Money Madams

This week we celebrate 5 years of the Money Madams podcast and it also marks our final episode. In this final episode we share our favourite take aways on the podcast over the last 5 years. Thank you for listening to us, we hope you enjoyed listening as much as we enjoyed sharing with you.

Family Trusts can be a great tool for minimising tax and protecting your assets. One of the downsides to a trust is that the income must be distributed each year, but what if you would prefer to delay receiving that income until a later, lower income earning year? Welcome to the bucket company strategy! In this episode we give some examples of where a bucket company strategy including having a second family trust can leverage your tax planning resulting in you keeping more of your hard earned money.

In this episode, we talk about Discretionary Trusts and why people use them. They can offer great benefits for the "Beneficiaries", but do you know the difference between an "Appointer" and the "Trustee" and the role of the "Settlor?" We tackle the jargon of the different roles that need to be considered when setting up a trust. So if you have ever wondered if there could be a benefit such as protecting your assets, or reducing tax, tune in as we cover the key elements of discretionary trusts and how they can help you towards these ends.  

In this episode we cover the primary methods people use to get started with debt recycling. Some people prefer to take a leap by taking on additional borrowings to invest while others prefer to pay down the loan first, redraw then invest. Some prefer to refinance their loan to a mortgage product specifically designed to optimise debt management. Each approach has it's advantages and pitfalls, so we will walk you through the tips and traps of each approach so you can avoid costly mistakes like mixing your loan and losing out on otherwise eligible tax deductions.  

In this episode we cover a couple of strategies to increase tax deductible debt when upgrading the family home via the use of a spousal transfer strategy. When most of us think about this type of scenario, we think of splitting assets when relationships end. Fortunately this strategy is for happy couples wanting to go from single ownership to joint ownership and improve tax deductions. Even better is that in many states this can be done with no or minimal stamp duty consequences. So tune in and learn a little more about what is involved and remember, this particular type of strategy will need several professionals involved to pull it off, so get professional advice before you do!  

Nothing is more certain than death and taxes, but if you plan well, you can certainly minimise the amount of tax you pay. In this episode we chat about a strategy that isn't very well known that can help minimise or entirely negate capital gains tax being applied to the sale of a former investment property. As with all strategies that involve tax or major assets, be sure to get advice specific to your situation!  

Negative gearing is a useful tool that when used well can help you grow your wealth, but like all tools, if it isn't understood or used well, then it could do more harm than good. Tune in to this episode as we chat about the 9 most common mistakes people make when it setting up a negative gearing arrangement. 

With Granny Flats and Tiny Homes rising in popularity as home prices soar or people look to add new sources of income to their lives - we have put together 13 problems that can arise with Granny flats that should be considered before taking the leap. 

This year was a light on budget, but there was some good news for many... Stage 3 tax cuts, new medicines being added to the PBS saving people tens, or even hundreds of thousands in treatment costs, interest savings for those with HELP debts (or HECS debts if you are old school like us), scheduled boosts to the super contribution rates and a few other measures to boot. So join us as we unpack these announcements and what they may mean for you.  

Winter is coming! But so too are Tax cuts and changes to super on 1 July. In this episode we cover the changes and how you can leverage these changes to boost your overall finances both before the end of the financial year and once the changes kick in on 1 July 2024.

A tiny house can be a practical, affordable and an innovative living solution when faced with soaring property prices.  If you're contemplating tiny house life, you may naturally be wondering what's involved from how much they cost to the practical considerations. In this episode we cover the various pros and cons of living in a tiny house and even crunch some numbers for you if taking on a tiny home may help you financially step into a more traditional home later. Resources: The tiny home association:  https://tinyhouse.org.au/ A range of providers including blogs and inspo pictures: https://aussietinyhouses.com.au/ https://www.offgridtinyhouses.com.au/ https://www.hauslein.com.au/ https://www.bigtiny.com.sg/tiny-house-design-reyes https://designerecotinyhomes.com.au/ https://mylittlehouse.com.au/tiny-homes/      

In this episode, we talk about how to find "good" health cover. You know the kind that ticks all the boxes...... like being good value for money, pays back a decent rate to members, has good service, a low rate of complaints and importantly, covers the things you actually value. So tune in as we help you evaluate your current or future private health fund. One of the best places to get started is www.privatehealth.gov.au/ If you want to deep dive into the data you can access the nitty gritty via this link to download the State of the Health Funds Report

This episode is just a quick update to let you know we have an announcement in leui of our regular style of episodes as we've been busy preparing and celebrating Katherine's big day! We will be back with a new episode in 2 weeks. : )

In this episode we meet with Ross Hultgren, and adviser from Geelong along with his client Nigel who wishes to share his claim journey. Nigel shares an important reminder about what is really important in life, and to remind us all to take care of ourselves and make sure we have a plan B in place.

If you are looking to generate extra income but have no interest in a side hustle or extra work hours then this episode is for you. In this episode we talk about 5 different ways you could generate extra income from your home itself. 

If you are nearing, or in retirement and want to access the equity in your home without having to make monthly loan repayments, then you are probably considering a reverse mortgage arrangement. In this episode we cover the basics of the circumstances where this may be an option worth exploring, how much you may be able to access, along with covering the pros and cons of this type of set up. So if you or a family member want to know more about reverse mortgages tune in and just remember, this is a specialist area, so make sure to get appropriate legal and financial advice. 

As we continue into our mini series on accessing and using equity we dive into a range of ideas and strategies for using the equity released from the sale of your home whether you are downsizing, upgrading or exiting property ownership long term.

Equity can be a great tool to help you get ahead and make the most of your finances, but what exactly is equity? How do you access it?; and when is it a good vs bad idea? In this first episode of a mini-series into using home equity we cover all your questions. 

In our final episode for the year we cover the highlights of 2023 and outline some episodes we have planned for next year. For those that are keen to sort out their finances, we are running a 50% off special for all digital items in the Money Madams store. https://moneymadams.com/shop/ We wish you all a festive and merry season and will return in mid Jan.

What is the sunk cost fallacy? The Sunk Cost Fallacy describes our tendency to follow through on an endeavor if we have already invested time, effort, or money into it, whether or not the current costs outweigh the benefits. It can be a big problem when we aren't aware of its impact on our decision to stick with versus abandon our plans when it comes to money, relationships or other key decisions in our lives.  In this episode we cover ways you can work through these challenges and detect these situations much earlier.

It's one of the biggest sales of the year which can mean blowing your budget or scoring some amazing deals, sometimes both. If you love a bargain, and we certainly do, we chat about making your dollar go further by planning ahead to take advantage of what can be amazing deals.

Have you ever heard that you should aim for tax losses on investment properties, or you need a credit card to get a credit rating score, or perhaps you should move all your money into defensive assets as you approach retirement?  Well-meaning advice can be great, but what could work well for someone else could be disastrous for you. In this episode we correct some common misconceptions as well as talk about what happens if you do receive bad advice on a professional level.

While you may be able to spot a scam from a Nigerian prince, but what about protecting your My Gov account? In this episode we go through some of the most recent scams going around following the data hacks on some major organisations. As scary as it can be, we also have some tips to reduce the chances of being hacked yourself.

Parents often want to help out kids, and gifting is often the norm. It's a nice warm and fuzzy feeling helping out others, but what if you could better help your child or loved one with a loan instead? In this episode we discuss the protections and drawbacks of gifting versus loaning money for you and the person you wish to help.  

Have you wondered if achieving a million dollars in super is achieveable? Well, the answer is yes, well at least if you act early enough. We'll walk you thorugh what it takes to get your super to that level based on a range of starting balances, ages, income level, investment approaches and how much you contribute each year. If you'd like to play around with the money smart super calculator yourself, head to https://moneysmart.gov.au/how-super-works/superannuation-calculator

Sharing is caring when it comes to Superannuation. This little known strategy for couples can be a great tool for a range of scenarios.   Have a listen to this episode to find out how you could potentially boost your age pension, acess your super earlier (and importantly legally!), and make the most of your superannuation strategies that are dependent on your account balance being below certain thresholds.

It's that time of year when super fund statements are sent out. It's easy to ignore your statement because the money doesn't feel real, or because the information in them can be overwhelming. In this episode we cover how to tell if your super is performing well and break down some of the jargon so you can feel confident that you are on top of your super!

With rents and mortgage interest rates having risen sharply, many people are starting to notice their incomes feeling more restrictive.  In this episode, we talk about ways of reducing budget stress, and it it's not all about spending less. We cover ways to swap out, lower costs and bring some extra funds into your budget to make your dollars go futher. 

In this episode we have Canberra's own comedy sirens - The Sparrow Folk!  Tune is to enjoy their humor as they share their journey of taking a side hustle to business venture. They also have a special suprise - a song they wrote and performed for Amber and Katherine all about the Money Madams!

In this episode we break down the difference between the cover you get in your super fund vs the cover you get via an adviser - you'd be amazed at the difference in quality and price! We all know Katherine loves personal insurance, but this week we have a guest, Matthew Wallis! As always you can reach out to Katherine to get help with your insurances (just book in via www.hcis.com.au), but Katherine tends to book out 2-3 months in advance, so for those who would like another option we highly recommend Matt!  You can reach Matt via [email protected] or book in via https://calendly.com/betaadvice/meeting or check out his website at www.betaadvice.com.au

It's the end of financial year. Santa isn't the only one making a list and checking it twice. The ATO has released its hot list. So if you want to avoid the naughty list and make sure you are up to date on upcoming changes, tune in to this episode!

Car insurance, most of us have it in some form or another, but do you have the correct type, and have you ever checked the fine print of your policy. In this episode, we break it down and reveal some tips and tricks when it comes to making sure you have the cover you want, and avoid a bad deal.

In this episode we chat about the strategy of Rentvesting, the pros and cons and how it can be a third option to be considered in the classic debate of whether to buy or rent.

It's the night Katherine gets her geek on (well more than normal). After working through the details, we share the key pieces of info that are likely to make an impact on your day-to-day finances from super, tax, government payments and incentives and more. 

It is often said, rent money is dead money, but is that really true?  At what point is it more advantageous to rent over buy? Join us in this episode as we look at both the pros and cons when it comes to buying a home vs renting.

Everyone is talking about inflation. We can't escape hearing about it. But what is inflation exactly?  Join us in this episode as we cover its impact on you (we promise there is some good news in all this!), what it means for your mortgage and saving interest rates, and lastly, what steps you can take to combat the rising cost of living in a high-inflation environment.

If you've ever wondered whether you should be focusing on paying down your mortgage or whether you should use any spare cash to invest, then this is the episode for you. We'll walk through the questions you should ask yourself, crunch some numbers, and highlight different personal values to help you answer the question for yourself.  

Do you dream of living in an exotic location, or envy those who have jobs that allow them to be paid to live and work overseas like Amber? Dream no more, becoming a digital nomad may be your ticket to making your dreams a reality.  For more info about digital nomad visas check out https://workingholiday.au/digital-nomad-visas/ To work out the differences in the cost of living between countries check out https://www.numbeo.com/cost-of-living/comparison.jsp

With interest rates rising, if you haven't been reviewing your home loan lending rates and mortgage arrangements, now is the time to so so! In this episode we have David of True North Mortgage Solutions back on the show to chat about what's on offer from the banks, what impact rising interest rates have on loans (beyond paying more back to the banks) and general updates to help us all out. If you want to chat with David about your lending options, you can reach out to him via https://truenorth.loans

It may be easy to avoid falling for a Nigerian Prince, but scams are becoming increasingly sophisticated.  In this episode we cover some of the more recent scams going around so you can protect your hard-earned dosh!

Ever wanted to know how close you are to being a millionaire, or a multi-millionaire? In this episode, we break down the steps needed to work out your net worth, talk about why it is important to know your net worth and how often you should re-visit it. Our promo for our book is still running until the end of Feb, so use the discount code Book23 to get your hands on a copy for $23!

Welcome to 2023. The new year is typically when most people sit down and make goals for the year ahead. No matter what time of the year it is, if you want to make changes for the better, regardless if it is for your health, wealth, or relationships, there are some strategies you can adopt to boost your chances of reaching your goals. To celebrate the new year and to help you with any financial goals you may have, we have a promo code until the end of February. Use the code Book23, and you can purchase our book for $23 instead of $30. Enjoy!

In our final episode for the year, we wrap up with all things Christmas.  Christmas can be stressful not only for our wallets but also for our time and energy levels. In this episode, we give you our take on how to be a savvy spender at Christmas. We are taking a break over Christmas & New Year and will return with our next episode on Jan 16th, 2023.

We love our children and want the best for them, to be healthy, have a good education, and have caring friends. The biggest fear of most parents is something happening to their kids, so in this episode, we talk about preparing them for the road ahead. While we love to bring you lots of joy and laughter in our episodes, this one was quite near to our hearts and gets a little emotional at the end. 

In this episode we welcome back Lessli Strong and we chat about the wisdom, benefits and skills needed for backing yourself when it comes to work and relationships. 

It's time for Katherine to get nerdy with the latest Federal Budget. We've taken the guess work out of it for you and give you a summary of the announcements that could mean changes or opportunities for you.

Credit cards can be an awful trap for some, but a huge benefit for others. Like all financial tools, it comes down to how you wield them.  In this episode, we talk about ways you can use credit cards and reward programs to make you money, rather than cost you money.  

You've asked and we've listened. In this episode we talk about how to get started with investing for the first time whether you are looking to kick off with shares, managed funds or ETF's.  From opening an account, to choosing your investments and other elements such as minimum amounts required and fees. Happy investing!

Most of us will likely worry at some point about not having enough savings to last our retirement, but a recent hot topic has us talking about aiming to spend (and enjoy) every last cent of our retirement dollars.  The key theory here is that if you die with money left unspent, it represents time spent working that could have been diverted to more memorable, pleasurable or personally significant moments in our lives. Join us as we explore the idea of living for today (and tomorrow).

Whether you plan to retire early or plan a traditional retirement or simply want to plan ahead to ensure your money lasts the distance tune in to this episode to learn some of the common strategies to make your money last. We cover the 4% rule and the bucket strategy - two great principles that can protect your nest egg from depleted during down turns in the market while making sure you have consistent income each year.