Detoxing our finances, getting a better deal & 6 year's of dinner ideas [Money & Chill]
Sep 19, 2024
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Kate Campbell, an author known for her insights on happiness through financial choices, joins finance expert Owen Rask and producer Monique for a lively chat. They share their adventures in detoxing finances, optimizing mortgage deals, and cleverly cutting costs on subscriptions. The trio offers budgeting tips, explores smart shopping strategies like using farm boxes, and discusses the benefits of automated investing. With humor and practical advice, they inspire listeners to take control of their financial health while balancing life's demands.
Diversifying investments through low-cost ETFs is crucial for managing risk and achieving long-term financial growth.
Automated investing platforms like Perler enable consistent contributions and disciplined strategies, effectively boosting personal net worth over time.
Conducting a financial detox by reviewing subscriptions and expenses helps individuals save money and encourages mindful spending habits.
Deep dives
The Importance of Staying Invested and Diversified
Staying invested is often more challenging than starting with investments, highlighting the critical role of diversification in wealth management. Low-cost, broad-based ETFs, such as high-interest cash ETFs and those tracking major indices, serve as foundational elements in a diversified investment strategy. These ETFs provide exposure to a range of sectors and geographic markets, thereby reducing risk while allowing for potential growth. By focusing on a core portfolio that incorporates such ETFs, investors can enhance their resilience to market fluctuations and build long-term wealth.
Leveraging Automated Investing with Perler
Automated investing platforms like Perler are transforming how individuals manage their investments, promoting strategies such as dollar-cost averaging. By simplifying the investment process, Perler allows users to invest consistently, often averaging $1,750 monthly, which underscores the effectiveness of regular contributions. This method enables investors to purchase more shares during market lows and fewer during highs, ultimately lowering their average cost per share over time. Utilizing automated tools fosters discipline in investing, making it easier for individuals to grow their net worth steadily.
Financial Detox and Subscription Management
Conducting a financial detox involves a thorough evaluation of personal subscriptions and expenses to eliminate unnecessary costs. It is common for individuals to discover recurring subscriptions, such as streaming services, that they no longer use, allowing them to streamline their financial obligations. By staying vigilant about subscription management, including setting reminders for promotional offers, individuals can optimize their spending and redirect funds towards more valuable areas. This practice not only saves money but also encourages more mindful consumption habits.
The Impact of Mortgage Refinancing on Financial Health
Refinancing a mortgage can significantly improve one's financial situation by reducing monthly payments and consolidating various financial products under a single institution. By shifting to a more competitive bank, individuals can save money in the long term and reduce the complexities of managing multiple accounts. This process is particularly beneficial for those looking to optimize their overall financial strategy and allocate resources effectively. Moreover, refinancing can lead to better cash flow, freeing up capital for investments and savings.
Integrating Insurance Review into Financial Planning
Regularly reviewing life and income protection insurance is essential for ensuring adequate coverage in the event of unforeseen circumstances. Many individuals mistakenly rely solely on default policies through their superannuation, which may offer insufficient protection for their families or dependents. By proactively assessing these policies, individuals can identify gaps in their coverage and make adjustments according to their current financial obligations and lifestyle. As life conditions change, so should insurance needs, making periodic reviews a crucial aspect of sound financial planning.
Money & Chill is back again for September, and Kate Campbell, Owen Rask & producer Monique discuss how they've been detoxing their finances and getting better deals.
Plus, we discuss some great money resources, how Rask Invest is going behind the scenes and why Owen subscribed to so many streaming services.
DISCLAIMER: This podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. Because of that, you should consider if the information is appropriate to you and your needs before acting on it. If you’re confused about what that means or what your needs are, you should always consult a licensed and trusted financial planner. Unfortunately, we cannot guarantee the accuracy of the information in this podcast, including any financial, taxation, and/or legal information. Remember, past performance is not a reliable indicator of future performance. The Rask Group is NOT a qualified tax accountant, financial (tax) adviser, or financial adviser.