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Category: Your Money Gen X

What is the most inspiring piece of financial advice you’ve heard. Who gave it, and how did it help you?

Once upon a time, in the early 70s, there was an evil scientist named Walter Mischel. (Evil might be a bit harsh, but the best stories have evil scientists.) Wally decided to experiment on small animals with some reasoning skills – Generation X toddlers. Individually, he locked them in a room with one marshmallow. He […]

Winning lotto is unlikely but we can always dream. What should you do with a $1 million windfall?

Say to yourself: “Cool! One million down, one million to go”. On its own, it’s not retirement material for a Gen Xer. Or, at least it shouldn’t be. A million bucks ain’t what it used to be. While it’s not a bad start, Xers should be aiming higher than that. (And, funny, this is the […]

Winning lotto is unlikely but we can always dream. What should you do with a $1 million windfall?

Say to yourself: “Cool! One million down, one million to go”. On its own, it’s not retirement material for a Gen Xer. Or, at least it shouldn’t be. A million bucks ain’t what it used to be. While it’s not a bad start, Xers should be aiming higher than that. (And, funny, this is the […]

Should people hand back money they are wrongly given, and in your experience, do they?

Damnit. I know every time I answer one of these, my chances at wearing a halo get slimmer. My first money lesson was: “Find a penny, pick it up, then all day you’ll have good luck.” If I was handed too much change at the sandwich shop checkout? I’m not sure I’d notice half the […]

How do you work out how much money you’ll need in retirement, and how do you plan for it?

“Price check, aisle four! Price on a medium-sized tropical island, 50-room palace, 100 staff, world-class golf course, an endless supply of Bollinger and Bintang, an airstrip and a dozen watercraft? Oh, and heaps of those electric golf cart thingys.” Could you get bored of that? Um, no. I forgot to mention the Lear jet. Just […]

Fixed versus variable mortgage rates: how do you work out which one you should choose?

“I know what you’re thinking. Did he fire six shots, or only five … you’ve got to ask yourself one question: ‘Do you feel lucky?’ Well, do ya punk?” Thank you Dirty Harry. Interest rates are that 44 Magnum and getting the fixed rates equation wrong could “blow your head clean off” in a financial […]

What are three key questions you should ask yourself before taking on any new debt?

Unfair! The question seems to presuppose that debt is bad. Sure, some of it is pretty nasty. But not all debt. Oh, no-sir-eee. Some debt is actually okay. For example, a mortgage. Know any Gen Xers who bought their first house with savings? Mortgages help you buy what will one day be your biggest asset. […]

Superannuation statements will soon start arriving in letterboxes. What things should you look for in them?

As inscribed on the cover of The Hitchhiker’s Guide to the Galaxy, “DON’T PANIC!” I know superannuation seems a bit scary, perhaps pointless. But it’s compulsory and you’ll notice it’s a not insignificant amount now, so stay calm. Here’s what Gen Xers need to check when your super statement comes in. First up, don’t stuff […]

What are the best ways to handle a financial argument between family members?

Families are “unique” little units, aren’t they? Sometimes it’s all love (like The Flintstones and The Brady Bunch) and sometimes it’s all manipulation and scheming (like Dynasty and Dallas). Some families are like a comfy old slipper. And some others, well, you wish you could find the adoption papers that would prove why everyone else […]