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Love story with a happy financial ending Three years ago, I permanently migrated to Australia for love. Coming from France, where the system is different, I had to start my financial literacy from zero and with no assets apart from some savings. I knew nothing about the tax system, superannuation, the pension, buying a house, mortgages, offset accounts, drafting a will, property investing or the sharemarket. Reaching my 40s also brought its share of fears about my future financial security. I started to ask a lot of questions, without always getting the answers I was hoping for. Until, one day, a successful friend gave me the advice she had given her own young adult kids: to start reading your magazine. This was definitely the best investment to start with. Three…

RYAN JOHNSON Journalist, Money Each month, my fiancée and I order in some noodles and sit down for a check-in: Work, family, mental load, friends, future plans. How’s the past month been? What worked well and what felt off? These chats often result in many odd thought trails and side convos. Inevitably, money threads through it all, whether we’re saving for our wedding or just noticing the cost of noodles. These chats help us sync emotionally and financially. See Ryan’s story on single home buyers on page 62. KARREN VERGARA Journalist, Financial Standard It’s the good old-fashioned saving more than I spend. I save a large chunk of my pay and let it sit in my everyday account and watch it grow every month. It provides immense financial security and…

There’s a series of children’s books published from the 1970s through to the 1990s called Choose Your Own Adventure, and it’s making a comeback. I know this because my 12-year-old has just requested them and he’s pretty good at anticipating future trends. It’s no surprise because he loves computer games, which are pretty much the modern equivalent of the Choose Your Own Adventure series. The books subvert the theory that the author guides the reader through a series of adventures in a particular order. Instead, the adventure is determined by the choices made by the reader as they advance through the book. While they make the best choices they can, the results can be disastrous or wonderful. They just don’t know with any certainty. It’s the same with investing! Up…

CALENDAR OF EVENTS Thursday, May 1 Balance of trade Tuesday, May 13 NAB business confidence Wage price index Thursday, May 15 Unemployment rate Tuesday, May 20 RBA interest rate decision Wednesday, May 21 Westpac consumer confidence Huge generational wealth transfer has an upside and downside The early stages of a great transition are underway, involving the transfer of a vast amount of wealth from older to younger Australians. Over the next two decades, it’s estimated that $3.5 trillion will be passed down by members of ‘the silent generation’ and baby boomers to gen X, millennials and gen Z. That’s roughly $175 billion each year that will flow down in the form of gifts or, more likely, inheritances, according to a 2021 Productivity Commission report. While both figures show the scale…

Businesses and workers deserve the certainty of bipartisan support for landmark payday super reform – and they cannot afford to wait. This reform is key to tackling Australia’s $5 billion a year unpaid super problem. It is due to start in July 2026. The Australian government first announced in May 2023 that it would update the law so that super payments are paid at the same time as an employee’s salary and wages. That announcement gave all stakeholders three years to prepare for a reform that simply brings the payment of super in line with what most Australians expect – that their super is paid on payday. The Super Members Council is urging all parties and candidates to pledge their support for this important reform. Any delay to the current…

We’re getting close to the end of the financial year, which means that now is the time to pull together all your tax records, particularly copies of invoices and receipts that can be used to substantiate your deductions. You must have written evidence to prove your deductions claims if the total amount exceeds $300. The records you keep must prove the full amount, not just the amount over $300. If the total claimed is $300 or less, you need to be able to show how you calculated your claims, but you do not need written evidence. There is a widespread misconception that you can claim $300 worth of deductions automatically, without having to worry about proving them. That’s not the case. If you didn’t actually incur the expenses – and…

BOOK OF THE MONTH THE PROFESSIONAL by Tony Frost (Wiley, $34.95) This book is a must-read for anyone wanting to take charge of their professional development -whether you’re just starting out in your career or want to make sure you stay relevant in an ever-changing job landscape. Author and leadership coach Tony Frost has provided several relatable real-world examples, along with advice to give you the support you need to futureproof your skillset. He also explains how to master the essential skills that will make you irreplaceable in the age of AI, and how to seize new opportunities as they present themselves in the workplace. Ten readers can win a copy. In 25 words or less, tell us if you think AI could impact your job and how. Enter online…

▶ MORE MONEY STORIES ON P46-61 Fans splash out to support teams Australians are spending more than $19 billion a year to support their favourite sports matches and teams, according to new research from ING. Fans on average attend four live matches per season, with more than half travelling three hours or more to attend, spending $408 each on tickets, food, drinks and accommodation. Even those travelling just an hour invest around $138 per game. The costs don’t stop there. Some 1.8 million Australians spend more than $50 a month on sports-related streaming services, while 76% say they’d spend up to $200 on a new team jersey. When watching games at venues such as pubs or clubs, 61% of fans spend up to $100 on food and drink. The emotional…

While flexible payment options such as buy now, pay later (BNPL) are popular for discretionary spending, the service has expanded to other areas, including flights, beauty services and even fertility treatments. An Australian invention, BNPL first took the retail world by storm in 2015, allowing consumers to buy goods and services and pay for them in instalments. Now, one in three Australians uses flexible options almost as often as traditional payment methods such as BPAY and bank transfers, according to a ecommerce payments report from Power Retail. Adoption is particularly strong among younger people: 58% of those aged 25 to 34 use them, followed by 18- to 24-year-olds at 53% and 35- to 44-year-olds at 49%. While most (79%) of these purchases are retail-based -primarily fashion, electronics and beauty –…