FROM THE EDITOR
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W
elcome to our
200th issue ... who
would have thought that
a magazine that came
off the back of a TV show
would still have a voice
after 18 years. Happy
birthday, Money! A big
thankyou to everyone
who brings this wonderful brand to life and
an even bigger thankyou to all our readers for
their ongoing support.
If you’ve been with us since the very begin-
ning, then you may recognise the cover above- it’s the very first issue of Money. Flicking
through it, I noticed that, other than Paul Clith-
eroe looking absurdly young, our money woes
are much the same. Strategies and products
have become more sophisticated but our
needs really haven’t changed – we still want
financial freedom. There was one thing that
did catch me by surprise, though, and that was
a case study of a 13-year-old boy who was
an avid share investor. At the time he had his
own portfolio worth around $6000 and had
just won an ASX trading competition that saw
him turn $50,000 worth of play money into
$524,000 in 10 weeks. His goal was to one
day be a managing director. Well, I’m pleased
to say that he is Chris Brycki, who is now CEOReach your financial goal
I loved Paul Clitheroe’s column on the need
to make money “visible” for young people
(In Your Interest, April). While we are mak-
ing some progress we still have a very long
way to go.
I’ve been teaching high school math-
ematics for over 20 years, and am still
gobsmacked at how little there is in the cur-
riculum about real financial literacy. There
are senior students, not far from finishing
high school and getting ready for “adulting”,
who are brilliant at calculus and abstract
vector calculations but know nothing about
income tax or credit cards.
We do a bit of work on simple and
compound interest, and cover profit and
loss, but there is so much more that these
students need to be covering. I’d happilyremove “find a running fix from a boat while
3km out at sea” and “solving simultaneous
algebraic equations using substitution” out
of the course for most students and replace
it with “how not to be suckered into a
60-month interest-free furniture package” –
something that every student should know.
The students want to learn this stuff. My
classes are never more engaged than during
the (sneakily incorporated) lessons when
I teach them about budgeting, loans, invest-
ing, and how to be financially savvy.
It would be nice to think that parents can
do this but many parents aren’t really any
more knowledgeable than their kids – some
students have even asked if their parents
can come along to my lessons too.
Ky m , e m a i lFinancial education fails the test
Letter of the month
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REAL ESTATE AFFORDABLE WAYS TO BUYKIDS & MONEYPAUL CLITHEROE’S SAYSUPER STRATEGIESHOW TO HOLD $3.2M TAX FREE
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ETF STRATEGIESHOW TO BUILD MULTI-ASSET PORTFOLIOS
Baby boomer dilemma
Many believe the baby boomers are not only
well off (own their home, have retirement sav-
ings) and can also dip into government coffers
if needed and feel financially secure. However,
this is not necessarily the case.
One difficult dilemma for boomers is
whether to help the kids get into the property
market, as once we have handed over our
hard-earned savings we might be depriving
ourselves of decent aged care down the track
because of the exorbitant bonds and fees
charged by commercial providers. Not to
mention the restrictions placed on handing
over said money to the kids before moving
into care (even if not on a pension) when
assigning your assets for fees.
Jenny, NSW
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