Finder’s Wealth Building Masterclass

Uncover how to stop money leaks, achieve your investing goals and start building your wealth.

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The Finder Wealth Building Masterclass is now over...

Thanks to everyone who attended - we hope it helped you on your own wealth-building journey. Stay tuned for more Finder Masterclasses in future.

Due to the overwhelming amount of questions we received as part of the masterclass, we've decided to feature them all here - along with answers from our expert panellists.

1. Best type of account for online savings, investments, and trading ETFs? - Teddy J

A high interest savings account is going to get you the best return on your money for savings – review some of your options here.

Exchange-Traded Funds (ETFs) tracking diversified indices like the ASX 200, S&P 500, or global markets (e.g., Vanguard or Betashares ETFs) are excellent options.

Look for low management fees, broad diversification and strong long-term performance. You can learn more in our guide to ETFs or our recommendation of the top 10 ETFs.

- Sarah Megginson, Head of Editorial

2. How can I build my savings in the best way? - Calver B

Start by budgeting to identify and cut out unnecessary expenses – that way, you can free up some 'risk free' extra money and use it to start building your savings balance.

Set up an automatic savings plan where a portion of your income goes directly into a high-interest savings account – it could be as little as $10 a week at the beginning, if that's all you can afford.

It's less about the dollar value and more about building a consistent savings habit. Eventually, once you've built a savings balance you're comfortable with, you can start investing into a diversified ETF portfolio. Consider apps like Raiz or Spaceship for micro-investing.

- Sarah Megginson, Head of Editorial

3. Where can I invest without paying too much tax? - Chris M

Tax-effective strategies include:

  • Superannuation contributions (salary sacrificing to take advantage of the tax benefits and grow through the investments).
  • ETFs and shares offering franking credits.
  • Investing in growth assets that favour capital gains over income to defer taxes.

You should consult a tax professional and/or a financial planner for personalised advice.

- Sarah Megginson, Head of Editorial

4. Can I generate $90k annually from ETFs with a "set-and-forget" strategy? - Christie N

Yes it's possible to generate this type of return, but you need a large amount of capital to make it work. Your return depends on:

  • Your initial investment amount.
  • The specific ETF's yield (e.g., 4% annually would require $2.25m to be invested).
  • Diversification to ensure stable income. Some investors choose to reinvest dividends during the growth phase to compound returns.

- Sarah Megginson, Head of Editorial

5. Should I invest in real estate or stocks? - Vladi R

This really depends on your personal goals, your budget and your long term investment goals. A couple of things to keep in mind:

  • Real estate offers leverage (where you can borrow money to invest) and long-term capital growth, but requires a decent amount of capital upfront.
  • Stocks/ETFs provide liquidity, diversification and lower entry transaction costs. Choose based on your financial goals, risk tolerance and time horizon.

- Sarah Megginson, Head of Editorial

6. Best way to build wealth for those who've missed the property investment race? - Jim Q

You haven't ever fully missed the boat when it comes to property! There's a few things could you look at if you're still keen to invest in bricks and mortar, such as:

If you're looking for alternative investments, you could shift to:

  • Focus on stocks, ETFs and managed funds for growth.
  • Consider starting a side hustle or investing in your career.
  • Maximise super contributions and compounding returns.

- Sarah Megginson, Head of Editorial

7. Do you agree with Warren Buffett about overheating shares? Should I trust super funds? - Jackie F

Markets may appear overheated, but time in the market often beats timing the market. Diversify within your super and focus on long-term growth.

Trusting a well-performing, low-fee super fund can simplify the process. If you want more data to decide which super fund to trust,Finder's Superannuation Awards highlights the best performer each year.

- Graham Cooke, Head of Consumer Research

8. How do I optimise for tax? - Lorinda B

  • Maximise superannuation contributions for tax savings.
  • You can often borrow off existing equity to invest, which reduces your tax burden.
  • Consult a tax adviser for tailored strategies.

- Graham Cooke, Head of Consumer Research

9. Managing tax requirements for first-time ETF investments - Rachel F

Try and keep your own records of purchase and sale prices, commissions, dates, and distributions.

While some platforms will provide tax reporting this isn't consistent across all platforms so you need to keep track yourself.

Some information may be automatically reported to the ATO and pre-filled on your tax return, but it's your responsibility to ensure that the information is correct.

You could also use apps like Sharesight to track your investments and calculate capital gains for tax time, and even a separate bank account for distributions and reinvestment tracking.

- Tom Stelzer, Investments Editor

10. Strategies for intergenerational wealth - Robin B

The key for building generational wealth is having an appropriate long-term investing strategy and structuring your investments in a sustainable way.

Outside of winning the lottery, patience and discipline are what are required to grow true long-term wealth.

If you're looking to pass on your existing wealth to the next generation, you could also look at doing the following:

  • Talk to an accountant or financial advisor.
  • Use trust structures for tax-effective wealth transfer.
  • Ensure your estate plan and will are up to date.
  • Invest in education and financial literacy for the next generation.

- Tom Stelzer, Investments Editor

11. What's the best way to start creating wealth - Kelly L

As the old adage says, "time in the market beats timing the market."

The best way to start creating wealth is investing early and consistently and focusing on inflation-beating assets like shares, ETFs, or investment properties.

The earlier you start investing and the more consistent you are about it, the more opportunity for compounding returns, which means more wealth.

- Tom Stelzer, Investments Editor

12. Common financial mistakes approaching retirement - Bernadette H

There's a few things to keep in mind when you're nearing retirement:

  • Not planning for healthcare costs.
  • Relying too heavily on super or a single asset.
  • Putting your money in higher-risk investment classes with more potential for volatile returns.
  • Ignoring inflation when calculating retirement needs.

- Sarah Megginson, Head of Editorial

13. Best strategies for reliable retirement income - Bernadette H

It depends if you're nearing retirement and need strategies to support you in the near future, or if this is a longer-term strategy and you're looking ahead.

But there's a few things you can keep in mind either way:

  • Transition to low-volatility investments like bonds and high-yield dividend stocks.
  • Use annuities for guaranteed income.
  • Maintain a diversified portfolio to sustain growth.
  • Consider inflation when calculating retirement needs.

- Sarah Megginson, Head of Editorial

14. Investing in ETFs for retirement after 20 years - Cecilia Q

  • Choose ETFs with steady income potential (check performance over the last 10 years and chose based on your assessment of that)
  • Reinvest during growth years, then switch to drawdown as retirement nears.
  • A 20 year period is long enough to make this investment worthwhile.

- Graham Cooke, Head of Consumer Research

15. Five years from retirement – portfolio adjustments - Mike S

If you're close to retirement, you're likely to want to reduce your overall risk profile and look for more reliable returns. This includes:

  • Moving your super to a conservative portfolio.
  • Reducing your exposure to high-risk investments.
  • Increasing cash exposure to cover short-term needs.
  • Planning for a sustainable withdrawal rate, typically around 4% annually.

- Tom Stelzer, Investments Editor

16. Where is the best place to invest in Australia? - Sydney T

This will really depend on your overall financial goals and situation, but you might want to consider the following:

  • Shares/ETFs: You could look at indices like the ASX 200, S&P 500 or Nasdaq-100.
  • Superannuation: Making additional super contributions brings tax advantages and can set you up for a more comfortable retirement.
  • Real estate: Investment properties remain a popular choice for investors.

- Tom Stelzer, Investments Editor

17. Stop money leaks and redirect funds - Tharati T

Here are some ways to cut out unnecessary spending and get more disciplined:

  • Review your existing subscriptions, bills and other expenses to see where you could be saving.
  • Set a budget and stick to it.
  • Use a budgeting app like Gather to track your spending.
  • Redirect a percentage of your savings to longer-term investments like ETFs.

- Tom Stelzer, Investments Editor

18. Managing spending in tough times - Alissa L

You could try adopting the 50/30/20 rule, which means assigning your income in the following buckets: essentials (50%), discretionary spending (30%), savings/investments (20%).

You can also set up separate accounts for each bucket and have your salary automatically deposited there to help you stick to your spending plan.

Try to cut any unnecessary expenses as well.

- Tom Stelzer, Investments Editor

19. Investment tools for SMSF - Steph P

Platforms like SelfWealth, CommSec, or Sharesight are excellent for managing SMSF investments.

Make sure you also comply with ATO regulations and pay attention to your investments.

- Tom Stelzer, Investments Editor

20. Sustainable wealth with significant debt - Jacklyn Y

- Tom Stelzer, Investments Editor

21. Can you build wealth even if you're 60? - Nea A

Yes, it's never too late to focus on improving your financial situation.

It's all about taking small, consistent action towards your goals. You could focus on:

  • Maximising superannuation contributions – the tax benefits can fast-track your ability to grow your wealth. You only pay 15% tax on contributions (up to a cap of $30k per year, including employer contributions), which could be much less than your current tax rate. This gives a big boost to your wealth.
  • Investing in dividend-paying ETFs or shares to generate an income stream in retirement.
  • Downsizing your home (or having a plan to downsize in the future) to free up equity.
  • Delaying the age you plan to retire, to boost the amount of time you have to grow your wealth.

- Sarah Megginson, Head of Editorial

22. How much money will I have in retirement? - Asta G

You can use calculators from your super fund, ASIC's Moneysmart or Finder to get an estimate based on:

  • Your current super balance.
  • Any additional super contributions and investment returns.
  • Other assets including your house.

The amount you'll need in retirement will vary based on your desired lifestyle.

According to the Association of Superannuation Funds of Australia, a single person needs $51,814 a year for a comfortable retirement or $32,930 for a modest retirement.

For couples, it's $73,031 for a comfortable retirement or $47,475 for a modest retirement.

- Tom Stelzer, Investments Editor

23. Staying consistent with property investment wealth building - Rangabiyajol R

Staying consistent with property investment wealth building requires a disciplined approach, ongoing learning, and smart financial management.

  • Stick to a long-term plan and resist the urge to chase trends.
  • Keep an emergency fund for unexpected expenses.
  • Regularly review your property's performance (rental yield, capital growth, costs).
  • Optimise your tax strategy.

24. Earn FIFO-level income without FIFO work - Khairi H

There's a couple of things you can do to hopefully achieve FIFO-level income without having to take a FIFO job:

  • Pursue or re-train in high-demand, high-paying industries like IT, healthcare, or engineering.
  • Build a side hustle or start a small business.
  • Invest in upskilling for better career opportunities.

- Tom Stelzer, Investments Editor

25. Where should I be financially at 33? - Adrian C

This is going to vary for everyone and trying to measure up to a gold standard can often be counter-productive. Comparison is the thief of joy as they say.

Half the battle is simply being willing to improve your financial position.

That said, here are some general ideas for what you might want to focus on:

- Tom Stelzer, Investments Editor

26. Paying more interest than principal – what to do? - Parichuri G

  • This is often an issue early on in a mortgage, as the interest is based on the outstanding amount and it is highest at the start.
  • If you are in this position, your interest rate is the most important. Consider refinancing to a lower interest rate from a competitor.
  • Also, try and pay off as much extra principle as you can early on - this will be easier if you are on a variable loan, but every extra dollar you pay off will save you a lot over the course of your loan.

- Graham Cooke, Head of Consumer Research

27. How to earn passive income? - Wyb B

There are a number of ways to earn passive income but you might want to focus on the following:

  • Invest in shares/ETFs: Look for dividend stocks or high-yield ETFs.
  • Buy a rental property: Invest in positively geared real using Finder's Property Investment Index.
  • Start an online business: Many businesses require lots of ongoing work, but you could consider creating digital products or e-books that can generate income with little ongoing maintenance.

- Tom Stelzer, Investments Editor

28. Gold & Silver – Physical or ETFs? - Barry M

The major benefit of investing in physical metals is that you have direct ownership of the asset.

Otherwise, ETFs are generally lower cost, easier to buy and sell and simpler to manage, while still offering the same exposure as physical metals.

- Tom Stelzer, Investments Editor

29. Retiring comfortably by 60 - Christine T

  • Increase super contributions (via salary sacrifice).
  • Diversify investments to balance growth and income.
  • Reduce debt before retirement.

- Graham Cooke, Head of Consumer Research

31. Making income after 60 - Fotios K

Making income after 60 is a great way to supplement your retirement savings, maintain financial security, and stay engaged.

Below are several strategies you can consider, depending on your skills, interests, and financial goals:

  • Use dividends or rental income for cash flow.
  • Transition to part-time work or contracting.
  • Consider annuities for guaranteed income.

- Graham Cooke, Head of Consumer Research

32. Invest or pay down the mortgage? - Erinn W andJoel K

  • Pay down mortgage if risk-averse or nearing retirement, or if your interest rate exceeds the expected investment return.
  • Invest if you're comfortable with market volatility and have time to grow your portfolio or have a fixed, low mortgage rate.

33. Growing money to keep up with rising costs - Roja W

The key here is to make sure you're putting your money in investments that are beating inflation.

There's no point keeping your money in a savings account earning 2% interest if inflation is 3%.

You could consider the following:

  • Invest in inflation-hedged assets like real estate or ETFs with inflation-linked securities or commodities.
  • Regularly review and adjust your budget and bills to see if you could save more.

- Tom Stelzer, Investments Editor

34. Where to buy an investment property? - Rahul P

  • Focus on areas with strong population growth, infrastructure, and rental demand (e.g., outer suburbs of major cities or regional hubs like Geelong or Newcastle).
  • Consumer Finder's Property Investment Index - but don't use this alone, consider it one of many tools you can use to decide where might be best to invest.
  • Overall remember - location, location, location.

- Graham Cooke, Head of Consumer Research

35. Best starting point for investing, especially S&P 500 - Claire F

The best thing to do is to start small with a low-cost investing platform and get low-cost exposure to the S&P 500 via ASX-listed ETFs like IVV (iShares S&P 500 ETF) or SPY (SPDR S&P 500 Trust ETF).

You might also want to use dollar-cost averaging to avoid having to time the market and help develop the habit of regularly investing.

- Tom Stelzer, Investments Editor

36. Best long-term stocks - Naythuwin N

You should look for well-established, profitable companies that have a strong financial record. This could include things like:

  • Blue-chip Australian stocks like BHP or Commonwealth Bank.
  • Market-leading global companies like Apple or Microsoft.
  • ETFs that track leading stock market indices like the ASX 200 and S&P 500.

- Tom Stelzer, Investments Editor

37. Inheritance considerations - Sandi S

If you've received a sizable inheritance, it might be worth first putting it in a high-interest savings account for a few months to give yourself time to consider your options.

You might also want to contact a financial advisor, but depending on the size of the inheritance, this won't necessarily be cost-effective.

- Tom Stelzer, Investments Editor

38. Relying on super in retirement - Susana C

Super is designed to support you in retirement, but it obviously doesn't hurt to be able to lean on supplementary income from other investments or assets.

You should also ensure you're in a low-fee, high-performing fund and have your money in a portfolio with a suitable level of risk.

- Tom Stelzer, Investments Editor

39. Accelerating wealth building - David A

Compounding interest is the key to growing wealth more quickly over time and the equation is pretty simple - the more you invest and the longer you leave it invested, the higher your returns are likely to be.

  • Increase income through side hustles, upskilling or job-hopping.
  • Aggressively reduce your debt, cut unnecessary spending and reinvest your savings into long-term investments.
  • Make sure your portfolio is sufficiently diversified, with a focus on high-growth investments.

- Tom Stelzer, Investments Editor

40. Buy or rent? - Scott M

It's going to depend on your financial situation, but if you can afford the costs and mortgage repayments, buying a house can give you financial security.

Renting could make sense if you're still saving for a deposit, or think you can get a better return on your money elsewhere.

You might also want to consider rentvesting, where you buy an investment property somewhere else and then rent in the area you want to live in.

- Tom Stelzer, Investments Editor

41. Investment options beyond shares and property - George S

There's a number of alternative investment options you could consider, depending on your goals and risk profile:

  • Bonds and fixed-income securities.
  • Managed funds or real estate investment trusts (REITs).
  • Alternative investments like startups or renewable energy projects.
  • Cryptocurrency.

- Tom Stelzer, Investments Editor

42. SMSF vs retail managed funds - Christian G

A self-managed super fund may be suitable if you have a balance of $200,000+, giving you greater control over your super but higher fees and a lot more work.

Retail funds are more cost-effective for smaller balances and offer a lot more simplicity, less stress and little ongoing management.

- Graham Cooke, Head of Consumer Research

43. Creating a balanced investment strategy - Faisal W

This really depends on your age, your investing timeline and your goals, but balance is really another word for diversifying.

This means spreading your risk across lots of different assets and options. A few ideas to get started include:

  • Diversify across asset classes (shares, property using Finder's Property Investment Index, bonds, savings, cash, crypto - the options are many!).
  • Maintain an emergency fund – never invest with all of your available capital, as you might need some for unexpected expenses.
  • Rebalance and review annually to align with your goals.

- Sarah Megginson, Head of Editorial

What is the Finder Wealth Building Masterclass?

The Finder Wealth Building Masterclass was a free live webinar held on 12.30pm AEDT on 3 December 2024 that aimed to put you in the driver's seat of your finances.

The class was a 60-minute online webinar hosted by Finder's Head of PR and personal finance specialist, Taylor Blackburn.

Taylor pulled insights from Finder's personal finance expert Sarah Megginson, as well as investing guru Tom Stelzer and Finder's head of consumer research, Graham Cooke.

Attendees were guided through the new findings of Finder's Wealth Building Report 2024, how to stop money leaks, achieve your investing goals and lay the foundation for financial freedom.

Here's a closer look at your curriculum:

Part 1: Success leaves clues: how rich Australians build their wealth

The class began with a strong foundation in uncovering the wealth habits and strategies of Australian investors. What factors have contributed to their net wealth and what actions are they taking to grow their finances.

Highlights include: The 3 top habits of successful investors and how to harness each one, so you can grow your wealth.

Part 2: The 4 steps to build wealth

Next we explored the 4 steps to build wealth and chart a smooth path towards creating your dream financial future. We explained the power of reducing unnecessary costs and break-free from money-sapping habits like overspending and impulse buying and replace them with new habits that put money into your pocket. Gain the clarity and confidence to invest and upgrade your money position.

Highlights include: Start seeing new possibilities for wealth accumulation and fast-track ways to multiply your wealth.

Part 3: Upgrade your Financial IQ

The session concluded with a question and answer session where those who have signed up for the workshop can submit their burning money questions.

Highlights include: Get expert advice to help you rise from where you are right now, to where you want to be.

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