Do you stay up at night with a burning question in mind about money?
If you do, it looks like you’re not alone, with new data revealing Australians’ top financial questions.
Luckily we have our money expert Effie Zahos here to answer some of the more important ones.
How much can I borrow?
“It differs between lenders and there are a lot of online calculators you can play with,” Effie said.
“Assuming you have a family, two people work, one works full time and one works part time, the gross income that comes in is about $ 165,000 and you have two children and a car loan.
“This reduces the amount you can borrow – you will be able to get $ 837,000.
“Interestingly, because property prices have dropped so much, you can almost afford a home in Sydney with a 20 percent deposit.”
How much tax do I have to pay?
“We all get confused with how much taxes we should pay,” Effie said.
“I say overpay rather than underpay. We have five tax brackets at the moment and it is expected to change in 2024.
“Many people think, ‘If I earn more, does that mean I have to pay back 32.5% of all my money?’ You don’t, you have tax brackets.
“For example, if you have $ 80,000, you pay $ 5,092 and then you only pay 32.5 percent for the money over $ 45,000.
“You essentially pay $ 11,000 more on top of the five.”
Why does encryption crash?
“If you look at where Bitcoin was at the beginning of the year to where it is now, it’s down by more than 55%,” Effie said.
“The whole cryptocurrency market is very volatile, we know, but digital assets are experiencing the same financial problems as the global economy and with rising rates, which means investors don’t want to take so many risks because they can get a better performance elsewhere.
“This is by no means the end of cryptocurrencies. I think regulators will use it as even more ammunition that needs to be regulated, but nothing underlies this.
“I think as more people go out, the price goes down, the confidence goes down and there’s a lot of volatility there.”
See the full Your Money segment above
The information provided on this website is of a general nature only and does not constitute personal financial advice. The information was prepared without taking into account your personal goals, financial situation or needs. Before taking action on any information on this website, you should consider the adequacy of the information with respect to your goals, financial situation and needs.
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