Beware of these two finance gurus


Jessica Irvine is a Senior Economics Writer at the Sydney Morning Herald, one of Australia’s premier legacy media outlets. She’s kind of a big deal.

I’ve been following her with bemusement for a while, mostly because of her far-fetched stances on some issues. For example, she’s one of those jaded feminists who proclaim true equality will be reached when child-care is provided free by taxpayers (men) so that strong, independent single mothers like her don’t need to depend on any particular man.

Her reasoning powers are also on display in this TV appearance where she claims that a federal minister accused of rape (via a letter from a dead woman, not a police complaint) should not be given a ‘platform’ (press conference) to defend himself. On the grounds that the accuser can no longer speak for herself. Jessica’s not saying he’s guilty of course, just that men in parliament need to be ‘held to a higher standard’ and that ‘the Prime Minister should take a stronger stance’ (sack him without evidence).

Yikes, I only just found that one when searching for her qualifications. This was going to be a gentle piece but now the gloves are off. After all, such a prominent person with a national platform should be held to a higher standard.

Back to finance. Some time ago, Jessica gregariously wrote posts listing her exact superannuation savings, the cost of her house, and hinted at what deposit she’d put down and how’d she’d managed the financing – a bit of help from Australia’s most trusted institution, the Bank of Mum and Dad. No shame there. The median house price in Sydney and Melbourne is around $1M so purchasing a home is an intergeneration project.

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You’re Not Contributing Nearly As Much As You Think

The original inspiration behind American democracy was the creed, “No taxation without representation.”  Some still think it’s a workable idea: those who pay tax should vote and those who do not should be deprived of the privilege.

But just because you’re paying tax doesn’t mean you’re a net contributor.

Most people think they are net contributors because they pay income tax and don’t receive any welfare.  Such people might need to pull out a calculator and check their numbers Read More