Time to get control of yourMoney
THE customer is king: that's the good news after the harrowing banking royal commission.
And it’s good timing for Monday’s launch of new business channel yourMoney, featuring expert reporters including Ticky Fullerton, Brooke Corte and Adam Creighton, who have all applied wisdom gleaned on the beat to their own finances.
“There’s a shift afoot at all levels of government and business towards putting the customer front of stage,” said Fullerton, who has ploughed her pay into the family home and doesn’t play the markets.
“I’m already invested in shares in quite a big way, thank you very much, through the compulsory superannuation I pay every year,” she said, predicting retail super funds will respond to the bollocking by reducing fees.
Fullerton thinks a first home is a crucial investment, but “I’m not so sure about the third and fourth house because it leaves you vulnerable to changes to negative gearing if Labor wins the election.”
Creighton, The Australian’s economics editor, has just bought his first home — at the top of the market — but has no plans to move.
He wants all of us to examine our super statements to be sure we aren’t getting fleeced.
“If the annual fee is any more than one per cent, that’s crazy,” he said. “You should be in a fund where the management costs as a percentage of your amount are about 0.5 or 0.6pc.”
Ticky Fullerton, Brooke Corte and Adam Creighton. Picture: Sam Ruttyn