A finance expert has answered the top five most Googled money questions – from how to boost your income to getting started in the stock market and learning about cryptocurrency.
Vanessa Stoykov, from Sydney , is on a mission to educate others in order to make better financial decisions.
Common questions asked included how to make more money, how to determine if you can afford a mortgage and why you need to pay off debt before saving. Sydney money expert Vanessa Stoykov (pictured) is on a mission to educate others in order to make better financial decisions. Speaking to FEMAIL, she answered the most Googled money questions many are wanting to know 1. How do I make money?
Ms Stoykov said the biggest finance question many have is how to generate money – and there’s more ways than one in addition to employment.
‘Most people earn a salary, and think that’s the only way to make money, but it’s definitely not,’ she said.
‘Whether that be investing, starting a side hustle, or negotiating a pay rise, never limit your options when it comes to the ways to earn more.’ Previously finance guru Queenie Tan, also from Sydney, named several ‘side hustles’ to help boost your income. Some side hustles that can help boost your income may include dropshipping, copy writing, freelancing, dog walking or babysitting
Finance guru Queenie Tan, also from Sydney, named several ‘side hustles’ to help boost your income in a YouTube video.
For instance, Queenie, 25, boosts her annual income by making $2,000 per month by making YouTube content due to the number of subscribers and views.
Some side hustles that can help boost your income may include dropshipping, copy writing, freelancing, dog walking or babysitting.
To save more each money, she also recommends making your own work lunch, selling items you don’t need, using credit card reward programs and switching out from an ‘underperforming super fund’. Different investing options:
Property
Exchange-traded fund (ETFs)
Australian Stock Market – ASX200
US Stock Market – S&P500
Advertisement ‘Side hustles’ to boost annual income:
Freelancing
Dog walking or baby sitting
Dropshipping
YouTube adsCopy writingAdvertisement 2. How do I invest?Another question millions Googled was ‘how to invest’ in the stock market.In Australia there are a number of investing platforms that are perfect for beginners, and Ms Stoykov recommends Raiz and Sharesies.’If you’re a first-time investor, the number one thing you need to do is educate yourself. There are many cost-effective courses available online, or if you can afford to, seek investment advice from a professional planner,’ she said.’Knowing enough to understand what investment options do or don’t suit you is vital to be successful.’This knowledge also gives you the confidence to know you are making the right option for your personal situation and could save you from losing a significant amount of money.’Other investing platforms include eToro, Pearler and CMC Markets, each with different brokerage and buying fees. POPULAR INVESTING PLATFORMS Raiz appSpaceship Voyager appCommSec pocket appRevolutSharesiesPearlereToroCMC Markets * When choosing a platform, it’s best to compare what each platform offers and the fees includedAdvertisement3. What size mortgage can I afford?The third most Googled question asked was ‘what size mortgage can I afford?’, and Ms Stoykov said the answer is simple.’If you go onto any bank website, there will be a calculator of how much you’d be able to borrow based on your salary and borrowing capacity,’ she said.But her ‘golden rule’ is to borrow significantly less than your borrowing your borrowing capacity or what you can afford.’This is because you need a buffer in case interest rates rise, you lose your job, or a range of other problems that could arise in the future,’ she said.’A mortgage is a long-term loan, so think about what you’ll be able to afford not only now but also in 10, 20, 30 years.’A good tool to use is the Money Smart mortgage calculator which can be accessed here. As a rule of thumb, you should opt to spend no more than 30 per cent of your income on your mortgage or rent, otherwise you put yourself at risk of financial stress. 4. Should I pay off credit card debt or save?Ms Stoykov highly recommends paying off any outstanding debt before saving or choosing to invest in the stock market or property.This is because over time debt builds interest which is charged on your account, and so it’s wise to pay it off sooner.However, it’s also essential to have an ’emergency fund’ – a small pool of money saved – if needed urgently. How to buy Crypto […]
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