The temptation for high income earners is to outsource. This is fine with cooking, cleaning and many other tasks.
But when it comes to looking after your money, you cannot completely trust anyone. Everyone needs to educate themselves enough to avoid getting ripped off.
Asking Wall Street to provide financial education is the same as asking a fox to raise your chickens.Robert Kiyosaki
Most large Australian financial institutions turn out not to be trusted. Despite the financial services Royal Commission, a browse of the Commsec Education centre displays pretty obvious manipulation of beginner investors.
To be fair, Commsec has a lot of great educational content introducing to investing. It’s just that newbie investors may not attempts to encourage trading frequently to increase Commsec’s profit margins. Trading frequency is a huge factor in destroying investment returns.
Many busy professionals would prefer to find a financial advisor they can trust. But unfortunately, finding one is not easy.
Advisors hide fees in complex products, and many are trained primarily as sales people. Without financial literacy, you won’t even know your being ripped off.
How to Education Yourself
Financial education, like anything, is best improved with a regular schedule of information consumption. You will gradually build knowledge and understanding. One day, you will realise you are very knowledgeable and your colleagues and friends start coming to you for advise.
But knowing where to start can be overwhelming. With any informatio format, there are those that are going to resources that are inefficient, inaccurate and even outright scams.
If your a reader, check out my list of best personal finance books.
If you prefer video, youtube has lots of personal finance videos (and lots of rubbish, watch out). I am not much of a you tuber, so this is just a random page of “You tube finance videos”. I will put in some research and publish a short list of good you tube resources. Watch this space.
Then there are blogs like this. There are many personal finance blogs overseas, and a growing community of personal finance bloggers in Australia. Subscribing to a blog that you find pitched at the right level can drip feed useful tips straight to your inbox.
Commit to reading an article a week and next year you will have significantly improved financial literacy. Bookmark your favourite blogs for those times you want to read up in more depth, or need motivation.
Check out the Wealth strategies index in this article (scroll down). Here you will find links to the investing plans of many of my favourite bloggers.
Awesome Personal Finance Podcasts
Blogs are great for building knowledge, and can present more complex and visual information. But most of us are time poor. Podcasts offer a way to create something out of nothing – financial literacy from your otherwise unproductive drive to work.
Committing to listening to a podcast on the way to or from work daily is a great way to build financial knowledge. It’s good to have more than one source, and listen to different opinions.
I am a huge podcast fan, but I hate committing to a pod at the start of a drive and then finding it of little value. Worse, if you are unknowingly listerning to a scammer.
I find the 20 minute commute so powerful in building knowledge.
Some podcasts contain a lot of chat. If your looking for entertainment this is fine, but I get annoyed by too much fluff. Many financial podcasts are US based. They can still be really valuable, but not as useful as having Australian specific information. It is absolutely no use learning about 401Ks and Roth IRAs here, there are no exact equivalents here.
Other podcasts are thinly veiled advertising, having guest speakers spruiking their services with little balance and contextual information. Of course podcasters need to get paid for their work, but you need to be aware of conflicts of interest.
It can take a while to find the podcasts that are ideal for your needs, with just the right amount of banter to keep it interesting. You need the content pitched at the right financial literacy level.
I am hoping this list will help you shortcut the process. I have presented according to the type of listener that I think each podcast will suit.
Easy Personal Finance Podcasts for the Overwhelmed Beginner.
The Australian Finance Podcast by RASK Investing is run by two young finance professionals starting their own financial education and investment advisory side hustle. They produce a good, basic personal finance podcast covering the fundamentals in a logical order. It is best to start from episode 1. They include light banter that I found made the episodes more entertaining without becoming distracting.
Those with financial concepts under their belt may find this a little too basic, but it is ideal for complete beginners and those that want to make sure they are not missing any important concepts. These guys do some advertising, and guest speakers but a lot of exploration by the hosts of concepts. They are trying to sell their investment newsletter subscription on the website.
Dev Raga is another Australian doctor who has been podcasting for a few years. He produces a great peronsal finance podcast. The episodes are simple and too the point with no fluff. They (especially the early episodes) cover the basic concepts. He has branched out into centering his episodes around common questions from listeners. I’d advice starting at episode 1 for true beginners. They also have a good selection of free financial literacy courses on their website, including a step by step guide to getting started investing in the stock market.
Dev Raga hasnt yet monetized his podcast, so all the information is laid out based on his own research and opinion.
Best Finance Podcasts for Investors Needing Motivation and to Continue Improving Knowledge
Choose FI This is US based, so if you don’t like listening to US based things at all, don’t bother. But the Choose FI podcast is incredibly motivating. Two energetic and enthusiastic hosts explore a lot of finance, hacks, and new ways of thinking about your finances. This change in your thinking can be really helpful if you are wanting increase your savings rate. The hosts often point the ridiculous in our consumerist culture. They also have a huge website. There is some advertising and they sell books and some courses.
The Joyful Frugalista produces ~ 30 minute podcasts on a broad range of topics related to finance. From saving money, investing, cooking and more. A chatty podcast, it’s a pleasure to listen to. The guests don’t all seem to have something to sell which is refreshing.
Aussie Firebug – The first Australian finance blog I stumbled upon, and now a great Australian podcast covering a range of topics related to finance and investing. A little advertising that can be skipped. Episodes include a mixture of Aussie Firebug explaining concepts and guests.
Top Finance Podcasts for those Looking for advanced strategies and tax tips
The White Coat Investor US doctor – investor. The ultimate US resource for high income earners wanting to invest. Advertising and guest speakers but lots of great content in between.
Investopoly A top Australian personal finance podcast by Stuart Wemyss at Prosolution. The podcast shares so much insight into a broad investing strategy, tax and all thing relevant to an Australian investor. His conflict of interest is that he runs Prosolution Private clients – a financial advice, accountant and property investment advisory. His book “Investopoly” is excellent. The book and podcast are one of the few that doesn’t push property OR shares but covers strategies to include both in your portfolio. The episodes are short – 15-20 minutes long, contain no fluff or advertising with each episode leaving with you a greater understanding of the concept discussed.
Greatest Australian finance Podcasts for Property investors
The Property Couch Australian and pure property. Easy to understand, absolute gold information on how to approach investing in property. Start with episodes 1-20 before either skipping to the current episode, or attempting to catch up. Long 1 hour sessions that will completely absorb you in. A bit of annoying footy chat that you can skip past before listening. After that, just enough banter to make the content entertaining.
The Elephant in the Room Copious content on property investing. Intermittent guest appearances. A robust and often brutal discussion of property investing fundamentals and “Property dumbos” (errors to avoid). I think it’s useful to have a second opinion to broaden my thinking from the Property couch. Hosts are a buyers agent in Sydney and a mortgage broker, but they don’t seem to push their businesses apart from mentionning at the end that you can reach out if you want to hire them.
Inside Commercial Property A young podcast that is showing good potential for those of us searching for information on commercial property without having to deal with the hard sell. Only 11 episodes at this current time, with an episode every month so far. A chatty format, but with some useful ideas and concepts. Hoping for more great content.
For commercial property. there is Property Briefings as well. You have to apply to access the podcast, but they don’t seem to pester you for up sells (perhaps my spam filter dealt with it). I do find the content pretty dry and have to be in the right mood to listen.
Awesome Podcasts for Motivating Wannabe Entrepeneurs
Rebel Entrepeneur – Warning! Do not listen to this podcast unless you want to start a business. UK based Alan Donegan unbelievable and energy and enthusiasm is highly contagious. Incredibly inspiring and practical tips on how to start a business without going into debt.
How I built this – I also love this US based podcast where Guy Raz interviews people who have been hugely successful in starting a business. They tell they’re hugely inspiring story, often bootstrapping a business against all odds because they had a great idea and had the audacity to give it a red hot go. Fascinating listening! Less informative, but I love it for the motivation and encouragement to keep going.
I have shared many of the best finance podcasts, I hope I have helped you find one you love. Have you already discovered an amazing podcast I haven’t? Comment below to share it and explain who it is great for.
Aussie Doc Freedom is not a financial adviser and does need offer any advice. Information on this website is purely a description of my experiences and learning. Please check with your independent financial adviser or accountant before making any changes.