Weekly Digest – 22 July 2022

19/07/2022

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

Aussie creativity on full display at tax time

Australians are always looking to save money on their taxes, and some get very bold and creative with their deductions. A round-up of recent deduction attempts can be found here.

Money isn’t the only barrier to entering the housing market

Even after saving a deposit, getting into the housing market for first-time buyers typically takes several months due to ever-changing variables and other factors.

Crypto company owes its users billions after crash

Celsius CEO and founder Alex Mashinsky said last week that its cryptocurrency lending platform Celsius Network owes its 1.7 million users billions of dollars.

What is lifestyle planning?

When you think of financial planning, you probably imagine ways to increase your wealth, such as making a budget, reviewing what’s coming in and going out, and creating a plan for how to make the most of your money.

You may think of investing in stocks or bonds, or of starting a retirement fund. Perhaps you think of saving for a major expense, like a home or education for your children.

And that all counts as financial planning. But lately, the concept of lifestyle planning is giving financial planning a run for its money.

Lifestyle planning is the idea of using your money to get the most enjoyment out of your life.

It means maybe foregoing the maximum financial return in exchange for something you value more. You choose to budget your money in a way that makes you truly happy. In other words…

You plan to use your money in the ways that bring you the most joy.

If the idea seems scary to you, you’re not alone. Most of us were raised with the idea that you should always save for a rainy day, put away as much money as you can, and invest instead of spend.

But lifestyle planning doesn’t mean that you frivolously blow through your life savings.

It means taking the time to consider how you want to live the one life you get. And then, working off of that vision by creating a financial plan that makes those dreams come true.

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