Ways To Get Rich: Tips From Financial Experts

As 2013 comes to a close, it is a good time to reflect on the past twelve months. Did you achieve the goals and meet the milestones you hoped to throughout the year? Whether your answer is yes or no, it is a good opportunity to revisit  your financial plan and make any adjustments or revisions necessary so that you stay on target. Some of Australia’s leading financial experts have given their advice on how to make more money in 2014 below. 

Finance Experts Reveal The Easiest And Best Ways To Make Money In 2014

IT’S something we all want lots of and no matter who you talk to everyone wants to know how to get more.

But whether you’re after a quick buck or looking at a long-term investment plan, 2014 is your year to cash in on a more healthier looking global economy.

Sound easy enough? It sort of is, but just requires a little careful investment.

And the good news is you don’t have to be an economist or stock broker to rake it in, you just need to know where to look and how to invest.

Whether it’s through boosting savings, or buying property and precious metals, experts dish the dirt on where to find the smartest and savviest investments next year, and how to keep on top of them.

Here are five ways to build your wealth in 2014.

Savings accounts:

Michelle Hutchison, spokesperson for one of Australia’s biggest comparison websitesfinder.com.au, reckons with interest rates set to rise, investors would be smart to stash away their cash now.

But she said it was an even smarter idea to shop around for the best deal in order to compare high interest savings accounts first.

“These at-call savings accounts generally follow the Reserve Bank cash rate and with talk of rate increases next year, we’re expecting savings account rates to rise in line with cash rate movements,” she said.

Those who have lump sum savings can look at shorter-term term deposits which have fixed rates for set terms which means you wouldn’t want to lock your money away if rates rise, potentially missing out on big savings.

She also suggested savers use “laddering” where you deposit different portions of your savings into different length term deposits allowing them to maximise potential returns.

Gold/precious metals:

According to Jordan Eliseo, Chief Economist at ABC Bullion, gold and precious metals are a solid way to build wealth and are a sure fire win for investors.

“On average, gold prices have risen by about nine per cent per annum for the past decade,” he told news.com.au

“With the price falling this year, there’s a good chance next year’s return could be even higher. Globally, we’re in a similar situation to the late 1970s. If gold prices react over the next few years like they did back then, expect the gold price to head towards USD $5000.

“That’s a huge win for any investor”

According to Mr Elisio precious metals were a more sound investment than other assets, such as property, where prices at an highest high and rental yields are near all time lows.

“So in effect, with property you’re taking the maximum possible risk (of prices falling) for the minimum possible return,” he said.

“Property prices don’t go up forever, and considering the amount most Australians will need to borrow in order to invest in a property, plus the costs of buying and selling, I think it’s a highly risky investment right now.”

LJ Financial Group Private Wealth Adviser Duncan Brown agreed investors were keeping a sharp and interested eye on precious metals and this was one to follow in 2014.

“Gold has seen a correction in the last six months in particular and more volatile period than most previous years,” he said.

But Mr Brown added a strong performance the previous year and the lack of counter party risk meant precious metals still played an important part to any diversified portfolio.


While the high prices occurring in many capital cities is good news for property investors, it’s not so great for those wanting to get on the ladder with prices set to continue rising.

But it’s not all bad news as property lecturer and author Peter Koulizos reckons there are still bargains to be had if buyers know where to look.

According to him, in many suburbs around the country, including in our most expensive capital city, Sydney, it is still cheaper to buy a home than rent.

“If landlords are expecting at least a five per cent rental return and you can borrow money at less than five per cent, why would you rent?” he said.

He added there are plenty of places to invest including suburbs which were being pushed up in value by factors including gentrification, proximity to the water, and rezoning.

His investment picks include:

• Adelaide – Port Noarlunga, Christies Beach

• Brisbane – Woody Point, Sandgate

• Canberra – Narrabundah

• Hobart – South Hobart

• Melbourne – Frankston, Seaford

• Perth – Rockingham

• Sydney – Sans Souci

And while housing is obviously a goal of many investors, it’s not the only way to build wealth.

According to Mr Brown, property should be part of any diversified portfolio just like any investment but that people should also take into account the interest rate risk when buying.

Stock market:

With the global economy now entering a period of tentative recovery, the stock market is always one investment where it helps to pay attention and invest wisely.

But like anything, and unless you’re a stockbroker or an expert in the volatile market, you might need some expert and individual advice on the best places to invest.

According to Mr Brown we may see a short term loss in the share market – off the back of the potential quantitative easing in the US – that is set to occur next year.

“Australia should see a potential slowdown of economic growth on the short term as the well-known mining boom has seen a contraction in growth of late and consumer confidence unable to fill the void,” he said.

“This however, should not be met with major trepidation as most economists have not forecast a major recession in the foreseeable future as there are indications the share market in isolation is seeing a period of recovery particularly in the US.”

Mr Brown added the biggest concern next year would be the issue of foreign debt for the United States, some European countries and Japan.

“This issue needs to be addressed and will have a large effect on the market if no long term solution can be devised in the coming 12 months,” he added.

Mr Brown said the things to watch in 2014 would be the quantitative easing and tapering of this injection into the US economy, China’s continue growth levels and forecasted growth levels and the resolution of America’s foreign debt issue.

Such factors should be taken into account for anyone playing the stock market.


It’s something most of us don’t even give a second thought to seeing as we can’t touch it until retirement age, but smart investing now can lead to massive boosts later.

According to Mr Eliseo now is the time to get some expert advice on exactly where your money is invested to maximise returns.

“Superannuation funds tend to have 60 per cent plus in growth assets like shares, which crashed only a few years ago,” he said.

He added unless you were 100 per cent certain that wouldn’t happen again it’s a good idea to get advice on how and where your money is invested.

According to Mr Brown the general rule when it came to investing in super was not losing money and diversification was the key when it came to protecting the funds you have as weak.

“When you are younger you should be looking for capital growth but the older you get the more you should be looking at investments that derive a good income stream,” he said.

He also suggested people consider a Self-Managed Superannuation Fund which allows investors to take more control and diversify further into asset classes such as property and precious metals.

Debra Killalea is a journalist for News Corp who regularly contributes articles to News.com.au’s Money section. You can read more from the News Corp team here

When was the last time you reviewed your financial plan?