As a new investor, where can I go for quality advice?

Hey Natalie,

It’s a challenging spot to be in as a new investor, when you don’t have enough money to pay for personal financial advice (initial advice costs can vary between $3,000 and $5,000), and you don’t know quite enough to take the first step on your own.

In this situation, I suggest taking it slow, doing your research, asking questions and taking in information from a variety of sources.

Start Here: ASIC MoneySmart Website

I’d encourage you to read through this website as a foundational starting point. It’s a balanced and high level overview of the main financial topics that are of relevance to Australians, put together by one of the Australian government’s regulators in the financial space: https://moneysmart.gov.au

Where to Next? Podcasts, websites, books & communities

Now that you’ve laid down your foundations, it’s time for the fun part. Exploring all the different options, ideas and strategies out there. This process will quickly show you that there’s no one perfect financial strategy, because it all comes down to your goals, values and tolerance to risk. But you’ll start to see some common threads throughout your research journey.

You could try podcasts (like our show The Australian Finance Podcast, Get Started Investing or Financial Autonomy), read books (like The Barefoot Investor, The Psychology of Money, The Simple Path to Wealth or Money School) or check out websites (like the ASX, Mr Money Moustache or Four Pillar Freedom). We also have an ETF research lifetime membership, which gives you model ETF portfolios for core and thematic ETFs: https://www.rask.com.au/subscriptions

Consume widely, question motives and biases (we’ve all got them) and remember that investing can be simple.

Also, acknowledge that it’s a learning journey, and you won’t work it all out overnight. No one’s going to care as muc

Show more.....

Hi Natalie, depends on your budget, investment amount and what sort of help you are looking for, but you have plenty of options
1. Online – free but confusing
2. Podcasts – free but can be conflicted (SOTM and MMM are two of the best out there)
3. Financial counsellors – more for basic budgeting and debt control
4. Financial advisers – will charge $1,500 to $15,000 and more depending on the complexity of your circumstances

Good luck with the search

Hi Natalie, my partner in crime (Kate) wrote the Rask Australia response below.

There are some great comments here but if you’re just starting out, I wanted to suggest setting a goal of spending 15 minutes per day for 30 days learning the absolute basics of investing.

As Ben says, it can all seem really overwhelming at first. But oftentimes I’ve found there is no harm in taking your time and taking it all in (warts and all).

That is, of course, provided there isn’t a pressing issue like an inheritance, retirement, divorce, etc. coming up. In which case, a financial planner or tax agent can help get you started.

If long-term learning is what you’re after, I just wanted to reassure you that you don’t need to pay anyone to learn.

I hope this helps!

Onwards & upward.

Owen Rask

Hi Natalie

 At LadiesFinance Club we have a heap of free information and webinars – we also have a paid membership with monthly masterclasses by top Aussie experts. But ifthat’s not for you then here are some of my recommendations.  
Top Book for new investors
I think Equity Mates – How to Invest is a great one for starting… it’s super practical –
Girls Just Wanna Have Funds – will be out in Jan 31

Podcasts
– So you’re in Good Company
– Equity Mates
– ETFs for Beginners
-Talk Money to me
– What the Finance
– Ladies Finance Club Podcast – our episode on Investing will be out in a few weeks  We also have a great investing course that covers all the basics!   

YourSuper is a gov run comparsion site

TickerTimeMachine is also a fun website where you can put in Ticker codes from the past and see what would have happened to your money …it’s a good one to show the importance of long term investing!

Sometimes as women we like to be absolute experts …do a heap of research and can get analysis paralysis but the best way to learn how to swim is to dip your toes in the water and you don’t have to start with thousands and thousands if you’re feeling nervous you can get started on Pearlers Microinvesting platform and get your confidence up!