Listen up budding Money Mavens. We’ve found a way that you can receive cash every month by trailing the commissions and fees you pay on your superannuation, pension funds, managed investments, cash management trusts and life insurances.
This is money that you could be putting into your credit card debt, or holiday savings fund. RESCU’s Melina Byrne explains more.
If you want more money in your pocket, you should look into joining MyMoney Australia (www.mymoney.com.au). Why make financial advisers rich while you sit at home, too worried to open your credit card bill?
How it works
My Money enables you to receive cash refunds on the fees that you’re charged by fund managers and insurance companies on investment and insurance products. These financial products often pay an ongoing commission to a financial adviser – even if you receive no ongoing financial advice.
Why does this happen? And how can we get this money back?
Known as trailing and renewal commissions, these fees are paid to advisers for the duration of the investment or insurance, even if the adviser has had no contact with you except to help you sign up for the investment product.
Worse still, every cent of those commissions paid to the adviser comes out of your pocket. MyMoney enables you to take some of that money back on a monthly basis.
Eligible financial products
MyMoney deals with managed funds, super, allocated pensions and retirement income accounts, cash management trusts, margin loans and life insurance.
What happens after you sign up to MyMoney
MyMoney is completely web-based and user-friendly. It makes monthly direct payments into your bank accounts, or credit card accounts.
It is risk-free. There is no joining fee, and no minimum annual fee. MyMoney’s fee automatically comes out of commission rebates, and there’s a maximum annual fee of $240 per family account.
Once signed up, you receive immediate 24/7 online access to your refund balance information, and receive a monthly activity statement as well as your monthly direct bank account payments.
To find more, go to www.mymoney.com.au
And don’t forget that the Recessionista has evolved into the Money Maven with a NEW weekly home: rescu.com.au/money/
She’ll be back next Tuesday with more money-saving tips.
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