to develop, so does our financial strength. Think of our magazine as your monthly workout to build your financial stamina. Our cover story – which runs like clockwork, as we publish it each year in February – is our annual outlook for property and the sharemarket. We’re proud to say that last year, property expert Terry Ryder named the 50 suburbs and…

It is interesting to note that tax reform has been on the agenda since at least the time of prime minister Bob Hawke, who called a tax summit in the mid-1980s. His treasurer, Paul Keating, had the idea of a 15% GST to simplify the system and abolish many complex taxes. I studied taxation in the late 1970s and remember a thin publication called the Australian Master Tax Guide. After years of “tax simplification” the book is now a monster size. Not one year has gone by when there hasn’t been a call for major reform of the tax system. In Annette Sampson’s article (What if?, December-January), she says it will be imperative for future governments to find new ways to increase revenue. Given that all the GST collected is passed…

Go shopping for a great mobile phone deal I’m a long-term, second-generation Money subscriber (my father got me into it!). Thanks for a great magazine. I know you guys are always wanting to give tips on the best value products. Given that the cheaper phone plans in your Best of the Best were around $20 a month, I’d like to draw your attention to the 12-month mobile phone deals from carriers such as Aldi, Woolworths and Boost, where for $150 annually you can get unlimited calls and pretty decent data allowance. Woolworths is particularly good as you get 10% off one grocery shop per month up to $150, which more than pays for the phone plan over the year! You’re effectively getting paid to have your mobile with Woolworths! That’s value. David Ed’s note:…

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SUSAN HELY It may be an opportunity to sort my compost bins. I have three and I’m a bit lazy about how I manage them. Compost is important for my healthy, bird-filled garden with seven native stingless beehives. This year my community garden plot yielded a great crop of vegetables while my garden blossomed with a bumper crop of flowers. My goal is to be an expert composter. MICHELLE BALTAZAR I plan to make better use of the apps and the voice-activated features on my phone. With most of my time spent on my mobile, I’m sure there are time management and productivity apps that I can use to manage my emails, messages and social media feeds better. There are also budgeting, banking and trading apps that have come out since I installed…

Over the past year or so I have been talking to people for The Hot Seat and Interview about their best money-making tips, and for many it’s an investment they’ve made in themselves that has been key. Money focuses on helping you make the best decisions with your finances and building long-term wealth, and this year we’re taking a closer look at careers, where most of us generate our money. Earning an extra $10,000 or so can make a big difference for those wanting to save more or invest. Businessman Robert Kiyosaki wrote years ago that there was an advantage to being born into a rich family where there was an innate understanding of money and investing. In his book, Rich Dad, Poor Dad, he tried to share the lessons and level…