HECS – Everything you need to know What is HECS and how is it paid? HECS-HELP is an Australia Government loan scheme for eligible students to defer tutor/study/university fees. It’s not a traditional loan that charges interest, rather the debt is indexed (increased) annually on June 1st based on the Consumer Price Index or “Inflation”. […]
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Can I beat the Market by picking stocks/individual investments? Short answer/TLDR: most probably not. Long answer Everyone when they start investing wants to maximise how much their money grows/multiplies. It’s in our nature – we chase the fast gains because why not? If a stock goes up 50% in one year- why not just buy
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Tax Free Threshold & Multiple Jobs What is the tax-free threshold? Is the amount of income you can earn before you have to pay income tax. Most residents can claim this for the first $18,200 of their income each financial year. By claiming the tax free threshold – this reduces the amount of tax withheld
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Tax Deductions What are they? Tax deductions are expenses or costs that you have incurred to earn your income. The Australian Tax Office (ATO) allows you to reduce your taxable income by the cost of these expenses. Reducing your taxable income means paying less tax. What are some common tax deductions? Work related expenses: clothing,
Budgeting 101 What is a budget and why is it important? A budget is a well thought out plan for your money. If you don’t have plans for your money, you might spend more than you need to, spend more than you have or not reach the goals you set out for yourself. Making a
Term Deposits What is a term deposit? It’s another type of savings account that banks offer – you agree to put away a certain sum of money for fixed period of time. After the fixed period of time that money is locked away- the bank will pay you a set interest return. Kind of like
Costs of Buying Property The Initial Deposit The house deposit is one of the largest upfront costs when buying a home. This usually ranges anywhere from 10-20% however can vary based on funds available, occupation, which government scheme is used or comfort with debt. Stamp Duty This is a state based tax which applies to
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How is Money Made from Investing? There are 3 main mechanisms that need to be understood if we want to understand how value and wealth is created through investing. They are: capital appreciation, income (dividends/distributions) and compounding. #1: Capital Appreciation If the price of a share/stock/asset rises (capital appreciation) – the value of that investment
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How to set Goals Setting goals is an important part of our lives because it gives us a sense of direction. It dictates where we want to be in life and keeps us accountable at the same time. It can also increase motivation to perform better and notes down what we truly want for ourselves.
Churning Private Health Insurance One surefire way for me to save about $500 a year takes me a total of about an hour every year to do. That’s $500 tax free dollars in my pocket, 500 cold hard bucks handed to me for doing jack all. Well.. nearly jack all. Remember, the loyalty tax applies
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