Australia will head into a recession in 2020. Our economy has basically been ground to halt thanks to Coronavirus. So how can you prepare? Here are some of the things I’m going to be doing to make sure that I’m in good shape to get through a recession:
Update – We’ve updated this with the latest promo for March 2020. The current promo gives you a bonus of $5
I’ve been using the Spaceship Voyager app for the past few months. It’s one of my favourite investment products. They are currently running a promo where you get $5 free when you sign up to use the app. It’s a great way to start your saving and investing journey. Read on to find out how to get the bonus:
What is Spaceship Voyager
Spaceship Voyager is a new way to save and invest money. You can start investing with as little as $5 and then setup either scheduled investments of invest one off lump sums. Your money gets invested in a diverse portfolio of stocks. You can choose one of two portfolios – one is made up of the companies Spaceship thinks will be important in the future. Think Apple, Tesla, Netflix etc. The other is an index fund made up of the top 200 most popular companies.
In volatile times Gold is seen as safe haven asset. I can’t tell if now is a good time to invest in Gold. There is so much uncertainty in the markets that any investment is going to be risky. But if you are looking to invest in Gold, here are some of the options I have tried in the past:
Looking to make a little more revenue on the side? You can complete surveys and earn small amounts of cash for your time. You’re never going to get rich from surveys but they are a great way to add a little extra income on the side. You can easily earn a few hundred dollars a month by dedicating an hour or less each day to completing online surveys. It’s a great way to make money from home (especially if you’re self isolating due to coronavirus).
These are the highest paying online survey sites in Australia:
Over the past 2 weeks, global stock markets have taken a battering. Many people would understandably be getting very concerned seeing their super accounts, stock investments etc go down. And some people would have panic sold. But is now a good time to stop investing? Is it a good time to start investing? In this post I’m going to walk you through some of potential future scenarios and what effect this will have on your money.
Update: Raiz is currently holding a special promo for March. Sign up using the link below and you’ll get $10 free deposited into your account. This offer will run for all of March.
Looking to sign up to the micro-investing app Raiz? Before you do, make sure you take advantage of this bonus offer. You’ll get a little extra cash invested into your account. While it may not seem like a huge amount, every little bit adds up – and besides, who doesn’t like free money!
Volt Bank is a neo bank that has been promising to launch for quite some time. Good news – they have just launched their first product and you can now sign up.
Volt Bank Savings Account – Earn 2.15% Interest
The first product launched by Volt is a savings account. The main selling point is the 2.15% interest rate – no strings attached. This is much higher than what most banks are offering. Some banks offer similar rates, but with strings attached. Like a minimum deposit amount or no withdrawals.
With interest rates at record lows, it just doesn’t make sense to save money in a bank account anymore. Thanks to inflation your money will be worth less and less each year if it just sits idle in your savings account. So what other options do you have? Well there are now a myriad of different investing apps that have popped up over the past couple of years. These apps make investing in stocks, ETFs (index funds) and bonds cheap and accessible to anyone, no matter how much money you have. In fact you can get started investing and growing your wealth with as little as $5.
Here are some of the top investing apps that have piqued my interest in 2020. I expect we will continue to see more and more innovate fintech apps launch throughout the year, and I’ll keep this post updated.
Shopback is a cashback site for online shopping. Basically if you click-through to an online shopping site using Shopback, they’ll give you anywhere from 0.1%-15% cashback on your purchases. If you are thinking of joining Shopback, here is how you can get $5 free using a promo code.
Shopback $5 Promo Code
Here is how to get a bonus $5 when you signup to Shopback
- Signup to Shopback using this link
- Make an online purchase of $20 anywhere that shopback is supported
- You’ll get a $5 bonus!
You don’t need to signup and go shopping right away. Just remember to use Shopback the next time you’re buying something online.
I’ve been experimenting with the CopyTrading platform eToro. It let’s you automatically copy the trades made by more experienced traders. Here are some of the things I’ve learnt while using the platform:
What is CopyTrading
CopyTrading is where your trading account automatically copies the trades made by more experienced traders. Trading is hard. So why not let someone who does it for a living do it for you.
When you copytrade, whenever the copied trader makes a trade, your account will make the same trade. If the trader buys some Apple Stock, your account will too.
With eToro, you can browse through the profiles of thousands of traders. See how well they have performed in the past and how profitable they have been. Here are some of the things to look out for when copying traders: