The really simple guide to Money - Issue 1 2016.pdf

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The really simple guide to
VOLUME
WIN:
A FINANCIAL HEALTH CHECK
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ADVICE FOR A YEAR
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WAYS TO
SAVE OVER
TODAY
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0
HOW
TO FIND
$5,000
THE RIGHT
MONEY
MENTOR
“LIBBY USED TO GIVE ME
AN ALLOWANCE”
Kochie
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YOU’RE PROBABLY RICHER THAN YOU THINK
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Adviser Ratings is
Australia’s first and
only independent
rating and review
service of
2 2
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financial advisers.
ial
It’s been said we are to financ
to hotels.
planners what Trip Advisor is
David Koch
Adviser Ratings
Ambassador
Our Goal
is to get more Australian’s seeking
financial advice. 80% of Australians
currently do not seek professional advice
even though studies consistently indicate people
are more confident and less anxious about their
financial future when they have an adviser.
Our Mission
with your help, is to make Adviser Ratings the
most trusted place in Australia when connecting
with a financial adviser by providing an easy to
understand and transparent online platform
filled with customer reviews and intelligence
on Australia’s financial advisers.
Empowering Australians
by providing you with personalised financial
information to help make this journey.
Chris Zinn
Communications
Director &
Co-founder
adviserratings.com.au
2
Welcome
WELCOME
BRAD FOX
to the guide that will change your view of money
ANGUS WOODS
We at Adviser Ratings are delighted to bring
you this
Really Simple Guide to Money.
We share
core values. Like the guide, our services are all
about empowering you around your finances.
Despite years of experience in the finance
industry, we were shocked to realise we didn’t know where to
send our family and friends for trusted advice when they asked us
about managing their money.
That’s why we decided to create the Adviser Ratings website
(adviserratings.com.au) – a site that makes choosing a financial
adviser safe and easy or helps you determine whether your current
financial adviser is right for you.
More than 20,000 financial advisers across Australia have
been rated on our site. That means you can harness the power
of word-of-mouth to ensure you are choosing someone you
can trust to help produce a plan for the financial future of you
and your family.
We know there are mountains of information out there on how
to manage your money; it’s often very confusing and product
focused. So we developed this publication, independent of any
bank or financial services company, that acts as a “one-stop
money shop” to provide you with information on who can help you
and how you can help yourself.
Money isn’t just about security; it can be about holidays and
time spent with those you love. Ultimately, it’s about fulfilling your
dreams. As someone who is becoming a father for the first time,
my priorities around money have shifted significantly. I don’t want
managing my affairs to feel like a burden on our family.
Armed with the information in this publication, I’m seeking a
financial adviser for the first time. I want someone who will feel
like they are part of our family, our own team so to speak. After all,
they will know our secrets and share our dreams!
This publication is designed to help you on the same journey; it
can be the most rewarding experience for you and your family. We
know we can help.
Chief Executive, Adviser Ratings
Have you ever wondered how it is that
some of the happiest people you know
don’t seem to have much in the way of
wealth, but every week we see stories in
the media about wealthy people whose
lives are falling apart?
Happiness doesn’t depend on money, but research
is now showing that happiness is affected by how “in
control” we feel over our money.
Great financial advice helps people discover their
possibilities. It’s not just about money; it’s about people’s
relationship with money, their dreams and aspirations,
their fears and trepidations.
Seeing an expert helps you gain the knowledge to make
choices that have powerful and positive impacts on your
life and this guide will start you in the right direction.
But, like dieting, exercise programs, self-help apps
and New Year resolutions, without someone to keep you
on track it’s easy to stray off course, to lose interest and
ultimately make little or no change at all. Many people
need a personal “financial” trainer to achieve their goals.
As you read this guide, be like a sponge – soak up
the ideas and concepts that might apply to you. You can
get more information and ideas from our new website
www.yourbestinterests.com.au on topics like taking
control of your debt, saving for your first home, preparing
financially to have a child, getting ready for retirement
or learning about downsizing your home. The Your Best
Interests TV episodes are also great viewing and show the
experiences of real people changing to get in control of
their money.
One final note: It doesn’t matter how much (or how little)
money you have; it’s whether you are in control of the
money or whether the money is in control of you. Be brave
and take control.
Chief Executive, Association of Financial Advisers
OUR CONTRIBUTORS
An experienced
journalist, Teresa worked
as a senior business
writer for The Australian
newspaper for 17 years.
She is the editor of The
Really Simple Guide to Self Managed
Super and Asian Cruise Yearbook.
She also writes for Cruise Passenger
magazine.
TERESA OOI
A financial literacy
campaigner and educator
across newspapers,
online, television, and
in high schools around
Australia. She is founder
of TheMoneyMentorWay.com and
developer of The 12-Step Prosperity
Plan, a blueprint to take people from
financial worry to well-being.
NICOLE PEDERSEN MCKINNON
From Adviser Ratings is
a director of campaigns
and communications.
A consumer public
advocate, he is on
a campaign to bring
transparency to financial planning.
He has worked for Choice and was
a founding member of One Big
Switch.
CHRISTOPHER ZINN
Contents
3
Big Splash Media
Suite 3, Level 2,
37 Bligh St
Sydney 2000
www.bigsplashmedia.com.au
Phone: +61 2 9231 3518
editor@reallysimplemoney.com.au
CONTENTS
6
8
MEET MR & MRS AUSTRALIA
We’re a lot better off than we think
SO HOW RICH ARE YOU?
Find out what you’re really worth
with our easy test
10 KOCHIE’S MONEY TIPS
David Koch is an astute investor as
well as a TV star. Learn his secrets
14
SAVE OVER $5,000 TODAY!
Simple ways to start a new money
regime and stop wasting cash
46 SET YOUR TARGETS
Taking charge of your finances can
create enormous possibilities. Here’s
how you can create realistic goals –
and achieve them
54 WHERE TO GET HELP
You’ll be surprised how easy it is to
find a money mentor. We tell you
how to find your perfect adviser –
and what you should pay
66 SUPER OR SUPER CHARGED
It will be your most enduring friend.
Make sure it’s on track
68 YOUR RIGHTS
What to do if things go wrong
71
A DIFFERENT RETURN
They may not make you rich, but
these investments can be fun
Publisher
Peter Lynch
Editor
Teresa Ooi
Art Director
Kerry Alice
Sub-editor
John Hampshire
Commercial
Director
Leisa Chell
Sales Executive
Sophie Rieu
Contributors
Nicole Pederson-McKinnon, Teresa Ooi,
Jacqueline Fox, Chris Zinn,
Deborah Kent of
Integra Financial
Services,
Dianne Charman, Jeff Thurecht
Ages of Wealth
team:
Jenny Brown of
JBS Financial
Strategists,
Matthew Ross of
Roscow
Independent Advisory,
Eleanor Dartnall
of
Dartnall Advisers
and Bill Bracey of
Sydney Financial Planning
Thanks to
Brad Fox and Karen Tinnelly of the
Association of Financial Advisers
and
Angus Woods and Rodney Lester of
Adviser Ratings
IMPORTANT INFORMATION:
The Really Simple Guide to Money is copyright of
Big Splash Media Pty Ltd. It has been prepared
to provide you with general information only. It
does not take the place of professional advice and
you should not take action on specific issues in
reliance of this information.
Big Splash Media makes no warranties
or representations of any kind concerning
the accuracy or suitability of the information
contained in this magazine for any purpose. The
material provided is for research and information
purposes only, and does not constitute advice or
recommendations.
The opinions and writings of all authors
are merely an expression of the authors’ own
thoughts, knowledge or information. Big Splash
Media does not endorse such authors nor
represent that their writings are accurate or suitable
for any purpose whatsoever.
In preparing this magazine, we could not take
into account the investment objectives, financial
or taxation situation or particular needs of any
particular person.
Before making an investment decision, you
need to consider (with or without the assistance of
an adviser) whether this information is appropriate
to your needs, objectives and circumstances.
16 THE SIX AGES OF WEALTH
Our expert panel charts the changes
each decade makes, and tells you
how to future-proof your life
30 THE FINAL LAP...
Wills and estate planning explained
32 THE WATCHDOG
Greg Medcraft, the boss of corporate
watchdog ASIC, talks about
protecting small investors
36 OUR FAVOURITES
Where most Australians put their
cash and why
40 YOUR MONEY PERSONALITY
What type of investor are you?
72 THE A-Z OF MONEY SPEAK
Learn a little of the lingo to make
sure you know what’s what
WIN A YEAR’S FREE
FINANCIAL ADVICE
SEE PAGE 81
COVER PIC:Justin Lloyd / NewspixCOPYRIGHT:© News Ltd

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