• How do you match-up financially for your age?
• How do you measure-up to other households like yours?
• How are you tracking compared to others?

• Compare household incomes
• Compare household total expenditure
• Compare down to each expense item level i.e Your Grocery spend vs. Others Surveyed

And here’s the demo video folks:

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Hi it’s Ben Kingsley here, and I’m flying solo for this bonus episode! I’m delighted to be able to announce to you something that I had hinted about a few episodes ago — a couple of months earlier — around a brand new feature on The Property Couch’s MyWealth Portal.

As you know, we’re on this crusade — this mission to help households create, manage and organise their money; manage it property and thrive to trap more surplus and put that money to work. And part of our strategy is this brand new area that we’ve been testing for the last couple of months, which we call… Money FIT.

So you might have heard us use that wording before, right? Money FIT’s purpose is to effectively allow you to be able to compare your finances with other households.

Now, I want to give you just a little bit of a backstory on this. I’m very fortunate that there are a lot of people coming in to our workplace and we sit down and we talk money all day and we talk property all day.

And in those exchanges I can share with you what some household’s biggest fears are. And when I sit down and have a chat to them, we get to build rapport and trust. And when we have that trust as their accountability partner and they can see that we’re trying to work for them. They lean in a little bit and they ask me this question — I asked this question of all of our advisors — snd that question is….

… How do we compare? Does everyone similar to us spend what we do? And are the spending their money on the same things as us?  How do we stack up?

Well, up until now, that was always a difficult question to answer. So, what we’ve been able to do is pool all of this information from everyone on our MyWealth Portal. We grabbed their data and we basically want to share that information with you.

Of course, no names — it’s all aggregated, non-personalised data. And I want to share with you some examples of what we do. So, first thing we look at is their total household income compared to the other households that we’ve surveyed. And how can you filter this data? You can filter the comparisons by state or you can filter it by age range. Now what it’s doing when you go onto the MyWealth Portal is it’s also capturing your household profile. So your household composition — and in that particular case means you can be a single person household, you can be a couple household, you can be a couple with one, two, three, four, 10 dependents — and once it has that information, it then starts to analyse you against the surveyed households, all the people who are using the Portal. So we start with household income, we then move to your overall household expenditure.

Now, this is where we also say it doesn’t matter the income your earning. We believe that every household can achieve a level of financial freedom and financial peace by organising and managing and their money better.

So we then go into the expense area, which we just said, and so we want the expenses to be in the lower range. Okay? If your income’s not in the high range, doesn’t matter. Try and be very, very careful in terms of what you’re spending there. How would you do that? Well, how we’ve been able to do that in the MyWealth Portal is llow you to be able to then look at EACH expense item.

That’s right. You can say, here we are as a couple in Victoria age between 30 and 35 and we can compare ourselves against all age groups or we can go into our particular age range and I can compare against everyone in Australia and look at thousands and thousands of households.

Or I can actually go down to the state level and then I go, Let’s have a look at groceries. Let’s have a look at electricity. Let’s have a look at hobbies. Let’s have a look at takeaway food spend. And you can start to see how you compare against those households. So the great debate that can sometimes occur in the household… the fear about how you’re tracking, all of those things. You can start to show up when you start to have a look at your situation against other households.

Then we move to how much surplus cash are you trapping. How do you compare it? What percentage are yous. You will see it all on the graphics we provide — you’ll see your range allocation, in terms of your situation.

So there is a demo video.

I have shot a demo video that is going to be in the show notes and you’ll be able to then see your surplus. And then you can also have a look at your net worth compared to everyone who’s using these free platforms.

So there you have it — a brand new feature Live on the MyWealth Portal!

How do you get there? Really simple. Head to tpc.moneysmarts.com.au

You can get on there if you haven’t already been on the portal and sign up for free (it’ll always be FREE) and kick the tires. You then load in your expenditure information, your income information. You tell us, you know, your household composition. So do you have a partner? Do you have any dependence? As soon as we have that information, you can then click on the Money FIT link and off you go!

Go and kick the tires on it, see how you match up; how you can compare. Make it a challenge for yourself as we go into the New Year…. see how you are tracking your money compared to thousands and thousands of other households in Australia.

So I’ll put the challenge out to you, go and check it out and then give us some feedback. You can contact us at [email protected] if you have any issues finding out where you sit, or what you most enjoyed learning about exactly how you compare against other fellow Australians and how they’re managing their money.

Thanks for listening to this bonus episode. Have a great Christmas and I’ll look forward to talking to you in the New Year!

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