Money Magazine

Change… it’s the one constant in life. But the rate of change, well, that’s another thing entirely. We live in a time of accelerating technological change. Looking back at history, it took 2.4 million years for our ancestors to control fire and use it for cooking, 66 years to go from the first airplane flight to stepping foot on the moon and now, a mere two years after OpenAI released ChatGPT to the public, AI is fundamentally changing society’s structures, from medicine and banking to jobs and education. How does that relate to personal finance? People who care about their financial position need to be aware of what’s out there: the tools, products, services and developments that can help you or hinder you. And that’s where we come in. The…

Learning about finance is a family affair I would just like to say I’m a late starter, just discovered your magazine and loved it so much I signed up for the 12-month subscription. I also love the podcasts. When I have read it, I pass it onto my son, who also loves it. He is only 22 but it’s never too young to start learning about financial goals. Hope I win another 13 months’ worth. Sharon Ed’s note: In our eyes, that’s mission accomplished. We aim to be a magazine the whole family can benefit from. I hope your son enjoys his very own subscription. Thanks for the insights We have been reading Money every month for the past 10 years. The magazine has provided wonderful insights into many of…

PHIL SLADE Columnist I did 12 months of unpaid work for a niche management consultancy. At the time, I was completing my Master’s degree in organisational psychology, working a job to pay the bills and support a young family. However, the experience and knowledge I gained (writing documents, summarising research and supporting workshops) set me on course for a successful career. Hands down the best investment. Read Phil’s top five tips for novice investors on page 56. PAM WALKLEY Columnist My favourite is a real estate deal – a lifestyle rather than money-making one. Several years ago, I downsized but upgraded my home so I would have a fabulous place to live. I love light and the water, so I bought a small apartment overlooking Newcastle harbour and costing considerably…

AMAN RAMRAKHA OUTLOOK I am not sure who came up with the term ‘the retirement trilemma’, but it is a neat encapsulation of the challenges faced by those in retirement. The trilemma refers to the desire in retirement to ensure three objectives: • Ensuring you have access to a regular income stream • Ensuring you have access to a pool of capital that can be drawn down to meet expenses for things such as travel or unexpected out-of-pocket medical bills and • Protecting your savings against longevity risk (your money will run out before you die), inflation and market volatility. The dilemma or trilemma is that these three objectives can be difficult to reconcile. So, how is it possible to achieve all three? If your pool of capital is large…

CALENDAR OF EVENTS Thursday, October 3 Balance of trade Tuesday, October 8 RBA meeting minutes Thursday, October 10 Westpac consumer confidence NAB business confidence Thursday, October 17 Unemployment rate Wednesday, October 30 Inflation rate How a product passport could help shoppers to reduce waste Let’s imagine that you’re out shopping for a new pair of jeans. Success! You’ve found something that looks good. But in addition to the usual tags and labels, you notice that there’s a QR code on the jeans, which -when you can scan it with your phone – takes you to a website. There you find information about how environmentally friendly the jeans are: the composition of the materials, where they were sourced and how the jeans were made. In essence, it’s a run-through of the…

Let’s face it: cost-of-living stress is real. With prices skyrocketing, how can we all get better at managing our finances? In 2010, I created Buy Nothing New Month after a life-changing trip to Antarctica, driven by a desire to protect our planet. But my journey with second-hand started much earlier, in 1997, when I was a broke temp in London, unable to afford new clothes for work. What began as a necessity turned out to be a savvy financial move. Now, buying second-hand isn’t just about sustainability – it’s a smart way to save. Buy Nothing New Month in October is all about reducing waste, rethinking our relationship with stuff and valuing what we already own. It encourages thoughtful purchases that keep more money in our pockets. Before making any…