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25 experts reveal their ONE money tip for 2021

Anastasia Santoreneos
·4-min read
Man making money gesture.
25 money experts reveal their one money tip for 2021. Source: Getty

Earlier this month, Yahoo Finance asked 24 money experts to send in a video of themselves sharing their favourite financial tips and tricks.

Every day until Christmas, you received these videos via our social media channels.

Here’s a round up of what they said.

Make a passive income

Finance influencer Haley Sacks, or Mrs Dow Jones, lives by legendary investor Warren Buffett’s wise words: If you do not learn to make money while you sleep, you’ll work until you die.

Here are a few things to get you started:

Buy a house

Independent economist Stephen Koukoulas had a simple message: buy a house.

“It’s a method that’s worked well for probably 50, 60, 70 years,” he said.

Here’s how to get started:

Save 20% of your income

Young Aussies should be saving 20 per cent of their income so they can take advantage of opportunities that come their way.

Here are a few ways to help you out:

Automate your savings

This simple strategy takes the stress out of working out your finances. All you need to do is set up a direct transfer from your spending account into your savings account, and let the bank do the work for you.

Here are some helpful tips:

Use cashback services

Download cashback services and make money when you spend it.

Here’s how:

Get a better home loan rate

Mortgage rates are at their lowest ever, and switching banks can mean saving more than $100,000 on your home loan.

Here’s what you need to know:

Use the “hours worked” method when buying gifts

While the Flux Finance guys intended this to be relevant for Christmas, it actually works year-round. Try and figure out how many hours of work it takes you to afford a gift before you commit to buying it.

The following stories have some tips inside:

Spend what you can afford to lose

Entrepreneur Nick Bell says money is made to be spent, so spend it - whether that means investing in yourself, buying a house or starting a side hustle.

But only spend what you can afford to lose!

Don’t listen to the hype

Director of Influenceo Global Shadé Zahrai has some practical advice: don’t listen to the media hype.

If a financial decision isn’t right for you, don’t make it. Look beyond the media hype, and do your own research.

Make smart goals

Coming up to the New Year, it can be easy to follow that old ‘New year, new me’ saying, but financial adviser Brendan Gow says it’s better to start small.

“You're far better off setting a small, achievable savings goal that you can build on as the year progresses,” he said.

Here’s some advice on goal setting:

Create multiple income streams

Similar to making money while you sleep, author of Unf*ck Your Finances, Melissa Browne, says millionaires have around seven streams of income.

Here are some helpful tips:

Invest in yourself

Yahoo Finance’s own editor-in-chief Sarah O’Carroll wants you to invest in yourself. That could mean learning a new skill, starting a side hustle or developing yourself personally.

It’s also something Warren Buffet strongly believes in.

Get financial advice

Money expert Helen Baker wants you to get financially literate. “My advice tip is to go and seek advice,” Baker said. “Get started, get educated.”

Set and forget

Stockspot founder Chris Brycki said the best thing you can do to your investments is simply forget about them. Literally, forget your passwords.

Use your time wisely

Happy Skin Co founder Dylan Mullan has one question for you: What are you doing between the hours of 7pm and 10pm every night?

Use your after-hours time to research trends, or learn about things you’re passionate about. If you’re not passionate about anything, simply use this time to educate yourself somehow. You never know, this time next year you could be starting your own business.

Here’s what else our experts said:

Lisa Teh, founder of CODI Agency: Don’t try to impress other people

Angus Muffet, country director of Shopback: Compound your savings

Neil Luo, head of growth at Airwallex: Save on conversion fees

Shivani Gopal, founder of The Remarkable Woman: Automate your debts

Jessica Yun, reporter at Yahoo Finance: Do your research before you buy

Lucy Dean, reporter at Yahoo Finance: Write down your goals

Fred Schebesta, co-founder of Finder.com.au: Invest, don’t trade

Amantha Imber, founder of Inventium: Buy your time

Sam Wood, founder of 28 by Sam Wood: Write down your expenses

Want 2021 to be your best (financial) year yet? Follow Yahoo Finance on Facebook, LinkedIn, Instagram and Twitter, and subscribe to the free Fully Briefed daily newsletter here.