Ross Greenwood: My top 5 most asked finance questions
After almost three decades of covering finance, the 9News business and finance editor shares the top five questions he has been asked.
From how to maximise super, to getting the top home loan rates, and even tips on ways to make a quick buck — Ross Greenwood has been asked it all.
Greenwood shared with 9Saver and the TODAY Show the top five questions he has been asked since he started covering finance — and his answers.
TODAY: How do I know if my super is performing well?
Greenwood: Over the past year the median balanced fund that most people have their money in earned 9.2% per SuperRatings. Over five years, the average is 8.9%. Check your statement, and see if your fund is keeping up with this. If not, seriously consider changing.
TODAY: What rate should I be paying for my home loan right now?
Greenwood: If you have a principal and interest home loan that’s variable, make sure your rate has a three in front of it. If it’s ‘four point something,’ you need to negotiate a new home loan, or ring your current lender and hassle them. The cheapest loan in the market is now 3.44 per cent, you might not get that, but it’s a guide
TODAY: Which way is the Aussie dollar moving in the next six months?
Greenwood: Generally, the expectation is down. But it depends on at least two things. Interest rates here and in America, and commodity prices – iron ore, coal and oil. But if you’re travelling in the next three or four months and can’t work that all out, then buy half your travel money now and half just before you go away. That way you’ll get the currency movement half right, and half wrong!
TODAY: Is it a good time to buy a property?
Greenwood: Broadly… no. But it depends on why you’re buying. Remember the trick of buying property – or anything – is not to be a panicked buyer, or seller. In Sydney and Melbourne, where prices are falling, the best strategy is to wait because prices are likely to keep falling. Brisbane and Adelaide are likely to be more stable, while Perth and Darwin know all about falling prices. What’s the old saying? Never catch a falling knife?
TODAY: How do I make a lot of money really quickly?
Greenwood: Well there was the $100 million Powerball this week. That would have been ‘really quick’ money. The odds of winning that was one in 134 million. Now think about this… if you put in one ticket every week, then the odds say are you would be due a win once every two and a half million years. That takes us back to the very first human beings on earth. The trick of making money quickly, is to make it slowly.