Financially Wise

Financially Wise I offer financial counselling, coaching and mentoring services and solutions for people who are interested in learning how to control their finances

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Good financial education is everyone's right.

Well, this is worrying. Why on Earth would the federal government and central bank be loosening regulations in the Buy N...
09/12/2020

Well, this is worrying. Why on Earth would the federal government and central bank be loosening regulations in the Buy Now Pay Later (BNPL) arena?

Could the fact that Australians have paid back nearly $8 billion in credit card debt and businesses have cut almost half a billion dollars off their debt this year be a contributing factor?

After all, if credit is not increasing, the economy is not growing. So naturally the government and RBA want us to go out and borrow more. Much more. And they'll try and make it as easy as possible for people to go out and borrow more. Much more.

Here's a tip. If you can't afford to pay for it straight up, save for it. Avoid credit card debt, BNPL schemes and pay day lenders.

Reserve Bank Governor Philip Lowe on Monday effectively gave the buy now, pay later brigade the green light to let their hefty surcharging rip.

The drive to a cashless society keeps getting subtly and not so subtly pushed onto the public. It's a key platform of th...
07/12/2020

The drive to a cashless society keeps getting subtly and not so subtly pushed onto the public. It's a key platform of the WEF Great Reset. Do your research and fight back.

A controversial law that would have banned payments of $10,000 and imposed two-year jail sentences on people using cash for purchases above that limit has been killed in the Senate. But it could be revived.

We seem to have reached a new level of stupid. Why the heck should taxpayers pay for people's rent? The government has n...
07/12/2020

We seem to have reached a new level of stupid. Why the heck should taxpayers pay for people's rent? The government has no such responsibility to buy private debt. It's bad enough the RBA is buying government debt with QE. There are still people who lost their homes in bushfires a year ago who have nowhere to call home. They're the ones that need more help. Priorities people!

Nearly 1 million tenants across Australia could be left homeless if rental debt is not forgotten when the moratorium on evictions lifts, new research has found.

Further to the previous post about cash becoming a scarce commodity, it also becomes more difficult to teach financial l...
06/12/2020

Further to the previous post about cash becoming a scarce commodity, it also becomes more difficult to teach financial literacy to children should cash disappear.

Another reason, as if one was needed, to keep cash. And to encourage financial literacy in our younger generations.

As Australia’s economic woes bite hard in the lead-up to Christmas, experts are urging parents to equip their children with financial literacy skills.

A frightening trend, and one to try and circumvent. Once cash is no longer used, there will be no reason not to ban cash...
06/12/2020

A frightening trend, and one to try and circumvent. Once cash is no longer used, there will be no reason not to ban cash and suddenly we have lost control of our own money.

The coronavirus pandemic has reduced the use of cash, accelerating Australia's shift towards digital payments and exacerbating a growing digital divide.

"Will the government eventually allow a major housing correction to take place in our largest capital cities? Or will th...
06/12/2020

"Will the government eventually allow a major housing correction to take place in our largest capital cities? Or will they throw the kitchen sink to stop that from happening?"

The RBA and our government will pull out all the stops to ensure that property prices remain high. Don't underestimate the lengths they will go to in order to get people to keep borrowing more money and keep the property bubble inflated.

And it will probably work for a while. Until it doesn't...

New housing lending reached an all-time high in October as first-home buyers rushed to take advantage of record-low rates and government incentives.

What they don't say is that the economy actually needs to grow by another than 4+% again just to reach the starting poin...
06/12/2020

What they don't say is that the economy actually needs to grow by another than 4+% again just to reach the starting point.

And this is with JobKeeper, JobSeeker, mortgage holidays, non existent interest rates, banks not foreclosing, early super withdrawals and other stimulatory measures put in place for literally billions in debt that our children and grandchildren and other not currently voting, not even born yet generations will bear with tomorrow's income, that is not guaranteed. All for today's consumption.

We haven't even begun to feel the real impact of the downturn with all these artificial propping up measures in place. Just wait until they're removed...

Australia's economy has taken the first step on the road to recovery after expanding by 3.3 per cent in the September quarter. But there's a long way to go.

Actually, it IS businesses that lead an economic recovery. Businesses are productive, and productivity creates wealth.An...
13/10/2020

Actually, it IS businesses that lead an economic recovery. Businesses are productive, and productivity creates wealth.

And believe it or not, the RBA cutting interest rates to record low levels to "encourage" businesses to borrow to invest in their businesses will have the exact opposite effectm as it sends a clear message that the econony is in trouble.

Why the heck would a business want to go into debt at a time when the economy is so obviously in trouble? I honestly have serious doubts about the intelligence of modern economists, who generally, without exception, have no understanding of Austrian economics and most are MMT proponents. Go back to basics and start again, I say.

You can lead businesses to tax deductions, but you can’t make them invest. That reality is the prime danger for the government’s business-led recovery plan

During the GFC the Rudd government threw billions of dollars at education as part of the so called "education revolution...
12/10/2020

During the GFC the Rudd government threw billions of dollars at education as part of the so called "education revolution". What was the end result of that? Australia has slipped even further behind on the global educational standard scale. Just more boondoggles.

This story reinforces that our education system is simply designed to turn out drones, not critical thinkers or an entrepreneurial spirit. Thankfully, some get through despite the education system.

Let's see in a few years what impact the current stimulus will have.

Wil Massara is the first to admit he was no teacher’s pet at school.

The entire Australian economy had, until very recently, been propped up with so much government intervention and stimulu...
11/10/2020

The entire Australian economy had, until very recently, been propped up with so much government intervention and stimulus through JobKeeper, JobSeeker, Home Builder etc., superannuation drawdowns, banks granting mortgage holidays and various other measures that the real effects of the economic slowdown have not just not been felt, some people were actually better off. Not to mention adding unsustainable and unnaturally low interest rates for far too long. Totally ridiculous. We're in a recession, it's supposed to be difficult!

Let's see what happens when all these props are removed before making any predictions. And if the economy cannot survive without all these props in place, that tells you the state of the real economy so much better than any graphs and figures and statistics will.

At barbecues across our great Southern land, there is one topic of conversation that defines Australian life: housing prices.

Interesting read about a couple of entrepreneurial Mums.
07/10/2020

Interesting read about a couple of entrepreneurial Mums.

When Perth-based friends Alisa Latto and Danni Crews couldn’t find the natural, non-toxic products they wanted for their children, they decided to make their own.

Interesting. It's true that self funded retirees and savers are usually hard done by. So no surprise that this continues...
07/10/2020

Interesting. It's true that self funded retirees and savers are usually hard done by. So no surprise that this continues.

But please, spare me those bleating about the delays to their "big Australia" plans. It was just a few years ago that we hit the target of 25 million people years earlier than expected, or have they forgotten that?

Australia is the driest vegetated continent in the world and some areas are still experiencing years of drought. Brisbane dam levels are falling and restrictions will be in place soon. During the years of the 21st Century our population has increased by 20%, but investment in water infrastructure has been 2% over the same period.

But no, let's keep cramming in more and more people! That's not a plan. That's just lunacy and extreme short sightedness.

Self-funded retirees say they have been “hung out to dry” by the Morrison Government’s Budget.

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