array(1) { [0]=> &object(stdClass)#5353 (52) { ["id"]=> string(5) "15670" ["title"]=> string(37) "Capitalising on the COVID-19 pandemic" ["alias"]=> string(37) "capitalising-on-the-covid-19-pandemic" ["introtext"]=> string(208) "

More time at home means many Australians now have the opportunity to re-assess their lifestyle and spending habits and set some serious saving goals. So how can you actually go about it?

" ["fulltext"]=> string(1236) "

In this episode of The nestegg Podcast, host Grace Ormsby is joined by Melbourne-based Reventon’s Billie Christofi to talk all things finance and the impact of isolation on our hip pockets.

In stage 4 lockdown, Billie shares the importance of going back to basics when it comes to budgeting, methods to re-assess spending habits, and some of the less conventional ways people can boost their wealth at this time.

Thanks Billie, for sharing your insights with the nestegg podcast team!

Have an investment story to share? Get in touch at [email protected] and you might get featured on an upcoming episode!

" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["catid"]=> string(3) "302" ["created"]=> string(19) "2020-09-01 07:00:26" ["created_by"]=> string(4) "2386" ["created_by_alias"]=> string(0) "" ["state"]=> string(1) "1" ["modified"]=> string(19) "2020-09-02 02:50:12" ["modified_by"]=> string(4) "2386" ["modified_by_name"]=> string(12) "Grace Ormsby" ["publish_up"]=> string(19) "2020-09-02 02:50:12" ["publish_down"]=> string(19) "0000-00-00 00:00:00" ["images"]=> string(218) "{"image_intro":"images\/podcasts\/Billie_Christofi_WEB_ne.jpg","float_intro":"","image_intro_alt":"","image_intro_caption":"","image_fulltext":"","float_fulltext":"","image_fulltext_alt":"","image_fulltext_caption":""}" ["urls"]=> string(121) "{"urla":false,"urlatext":"","targeta":"","urlb":false,"urlbtext":"","targetb":"","urlc":false,"urlctext":"","targetc":""}" ["attribs"]=> string(782) "{"article_layout":"","show_title":"","link_titles":"","show_tags":"","show_intro":"","info_block_position":"","info_block_show_title":"","show_category":"","link_category":"","show_parent_category":"","link_parent_category":"","show_associations":"","show_author":"","link_author":"","show_create_date":"","show_modify_date":"","show_publish_date":"","show_item_navigation":"","show_icons":"","show_print_icon":"","show_email_icon":"","show_vote":"","show_hits":"","show_noauth":"","urls_position":"","alternative_readmore":"","article_page_title":"","video_url":"","channel_id":"UCLBR-2LtTtui_WiRuEfW3qA","show_publishing_options":"","show_article_options":"","show_urls_images_backend":"","show_urls_images_frontend":"","send":"0","test":"0","readingDiff":"3","canonical_link":""}" ["metadata"]=> string(68) "{"robots":"","author":"","rights":"","xreference":"","metatitle":""}" ["metakey"]=> string(105) "podcast, savings, financial goals, financial freedom, lockdown, pandemic, wealth, wealth creation, saving" ["metadesc"]=> string(186) "More time at home means many Australians now have the opportunity to re-assess their lifestyle and spending habits and set some serious saving goals. So how can you actually go about it?" ["access"]=> string(1) "1" ["hits"]=> string(4) "1917" ["xreference"]=> string(0) "" ["featured"]=> string(1) "0" ["language"]=> string(1) "*" ["readmore"]=> string(4) "1236" ["ordering"]=> string(1) "0" ["category_title"]=> string(7) "Podcast" ["category_route"]=> string(17) "resources/podcast" ["category_access"]=> string(1) "1" ["category_alias"]=> string(7) "podcast" ["published"]=> string(1) "1" ["parents_published"]=> string(1) "1" ["lft"]=> string(2) "82" ["author"]=> string(12) "Grace Ormsby" ["author_email"]=> string(33) "[email protected]" ["parent_title"]=> string(9) "Resources" ["parent_id"]=> string(3) "300" ["parent_route"]=> string(9) "resources" ["parent_alias"]=> string(9) "resources" ["alternative_readmore"]=> NULL ["layout"]=> NULL ["params"]=> object(Joomla\Registry\Registry)#5350 (3) { ["data":protected]=> object(stdClass)#5352 (95) { ["article_layout"]=> string(14) "momentum:newne" ["show_title"]=> string(1) "1" ["link_titles"]=> string(1) "1" ["show_intro"]=> string(1) "0" ["info_block_position"]=> string(1) "0" ["info_block_show_title"]=> string(1) "1" ["show_category"]=> string(1) "1" ["link_category"]=> string(1) "1" ["show_parent_category"]=> string(1) "0" ["link_parent_category"]=> string(1) "0" ["show_associations"]=> string(1) "0" ["flags"]=> string(1) "1" ["show_author"]=> string(1) "1" ["link_author"]=> string(1) "0" ["show_create_date"]=> string(1) "0" ["show_modify_date"]=> string(1) "1" ["show_publish_date"]=> string(1) "1" ["show_item_navigation"]=> string(1) "1" ["show_vote"]=> string(1) "1" ["show_readmore"]=> string(1) "1" ["show_readmore_title"]=> string(1) "1" ["readmore_limit"]=> string(3) "100" ["show_tags"]=> string(1) "0" ["show_icons"]=> string(1) "1" ["show_print_icon"]=> string(1) "1" ["show_email_icon"]=> string(1) "1" ["show_hits"]=> string(1) "1" ["record_hits"]=> string(1) "1" ["show_noauth"]=> string(1) "0" ["urls_position"]=> string(1) "0" ["captcha"]=> string(0) "" ["show_publishing_options"]=> string(1) "1" ["show_article_options"]=> string(1) "1" ["save_history"]=> string(1) "1" ["history_limit"]=> int(10) ["show_urls_images_frontend"]=> string(1) "0" ["show_urls_images_backend"]=> string(1) "1" ["targeta"]=> int(0) ["targetb"]=> int(0) ["targetc"]=> int(0) ["float_intro"]=> string(4) "left" ["float_fulltext"]=> string(5) "right" ["category_layout"]=> string(14) "momentum:newne" ["show_category_heading_title_text"]=> string(1) "1" ["show_category_title"]=> string(1) "1" ["show_description"]=> string(1) "0" ["show_description_image"]=> string(1) "0" ["maxLevel"]=> string(2) "-1" ["show_empty_categories"]=> string(1) "0" ["show_no_articles"]=> string(1) "1" ["show_subcat_desc"]=> string(1) "1" ["show_cat_num_articles"]=> string(1) "0" ["show_cat_tags"]=> string(1) "1" ["show_base_description"]=> string(1) "1" ["maxLevelcat"]=> string(2) "-1" ["show_empty_categories_cat"]=> string(1) "0" ["show_subcat_desc_cat"]=> string(1) "1" ["show_cat_num_articles_cat"]=> string(1) "1" ["num_leading_articles"]=> string(2) "14" ["num_intro_articles"]=> string(1) "0" ["num_columns"]=> string(1) "0" ["num_links"]=> string(1) "0" ["multi_column_order"]=> string(1) "0" ["show_subcategory_content"]=> string(2) "-1" ["show_pagination_limit"]=> string(1) "0" ["filter_field"]=> string(4) "hide" ["show_headings"]=> string(1) "1" ["list_show_date"]=> string(9) "published" ["date_format"]=> string(0) "" ["list_show_hits"]=> string(1) "0" ["list_show_author"]=> string(1) "1" ["orderby_pri"]=> string(4) "none" ["orderby_sec"]=> string(5) "rdate" ["order_date"]=> string(9) "published" ["show_pagination"]=> string(1) "2" ["show_pagination_results"]=> string(1) "1" ["show_featured"]=> string(4) "show" ["show_feed_link"]=> string(1) "1" ["feed_summary"]=> string(1) "0" ["feed_show_readmore"]=> string(1) "0" ["sef_advanced"]=> int(1) ["sef_ids"]=> int(1) ["custom_fields_enable"]=> string(1) "1" ["show_page_heading"]=> NULL ["layout_type"]=> string(4) "blog" ["menu_text"]=> int(1) ["menu_show"]=> int(1) ["page_title"]=> string(71) "Invest Money - Strategies and Tools for your Investment Goals | nestegg" ["menu-meta_description"]=> string(180) "Let us help you decide how you want to invest your money on. Learn the best strategies in investing and options like cryptocurrency, bonds, mutual funds, property and stock market." ["secure"]=> int(0) ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["page_heading"]=> string(71) "Invest Money - Strategies and Tools for your Investment Goals | nestegg" ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["displayDate"]=> string(19) "2020-09-02 02:50:12" ["slug"]=> string(43) "15670:capitalising-on-the-covid-19-pandemic" ["catslug"]=> string(11) "302:podcast" ["link"]=> string(56) "/resources/podcast/capitalising-on-the-covid-19-pandemic" ["image"]=> string(43) "images/podcasts/Billie_Christofi_WEB_ne.jpg" ["image_alt"]=> string(0) "" } }

Latest Podcast

Capitalising on the COVID-19 pandemic...

Resources

There is $17.5 billion in lost and unclaimed super across ...

Invest

Is the Australian dream becoming more like the Australian nightmare?

By Simon Curtain

November 02 2017
Share

Invest

Is the Australian dream becoming more like the Australian nightmare?

By Simon Curtain
November 02 2017

With rising house prices, little wage growth and consistent changes to superannuation incentives, the path to wealth accumulation is arguably becoming more difficult to achieve, writes Hewison Private Wealth's Simon Curtain.

is australian dream australian nightmare

Is the Australian dream becoming more like the Australian nightmare?

By Simon Curtain

November 02 2017
Share

However, there are ways to future-proof your finances by focusing on priorities at each life stage.

Early adulthood:

At this stage you want to make sure you are putting your income to good use.

Bad debt

The temptation to spend more than you earn is easy. Avoid a “quick fix” solution like getting a credit card that charges interest rates at around 20 per cent. Instead, do what the financially savvy do: budget. Set yourself a goal and contribute regular amounts each month. It doesn’t have to be complicated, try an app like ASIC’s Money Smart app.

Repaying your home loan

If you have a home loan, concentrate on repaying it as quickly as possible. Paying an extra $100 per month could shave three years off the loan and save thousands in interest costs.

Invest in equities

With returns on term deposits hovering around 2 per cent it could be worth considering a direct investment in blue chip shares, or through a low cost investment vehicle like an exchange-traded fund (ETF) or listed investment company (LIC). Realise the power of compounding returns by investing early and holding assets for the medium to long term.

Superannuation

It’s difficult to get excited about superannuation at this early age. However, small steps now will make a significant difference in the future:

· Consolidate your accounts: to avoid paying fees on multiple accounts

· Check your investment option: Most funds will put you into a default investment option, which is usually balanced with an even mix of growth and defensive assets. Considering your long-term investment outlook, look at a growth orientated option

Insurance

This is the best time to apply for insurance to ensure you’re protected in the event of illness, injury or death: you’re generally healthier and the cover is cheaper.

It’s important to have enough insurance cover to repay your debts but it is even more important to have enough cover to financially protect your greatest asset – your ability to generate income. Income protection insurance is often tax deductible and provides an ongoing income stream in the event you are unable to work for medical reasons.

Middle age:

You’re generally at peak earning capacity here, so make hay while the sun shines! If you have a mortgage, a plan to pay it down is the key priority.

With spare income, you may consider:

Wealth accumulation

If you have increased equity in the home, consider drawing on it for wealth creation. If you are confident the return will be greater than the interest rate on the loan you could consider an investment property or shares.

Private school fees

If you have children and plan to send them to a private school, then saving for it while they’re young should be a priority. Given the long investment timeframe, it may be appropriate to invest regular savings in growth assets like blue-chip shares.

Superannuation

Salary sacrificing can be a powerful way to boost your super balance. The tax rate on super is 15 per cent, compared to your marginal tax rate which could be up to 47 per cent.

If your super balance has more than $250,000, a self-managed superannuation fund (SMSF) may be appropriate. An SMSF can provide an unprecedented level of control and flexibility over your asset base, enabling you to develop an investment strategy tailored to your individual situation.

Approaching retirement:

Congratulations! You’ve almost made it to the point where you can enjoy a more relaxed lifestyle, but don't take your foot off the pedal just yet.

Reassess your asset base – especially the family home

While your home has provided you with many years of enjoyment it is also worth considering if its value can boost your nest egg. Downsizing can provide you with a more suitably-sized home and release a substantial amount of equity from the family home, to be directed to your nest egg.

Superannuation

Your priority here is ensuring your super balance will provide you with a steady and reliable income stream throughout retirement. Reduce volatility to aid smoother returns.

You may also consider a transition to retirement (TTR) strategy. This enables you to access your super before retirement and provides an additional income stream should you choose to scale back your participation in the workforce.

Estate Planning

Review your Will to ensure your affairs are in order, and appoint a trusted individual to act as your Power of Attorney (PoA) in the event you lose capacity to make financial or medical decisions yourself.

What should you do now?

Working with a financial adviser will set you up to maximise your financial position throughout the various life stages.

Simon Curtain is a private client adviser and director with independent wealth management firm, Hewison Private Wealth.

Forward this article to a friend. Follow us on Linkedin. Join us on Facebook. Find us on Twitter for the latest updates

Rate the article

Investment insights

Retailers report strong HY21, with Super Retail set to refund JobKeeper

Certain Australian retailers are flourishing despite the government-mandated temporary store closures in 2020, with JB Hi-Fi reporting good sales growth and Super Retail Group pledging to hand back $1...Read more

Investment insights

Yes, working from home is risky. Here’s how to counter that

Before COVID, 26 million Americans worked from home part-time or full-time, and now that number has tripled. ...Read more

Investment insights

ESG is becoming popular but ‘greenwashing’ is a problem

Sustainable investing is back on the radar as a result of the COVID-19 pandemic, but experts warn that better standards around ESG products are needed to mitigate “greenwashing”. ...Read more

Investment insights

Federal Court case lodged to stop Qantas from outsourcing 2,000 jobs

Qantas is being dragged to court over its decision to outsource 2,000 jobs across 10 airports in Australia as part of a company-wide restructure. ...Read more

Investment insights

Where should you invest when interest rates are so low?

With the cash rate close to zero, this will have big implications for how you should invest your money to generate the best return. So, what are the options and which asset classes will best enable yo...Read more

Investment insights

Dividends in Australian shares – is the COVID lockdown lifting?

What happened during reporting season? Andrew Zenonos asks. ...Read more

Investment insights

How will falling Chinese foreign investment affect the Australian property market?

Foreign investment from China in Australian real estate has been quietly on the decline for several years. It peaked in 2015-16 at $31.9 billion and dropped significantly to $6.1 billion in 2018-19, ...Read more