What's the difference between a normal mortgage and a reverse mortgage? Dev explains and touches on: 👉🏾 how they work 👉🏿 how much equity is required 👉🏻 the 2018 ASIC review of reverse mortgages 👉 no negative equity guarantee - what is it? 👉🏼 the costs 👉🏽 pros and cons 👉🏿 other alternatives 👉 and his personal verdict Learn more about Altus Financial here: https://bit.ly/altusm3m 🛑 Please read our disclaimer + warnings before listening to this episode 📝 Episode transcript: https://...
Aug 23, 2022•34 min
Dev answers more listener questions: 👉 what's the difference between ETFs and managed funds? 👉🏼 should I put more money into my super or my offset account? 👉🏽 dealing with award rates and the union in your profession 👉🏾 tips for turbo charging your income 👉🏻 and some little known tax deductions Learn more about Altus Financial here: https://bit.ly/altusm3m 🛑 Please read our disclaimer + warnings before listening to this episode 🎧 Related listening 229 how to pick a stock broker 033 in...
Aug 16, 2022•34 min
Dev discusses your questions around: 👉 working rurally as a health professional - the benefits and tips to consider 👉🏼 filling out BAS, how GST works and managing sole trader income 👉🏾 financial services/products targeting nurses 👉🏿 property vs index funds Learn more about Altus Financial here: https://bit.ly/altusm3m 🎧 Related listening: 026 what is arbitrage? 221 couples and money 220 practice ownership: things to consider! 218 budgeting strategies 131 shares vs property! 🛑 Please rea...
Aug 09, 2022•52 min•Season 2Ep. 35
Today on the show we are stoked to talk with a special guest who joins us all the way from the States, JL Collins. JL is a financial independence blogger and the author of The Simple Path to Wealth. In this chat Dev talks with JL about: 👉🏾 JL's investing philosophy 👉🏿 why you should avoid debt 👉🏻 "a stock market crash is a gift" 👉 having a 50% savings rate, is that too aggressive? 👉🏼 dollar cost averaging, is JL not a fan? 👉🏽 his journey from active investor turned index fund investor...
Aug 02, 2022•1 hr 4 min•Season 2Ep. 34
What options do you have in retirement and how do you access your super? Dev talks all about this in the third and final part of the super mini-series. Make sure to check out part 1 and 2! This episode touches on: 👉🏾 early release of super 👉🏿 withdrawing super to pay off debt (Check out 052 cash flow, profit, line of credit!) 👉🏻 transition to retirement scheme (TTR) 👉 consolidating super accounts 👉🏼 when can you access your super 👉🏽 super and retirement 👉🏻 retirement income study - ...
Jul 26, 2022•41 min•Season 2Ep. 33
We're continuing with part 2 of our superannuation mini-series and we cover a lot in this one so strap in! Dev talks about: 👉 spousal contributions & splitting contributions 👉🏼 what happens to super when you die & nominating a beneficiary 👉🏽 how is superannuation taxed - accumulation / retirement phase 👉🏾 changing super funds 👉🏿 excess super contributions 👉🏻 how is taxation/capital gains managed within super 👉 the low income super offset 👉🏼 super and the self employed 👉🏽 ...
Jul 19, 2022•40 min•Season 2Ep. 32
Over the next few weeks we're deep diving into the world of superannuation. In part 1 of this mini series Dev covers the basics - what super is, how it works and more, like: 👉🏿 the types of contributions - mandatory vs voluntary 👉🏻 concessional / non-concessional contributions 👉 how much super you should aim for or have 👉🏾 contributions tax 👉🏼 carry forward rules 👉🏽 bring forward rules You might also like: 120 what is div 293? The sneaky tax! 051 what is an SMSF? Worth it? 018 what is...
Jul 12, 2022•44 min•Season 2Ep. 31
None of us are immune to bias! Dev unpacks 13 types of biases that you may or may not have heard about and how they can affect our personal finance & investing strategy. He also touches on: 👉🏾 what is cognitive/psychological bias 👉🏿 some fundamental areas where bias can affect you 👉🏻 the difference between bias and failed logic 👉 a question from Michael who asks if there are any financial products aimed at nurses Learn more about Altus Financial here: https://bit.ly/altusm3m Related s...
Jul 05, 2022•48 min•Season 2Ep. 30
There are so many stock brokers out there, which do you pick? Dev explains the basics of what a broker does and how to pick one that suits your needs. He covers: 👉🏾 what is a brokerage firm? 👉🏿 why do we need brokers? 👉🏻 the difference between full service brokers vs discount/online brokers 👉 roboadvisers 👉🏼 how brokers make money (some common & less common ways) 👉🏽 is free brokerage actually free? 👉🏿 what is chess sponsorship 👉🏻 the simple steps to follow when selecting a bro...
Jun 28, 2022•42 min•Season 2Ep. 29
Heads up, loads of geeky stuff in today's chat! Dev explains the ins and outs of modern portfolio theory (MPT) touching on these concepts: 👉🏼 diversification 👉🏽 two main types of financial risk 👉🏾 variance 👉🏿 efficient frontier 👉🏻 capital allocation line (CAL) 👉 sharpe ratio 👉🏾 post modern portfolio theory 👉🏼 the pros and cons of each theory 👉🏿 Dev also answers a listener question about the difference between ETFs and managed funds Book a complimentary call with Altus Financial:...
Jun 21, 2022•29 min•Season 2Ep. 28
Tax season is here and so is our very first episode with a guest! Tax & Business Adviser, Andrew Haber from Altus Financial joins Dev to answer all your tax time questions to do with: 👉🏾 property deductions 👉🏿 debt recycling 👉🏻 car expenses 👉 work-related expenses 👉🏼 CME entitlements - reimbursements 👉🏻 Xero software 👉🏽 trusts - Section 100A 👉🏿 ATO data matching and debts 👉🏾 company taxes 👉 self education expenses and more Book a complimentary chat with Altus Financial here...
Jun 14, 2022•1 hr 16 min•Season 2Ep. 27
Whether you're single or in a relationship, the basic principles of good money management still apply. Dev shares the pros and cons of being single with money plus a tip for singles entering a long term relationship. Check out Altus Financial: https://bit.ly/altusm3m Related episodes: 221 couples and money 116 savings rate vs investment returns! 🛑 Please read our disclaimer + warnings before listening to this episode 📝 Episode transcript: https://bit.ly/m3meptranscripts 🏡 Join our facebook gr...
Jun 07, 2022•28 min•Season 2Ep. 26
Dev shares his thoughts on electric vehicles and discusses the ins and outs of owning a Tesla Model 3 such as: 👉🏾 purchase price 👉🏿 cost of electricity & comparison with fuel costs 👉🏻 Autopilot (Model 3 specific) 👉 wear and tear / servicing costs 👉🏼 annoying & brilliant bits about the car 👉🏽 software and updates 👉🏿 charging and infrastructure, is charging a pain? 👉 Tesla service 👉🏾 Victoria's EV road tax 👉🏻 EV marker in Australia - the competition Learn more about Altus...
May 31, 2022•1 hr 13 min•Season 2Ep. 25
In today's episode Dev explains: 👉🏿 what is net asset value (NAV) and how does it relate to net worth? 👉🏽 does NAV actually help with making investment decisions? 👉 what are non-bank lenders? 👉🏼 and the pros and cons of using non-bank lenders Learn more about Altus Financial here: https://bit.ly/altusm3m Episodes mentioned: 077 what is price to earnings ratio (P/E)? 078 what is price to book ratio (P/B)? 222 stock market myths + wrap accounts 212 investing truths 053 what are bonds? Are t...
May 24, 2022•26 min•Season 2Ep. 24
Burnout is unfortunately very common in the workplace, especially amongst healthcare workers, and it can impact your finances in a variety of ways. Remember to chat with your GP if you are experiencing any issues in regards to your mental health or contact Beyond Blue on 1300 22 4636 or Lifeline on 13 11 14. In this episode Dev unpacks: 👉🏾 what is burnout and what are some of the risk factors that can lead to it 👉🏻 7 questions to ask yourself if suspect you might be burnt out 👉🏿 what you c...
May 17, 2022•49 min•Season 2Ep. 23
Dev unpacks 10 myths about the stock market: 👉🏾 investing in the stock market is gambling 👉🏿 the stock market is only for rich people 👉🏻 buying a stock when it falls is always a good strategy 👉 the more stocks you own, the better it is! 👉🏼 gains and losses are considered equal 👉🏽 more risk means more returns 👉 a low stock price means it's undervalued 👉🏿 everyone needs a financial adviser 👉🏾 sequence of returns doesn't matter 👉🏼 dividend yield investing is always good 👉🏻 and a...
May 10, 2022•56 min•Season 2Ep. 22
If you're in a relationship, how you decide to manage money with your significant other is very personal. Here are 3 ways that couples can share and split finances along with some of the big money traps to avoid and how to reduce your risk of falling into them. We also answer a question from Jason who asks, what are the big milestones in a career as a doctor and how should I financially prepare for them? The concepts discussed will be relevant to any profession that requires greater than 5 years...
May 03, 2022•35 min•Season 2Ep. 21
Dev covers the ins and outs of owning your own health care practice and re-negotiating contracts. Thanks Campbell and Jo for your questions! Dev unpacks: 👉🏾 the benefits, pros and cons 👉🏿 what makes a good practice 👉🏻 things to look out for when establishing or buying a practice 👉 practice ownership structure 👉🏼goodwill - who cares! 👉🏽 partnerships and red flags 👉🏿 what is profit sharing? 👉🏻 shielding yourself behind a company structure 👉🏾 contracts - negotiating for sole trader...
Apr 26, 2022•52 min•Season 2Ep. 20
In today's episode we're discussing your questions. Make sure to be part of our facebook group for health care workers where you can ask a question for the show! In today's episode Dev discusses: 👉🏼 what asset classes should be included in a well diversified portfolio? 👉🏽 borrowing to invest / leverage like using the NAB equity builder 👉🏾 what's the impact of HECS/HELP debt on getting a home loan? 👉🏿 life insurance and income protection considerations for health care workers 👉🏻 prepari...
Apr 19, 2022•52 min•Season 2Ep. 19
The best budgeting strategy is the one that works for you. In this episode Dev shares a few, including: 👉🏻 4 budgeting strategies to manage your personal finances (50/30/20, zero-based, values-based and the Dev Raga budget) 👉 4 types of corporate budgets that can be used by businesses (incremental, activity-based, value proposition and zero-based) 👉🏾 3 ways that managers can create a budget for their staff 👉🏿 and a positive review - wow! Thanks 🛑 Please read our disclaimer + warnings bef...
Apr 12, 2022•37 min•Season 2Ep. 18
Dev breaks down some examples of macro-economic and micro-economic factors and ultimately how they affect us and the economy. He also explains how businesses can maximise their profits by focusing on 6 micro-economic factors and answers a listener question about burnout in the medical profession. Altus Financial is for medical professionals who want to feel good about their finances. Visit https://bit.ly/altusm3m 🛑 Please read our disclaimer + warnings before listening to this episode 📝 Episod...
Apr 05, 2022•42 min•Season 2Ep. 17
Using active income to invest in assets which generate a passive income is a common strategy when working towards becoming financially independent. In this episode Dev unpacks: 👉🏾 what is income 👉🏿 assessable income vs taxable income (Check out episodes 094 to 099 on tax deductions) 👉🏻active income and the pros and cons of it 👉 types of passive income and the pros and cons 👉🏼 maximising your income per unit time 👉🏽 and a listener question: tips for reviewing and negotiating insurance ...
Mar 29, 2022•37 min•Season 2Ep. 16
Some great questions and topics from the my millennial money medical community. Today Dev discusses: 👉🏾 deductible vs non-deductible debt 👉🏿 offset vs redraw facility 👉🏼 a breakdown of investment property costs 👉🏽 burnout in health care 👉🏻 the ethics of private billing in health care 👉 salary packaging - listen to episode 204 👉🏼 saving on an allied health salary (or any salary!) 👉🏿 the stigma around profiting from health care 🛑 Please read our disclaimer + warnings before listeni...
Mar 22, 2022•53 min•Season 2Ep. 15
In this episode Dev chats about: 👉🏾 Thopian's question: How long can I rent out a property without paying capital gains tax on its sale👉🏿 what is the bid ask price👉 what is liquidity? For an in-depth explanation on liquidity listen to episode 084 👉🏼 the bid ask spread👉🏽 what are market makers Episode transcripts: https://bit.ly/m3meptranscripts 🛑 Please read the disclaimer at mymillennial.money before listening to this episode. Need help with budgeting? Check out The Glen James Spendin...
Mar 15, 2022•23 min•Season 2Ep. 14
The best method to pay down debt is the one that works for you! In this episode Dev shares: 👉🏾 what is consumer debt👉🏿 revolving vs non-revolving debt👉🏻 the pros and cons👉 the debt avalanche method👉🏼 the debt snowball method👉🏽 the debt consolidation method👉🏾 balance transfer method👉🏻 checking your recurring payments You might also enjoy 030 what is debt consolidation Episode transcripts: https://bit.ly/m3meptranscripts 🛑 Please read the disclaimer at mymillennial.money before lis...
Mar 08, 2022•31 min•Season 2Ep. 13
In this episode Dev covers these 13 investing truths: 👉🏾 asset allocation👉🏿 diversification👉🏻 the market is uncertain👉 understanding and managing risk👉🏼 time in the market, not timing the market👉🏽 no perfect investment strategy👉🏾 money doesn't have emotions👉🏿 market crashes can be good👉🏻 investing is not a get rich quick scheme👉 buy the haystack, be boring👉🏼 fees matter👉🏽 investing is behavioural👉🏾 start early, do it forever👉🏿 and answers a question from Lee who asks ho...
Mar 01, 2022•50 min•Season 2Ep. 12
This episode covers some of the restrictions you might encounter when buying property or considering a knock down rebuild. Dev shares: 👉🏾 a listener's experience - K has a bad surprise at the time of building their home👉🏻 what are covenants, zones and overlays👉 the process of removing a covenant👉🏿 burdened land vs benefited land Check with your local state and council regulations before buying any property. In large parts of Melbourne, there are significant landscape overlays - beware! If...
Feb 22, 2022•34 min•Season 2Ep. 11
Today's episode is all about what a margin of safety is in accounting, business, investing and personal finance. Plus Dev speaks a little on deep value investing vs growth at a reasonable rate. We go full on geek mode! Listen to ep 75 for more on financial risk here . Episode transcripts: https://bit.ly/m3meptranscripts 🛑 Please read the disclaimer at mymillennial.money before listening to this episode. Need help with budgeting? Check out The Glen James Spending Plan and use coupon code "m3m" t...
Feb 15, 2022•28 min•Season 2Ep. 10
In this episode, Dev unpacks: 👉🏾a question from anon who has sold their investment property and has 500K in proceeds, what should they do?👉🏻what is a financial bubble?👉the stages of a bubble👉🏿examples of bubbles in history👉🏾Poseidon NL - does anyone remember the name? Episode transcripts: https://bit.ly/m3meptranscripts 🛑 Please read the disclaimer at mymillennial.money before listening to this episode. Need help with budgeting? Check out The Glen James Spending Plan and use coupon cod...
Feb 08, 2022•38 min•Season 2Ep. 9
Today's episode is inspired by this listener question: Is a prenup something I should consider before getting married? How long before marriage should I start thinking about it and what are the pros and cons? My income will likely be significantly higher than my partner's and I'm wondering how to have the conversation. Dev unpacks what a binding financial agreement aka prenup, entails including: 👉what happens without a prenup?👉🏼the pros and cons👉🏾conditions of prenup👉🏿when is a prenup use...
Feb 02, 2022•27 min•Season 2Ep. 8
