It's Your Money: How Banking Went Rogue, Where it is Now and How to Protect and Grow Your Money

by Alan Kohler

Now, more than ever, we all need to invest wisely and prudently.

Want to invest in shares but don’t know where to start? Worried about how to make the most of your super? Need a financial adviser but don’t know how to find someone reliable?

In It’s Your Money, Alan Kohler, one of Australia’s most trusted financial experts, offers practical guidance for investors of all ages. He shares his investing philosophy and offers advice on all aspects of financial planning, including engaging an adviser; building a property portfolio; investing in shares, bonds or managed funds; growing your superannuation; and ethical investment.

It’s Your Money is an indispensable guide for anyone who wants to do more with their money. Alan shows how, with a few careful steps and some practical wisdom, anyone can invest sensibly and successfully. He gives you the tools to be confidently in charge of your money and your future, your way.

It’s Your Money is an indispensable guide for anyone who wants to do more with their money

Genres: Finance, Nonfiction, Money, Personal Finance, Self Help, Business, Audiobook

296 pages, Paperback

Published August 1, 2019

About the author

Alan Kohler is finance presenter on ABC News and a columnist for The New Daily. A former editor of The Age and The Australian Financial Review, he founded the Eureka Report and has written for The Australian, AFR, The Age and The Sydney Morning Herald. His books include It's Your Money.

Reviews

[Giovanna Walker · Rating 4 out of 5]

Thanks Alan, I've booked an appointment with my bank manager! I've been a bit lazy in monitoring my financial situation, and this was a great impetus to get me active, rather than being passive. Banks etc are never going to come to you and offer a better deal, you've got to get out there and get it yourself, whether that's right or wrong, it's how it is. Alan provides some great strategies, and as an ex banker it was good to get a refresher on the language of doing deals. In my favour. Knowledge is power. Use it.

[Cameron Harris · Rating 3 out of 5]

Aussie finance is broke and the wealthy make me sick 🙃 also $300K+ a year is not a good benchmark to discuss super and compound interest. Also also using 25% as an example of compound interest is definitely not something one should do.... The average person is never going to see anywhere near those sort of returns and compounding values

[Will Ford · Rating 3 out of 5]

Most interesting part was that Australian shares returned 4%, Australian residential property returned 8% and international shares returned 7.2% p.a. over the past 10 years.

[Victor · Rating 4 out of 5]

🎧 Audiobook 🎧


A great Australian centric book that begins with an overview of Australia’s financial system and how we have come to where we are after the GFC & the banking Royal Commissions. This part might be a bit dry for those not as interested in the politics & laws (he literally quotes legislation)

Part 2 then covers a broad range of Australian investments in medium detail. It’s a good starting point for beginners - would recommend having it in book form so you can refer to sections easier. However, that means you’ll miss out on Alan Kohler’s wonderful delivery.

Personally, Part 1 was interesting enough and it’s always good to learn history but there were times where I zoned out cause it was just too dry. Part 2 was definitely more engaging as it talked about personal investing. It was a good refresher for me and I learnt a bit more about alternative investments. Would recommend this to any Australian for Part 2 alone. And that’s finance.

Part 1 = 3/5

Part 2 = 4/5

[Dhruv · Rating 4 out of 5]

"It’s Your Money" briefly observes the current state of the Australian banking and financial advisory markets, before delving into an investment guide for the numerous options available to investor.

I do think the book could have used more data - particularly around the rate of return he was saying some managers can have (15%?) as well as the indication that past performance is the best indicator for future performance. Both hypothesises have been put under heavy scrutiny by other financial observers, if not debunked. Even Kohler himself acknowledges that most funds don't beat the market but it's up to you/the financial advisor to find the ones which do. This is a bit misleading as well - as it doesn't distinguish between luck/skill.

It is a bit of an inconsistency and I would say the gaping hole in this book. Still, Kohler provides useful and actionable roadmap to navigate the Australian financial system for people of all ages. There’s much worse things you can do than follow the principles laid on this book - in particular about diversification, realising the benefit of compound interest and minimising fees.

[Andrew · Rating 2 out of 5]

First section on how banking went rogue (deregulation of the financial services, banking industries - establishment of superannuation that was just a windfall for funds management companies etc) was excellent.

The second section on 'how to protect and grow your money' not so much. A little too much credence given the ability of people to make good speculative investment decisions in my mind, and a little too dismissive of indexing investing, whether or not it's passive.

[Catherine James · Rating 5 out of 5]

Like reading a dictionary for financial terms but with humour, some history and perspective. Should be compulsory reading for everyone who didn't pay much attention to the Hayne Commission findings. Kohler really places our current financial position in Australia into context and paints a bit of a future if we don't get on top of superannuation and retirement savings soon.

[Zac · Rating 3 out of 5]

I'm going to be real, most of this stuff went way over my head, but the general takeaways were good for someone like myself who has relatively no clue about investing or financials. Probably will go back to this later, but as a novice, it's a hard steep incline. Still good but probs better when you know what you're talking about already

[Jennifer · Rating 5 out of 5]

Good to look at Australian landscape of money, investing, and super. Also remember that land is what you’re investing in with real estate not the house itself since that depreciates. The land is the scarcity especially in a city like Sydney which is coastal, with the vast majority of jobs where people work and want to live.

[Sarah · Rating 3 out of 5]

3.5

The first couple chapters were quite dull, the middle 50-70% was very helpful, and the last chapter probably could have done without. Overall a good insight into the Australian financial industry and how to look out for yourself

[Greg · Rating 5 out of 5]

This is a great book. The author really knows what he is talking about and can explain things in simple language. The perfect combination. I can't recommend this book too much for laypeople who want to learn the basics of investing their money.

[Francis Byrne · Rating 3 out of 5]

An interesting history of superannuation and financial advice in Australia, as well as some good, broad financial advice for the general public. I learnt some things, and it was very easy to get through.

[Grace · Rating 4 out of 5]

Worth reading

Good explanations of key concepts of the Australian financial market. It was also good to gain insight on the deregulation of the 80s/90s.

[lisey · Rating 4 out of 5]

love you Alan

[Matt Brown]

Good book if you are interested in the history of banking and financial planning industry. Good guide to find a good team to assist you plan finances.

[standingontheshouldersofgiants · Rating 4 out of 5]

Good overview/jumping off point for Australians interested in investing.

[Sean A · Rating 5 out of 5]

Great insights into Australia's crook financial planners and institutes. Plenty of advice on how to be vigilant with saving your investments when using financial planners.
A must read

[Sue · Rating 4 out of 5]

Informative and practical. Everyone can use some help with financial planning and Kohler's book is a great place to start if you are new to this, and a great reminder of what to do and what not to do ifor those of us who've been around a while.

[Yavun · Rating 5 out of 5]

Very informative, bit outdated but good to know what other avenues there are.