Editor’s letter
Icatch a lot of Ubers so when I read that one in 10 drivers are over 60 I wasn’t that surprised. Most of the drivers I talk to are in semi-retirement and looking for a way to supplement their income. I don’t imagine you can do much on $23,000 a year – that’s what you’d get if you’re single and on the pension.
For those with some cash stashed away there’s not much to gain by saving in a bank account. At most you’ll earn 2.5% for locking away $50,000 for 12 months. So you either have to dial up the risk (see our 10-point plan for uncertain times, page 70) or earn more.
Which brings us to the sharing economy. There is no easier way to inject some cash into your budget than through the digital economy and, as Pam Walkley points out in the cover overview, it does not discriminate. According to the latest RateSetter Sharing Economy Trust Index, baby boomers earn almost as much as they spend in the share economy ($79 a month versus $82). Single young adults are finding the most opportunities by earning $158 a month.
This month Money talked to eight Aussies who are earning some serious cash from doing something that either you or I could quite easily copy. Of course, the downside to earning extra cash is that the tax office will also be keen to hear what you’re doing. And given the sharing economy lives online, your details are only a click away.
As we were heading to the printers state governments were toying with the idea that
homeowners who rent their properties as short-term leases could be liable for land tax. Looks like everyone wants in on the action. The dilemma for governments is finding the right balance between encouraging these disruptors and keeping them in line.
There’s a lot of talk about home affordability and while we don’t solve this issue there are plenty of ideas on where you can invest in property for a lot less (page 65), plus we get you wondering whether you’re saving for a deposit the wrong way – ideally you want to save in the asset class you want to buy into (page 54). We would love to hear how you or your children are saving and or investing, whether for a home deposit or a lifestyle.
Effie Zahos, Editor, Money magazine