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…
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,…
Self-awareness is a Rich Habit. Lack of self-awareness is a Poor Habit. Only through awareness can you overpower neurologically-based, instinctive urges to spend money. Self-awareness short circuits the neural hard-wiring that causes most to unconsciously spend their money. In my Rich Habits research, I discovered certain unconscious spending Poor Habits that prevent individuals from accumulating…
If you ask 100 Australian investors which book got them into property, I reckon at least 70 would say Michael Yardney’s ‘How To Grow A Multi-Million Dollar Property Portfolio – in your spare time’. In fact, I recently re-read it – but this time the updated 16th Anniversary Edition. Its simple narrative does an incredible…
Job ads decreased by -0.4 per cent in August (or ads), to be -6 per cent lower than a year earlier. Although job ads remain at a historically strong level for the time being, a range of forward-looking indicators are now pointing towards the unemployment rising towards 4½ per cent over the months ahead. Source: Jobs…
Could there be a link between running in the rain and becoming successful in life? Probably not directly, but it is a habit I have chosen to adopt. One of my favourite sayings is “Go the extra mile, it is never crowded”. I grew up playing Aussie Rules Football and played with some of the…
What’s happened to your home mortgage bill over the last year? The interest bill on the average $580,240 owner-occupied home loan is $792,693, meaning the true cost of the typical home loan in this country is $1.37 million, according to financial comparison site, Canstar. The analysis is based on the Reserve Bank of Australia’s average…
