Websites, Books & More …
It would be very easy to get lost in the maze of financial information that’s out there. Where exactly do you start? We’ve chosen our favourite, most helpful websites, books and magazines on a range of topics in order to help you make sense of it all and here they are …
Websites
Budgeting and Saving
At Checkmyfile you can calculate your credit score and order a free credit report. There are a few to choose from – for a free version click on the option for a credit report analysis by Dun & Bradstreet (an international credit reference agency).
The Australian Securities and Investments Commission’s consumer website FIDO has a fantastic section on budgeting and saving – lots of tips and what to do if you get into debt and need help.
Work out how much you can save using ING’s regular savings calculator…
Money AU is great website that rates a wide range of financial products and lists its ‘top choices’ in every category every month (have a look at credit cards and savings accounts).
RateCity (powered by Canstar Cannex, a specialist research service used by financial professionals, government and media) compares credit cards, personal loans, home loans, savings accounts and car insurance, among others.
Property
Archicentre, Herron Todd White and BMT & Assoc – Quantity Surveyors
It’s a good idea to get a building and pest inspection done on any property that you might be thinking of buying (Archicentre) as well as an independent valuation (Herron Todd White). If you’ve purchased an investment property also think about getting a depreciation report done (BMT & Assoc – Quantity Surveyors) – could bring you in a nice bit of $$ come tax time.
Destiny Financial Solutions and Wakelin Property Advisory offer professional help for those people wanting to buy property, particularly investment property. First, read the books by Margaret Lomas and Monique Wakelin and Richard Wakelin first (they are listed in Property 101) – that’ll give you a good idea as to their philosophies and which one you might prefer…
First Home Owner’s Grant and First Home Saver Account
If you’re buying a home to live in check to see if you’re eligible for either the First Home Owner’s Grant or the First Home Saver Account.
Of all of the online property searching websites, this is perhaps the biggest, and our favourite. Set up alerts so you’ll receive an email every time a new property comes onto the market in the area/s in which you’re looking – you can specify a price range too. Also use the stamp duty calculator at Realestate.com.au Home Loans if you’re interested in how much stamp duty you might have to pay on a property.
Managed Funds
Use an online broker such as CommSec and download a prospectus (often called a Product Disclosure Statement or a PDS) for more information if you find a fund you might be interested in. Like many online brokers, CommSec rebates up to 100% of entry fees.
FIDO has a great section on managed funds. It summarises the four most common investment options used by super funds and professional investment managers and the reasonable expected rates of return for each option, has helpful information about how to read a prospectus or an annual report and includes nine tips for choosing a managed investment.
Another online broker that offers rebates on entry (and other) fees.
Morningstar is an independent provider of investment portfolio information that gives star ratings out of five. Think hotel reviews, but for managed funds. You can find Morningstar ratings online (type in the details of any fund you might be looking at and Bingo!), in the Australian Financial Review’s Smart Investor magazine (comes out monthly) or in the financial pages of the big newspapers.
Superannuation
The Australian Prudential Regulation Authority is is the place to go if you think your super is being mismanaged, or if you don’t believe that your employer is forwarding super payments.
The Australian Taxation Office website has a good overview of superannuation with a strong taxation bent. Use the ATO’s portability form if you’ve got more than one super fund and you’d like to roll one over to another. And if you want to see if you have any lost super use the ATO’s SuperSeeker.
Give yourself a wake-up call and check out the payment rates for the age pension – they’re pretty scary! Not something you’d ever want to have to try to survive on…
FIDO has a fantastic section on superannuation. Make sure you use the superannuation calculator (to project your future income), the risk and return calculator (to understand how investing in different types of funds will impact on future gains) and the super fund comparison worksheet (to check how your fund is performing against other funds).
Westpac-ASFA Retirement Standard
Read about the Westpac-ASFA Retirement Standard on the Association of Superannuation Funds of Australia website – it’ll give you a good idea of the cost of the lifestyle that you have in mind for when you retire.
Shares
The website of the Australian Securities Exchange (also known as the Australian Stock Exchange) has fantastic information about investing in shares – check out the education section, try some of the online shares courses, have a look at the historical price movements of Australian shares and find yourself a broker.
Okay, so it’s not an attractive website. But it does publish Warren Buffett’s annual ‘letters’ – worth their weight in gold according to some finance writers.
CommSec’s Learning Centre has webinars that take you through the basics of the sharemarket. A word of warning – make sure you’re not on a dial-up Internet connection!
FIDO has great help for those people wanting to start investing in shares. Try the sections Investing in shares or Getting information about a company.
Responsible Investment
Have a look at the Equator Principles – a benchmark for the financial industry to manage social and environmental issues in project financing.
Particularly good if you’re interested in buying shares on the Australian sharemarket and want to invest responsibly. Be warned – you have to pay to access the full website, including the table providing socially responsible investment ratings on 250 major listed public companies and an analysis of SRI funds.
The website of the Responsible Investment Association Australasia is extremely helpful if you’re interested in responsible investment and want to find a fund manager, superannuation fund manager or financial adviser who’s also certified under the Responsible Investment Certification Program. It also has lots of other information on responsible investment and links to helpful websites.
UN Principles for Responsible Investment
Read about the United Nation’s Principles for Responsible Investment – the website includes links to interesting articles about responsible investment.
Insurance
FIDO has a section called Protecting your assets – a guide to insurance and it’s a great place to start if you’re thinking about buying insurance but need some help.
iSelect – compare health, life & car insurance policies
Compare health, life and car insurance policies at iSelect. Note that this site only provides recommendations from an approved product list of funds selected by a group of participating funds, not all funds or products that are available in the marketplace. However you should be able to get a good idea of what’s out there that might suit you, at what price.
RateCity – compare car insurance policies
Powered by Canstar Cannex (a specialist research service used by financial professionals, government and media), this website compares car insurance policies.
Rate Detective – compare life insurance policies
You can compare life insurance products at Rate Detective and receive free online quotes.
OR try the websites of the major insurers: AAMI, Allianz, Australian Unity, CGU, GIO, HBA, Medibank Private, MBF or QBE. Or try the newies: Bingle, Budget Direct or Youi.
Books
General
Start Over, Finish Rich: 10 steps to get you back on track in 2010 by David Bach (2009, Broadway Books)
Lists the key steps you can follow to organise your finances after the dreaded GFC. We also love David Bach’s book Smart Women Finish Rich. Look out for them.
The Wealthy Barber: Everyone’s Commonsense Guide to Becoming Financially Independent by David Chilton (1997, Crown Publishing Group)
One of the biggest-selling financial-planning books ever, it’s in storybook format and is easy to read. It’s corny, but the messages are clear and have a big impact.
Making Money: The Keys to Financial Success by Paul Clitheroe (2009, Penguin)
An easy-to-read book about finances by Australia’s Paul Clitheroe. First written in 1995, this edition includes an ‘Introduction to Tough Times,’ the only change to the last edition in 2007. Why? Because as Paul says, this book has always contained the key common-sense rules about money, and they don’t ever really change.
Five Years to Financial Freedom by Morris Kaplan (2006, Hardie Grant Books)
This book will teach you how to liberate yourself from the stress of living from paycheck to paycheck…
The Barefoot Investor by Scott Pape (2007, Pluto Press Australia)
A great guide for those new to investing written by stockbroker and Herald Sun columnist Scott Pape. It’s fun, offers lots of no-nonsense tips and will definitely get you thinking about your next financial moves…
Shares
Shopping for Shares by Tracey Edwards (2006, Wrightbooks)
A good, basic book about shares. It’s easy to read and written by an Australian woman who has successfully invested herself.
Top Stocks by Martin Roth (published annually, Wrightbooks)
An excellent book if you’ve decided investing in shares is for you. Summarises the most important criteria for his top 100 Australian listed companies.
Responsible Investment
How Good are You? by Julian Lee (2008, William Heinemann, Random House)
With a great chapter on responsible investing entitled ‘How do I know I am not financing an evil empire?‘ this book has timely advice on clean living in a dirty world.
The Ethical Investor by Anne-Marie Spagnolo (2007, Penguin Books)
An excellent introduction to ethical investment. The Ethical Investor delves into the history of responsible investment, helps you create your own ethical profile and looks at the practical aspects of becoming a responsible investor.
Property
Don’t Sign Anything! How to protect yourself from the tricks and traps of real estate by Neil Jenman (2002, Rowley Publications)
An excellent book to read if you’re thinking about buying or selling property – it’ll open your eyes!
How to Create an Income for Life by Margaret Lomas (2007, Wrightbooks)
Great if you’re interested in investing in property – very thorough. Margaret Lomas has also written a number of other books about investing in property but this is a good one to start with.
Property is a girl’s best friend by Propertywomen.com (2009, Wrightbooks)
Excellent read written by a group of Australian property investors - covers everything from budgeting to cash flow and gearing to property management.
Streets Ahead – How to Make Money from Residential Property by Monique Wakelin & Richard Wakelin (2007, Wilkinson Publishing)
Monique Wakelin and Richard Wakelin have a different take on investing in residential property to Margaret Lomas – probably a good idea to read both.
Magazines
Monthly, published by ACP magazines. An easy-to-read mag about investing, great for beginners.
Monthly, published by Fairfax (AFR stands for Australian Financial Review). For keen investors – a step up from Money magazine.
and finally (you guessed it!)…
Find a financial adviser
Check out the Australian Securities and Investments Commission’s website FIDO – it has loads of great information about obtaining personal financial advice and finding a qualified financial adviser. Experts often suggest you find an adviser who charges by the hour instead of receiving a commission.
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I really liked Scott Pape’s book for place to start for a beginner.