Are Financial Advisors Fees Tax Deductible?

Are Financial Advisors Fees Tax Deductible

It’s tax season once more, but knowing what you may deduct can be difficult, especially when it comes to expenses for financial advice.

Financial advisors may also recommend tax-related advice to their clients. This is likely the case and occasionally inevitable given that we are dealing with financial problems.

Whether the price of financial advice is tax-deductible, however, is not that clear-cut. Financial advising costs are subject to the general deductibility rules.

This is because there are no special rules governing their deductibility. Which can make filing your tax returns a bit of a headache.

So, are financial advisors fees tax deductible? In this article, we are going to discuss which financial advisor fees are deductible and which fees aren’t.

How Do You Know When A Financial Advisor Fee Is Tax Deductible?

Advice fees are not subject to any special regulations regarding their deductibility. Thus, they are covered by the standard deductibility rules for other expenses.

According to these regulations, you are entitled to a tax deduction for any costs incurred in acquiring or producing income that is subject to taxation (officially referred to as “assessable income”).

With the exception of expenses that are made for capital, private, or domestic purposes.

In general, you can deduct the costs connected with investment advice from your taxes. As long as the advice you receive results in an investment that generates assessable income or is closely linked to one.

Additionally, fees that are not connected to a specific investment that generates assessable income are not deductible.

For example, the cost of a conference you attended to learn how to invest would not qualify as a tax deduction.

However, it is tax-deductible if you go to the conference to enhance your present investing portfolio.

Which Fees Are Not Tax Deductible?

The advisor fees are not tax-deductible if the goal of the financial advice is to create a plan, or if the advice is unrelated to assets or investments that currently provide taxable income.

Due to their lack of connection to the production of assessable revenue, the following fees are not tax-deductible:

  • Upfront Fees
  • Financial Plan Preparation
  • General Financial Advice
  • Non-Assemble Pension
  • Income Advice
  • Initial Investment Advice

This is due to the fact that the aforementioned costs have not yet increased your taxable income (annual taxable income).

These charges may be exempt from tax, if you obtain advice to modify an established investment portfolio that produces taxable income as a portion of your continuous portfolio management.

Are Financial Advisors Fees Tax Deductible

Common Financial Advisor Fees

Below are some of the more common financial advisor fees you may come across, and whether these fees are tax-deductible or not.

Investment Loan Arranging Fees

This is regarded as a borrowing expense, thus it is deductible from income tax over the course of 5 years or of the loan’s term.

The goal of this loan must, however, be to generate income, which would then be taxable.

Advice On Managing An Existing Investment Portfolio

Tax deductions are available for the cost of financial advice related to managing an existing investment portfolio.

The fees must, however, be connected to generating income in order to be fully deductible.

This means that only a portion of the costs will be deductible if the advice also refers to some goods that don’t generate an income.

This includes insurance premiums, managing pension funds, or private loans.

You could occasionally get suggestions to change the combination of investments you own.

These expenses will be deducted if managing your investments includes them as a necessary component.

However, if the expenses are related to creating an investment plan, they are not deductible.

Establishing An Financial Plan/Investment Portfolio

As a capital expense, this cannot be deducted from taxes. The Australian Taxation Office (ATO) issued a Tax Determination (TD 95/60) on this topic back in 1995, however this topic is currently under review so may be changed soon.

It claimed that there is insufficient correlation between making investments and profiting from such investments.

The expenses related to creating a financial plan also comes under this topic as well.

Advice On Cash Flow And Other Areas

Any advisor costs that have to do with management of cash flow or other matters, for example, like the need for insurance.

These are not related to producing assessable income for tax purposes and cannot be deducted as a business expense.

Financial Advisor Fees

Your financial advisor should ideally break down their fees.

This is so you have some supporting documentation for what may and cannot be declared as a tax deduction.

The ATO will approve a reasonable approximation, if your financial advisor isn’t able to offer you a complete breakdown.

For instance, 15% of your advisor’s fees would be tax-deductible, if they spent 15% of their time analysing your present income-producing investments.

The financial advising sector has been advocating for tax deductibility of all advice fees, including commissions, for over 30 years.

All of this appeal has so far gone unanswered by the government. Although, as mentioned above, the ATO is currently reviewing some of its regulations, so changes may be coming.

Are Financial Advisors Fees Tax Deductible - Final Thoughts

Unfortunately, it isn’t clear which fees are and aren’t exempt from tax. However, we have mentioned some of the most common financial advisor fees above, and discussed whether they are tax-deductible.

At the end of the day, if your financial advisor fee is related to ongoing advice for an existing portfolio or for an investment that is generating assessable income, then it is tax-deductible.

It is important that you have a clear breakdown of all the fees of all the work your financial advisor has completed.

This will help you to understand how much tax you may be able to deduct. Otherwise, you are allowed to provide a rough yet reasonable estimate.

We hope this article has been informative. Hopefully, you now have a clear understanding and can answer the question: are  financial advisors fees tax-deductible?

Does Refinancing A Car Hurt Your Credit

Does Refinancing A Car Hurt Your Credit

There are many reasons why someone might refinance their car.

Finding a better deal, needing more stability, or entering into a better financial situation is the most common.

However, just because you can refinance your car, doesn’t mean you should. We will explain all the details, and break down the process of car refinancing and answer the key question: does refinancing a car hurt your credit?

What Is Car Refinancing?

Car refinancing is when you switch or change your current financing contract. When you buy a car you can either purchase the vehicle out right, or you take out a loan.

These loans are called car finances, and they allow you to buy the car by paying for it monthly instead of all at once.

As with any loan, you will receive interest fees for the length of time you borrow money.

Refinancing is when you swap your current contract for a new one.

This normally means changing providers, but you can also refinance your car with your current provider but on a different contract.

The second contract “buys” the first contract, allowing you to move from one agreement to the next.

Why Refinance Your Car?

The most common reason to refinance your car is to get a cheaper deal. You may have started the contract with a poor credit score, and after a couple of years found yourself in a better financial situation.

With a better credit score, you could use a new provider with a cheaper APR or interest rate.

Others refinance their car to consolidate their loans as part of a new financial planning and management scheme by a financial advisor.

Instead of having multiple little loans, they take out one large loan which pays the little ones off. This is cheaper overall, as you won’t have to pay a flat fee from multiple lenders.

It also makes budgeting easier as you can see exactly how much you have left to pay, by looking at a single account.

Another reason to refinance your car could be due to financial issues.

If your income has lowered, and you cannot afford your current contract, you could reduce the monthly payments and increase the term or length of your agreement.

This is usually more expensive in the long run but allows you to keep your car.


Does Refinancing a Car Hurt your Credit?

Most people refinance due to payment changes. However before you agree to a new loan, you should consider how it affects your credit score.

Initial Decrease - Due To Hard Enquiry

Whenever you apply for credit, your credit score will automatically dip. This is because the lender will carry out a Hard Enquiry in the AU Market.

This enquiry allows the lenders to see your detailed credit history. However, it also lets other lenders know that you’re in need of money and are therefore a risk.

Requiring credit suggests you are in financial difficulty.

Because of this initial dip, you shouldn’t apply for more than one loan at a time.

Even if you’re attempting to gather comparative prices, allowing the lenders to create Hard Inquiries will create multiple dips in your credit score.

If a lender agrees to your refinancing plans, you can start paying off the loan as normal.

After a month or two of consistent payments (correct amounts and on time), your credit score will return to its previous figure.

Because of this, you shouldn’t be worried about the initial decrease. Instead, you should be aware of it, and restrain yourself from applying to too many lenders.

Initial Decrease - Due To Borrowing Amount

The amount you borrow will also affect your credit score.

Normally, your score will dip to reflect the new borrowing amount, however as you are refinancing you’re unlikely to borrow more than your previous agreement. This means the dip shouldn’t be big.

However, if you’re refinancing due to financial difficulties, and need to borrow a larger amount, you will see a large drop in your credit score.

Either way, the score will rise again in a month or two, as long as you stick to the payment plan.

Ability To Pay On Time

In your new contract, you will be told the recurring monthly payment plan.

This will include the day you need to pay before each month and the amount you need to pay. If you fail to make these payments correctly, your credit score will decrease and you will be fined.

This decrease will not go away after a month or two. Instead, it will stay on your credit history as a late payment and will remain there for 2 years.

This is the most significant impact your new loan will have on your credit report. However, the impact would be just the same on any loan. Late payments and underpayments have serious consequences.

How To Reduce Negative Impacts

The most important way to avoid negative marks on your credit report is to pay on time and pay the correct amount.

If you get this information wrong, you will be left with a 2-year permanent mark against your credit history.

Because you may forget about the loan, and therefore forget about making the payments, we recommend setting up a direct debit. 

This way your bank will make the same payment on the same day every month, automatically. It’s a simple fix for a big problem.

The second way to reduce negative impacts is to only allow Soft Inquiries into your credit history until you are ready to settle with one lender. Soft Inquiries are usually free and quick.

They don’t look into the details of your credit history but can gauge enough information to give you an estimated interest rate.

Using that data, you can figure out the best deal on the market, and allow that lender to make a Hard Inquiry. With just one Hard Inquiry in process, your credit score will not dip dramatically.


So, does refinancing a car hurt your credit? The short answer is no, refinancing your car will not affect your credit score dramatically. You can expect a small dip at the beginning of the process, but the figure will return to normal after a month or two.

What Increases Your Total Loan Balance?

What Increases Your Total Loan Balance

When you take out a loan, regardless of whether it is a government loan, a private loan, or a traditional loan, you will be subject to the accumulation of interest over a certain amount of time which is one of the factors that impact your total loan balance.

Many other things can impact this though, and it’s important to know what increases your total loan balance.

Paying less than the requested amount, making late payments, missing payments, deferment, having high credit card balances, having taxable income, having a high debt-to-income ratio, having a poor credit profile, and selecting an extended repayment period are some of the factors that can lead to an increase in the total loan balance. 

If you are considering taking out a loan, whether it be for your studies, your company or a home pool, you must have a fundamental understanding of loans and the process of repaying them.

This will allow you to reduce your outstanding loan balance to an amount that is within your means of repayment.

Here’s a more in-depth look at the many things that can affect your loan balance. 

Why Do My Loan Balances Keep Getting Higher?

In general, the balance on a loan could increase because of many reasons.

All borrowers would prefer to pay a minimal amount of interest on any loans they take out.

The amount of interest that a borrower is required to pay is determined not only by the rate the lending institution or the bank applies to the loan but also by the type of interest that is specified in the loan agreement.

Here are examples of some of the most typical causes that can lead to an increase in a loan’s outstanding balance:

Delayed Repayment 

One of the reasons why your loan balance keeps growing is because of delayed repayments.

Defaulted loans/ non-repayment of loans are typically met with repercussions from the lending institution, be it a bank or another lender. 

There are always significant penalties that harm your credit ratings if you take out a loan, fail to pay it back when it is due or make payments later than they should be.

You Have An Extended Payment Plan 

An extended contract will increase the outstanding balance of a loan.

Both selecting longer payback periods and selecting shorter ones come with their own set of benefits and drawbacks. 

With an extended payment plan, your monthly payments will be reduced to a more manageable amount over a longer time.

This means that the influence of the loan repayment won’t have any further effect on you.

Also, most debtors have access to a plan that allows for an extended payback period.

Given that an extended repayment plan is an option for all types of loans, this suggests that practically everybody could be eligible for such a plan.

The cumulative balance of the loan will go up if the repayment schedule is stretched out over a longer time.

If you opt for a longer payback period, you will pay more overall for the loan than if you opted for a shorter repayment period, as there will be more interest due overall. 

If you take out a loan for $1,000 to pay it back in just six months, for example, you will end up paying less overall than someone who has a repayment period of two years.

Most people, particularly those who are paid through an employer, would like to have a longer repayment period so they only pay a little amount each month.

This would allow them to have something reasonable left over after the loans have been withdrawn.

This is a benefit in the short term, but in the long run, you will end up paying more than you would have if you had opted for a shorter repayment period.

Making A Payment That’s Less Than What’s Requested

What Increases Your Total Loan Balance (1)

When you make a payment that’s less than the amount that is required, this results in a higher loan balance, which will reflect the total amount that you have repaid. 

If you’re supposed to pay an interest rate of 10%, but you only end up paying 5% on the first year in addition to the principal payments, then the 5% interest that you have not paid will be added to the principal amount of your loan. 

It’s extremely important to be aware of this when you make your repayments, and be sure that you pay the full amount that is due.

This will ensure that you don’t accrue any interest on the principal amount of your loan balance.

Missing Or Deferring Payments

Do not fall behind on your payments, as this is another example of what increases your total loan balance.

In the same way that delaying the repayment of your loan will increase the total amount that you will have to pay back, missing a payment, deferring (postponing the repayment), or simply not making a payment when it’s due will also affect the total amount of the loan that you will have to pay back.

Banks don’t like taking risks, and so if you miss a payment, you’re likely to get penalised, and if you have collateral security for the loan, you may end up losing the assets that you have tied as security for the loan.

When you miss/defer payment, the interest will keep rising, which also adds to the principal amount of your loan, depending on the type of loan, as that happens to most loan types.

This will affect your loan balance, and in the long run, your loan will become more expensive.

Summary of What Increases Your Total Loan Balance

These are just a few of the ways that your loan balance can increase. When you take out a loan, you need to carefully look at your financial plan to make sure that you’re able to make every payment on time. If you need some help, you might benefit from some advice from a financial planner, or increase you own financial literacy with some finance books or podcasts.

Timely payments are the best way to stop the interest building up which would cost you more in the long run. This also stops the lender from penalising you, which again will make those costs add up.

How To Survive Financially As A Single Mum

How To Survive Financially As A Single Mum

Being a single mother is tough. You will likely have less emotional and financial support than you would if you had a partner.

As a result, you may begin to worry about how you will survive financially as a single mum.

As a single mum, you may be primarily responsible for the welfare of your child. Depending on their age, this may mean that they are unable to work.

Though this will mean that you get to spend quality time with your little one, it can leave you financially weak. Research has found that 300,000 single mothers in Australia are living below the poverty line.

The good news is that you aren’t destined to experience financial turmoil just because you’re a single mother.

If you’re a struggling single parent, here are some terrific tips that will make your financial situation less stressful!

How To Survive Financially As A Single Mum

1. Split Your Finances From Your Former Partner

When you were dating an ex-partner, you may have set up a joint account so that you could both access finances.

However, if you’ve split up from your partner, you may need to close this joint account. This is particularly true if you are not sharing joint responsibility for the financing of child care.

To achieve financial freedom, you should move your money to a separate account.

You can continue to use this joint account with the other parent of your child if they are willing to contribute towards child care.

2. Child Care Subsidy

In Australia, single mothers can apply for the Child Care Subsidy, which is a great help to survive financially as a single mum.

The Australian Government created this financial support scheme to aid families that are experiencing financial difficulty, including single parents.

Just bear in mind that there are certain stipulations that you must meet before you can get this subsidy.

For instance, you will have to be responsible for paying for child care, which must be provided through an approved service.

Moreover, the child must be under the age of 13 and they must not be attending secondary school.

Not to mention, your entitlement will depend on a range of different factors, including your income. Other important factors include the number of children that you have and their ages.

If you are interested in applying for the Australian Government’s Child Care Subsidy (CCS), be sure to visit the website.

To apply for this subsidy, you will need to fill in a simple form.

How To Survive Financially As A Single Mom

3. Adjust Your Mindset

There is a certain social stigma surrounding single mothers that can be quite harmful.

Many people assume that single mums are destined to a life of financial destitution. If you’re a single mother, this can be an unhealthy mindset.

You shouldn’t fear your financial situation. Instead, you should search for opportunities to improve it. Take control of your situation and improve your financially literacy with the help of some financial books or finance podcasts.

This is a much more proactive way of seeing yourself as a single mother and a key step to survive as a single mum.

4. Get Insurance

Insurance is an effective method that allows you to protect your family. Insurance lets you prepare for worst-case scenarios.

If these scenarios occur, you can be left in a financially difficult spot if you don’t have insurance.

In particular, single parents should consider applying for health and life insurance.

Many single mothers assume that insurance will be too costly, but you can easily find a plan that works for you!

5. Boost Your Income

Improving your income is easier said than done. Yet, the most simplistic method of improving your finances as a single mother is to increase your earnings.

Here are some of the ways to earn more money so that they can survive financially as a single mum:

  • Consider getting a second job: of course, this will make it difficult for you to find time to raise your children and so may not be appropriate for all mothers.
  • Increase your hours: likewise, this might not work for every mother due to time constraints. But if you’re working part-time, it may be worth working extra hours. In particular, you can work extra shifts while your children are in school.
  • Request a salary increase: it can be intimidating to ask your boss for a salary increase, but it can be worth it! This method will work particularly well for employees who have been on the job for a long time and have a good performance history.
  • Try a side hustle: single mums can make additional cash through side hustles. For instance, if you have a passion for crafting, you can sell your goods through online platforms, such as Etsy.
  • Sell second-hand items: though sites like Facebook Marketplace and eBay, you can make extra cash by selling second-hand items that you no longer use.
  • Look for a different job: if your current job isn’t paying enough, it may be worth looking for an alternative job with higher pay.

6. Parenting Payments

Our final tip is to look into Parenting Payments. This is another scheme devised by the Australian Government that is designed to help families pay for child care.

This scheme is only suitable for parents with children under a certain age. For couples, the child must be under the age of 6.

However, for single parents, the child must be under 8 years old for you to receive this aid.

Provided that you meet the criteria, such as being under a certain income limit, single mums can receive significant Parenting Payments from the government.

Frequently Asked Questions

What Do Single Mums Struggle With Most?

Aside from financial difficulty, depression and loneliness can be common among single mums. Ensuring that you have emotional support from friends and family helps you to overcome this.

Do Single Mums Struggle Financially?

Yes, research has found that a significant number of single mums struggle with finances.

Final Thoughts

If you’re a single mother who is struggling with finances, you should take solace in that you are not alone. Many other single mums are finding it difficult to care for their children whilst also earning a decent income.

We hope this guide has provided some ideas on how to survive financially as a single mum. As we highlight, there are lots of different options for improving your financial situation. As a result, you can focus on being the best mum that you can be!

How To Prepare Financially For A Divorce

How To Prepare Financially For A Divorce

A marriage coming to a final end is never easy. There are so many things to think about when you and your partner separate, from housing to bills.

One of the most challenging parts of a divorce is separating your finances. It requires a lot of organising but you can take a few steps to prepare financially for a divorce.

In this article, we explain what you can do to get your finances sorted for your divorce.

Practical Ways To Prepare Financially For A Divorce

Separating your finances from the finances of your spouse can be a challenge but there are a few practical steps that you can take to get your financial status ready for your divorce.

Gather All Your Financial Information

First, you will need to have a good understanding of your current financial situation and financial position.

Gather any bills, paperwork and important financial documents that refer to you and your spouse.

It’s a good idea to make copies of these documents, so you and your partner can have access to them easily.

While the majority of financial documents may be online, such as your online bank account or on emails, you may also receive physical paperwork to your home address.

Gather all these documents and keep them in a safe place. You may also want to speak to a lawyer to find out what financial documents you need for the divorce.

It’s worth pointing out here that you shouldn’t hide any documents or assets that belong to you and/or your former spouse.

It’s a legal requirement to disclose all assets, including your financial position.

Organise Your Paperwork And Bills

There is a great variety of financial documents that you will need to gather and organise, including birth certificate, marriage certificate, all insurance policies, bank account statements, tax records, loan statements, mortgage statements, car registration and utility bills.

You will also need to keep your passport safe as well as any government benefits documents.

In addition to all the official documents, it’s also a good idea to make a note of any important dates, such as the date you separated.

This is important as you can only apply for a divorce in Australia when you and your partner have been separated for more than a year.

Your divorce lawyer will likely also ask you for a family profile which includes full names and contact details of your ex, your family and your employer.

Make sure that you have all these documents and notes stored safely. They should be accessible for you to hand over to your lawyer.

Update All Your Accounts

Once you have all your documents together, you know exactly what accounts need to be changed.

This could be your email account, bank accounts, mortgage, bills and any other accounts with your name.

You will need to cancel any overdraft facilities and close joint bank accounts. Update any super and ensure that any payouts go to your specified person.

If you have a lease or rental agreement, then make sure that you update these contracts.

How To Prepare Financially For A Divorce

Sort Out Your Mortgage

One of the biggest financial debts of married couples is the mortgage, which is one of the biggest things that couples need to sort out to prepare financially for a divorce.

Check with your partner how you want to handle any mortgage repayments until the property is either sold or settled.

You will then need to notify your mortgage lender and let them know that you have separated. Then, cancel the redraw and advise your bank of the cancellation.

If your name is not on your home, then it’s important that you speak to your lawyer about how you can protect your potential share of the property.

See A Lawyer And Get Support

One of the biggest mistakes that divorcees make is that they wait too long before they contact a lawyer.

It’s essential that you get legal advice as early as possible to ensure your finances are separated in the right way and you are as financially prepared for divorce as possible.

A good family lawyer with experience in divorce law does not just give you guidance on finances but he/she may also be able to provide advice on your entitlements and legal rights.

Your lawyer will ask you a variety of questions, including about your financial position.

He/she will be able to advise on alternatives to court proceedings and potential outcomes of your separation.

As there are a few time limits when it comes to handing in legal documents, it’s vital that you speak to a lawyer as soon as you decide to separate from your spouse.

Seek Support

Not only do lawyers provide financial support but you can also find more help when you contact your local authorities.

They will be able to give you more details on charities and other organisations that can give you advice before and after your divorce, and to help prepare your finances.

Create A Plan To Repay Any Debts

Once you understand your personal financial situation better, before and after the divorce, you will be able to create a financial plan.

This is a great idea if you want to pay any debt, such as credit card debt or pool financing. Or you want to save for a new car or house, or budget for a new apartment.

After you have organised your finances and finance documents, you may have to watch your money with some financial discipline.

Paying your debts off first before you start saving is the best option to prepare financially for divorce and to start a new financially independent life.

Learn To Live Within Your Means

Another aspect that’s often difficult before and after a divorce is the change of living standards, especially if you have to adjust to surviving financially as a single mum or parent.

A divorce always comes with lifestyle changes for you, your ex, any children and the rest of your family.

You may need to cut down on unnecessary expenses, such as subscription services, and match your lifestyle to your new financial situation.

Final Thoughts

A divorce is a difficult time for everyone involved but you can already get yourself organised before the official divorce proceedings by following the steps above for how to prepare financially for a divorce.

This can help you separate from your partner financially and you can also start building your new life with your own money and new financial goals.

Best Finance Podcasts in Australia

Best Finance Podcasts Australia (1)

Forget watching videos or reading a book, podcasts are the new and best way to learn new skills, and for very good reason.

In our ever-busy lives, who has time to read an entire book on a particular topic, or watch a whole video series on it?

With podcasts, you can listen and learn as you’re doing other boring tasks, like driving or doing the dishes. 

One of the best things about podcasts though is the variety.

No matter what topic or subject you’re interested in, at least one person, but probably many more, has made a podcast about it. 

Financial podcasts are becoming super popular these days, as everyone seems to be struggling a bit when it comes to managing their money.

There’s now loads of content available to pick from when it comes to expanding your financial knowledge and improving your financial situation.

Because there’s so much content to choose from, and a lot of it seems to be targeted at a US audience, for anyone outside this area (hello Aussies!) finding the right info can be tough.

That’s why we’ve made this list of the top 19 very best finance podcasts in Australia for you to try out. 

These podcasts can teach you vital lessons on budgeting, investing, property, shares, superannuation, tax, and a variety of other topics related to personal finance. 

Finance podcasts are like having a financial guide in the palm of your hand since they cover a wide range of topics, from assisting novices through the process of budgeting for an apartment or financing a pool, to providing professional tips and tricks for conquering the stock market.

Whether you’re just starting out with budgeting or are trying to build your investment portfolio, these are the very best podcasts to get started with.

The 19 Best Finance Podcasts in Australia

  1. The Australian Finance Podcast 

Each episode of the Australian Finance Podcast serves as your personal guide to putting your financial situation in order.

Your hosts, Owen and Kate, will provide you with knowledge and techniques that are immediately applicable to your situation and that you can put into action now. 

The hosts give a crash course approach to “sorting out your finances”, and explain everything in a simple and easy way so you can quickly apply their advice to your own life. 

  1. The Australian Investors Podcast 

Owen Raszkiewicz, the founder of the Rask Group, and the host of the podcast above is also the host of this financial podcast.

In every episode, Owen interviews a different expert in finance and investments.

The guests discuss their perspectives on the market and offer advice to any would-be investor listening.

What’s great about this podcast is that the guests not only discuss their investment expertise but also their personal tales, primarily focusing on how they got started in the industry.

This is one of the aspects that we really enjoy about the show, as this creates a conversation that is not only entertaining but also has multiple layers and helps you to better understand and apply their financial advice. 

  1. My Millennial Money

Glen James, the founder of, is the host of the podcast My Millennial Money.

John Pidgeon, an expert in real estate investment, periodically joins James as a co-host for the show.

In each episode, the hosts cover a new topic connected to personal finance, money thinking, or conversations with industry experts and average Australians.

These topics and interviews vary from week to episode.

Personal finance is discussed in a humorous way from the point of view of the millennial hosts.

The podcast features a wide range of speakers discussing current events and provides an even mix of informative financial advice and lighthearted conversation.

What we appreciate most about this finance podcast is that it’s hosted in the format of an open-ended conversation around a table, and the hosts’ goals are to educate, inspire, and, with any luck, entertain you as they share their financial advice. 

  1. She’s On The Money 

This popular financial podcast is hosted by Victoria Devine, a millennial money expert and financial adviser, who loves having conversations about money that are approachable, enjoyable, and simple to comprehend.

It’s like having a martini with a very financially stable girlfriend. 

The goal of this podcast as Victoria says is to “take the fear out of finance” so that you can gain the confidence you need to make the very best decisions about your financial future.

She’s On The Money has become one of the most popular and best finance podcasts in Australia.

The program covers general investing, but it also delves into other aspects of personal finance, such as creating a budget and understanding the various health insurance options many Aussies struggle to understand. 

One of the best parts of this podcast is that it’s by women, for women (although of course, anyone can listen!).

Almost all financial advisors are men, and their tips are geared mainly towards men in finance.

She’s On The Money is helping an entire generation of women become more financially knowledgeable and makes investing and finance, in general, less daunting. 

  1. Motley Fool Money

Scott Phillips is joined by Andrew Pag to provide commentary on the Australian stock market, including a discussion of recent market events and an analysis of individual stocks. 

This podcast tries to inform you of what is “actually going on” and what you need to be aware of so you know exactly what you have to do to protect your finances. 

  1. The Property Couch 

When it comes to learning anything and everything related to real estate investing in Australia, Bryce Holdaway and Ben Kingsley are there to help, and they do it in a very informal way making it all very easy to understand. 

This podcast provides an insider’s guide to real estate investing, as well as finance and money management.

It offers advice on everything from how to win at auctions to how to select the investment strategy that will work best for you.

  1. How To Money 

The How to Money podcast hosted by Kate Campbell takes listeners on a journey through their financial education, covering topics such as first jobs, superannuation, and credit cards. 

This podcast is helpful for people who have a hard time remembering what school taught us about money, and also gives new helpful tips and tricks to managing your finances. 

  1. The Money Puzzle 

James Kirby, the Wealth Editor for The Australian, and other business and finance professionals discuss a variety of topics, including banking, investment, property, trade, politics, and more.

This podcast will help you make sense of the complex world of finance and have a better understanding of news that investors should be paying attention to.

Alan Kohler, the Editor-in-Chief of the Eureka Report, records a weekly conversation with his co-hosts Stephen Mayne and James Thomson (both of whom are finance journalists), as well as the odd special guest, in which they discuss the most recent events in the world of finance. 

This is a great financial podcast as not only will listeners receive a healthy dosage of financial news and insightful insights, but there is also a substantial amount of other content such as general news that everyone should know about. 

Best Finance Podcasts Australia
  1. Equity Mates Investing Podcast

Alex Renehan and Bryce Leske examine the fundamentals of playing the market in the Equity Mates Investing podcast.

Topics include everything from initial public offerings (IPOs) to exchange-traded funds (ETFs) to risk management and investment techniques.

Hosts Bryce and Alec, both of whom have a keen interest in the financial markets, offer an approach to the topic of investing that’s both approachable and enjoyable, keeping it light to make sure you don’t get bored halfway through. 

This is an excellent podcast for people who are just starting out in the investment world since the presenters do a good job of simplifying many difficult and daunting ideas.

  1. Property Investment, Success & Money – Michael Yardney 

Michael Yardney, one of the most respected property critics in Australia, sits down with industry leaders to explore how to achieve greater levels of success in the realms of property and finance.

Yardney is committed to helping you “multiply your wealth” by talking about a variety of topics, including property investment and financial news.

If you’re looking to have more success in property, or if you’re looking to get a better handle on your personal finances, and especially if you’re keen to better understand the mindset and habits of rich and successful people, then listen to Michael Yardney.

He and the other experts will discuss how rich and successful people think and work so you can apply those same ideals to your life. 

While the primary topic of discussion in this podcast is investing in real estate; other aspects of building money and achieving success are also talked about in-depth. 

This podcast is released twice a week and provides an in-depth look into all aspects of the real estate industry in Australia.

Yardney is widely regarded as an authority on the subject of investment properties as a result of his nearly ten years of experience writing about them. 

This podcast is one of the best as it investigates the most in-depth questions and intricate scenarios about the topic of property investment.

  1. My Millennial Money Medical

While the Australian healthcare system is miles ahead of many other countries, understanding health insurance plans and how these fit into your overall finances can be a struggle.

That’s why the hosts of the My Millenial Money have made this side podcast to talk all about this topic in-depth. 

This podcast (previously known as Dev Raga Personal Finance) simplifies complex financial concepts and unpacks all aspects of personal finance for busy healthcare professionals

My Millennial Money Medical is made by SYMO interactive, the same company that is responsible for the very popular my millennial money broadcast and is hosted by Melbourne-based doctor Dev Raga.

  1. The Wealth Collective 

The topic of discussion on Pekada’s podcast, The Wealth Collective, is how to simplify financial matters.

Investing and personal finance are topics that will be discussed on this financial podcast, which is hosted by Zac Masters and Pete Pennicott, both of whom are financial advisers. 

Through this podcast, you can expect to learn valuable insights, tips, and perspectives from industry professionals while also enjoying some good laughs along the way.

  1. Finance And Fury 

Finance and Fury pick up where your official education left off, bringing a unique perspective into the realm of economics, personal finance, and growing wealth with three separate episodes each week.

In the episodes that air on Mondays, the hosts take a straight look at personal finance so that you can begin the week with the ability to act independently and make your own decisions regarding your finances, rather than simply following the crowd.

  1. Shares For Beginners 

In this podcast, host Phil Muscatello talks to people that are already successful in the financial sector so that you can learn what to do, what questions to ask, and hopefully how to avoid losing money. 

Phil Muscatello is in the same boat as you; he wants to profit from the stock market, but he finds the terminology to be difficult to understand.

Like you, he wants to be able to make judgments based on accurate information. Because of this, the goal of this podcast is to educate ourselves together on the basics of Shares for Beginners.

The best part of this podcast is that it’s exactly what its name implies; that is, it is designed for people who are just starting out in the stock market.

It simplifies difficult concepts and themes about investments and presents them in a way that even someone who has never done anything related to investing should be able to understand.

  1. Aussie Firebug

This podcast, which is hosted by a person who only goes by the alias “Firebug,” has a significant emphasis on achieving financial independence, which is accumulating enough money from your investments to basically eliminate the need to work. 

Each edition of the podcast features a new conversation with an individual who has already achieved or is on their path to achieving financial independence.

What we enjoy about this pick of our best financial podcasts is that it gives us a new viewpoint when it comes to finances and makes it more interesting by allowing regular individuals to share their stories on how they become financially independent.

  1. The Richards Report

During the time when host Ted Richards was serving as the Director of Business Development at the investment services company Six Park, he started this podcast in which he discussed the fundamentals of investing.

Even though Ted no longer works at the company and so no new episodes have been released for a while, there is still some useful stuff that can be accessed and listened to on the website.

What we enjoy about it is that Richards was able to conduct interviews with a number of really intriguing people, such as former Australian Football League captain Chris Judd and former Finance Minister Lindsay Tanner.

These people give their unique insights on how they handle their own finances, and how you can become financially stable. 

  1. Your Wealth

This podcast is hosted by Gemma Dale of NAB, and the topics covered include methods and suggestions for accumulating wealth, with a primary focus on investing.

What we appreciate about this podcast is that Dale discusses a new topic every week.

These topics range from the various tools and investment instruments available to discuss the impact that technology has had on investing internationally.

No matter what part of investing you’re interested in or what to learn more about, we almost guarantee that Gemma has done an episode on it. 

  1. ABC’s The Money

Looking for a comprehensive overview of the Australian economy and how it fits into the bigger picture of the world economy?

This is an excellent podcast to start with. 

This broadcast is a superb weekly release that deserves a download or two from every Australian citizen because it debunks economic myths and reports on a wide range of topics, including poverty, import and export, and even population patterns.

  1. The Pineapple Project

Even if the show now covers topics other than financial matters, the first season is still excellent and should not be missed, which is why it’s made it onto our list of the best finance podcasts in Australia

Claire Hooper, the hilarious host of this show, guides you through the dangerous waters of managing your money, from getting out of debt to purchasing your first house and even discussing the relationship between money and relationships. 

The Pineapple Project is a documentary series that is produced by ABC; so, if you are a lover of high-quality reporting and storytelling, you should give this one a try.

Wrapping up

If you’re looking to improve your financial literacy and make smarter decisions about money, then finance podcasts are a great place to start. 

With so many great options out there for Australians, finding the right one can be daunting. That’s why we’ve put together this list of top 19 very best finance podcasts in Australia that cover a wide range of topics from budgeting to investing, superannuation to tax. 

Whether you’re just starting out or an experienced investor these are some of the best financial podcasts available. So grab some headphones and tune into any one (or all) of these fantastic resources – it could really pay off!

How To Finance A Pool

How To Finance A Pool (1)

Some people in Australia will be able to finance their inground swimming pool with their own savings.

However, most Australians will have to look at other means of financing that substantial purchase, and there are options available.

These can include secured loans, unsecured ones, and Handypay. It is worth noting that an inground swimming pool should increase the value of your home so read on to find out how to finance a pool.

Secured Loans

If you want to use the value of your home to effectively secure a loan then use it as collateral in a secured loan.

That does mean that should you default on that loan, the bank can claim the rights to your home to retrieve their money.

Despite this important factor, a secured loan is the most common and popular option to finance an inground swimming pool as it means homeowners can borrow against their home’s equity.

It is also worth noting that secured loans should have a lower interest rate while the payments are typically spread over a longer period of time as opposed to other types of loans.

Unsecured Loans

Unlike a secured loan, an unsecured one is not attached to collateral like your home which may be a relief.

In fact, unsecured loans are increasingly risky for a lending institution like a bank as the interest rates are comparatively higher with payment terms reduced to a shorter period of time.

You may find out that the majority of lending institutions will refuse to lend out over $30,000 in the form of an unsecured loan though you may find one that will go up to $40,000.

Qualifying For Loans

To find out if you qualify for a loan to finance your inground swimming pool, work out the most up-to-date equity in your home.

That should tell you how much you have available for a secured loan and you can contact a lending institution with that sum in mind.

In turn, the lending institution should have a good idea of the programs and rates that they can offer too.

For an unsecured loan, do your research on those lending institutions that offer them to see if the amount they offer can cover the project.

How To Finance A Pool

Various inground swimming pool builders use Handypay as their way of providing swimming pool finance.

Handypay offers a relatively straightforward payment plan which is tailored to your swimming pool project.

Their mantra is ‘swim now, pay later’ which sounds inviting enough so start by selecting what type of pool you want.

Apply to Handypay for their buy now and pay later option then you should be approved swiftly and the vendor will be paid the upfront cost of your swimming pool purchase.

One of the useful elements of using Handypay is how the repayments for your swimming pool will be scheduled conveniently in line with whatever your income is.

They offer a range of flexible payment plans from as little as $2,001 to as much as $75,000 over a period of one to seven years.

Even their repayment options are flexible as they can be weekly, fortnightly, or even monthly. There are some requirements which you would expect from any lending institution.

Applicants simply must be over 18 years of age, be an Australian Citizen or Permanent Resident, must receive an employment income, and the swimming pool has to be for consumer use only.

What may prove reassuring is that Handypay is proudly associated with the Australian Swimming Pool and Spa Association, as well as Master Builders in Queensland and New South Wales.

Handypay also offers a lifetime structural warranty on all of their inground swimming pools so all you need to do is find your local pool builder to get started.

How A Pool Can Increase The Value Of Your Home

However you decide to finance your pool, remember that it should add value to your property. That’s an important factor to consider as most lending institutions will bear that in mind when they are calculating the loan.

If you do decide to sell your home in a few years time, then having an inground swimming pool should help your home’s marketability.

Make sure that your swimming pool is in good condition as one that has seen better days may actually reduce your home’s value.

Final Thoughts on How to Finance a Pool

Before you decide on how to finance a swimming pool, check out your local area to see if you truly need one.

If your local council has a community pool, or has plans to build one, then your own swimming pool may not be as valuable in the future as you imagine.

Sure, having the privacy of a swimming pool in your own backyard is a great thing to have, prospective homebuyers may prefer that space for something else in their backyard.

However, if there is not a pool for miles then deciding to finance and build an inground swimming pool could prove to be a sound investment in the value of your home.

Frequently Asked Questions

How Difficult Is It To Finance An Inground Swimming Pool?

Financing an inground swimming pool should not be more difficult than any type of home improvement project.

You should start by working out the current equity of your home and then work on your own credit score

Lending institutions prefer borrowers who have excellent credit and they can borrow at lower interest rates.

You can even improve your credit score by ensuring that your debt payments are on time and you are paying down all of your balances responsibly.

If you feel overwhelmed with how to go about budgeting for or how to finance a pool, than it might be worth working with a financial planner to help you out.

How Much Work Goes Into Maintaining An Inground Swimming Pool?

You may only use your inground swimming pool once or twice a year during summer or the holidays.

However much you use it, you should be putting an effort in each day to look after it.

That could be something simple like emptying the filters or skimming out leaves, and debris but there are other, more meaningful, and time-consuming ways to maintain your pool.

That includes testing the pH level in the water as well as covering it with a sheet, opening, and closing it too.

How To Budget For An Apartment

How To Budget For An Apartment

It can be difficult to come up with a budget for an apartment, particularly if you’re not experienced with handling your money.

Whether you’re moving into your first place, saving after your first full-time position, or moving after a divorce, it can be a lot thinking about all of the things you will be spending on.

Fortunately, there are steps you can take to budget for your apartment, which are very simple to do!

We’ll cover how to budget for an apartment in this post, including some basic categories you’ll need to consider and how to make a budget worksheet.

Budgeting For Your Apartment

Many individuals try not to think about budgeting, as it can weigh a lot on the mind. (Although, if you’re looking to increase your financial literacy, these books are great resources.)

However, laying out some simple expense categories can help make budgeting easier, even if you’re not that great at maths!

One of the easiest budgeting methods is to produce a worksheet, either online or in a notebook, depending on your preferences.

You’ll be noting down every dollar you spend in this template for one whole month.

The spreadsheet should consist of three columns: the date, expense, and amount that was spent.

Once the month is up, go through the list and separate the expenses into the seven groups below, then calculate the total money spent in every category.

These categories are:

  • Rent: You may pay rent at present, but this might be much less than your desired apartment.
  • Services: These are monthly essentials, like electricity, internet, gas, and cell phone bill
  • Monthly costs: Expenses per month, like gasoline, health insurance, car insurance, or bus fare
  • Loans/Debt: Debt or loans, like student loans, credit cards or car payments
  • Savings: Anything you put into a savings account, like annual expenses, moving costs, car registration fees, etc.
  • Entertainment and social fun: Make sure you set money aside for fun and social activities
  • Food: It’s a good idea to separate home dining and eating out costs.

Making An Apartment Budget Spreadsheet

After you’ve made a spreadsheet with your current expenses, you’ll need to make another one with your projected expenses after you’ve rented an apartment.

You can then look at any budget adjustments required after you’ve moved into a new place.

Align your anticipated budget spreadsheet next to your current one, then go over each category to find any spending regions that need changing.

  • Rent: It’s best to avoid rent which goes over 35% of your take-home income.
  • Services: Your rental contract may need you to pay other utilities, like water or electricity.
  • Monthly costs: Make sure you buy renters insurance along with any other monthly costs.
  • Loans/Debt: As above.
  • Savings: As above.
  • Entertainment and social fun: As above.
  • Food: As above.

You can track your possible expenses with an easier method. Simply create a three-column chart with the categories: necessities, wants, and savings.

Half of your spending costs should be spent on necessities, which cover essentials like rent and utilities.

30% should be spent on wants, which cover features like travel, while the remaining 20% should go into your savings.

Calculating Moving Expenses

How To Budget For An Apartment (1)

A large component of budgeting for an apartment will also go into several one-time fees.

It’s essential to financially prepare for these costs before you move, as this will avoid any extra money worries.

Application Fees

Many landlords charge non-refundable application fees to recognize serious applicants.

Application fees are around $100, so make sure you factor this into your moving expenses.

Security Down Payments

Security deposits are usually around a month’s rent, though your landlord may require your last and first month’s rent.

If there aren’t any damages when you move from the apartment, you should receive your security deposit back.

You can find the conditions for your security deposit in your lease.

Moving Vehicles

If you have lots of large furnishings, or are moving a great distance away, you might need to pay for a moving truck.


Similarly, if you have lots of heavy fittings or are traveling across the country, you might need to employ movers that can help you move.

Bear in mind that if you’re moving to a place within the same location, you can reduce the moving costs by asking family and friends to help you move.

Budgeting For Apartment Furnishings

You’ll need to consider the cost of furnishings after you’ve chosen your new apartment.

New, unfurnished places will require lots of items, but the cost of these can increase rapidly.

Other than furniture, you’ll need to consider linens, cookware, dishes, and home decor to make your apartment your own.

If you’re on a lower budget, you can reduce the cost of these by opting for used furniture and looking in resale stores.

Friends and family may have additional items which they don’t need anymore, which can be especially helpful if you are a single parent.

You can also opt for a furnished apartment if you don’t want to pay for furnishing expenses.

Saving For An Apartment Tips

Make sure you go over your present monthly expenses. After you move, a large amount of your take-home income will be spent on rent. Think about what are the largest expenses that you spend today, as well as how you can change these expenses.

A great way to save for your new apartment is to act as though you’re currently paying rent.

Place this money into a different savings account, so you aren’t tempted to take the money from your debit card.

If you do this successfully for three months, you’ll have saved a month’s security down payments and a lot of your moving expenses.

You’ll also have become adjusted to living on a budget, so it won’t be much of a shock to move into a new place.

If your budget is still too tight after taking all of these steps, think about getting a roommate to share the expenses.

Final Thoughts on How to Budget for an Apartment

Budgeting for a new apartment can seem difficult, but it’s an important skill that can help you avoid financial problems in the future.

Thinking about your current expenses, projected expenses, moving costs, and furnishing costs can help you navigate the real estate world. We hope that this article has given you some great tips on how to budget for an apartment.

The 11 Best Financial Literacy Books

Best Financial Literacy Books

Even though everyone seems to be struggling at the moment when it comes to money, people aren’t sure what they can do to solve their financial issues.

Many people have struggled to save money, and with the cost of everything rising, it’s only getting worse.

For some, they’d be lucky to have even $1000 in savings, though a lot of people don’t even have that.

This isn’t a problem because “you should save money,” but rather because not having savings puts you in a very precarious position.

Bad luck always seems to come around when we’re at our poorest. You don’t want to be caught off guard when anything like that occurs, such as illness or divorce.

That’s just the most obvious reason why you need to get better at managing your money, though there are plenty of others.

There are other ways in which money can make our lives easier, such as allowing us to retire in peace, having enough to invest in a new venture, and freely giving to friends, family, and charitable organizations.

For advice on your money, you’d only want the best. That’s why we’ve rounded up this list of the top 14 financial books that you should read.

Consider reading one or more of these books if you want to get more knowledgeable about managing your money, become wiser in how you spend and save, and learn how to invest your money to build up your freedom.

Keep reading to gain financial freedom!

Best Financial Literacy Books

1. Rich Dad Poor Dad – Robert T. Kiyosaki

This book will help you develop the mindset and financial understanding you need to establish a life of riches and independence.

This education is taught by telling the narrative of a youngster who has two fathers, one rich and one poor. 

Even if you haven’t dived that deeply into the pool of financial advice books, you have almost certainly heard of this one.

Since it was published it has been criticized for its provocative content, but it’s effective in its goal of motivating readers to take action. 

This book is mainly based on author Kiyosaki’s life, in which he learnt two distinct ways of handling money from his father and that of his best friend.

The book is based on this experience. 

The lessons cover a variety of topics, including how to think about money as a concept, the fundamentals of accounting, budgeting, and investing, and how to manage your finances so that they work for you rather than against you. 

You will find that putting the advice into practice is enjoyable by the time you have finished reading this book. 

Main Lessons 

  • Use your money to acquire assets, not liabilities.
  • Instead of trying to prevent them, risks should be managed.
  • Work should be done for education/fun, not money.

2. The Barefoot Investor – Scott Pape

The Barefoot Investor is a straightforward guide to taking control of your finances written by an Australian farm boy who worked his way up.

It outlines a straightforward method to get rid of debt, enjoy life in the present moment, and how to retire in peace knowing that you’re taken care of.

Scott Pape is widely regarded as Australia’s most credible authority on personal finance.

More than one million copies of his book have been sold. Pape, despite having spent his childhood on a farm, dreamed of becoming wealthy through the stock market.

That did not go as planned. Pape moved back to the farm and now utilizes the idea of living a simple life as a metaphor for how one should handle their finances. 

The book guides you through the process of regaining control in three stages: planting, growing, and finally harvesting your money.

He offers both straightforward recommendations and unconventional guidance. This is a fantastic book for beginners.

Main Lessons 

  • Utilizing multiple bank accounts will help you manage your money more efficiently.
  • Shred all of your credit cards before you start making payments toward your debt.
  • Using index funds can help you automate some of your preparation for retirement.

3. The Intelligent Investor – Benjamin Graham

This book explains value investing, which is centred on the generation of consistent profits over a very long time.

This is accomplished by disregarding the present market and selecting companies based on their high intrinsic worth.

Some people call this book the single best book on investments that has ever been written.

It is based on the lessons that “co-author” Warren Buffett learned as a young student from Benjamin Graham, who taught those lessons. 

Warren Buffett learned that value investors seek out businesses that exhibit strong fundamentals and then purchase the stocks of those businesses at a discount.

After that, there’s nothing left for them to do but wait. At some point, their true value will become apparent and you should be able to make quite a bit of profit. 

Main Lessons 

  • Intelligent investing adhere to three guiding principles: consider the long term when making decisions, take precautions to prevent financial loss, and avoid chasing after excessive profits.
  • Never put your faith in Mr Market since in the short and medium terms he can act quite irrationally.
  • Maintain a methodical approach to how you make all of your investments, and you should be successful.

4. The Millionaire Fastlane – MJ DeMarco

The Millionaire Fastlane identifies the flaws in the traditional “go to school, work hard, retire rich” model, and offers a fresh perspective on what constitutes wealth, as well as outline a strategy for reaching financial independence at an early age.

Though this title makes this book seem like a quick rich scheme, it’s far from it. Instead, it’s a tale about tenacity, bravery, taking chances, and thinking outside the box in unique ways.

When MJ DeMarco was a teenager, he saw a man driving a Lamborghini.

This experience made him realize that he wanted to be wealthy, but he didn’t want to put in 40 years of hard labour to get there.

He started his own company, then sold it and bought it again, and by the time he was 33, he was a multimillionaire and could retire. An inspiring read!

Main Lessons 

  • Money isn’t one of the things that wealth represents, but health, relationships, and freedom are. These are the things that matter in life.
  • At some point in time, you will need to free your income from being dependent on the amount of work you put in.
  • Imagine yourself in the role of a producer, rather than a consumer.
Best Financial Literacy Books

5. I Will Teach You To Be Rich – Ramit Sethi

This book is a guide that teaches you how to save money on autopilot so that you can spend freely on the things that bring you joy without feeling guilty about it.

In 2004, Ramit Sethi began his blog in the dorm room of his university. He started slowly by selling an ebook for a few dollars, but once he realized the potential of making money online, he went all in. 

After 15 years, his company GrowthLab has generated millions of dollars in annual income from its online courses.

His book, which became a bestseller in The New York Times, will teach you how to save money in every aspect of your life, indulge in the things that bring you joy, and program your retirement savings.

And all from a practical point of view from a person who has been there and done that.

Main Lessons 

  • You are the only person to blame for the difficulties you are experiencing financially.
  • Find out how much money is coming in, and then set it up so that it goes exactly where you want it to go.
  • Start putting money down for your future right now, even if it’s just a dollar.

6. The Automatic Millionaire – David Bach

The Automatic Millionaire is a plan for growing money without having to rely on fixed percentages, tiny payments, and automatic transactions.

This approach is broken down into a series of actionable, step-by-step instructions.

David Bach’s grandmother took him to McDonald’s when he was seven years old. Odd place to start we know.

She explained to him over lunch that there are three types of people in the world: those who eat at McDonald’s, those who work at McDonald’s, and those who invest in McDonald’s. 

Taking this mindset to heart, many years later Bach rose through the ranks to become a vice president at Morgan Stanley.

Today, he publishes books and has a consultancy business.

Seven of his books have been best sellers on the New York Times bestseller list, but this one is the most actionable guide to accumulating wealth.

Main Lessons 

  • A modest amount set aside each day will quickly add up to a sizeable sum.
  • You should prioritize making payments to yourself to protect your financial future.
  • You can invest in a disciplined manner with automatic instalments, which eliminates the need for you to be personally disciplined.

7. Secrets Of The Millionaire Mind – T. Harv Eker

This financial book argues that our level of economic success is not predetermined at birth, so just because you were born poor doesn’t mean you have to stay that way.

It teaches you how to overcome mental obstacles to acquiring the behaviours and ways of thinking that are characteristic of wealthy people.

T. Harv Eker examined his own relationship with money after experiencing the emotional ups and downs of starting, selling, losing, and failing at over a dozen different enterprises.

It dawned on him that he had simply followed in his parents’ financial footsteps, as do the vast majority of us. 

The negative financial lessons that you’ve always held true will be easier to erase with the guidance of this book, and you’ll be able to replace them with sound financial habits and ways of thinking.

Main Lessons 

  • You have a natural tendency to imitate the methods your parents used to make money.
  • If you want to be in command of your financial situation, you must first acknowledge that you are the one in control.
  • If you look down on others who are wealthy, you will never achieve financial success for yourself.

8. Money: Master The Game – Tony Robbins

In his book “Money: Master the Game,” Tony Robbins interviews some of the world’s most successful billionaire investors and compiles their insights into seven straightforward steps that can be taken to achieve financial independence.

Tony Robbins spent ten years researching to write this book. After the economic collapse that occurred in 2008, he decided to assist regular people in securing a prosperous future for themselves. 

After speaking with many different financially successful billionaires, such as Ray Dalio, Warren Buffett, and Jack Bogle, he compiled the greatest methods that each of them had to offer. 

The book covers a wide range of topics, including how to alter your thinking, how to save money, and how to allocate assets.

Simply having access to the transcripts of the interviews makes purchasing the book more than worthwhile.

Main Lessons 

  • Never, ever undervalue the multiplicative effect that compounding interest can have.
  • You can demonstrate to yourself that financial independence is within reach by choosing one of these three financial goals: basic expenses, basic expenses plus enjoyment, or financial independence.
  • You should use a three-bucket strategy to diversify your finances. You should have a a growth bucket, security bucket, and a dream bucket.

9. The One-Page Financial Plan by Carl Richards

By teaching you how to organize your entire financial future on a single sheet of paper, the One-Page Financial Plan eliminates the sense that financial planning is a burden for people who struggle with self-discipline.

Over the past twenty years, Carl Richards has worked as a financial advisor for a variety of companies including Wells Fargo, Merrill Lynch, and others.

Some of the financial-style drawings that he posts on Instagram have gained widespread attention.

These thoughts are illustrated on a single sheet of paper, which allowed him and his wife to better plan their financial future.

His book will teach you how to achieve the same results.

Main Lessons 

  • Establish some objectives, but remember to maintain flexibility and hone your approach as you go.
  • Make saving money more enjoyable by turning budgeting into a game.
  • Consider the amount you pay toward debt to be an investment in your future.

10. The Little Book That Beats The Market – Joel Greenblatt

This book is an instructional guide that walks readers through the process of applying a straightforward mathematical formula to their stock purchases to ensure profitable returns over the long run.

Joel Greenblatt is an investment legend. From 1986 to 2006, his investment company, Gotham Funds, achieved an annual return of more than 40 per cent through those 20 years. 

Joel has been successful in transforming Benjamin Graham’s approach to value investing into a method that requires only annual updating thanks to the straightforward formula he developed.

In 2005, he committed it to paper to give to his kids, and eventually to us in the form of this book. 

This is your best bet if you’re searching for a specific investment strategy that requires little to no effort on your part.

Main Lessons 

  • When analyzing equities, you should look at the earnings yield as well as the return on capital.
  • Find successful businesses by ranking these two components and combining them.
  • Be patient, as this method’s lack of popularity is directly attributable to its success.

11. Think and Grow Rich – Napoleon Hill

Research conducted over twenty years on more than five hundred different people led to the compilation of the book Think and Grow Rich, our final pick of best financial literacy books.

This book is a compilation of the 13 most frequent habits of wealthy and successful people.

This is a pretty odd book in that it’s very old, but all of the advice in it is still as strong and sound as it was in the past.

Napoleon Hill spent twenty years conducting interviews with prosperous people, having been tasked with doing so by none other than the steel tycoon Andrew Carnegie.

As a result, in 1937, the book was released, and it has since sold over seventy million copies. 

This is a book on thinking, having a vision, and doing the work necessary to achieve your goals. 

Main Lessons 

  • Employing autosuggestion is a great way to create an unshakable conviction in oneself.
  • Be resolute and unwavering in your commitment to your choices.
  • Consider joining a Mastermind group to accelerate your personal growth.


These are, in our opinion, the best financial literacy books ever written, and they can help you begin to get control over your money and your life.

After reading these finance books, you will quickly be able to generate more financial breathing room in your life, regardless of whether you are attempting to recover from an unlucky turn of events, are suffering from terrible financial habits picked up in childhood, or are simply not good at numbers.

If you increase your knowledge of finance, cut back on your spending, begin saving money, and become involved in investing, you will be well on your road to achieving financial independence.

If you don’t think you have time to read, perhaps one of the best financial podcasts in Australia would be more your speed!

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