Money Magazine November 2023

FROM THE EDITOR EDITOR'S DESK Excuse the overflow of enthusiasm, but here at the Money office, we're excited to feature Mackenzie Arnold, goalkeeper for the Matildas soccer team in this month's profile interview (On the ball for her country, page 20). Her sporting success is nothing short of extraordinary and yet, when it comes to keeping score on her finances, she's just like the rest of us, still reading through the rule book on building wealth. When it comes to wealth building, this edition is a veritable treasure trove for beginner investors. We show you how to buy Australian shares for the first time (page 78), how to avoid the pitfalls (page 82), and give you some investment products you may want to read up on if you have $10k to…

Thank you to the Money team for the continued coverage of fraud and scam prevention. Like many families, we have had a fraud experience of our own. The fraud hit not one but multiple accounts held by a loved one at multiple banks. With simple and practical advice from the Australian Financial Complaints Authority (AFCA), the full five-figure amount was recovered. What was apparent from our experience, which included regional banks, the big four and an online banking entity, the triggers and processes to warn customers of potential fraud/scam were sadly lacking in the regional and community banks when it came to 24/7 access for customers to raise the alarm. However, the online and big four showed more rigour and were the ones that said “we'd suggest you check your…

In Ask Paul (August), Mel asked about how to protect her kids from the burdens she is carrying. Paul addressed her burdens with some encouragement but not the essential part of her question about the kids. If it helps, I've been a solo parent for a number of years and, regardless of my stresses, I am honest with my kids if I'm having a down day and keep it age appropriate without burdening them with what they can't control. They can understand that people have feelings and have sad days. So, Mel, you shouldn't feel bad and try to hide it. You're also creating an opening for them to be able to express the same when they have a bad day. Some advice a good friend told me is to…

Just a comment on your ‘X Factor' cover story (October). I notice your writer has used a shorter age range to define this age group. Yes, the Australian Bureau of Statistics uses this, too; however, most sources define the years as 1965-1980. And, yes, I am in this range. My reason for contacting you is also to highlight we do not all have wealthy boomer parents. Ours are older, in their late 80s, the wealth is different and many of us are caring for them and our late-high-school, early-uni children. We are, indeed, the sandwich generation. Sadly, you lost my interest in this article.…

ALEXANDRA CAIN Contributing writer For someone who writes about money, you would think I know better, but I have made a lot of mistakes. Buying an investment property without getting financial advice when interest rates were really low was one of the worst. It's hard enough looking after one property; I hated looking after two. Who needs to replace two dishwashers, two hot water systems, etc? I lost money. I got lucky when I bought my house before the market took off. One thing I know: past performance is not an indicator of future per formance. TOM WATSON Senior journalist I'm happy to accept my limitations in life and pay for a professional to do a job that I can't do. But like so many people, I was desperate enough…

BACK TO BASICS Serina Bird I'm throwing down a challenge: use your loyalty cards as much as possible as you shop, eat out, travel and enjoy family time during the summer months. Why? Because you can save yourself a fortune. Most of us belong to loyalty schemes, but in our busy lives we often forget to maximise the benefits or check what is available. It's never money smart to buy something you don't need just because of the points. For example, if you need a hotel room, purchase the cheapest one that suits your needs rather than a more expensive one that gives points. Same with airfares and groceries. While the points are the cream on top, they aren't worth as much as you might think. It's hard to get…