Wealth Creation Blogs Worth Sharing.

If you’re a contractor or maybe even a consultant to the resource industry, then you’re part of the “gig economy”. Perhaps, gone is the job for life, or even a job in the normal, employed meaning of the word. For you, work consists of short-term contracts or a series of one-off jobs. “Gigs” as the band down at the pub might put it. For some, gig work is a liberating choice that allows you to work your own hours, holiday when you like and work wherever you wish. For others it’s a necessity in a weak job market where under-employment and age discrimination is rife, and more companies choose to outsource specific tasks. A study found that 4.1 million Australians had freelanced in 2014/15, and it’s a trend more likely to grow than diminish. So if you’re a “gig worker” what can you do to make the most of your situation? It’s business If you’re happy picking up the odd jobs that fall into your lap for a little extra money, that’s fine. But if you are looking to earn a ...

Forget the piggy bank, swear jar or the Excel spreadsheet, let's take a look at some technologies that are making it easier than ever to save and invest.   Saving may not be your favourite parts of being a grown-up, but it’s imperative when it comes to being prepared for anything life throws at you.  So what if you could get on top of these financial tasks without even thinking about it?  That's exactly what a rapidly growing number of tech-savvy solutions aim to do. Let us introduce you to some tools you might like to add to your kit.  1. MoneySmart mobile calculator Forget rough calculations on the back of a coaster. MoneySmart's four-in one financial calculatorcan help you work out exactly how much you can afford to borrow, the impact on your savings and whether or not that hot deal the salesperson is spruiking is actually any good. Created by the Australian Securities and Investments Commission, this app brings together four MoneySmart calcul...

I had the good fortune to share the mic with Sean Lavin and his Beneath the Surface podcast this week. Beneath the Surface: a podcast created to capture the stories of the people who make up the   global mining and related industries. Andrew O’Brien joins me for episode 6 of Beneath the Surface.  Andrew is a very unique character in the mining game - he’s a geologist, holds a site senior executive (SSE) ticket and is a certified financial advisor.  In this episode, Andrew and I talk all things finance in the mining industry. We discuss general financial education, tackle stereotypes and even dive head-first into the recent Royal Commission into misconduct in the banking, superannuation and financial services industry.   On top of all this, Andrew shares the biggest financial mistake that he sees miners make, and provides some fantastic advice to avoid the trap. I really enjoyed speaking to Andrew and am grateful for the knowledge and insights he share...

With costs of living on the rise and wage growth stagnating, it’s not hard to see why Australian households are increasingly feeling the pinch.    In fact, a recent Ubank survey revealed 59% of Aussies admit their current financial situation causes them stress or loss of sleep.    Even in the oft-labelled ‘Lucky Country’, this is a worrying statistic.   Financial stress can be constant and at its worst crippling, but with a bit of teamwork, solid communication, and a dash of discipline you can get your finances under control.  Communication Often what aggravates our financial stress isn’t just the lack of funds but the way it affects us interpersonally. In this sense, families, couples and friends all need to work out healthy ways to communicate about cash. People have varying attitudes towards their finances and sometimes differences in approach are hard to reconcile. A good approach, as in most things in life, is to communicate openly and ho...

Workers Compensation will cover you for some things, but have you also considered Income Protection to ensure you are covered when you need it most?   Whether you're a white-collar worker hammering away at your keyboard from 9 to 5, or a tradie getting your hands dirty day-in and day-out, you run the risk of getting sick or injured at work.  That's why every Australian workplace has health and safety obligations: they must provide safe work premises, assess risk and have workers compensation insurance.  What workers compensation covers. As outlined on Fair Work Ombudsman , workers compensation may be paid out if you are injured at work or if you become sick due to your work.  Payments could cover your wages while you can't work, your medical expenses, rehabilitation costs or a lump sum payment if you become permanently disabled or pass away.  It's also important to note that in order to receive workers compensation you must prove that your in...

According to the ATO, there are almost twice as many active life insurance policies than there are working-aged Australians, but that does not mean Australians are adequately insured.  We look at how many Australians have life insurance, the reasons for under-insurance and explore what adequate insurance looks like.  At a glance There are almost 22 million active life insurance policies in Australia, a recent federal parliamentary report found . Y et there are just 12.5 million working-aged Australians (aged 15-64), according to figures published by the Australian Institute of Health and Welfare. Based on the numbers, it would seem Australians were more than adequately insured.  Only half of Australians hold life insurance However, as part of commissioned research in 2015, respondents told TAL that despite the significant number of active life insurance policies, only 52% of them hold some form of life insurance. The study also found only 30%-37% o...

Working in the resources industry can be tough.  Remote locations, long hours and time away from family and friends can take its toll. The experience can of course be rewarding, particularly when it comes to income and the ability to plan for the future. However, it’s easy to become distracted especially when it comes to investing. Whether it be buying your first home, or in investment property, starting a share portfolio or investing your super, we are all at the mercy of the markets.  Property markets  down south are enduring a bit of a downturn at the moment, interest rates are low so money in the bank isn’t earning much and share markets around the world have been up and down. The fact is, markets are unpredictable. Just look at commodities.  Some of the biggest companies in the world have trouble predicting coal, iron ore and oil prices. Trying to predict the ups and downs is often impossible. The key is to remove emotion from your decisi...

Odds are it’s been a while since you looked over your health insurance cover. It’s understandable - there are over 40,000 products in the market and premiums regularly go up. It can seem confusing and expensive, but there are still plenty of reasons to review it more regularly. First, reviewing your cover ensures you’re paying for the right things. Like your finances, your health changes as life changes and your health insurance should reflect it. If you review your health cover every year, you’ll have a greater understanding of its benefits, as well as making sure it’s keeping up with your changing needs. In addition to ensuring you’ve got the right cover for your situation, reviewing your cover may also save you money by making sure you’re only paying for what’s important to you. And it’s a valuable exercise to review your Health and suite of Life Insurance Products all together. If you do decide to switch, find an option that gives you confidence that you’re covered ...

Most of us are starting to think about getting back into work mode – or perhaps you are back at work already. Don’t worry, this is not going to be one of those “let’s look back over the last 12 months” chats where we remember which celebrities are no longer or who won major sporting events. What should you expect from the next 12 months? Well, nobody knows.  However, there is one certainty.  Markets will go up and markets will go down.   Consider this.  The Australian equities market is still approximately 18% below where it was 11 years ago so there’s plenty of upside just to get back to where it was.  In terms of your superannuation, you need to consider your time horizon, i.e . how long will it be invested for before you can access it. For a 35-year-old, they face another 30 years before they can access their super at age 65. Not only that, once they do retire at 65, they’re not going to take their super and spend it in one go....

The world’s ageing population has recently been described by the World Economic Forum as the financial equivalent of climate change.  A study of the world’s 6 largest global pension schemes (essentially the aged pension that governments pay those who have retired) in the US, UK, Japan, Netherlands, Canada and Australia found that by the year 2050 there will be a shortfall between what needs to be paid and what governments can afford of some $224 trillion. Governments simply won’t be able to afford to fund retirees via age pensions.  The main reason for this is the world’s ageing population, there’s an ever-reducing number of younger people in the work force generating income and taxes to fund the pension schemes that are designed to look after people when they retire. Traditionally, the three stages people would go through is they would become educated, work for 40 years or so, retire at 60- 65 and live off the pension until they died at say 70-75 at best. Mo...

Superannuation statements. Boring, right? But if, like many people, you toss your annual super statement in a drawer or hit delete, you could be depriving yourself of many thousands of dollars just when you need it. It’s worth the small effort to take a closer look at your superannuation statement. If everything is in order, you’ll get a warm glow from watching your nest egg grow. Conversely, a quick check of your statement may reveal some of the common problems that occur with super; and the sooner these are fixed the quicker your savings can increase. What to look for The layouts of statements vary between super funds, but there is standard information that must be provided. Some items may appear in summary form, with a detailed breakdown shown elsewhere. Here are the key things to look for: ·        Contributions or funds in . This will cover employer and personal contributions, government contributions and rebates, plus any rollovers. If ...