FAQ

1) I'm not good with money so how is this website going to help me?

None of us are born with the skills to manage money just like a child isn't born to start walking. But just like a child we can learn one step at a time. This website takes the reader step by step through the basics of money or more advanced money skills depending on your knowledge or as your skills grow. The courses follows a set pattern of:

- Description of the Topic

- Why you need to know about the Money Topic

- How to compare it with other options

- How to go about it or put the action into place

- Pitfalls to watch out for and Tips to help you

- Examples and/or Templates to use

- Other Resources or further References

Money is just another skill which fortunately or unfortunately we all need to learn. The upside of doing a course though, is that you can learn at your own pace. You are given tools to help, and ideas on how to go about each money topic/issue. You can spend more time on the topics that are most relevant to you and go back to them again and again if you need to. The best part about this course is there is no exam at the end and the skills you learn will be invaluable as your wealth grows.

2) How can I pay off my mortgage quicker?

When purchasing a home for your family to live in, it is both exciting and scary. Once you get your head around having a mortgage and meeting the repayments you quickly go onto thinking how you can pay it off faster. Well paying it off faster is all reliant on how you have arranged your mortgage, where your income goes and whether you have a surplus. The Make Money course talks about the different arrangements you can make for your mortgage, which maximises interest rates and helps you decide which arrangement is best for you. The Retirement Planning course also talks about paying off your mortgage faster as you head closer to retirement.

3) Do I need to complete a tax return and how do I fill it out?

If you are a PAYE (pay as you earn) employee and have no other income coming in then you will probably want to just check that you are on the right tax bracket. If you do have other income coming in, have a student loan or are self employed then you will need to complete a tax return. The Budgeting Basics course gives you a system on how to collect the information you will need for your tax return, a template which will help you for recording purposes, and a prompt on what information you will need to collect.

4) My child is leaving school and starting a new job, how do I teach my child about money?

Hopefully you have been teaching your child the basics of money from a very early stage.  If not, the Budgeting Basics course is perfect for a young adult starting out about to receive their first pay cheque. The course takes them through opening new bank accounts, budgeting skills, credit cards and other forms of lending. The course helps them to think about savings, planning their financial goals, and even encourages their learning around growing their money and investing.

5) I hear people talk about a passive income, what is it and how do I create a passive income for myself?

Passive Income is an income that comes into your bank account even when you are not working. Everyone should strive to create some passive income in case they are not able to work, but still need to maintain a certain level of their current lifestyle. It is unknown what the government will provide financially in the future and already there are people who say that what the government provide is not enough to meet their basic needs. The Make Money course takes you through what investments are out in the current market place that can provide a passive income. It also includes some of the general areas you need to research before you decide on which investment is right for you, and how to get started in each investment class. Note: This course does not advise you which investment classes to invest in, just how do go about it once you do decide on a particular investment path.

6) Why should I learn about money, my partner takes care of all that?

By having a good understanding of money, you will be able to help support your partner in making the right financial decisions for your family. The saying goes "two heads are better than one". It may also help build a stronger relationship with your partner, as often money matters can be quite stressful, and it helps when the problem is shared and you can work on it together.

Another less fortunate way to look at learning about money, is that your partner may not be around forever, whether because of divorce, death or ill-health, you may be called upon to take over the finances. If that happened would you know what to do? Will you be able to ensure your family is safe and secure without financial problems adding to your distress?

7) Why do I need to save for my retirement years, the government will take care of me, won't they?

This is most people's perception, but nobody knows whether the government will provide for them when they reach retirement, or whether it will be enough. So one of the main topics under the Retirement Planning course is around "Will I have enough to retire?" and if the answer is no then the next topic covers "What can I do if I do not have enough?" Examples are given to help you calculate whether you have enough to retire on and what options could be available to you if you do not have enough.

8) What does the term opportunity cost mean and do I need to know about it?

Opportunity cost is a term used to explain the scenario that if you spend your money now, then you will have to forgo something else in the future, which you could have used that money for. For example, if you spend your money on clothes, the money is gone and now you cannot have that i-phone you were wanting as there is no money left. The opportunity to buy the i-phone now is lost. Every spending decision you make has an opportunity cost. If you were to save the money instead of spending it, then you are keeping your opportunities open, and could be rewarded by getting the things that really matter to you long-term (not just short-term gratification).