By Pete Pennicott | April 10, 2020
The level of uncertainty due to COVID-19 is something most of us could never have imagined and as a result, have gone into self-isolation underprepared on how to fill those long days indoors! I’m confident that this will pass at some point, and trying to take some positives from a very horrible situation, we all have more time on our hands and can put that to good use.
Good news! If you have wanted to improve your money IQ, then there are a heap of great free resources out there to get you started. I believe that knowledge and awareness are part of the foundation of financial independence, so here are some of my personal favourites that you can get access as easy as parking on the couch with your phone or laptop! Let me know what you think and also if there are notable omissions that you think I should include.
This is an absolute personal finance staple and a great place to get unbiased and factual information about a wide range of topics including superannuation, investing, insurances, lending and estate planning, just to name a few. It is a creation of the Australian Securities & Investments Commission (ASIC), so you can feel secure in the accuracy of the content. Their ‘about us’ page sums up the purpose of the site really well, to help individuals “take control of your money, build a better life”. Be sure to check out the “tools and resources” section as there are some great calculators which you can play around with to pass the time and plan your future wealth creation strategies!
If you want an in-depth but easy to consume guide to what is happening in global financial markets, then look no further than the JP Morgan Insights page. The investment banking business behind this site has 150 years of experience and a global footprint of investment research. I personally love this site as has a good mix of written and visual content which helps get your head around the financial concepts presented. If you want to skip to some of their best content summarised into a neat little package, then the “Guide to the Markets” is a quarterly production which is worth checking out.
Having recently been acquired by Morningstar, I believe this is still free and has a weekly newsletter which brings together a variety of investment professionals insights and makes them accessible to individual investors. It allows you to ‘choose your own adventure’ in terms of current investment updates, strategy, opinions and encourages their readers to take a ‘through the cycle’ with a risk-aware perspective. I like that school of thought and enjoy the way the articles are presented in summary form, so you can quickly focus in on what is important to you. As this is an Australian site, it also has a wealth of good content on superannuation strategy.
Noel is an icon of Australian personal finance and whilst he is retired from financial planning, he certainly hasn’t slowed down in providing his expert insights on all things personal finance. Noel News is informative and entertaining read on latest money news and tips directly from Noel. I’m a fan of the use of cartoons and graphics to reinforce the points made. Whilst it is excellent content for all demographics, I feel that is it a must-read for those transitioning to, or in retirement. The resources and calculators sections are quality, including tools to calculate age pension entitlements, dollar cost averaging, retirement draw-down and more.
For those who like to get hands-on with their investment decisions, or simply want to arm themselves with plenty of talking points on investment opportunities at the next post-restrictions BBQ or Zoom drinks session then this is for you. Livewire does a great job at curating some of Australia’s leading fund managers and investment market professionals to share their thoughts and expertise. Because of the variety of contributors to the site, you will often get varied opinions which I feel is good to ensure you get a balanced view of the investment landscape. A good feature is being able to search via contributor, which is brilliant if you want to shortlist the content based on experts you are interested in hearing from.
If you are sitting there wondering about where all of your hard-earned cash goes each month, and why you aren’t saving as much as you think you should, then you need a budget! No better time to start one, as your transactions have most likely simplified purely based on lack of spending options. Whilst paper or an excel spreadsheet work well, I feel a digital tool that does the heavy lifting in listing and categorising your finances is ideal. Money Brilliant describe it as like having a “personal financial assistant that never stops working for you.” Once you start monitoring every transaction and measuring the value of assets and liabilities, you begin thinking about your money differently and ultimately making smarter money decisions. The basic plan is free and something which you can easily set up on your mobile device. The money alerts feature is a good one, as you can set budgets for spending in certain categories and get alerted when you go over this. My most recent alert was breaching my budget for “dining, bars & cafes”, which I can justify as doing my bit to support the local small businesses of course!
They say there are only two certainties in life, death and taxes. That means the ATO will be a part of our lives, so good to see they have made an effort to make the relationship a little simpler. This is a trusty source of tax related info for individuals, business owners and SMSF trustees. You can access relevant tax and super information and tools in one place. If you regularly find yourself hunting around for your receipts to get your tax return complete, then the myDeductions tool is going to be handy. It allows you to record tax-related information such as deductions on the go throughout the year, so you can lodge and get your return quicker!
If you want to get regular and succinct updates on what is happening in the global economy then this is for you. The Economist magazine is renowned worldwide for their analysis on current affairs, international business, and politics. You don’t need a subscription for this podcast either, but having said that it is highly likely that you will want to get a subscription once you start consuming the quality content provided. I’m a big fan on the originality of the content here and as it updated most days, you are constantly benefiting from fresh looks at current world affairs.
Ok, full disclosure, this is our podcast. Having said that, we feel that we offer a good resource to consume on your morning walk or commute from the bedroom to the home office. If it relates to building and protecting your personal wealth, then there is a good chance we cover it. In on the ground, experience as financial advisers provides us with unique insights as to the practical application of wealth strategies in Australia. Our aim is to share our insights, tips and views on investing and personal finance whilst having a laugh along the way.
The Motley Fool Money Australia
Motley Fool is one of the most well known and trusted investment names. They’re known for great investment and finance insights both at home and abroad. They often will give deep insights into individual shares, along with concepts that are mainly revolved around investing. Listening to this podcast will help shape your investment decisions and build a better and more well informed portfolio.
The Financial diet does a great job of making what can sometimes be a mundane and boring subject to some people, finance (we don’t think it is), interesting. They talk a lot about topics such as budgeting, changing your behaviours to better your financial position in a more light hearted and entertaining way. If you’re someone who finds topic such as budgets and finances boring, then this may be the right channel to keep you engaged.
The Commsec youtube channel provides great sharemarket analysis through their daily market updates with morning, mid-session and end of day reports. If you want some in-depth market and economic insights then this is a great channel to subscribe to. I personally really enjoy the executive series where Tom Piotrowski (made famous by Rove all those years ago) interviews high-level executives where they give great analysis on their companies and what is generally happening in the market and economy at large.
The MoneySmart Youtube show has several quick and easy to understand which explain basic financial concepts such as what is super, using buy now pay later services such as Afterpay and what are shares? It’s a great channel for improving your financial literacy when you’re just starting out and will no doubt improve your personal finances. They also provide a range of videos aimed at improving children’s financial knowledge. A great resource for all stage of life if you want to improve your knowledge and improve your financial position.
Pete is the Co-Founder, Principal Adviser and oversees the investment committee for Pekada. He has over 18 years of experience as a financial planner. Based in Melbourne, Pete is on a mission to help everyday Australians achieve financial independence and the lifestyle they dream of. Pete has been featured in Australian Financial Review, Money Magazine, Super Guide, Domain, American Express and Nest Egg. His qualifications include a Masters of Commerce (Financial Planning), SMSF Association SMSF Specialist Advisor™ (SSA) and Certified Investment Management Analyst® (CIMA®).