Household wealth rose for the third straight quarter. Yes, it is up 2.6 per cent ($379 billion) in the June quarter of 2023, according to the latest figures released by the Australian Bureau of Statistics (ABS). Dr Mish Tan, ABS head of finance statistics, said: “Household wealth has grown alongside increasing house prices this year….
By the end of 2023, the world economy is expected to have a gross domestic product (GDP) of $105 trillion, or $5 trillion higher than the year before, according to the latest International Monetary Fund (IMF) projections from its 2023 World Economic Outlook report. In nominal terms, that’s a 5.3% increase in global GDP. In inflation-adjusted terms,…
Without a doubt, self-confidence is one of the most important traits that most people want to possess. When people from all generations were asked which is the biggest issue that humans face on a daily basis, the answer was obviously “self-confidence”. I’ll explain why this might be obvious: Self-confidence is linked to so many other…
Financial stress is affecting us in many different ways. Some people are struggling to pay bills, feed the family, or maintain a place to live. Others are meeting their basic needs but are dipping into their savings for extras. Financial stress is increasing and, understandably, is causing some distress. In recent months, Lifeline has seen…
Some say that Australia has an ageing population crisis, with 558,000 Australians now aged 85 years… and in 13 years that’s expected to hit 1 million. And that means there will soon be billions, if not more, of dollars transferred to our younger generations. The problem is, many of these heirs aren’t prepared, and a…
Australia is at the precipice of a monumental shift in property ownership, thanks in large part to an aging population. The Baby Boomer generation is aging, and with that will come a massive transfer of wealth. Bernard Salt recently wrote an insightful column in The Australian – “Get ready for Australia’s great home inheritance avalanche,”…
The “Rich” and “Poor” share very different beliefs, According to a 5-year study by best-selling American author Tom Corley, our subconscious makes up 5/6ths of our brain and responds to our beliefs. Like software code, our beliefs direct our subconscious to manifest that which we think about and believe in. If we believe, without any…
I spent many years studying the rich and the poor in my Rich Habits Study and found that there were twelve problems almost everyone has to contend with in life: Health Problems Financial Problems Family Problems Neighbour Problems Home Repair Problems Car Problems Addiction Problems Job Problems Relationship Problems Death or Disability Problems Time Management…
The world of finance is ever-changing, and last year – 2022 – was no exception. The latest UBS Credit Suisse Global Wealth Report reveals some shocking statistics about Australian millionaires, and as someone who’s been watching these trends for years, it’s a revealing snapshot of our financial landscape. A Shrinking Pool of Wealth The UBS…
Building wealth is simple. It doesn’t require luck, genius, or special connections. You don’t have to attend overpriced weekend financial seminars or learn the latest tricks and gimmicks sold by slick marketers. As John Bogle wisely stated: The secret is there are no secrets. The truth behind how to build wealth is public domain knowledge,…
