moneyGPS is the exciting new technology that takes traditional high investment, bloated financial planning and turns it into short, user-friendly journeys based on people’s current location, personality profile and goals. The powerful Artificial Intelligence (AI) uses over 15,000 data points and real-time information such as housing prices, superannuation returns and collates it all to generate an easy to follow, easy to implement set of instructions. Just like Google Maps, it takes the stress out of navigating to your destination. We love it.
Our team at moneyGPS realized soon after they started this project that the world we all once knew wasn’t coming back. As with all periods of uncertainty in history, the team understood that people need to be agile whilst still having long-term goals; they may need to focus on small, easy to execute achievements as opposed to long-term plans. Those large, complex, expensive financial plans are probably too complicated for everyday people to implement during these uncertain times.
The team understood that it’s hard enough to plan a weekend away, let alone what should happen in 20 years. Not only is the world upside down, but people’s capacity to focus has been dramatically reduced through fear and fatigue. We are all navigating a time that can only be likened to a world war. For most of us, we are just trying to get through the day or week. But like all the disruptive periods of history that rattled people’s lives, the moneyGPS team knew that you couldn’t stop living, and you can’t stop planning. Life still goes on, regardless of what is happening in the world. The world will heal, people will adapt, and the moneyGPS team wants their clients to come out of this period empowered, confident and financially strong. As Winston Churchill once said, “Never let a good crisis go to waste”. The team has not cowered to the rhetoric of the mass media’s doom and gloom. They have been talking to real people and seeing opportunities everywhere.
One of the unexpected by products of covid is that they can’t book their usual family holiday abroad. In 2019 approximately 9.9 million Australians travelled abroad for work and holidays. Those people spent $62.3 billion doing so. Spending on domestic travel was $122 billion which has been drastically reduced. This unspent money can now be utilized on other things, build a life you love now, or for the future.
People who have missed out on two years of travel could very well be sitting with an extra $25,000 of cash ( or less credit card debt). So what should be done with this extra money if it’s not credit card debt and cash saved?`
This is a perfect journey for moneyGPS. Do you pay off your mortgage, add it to your super, or pay off your credit cards? Of course, all of these actions could lead you on a different path and guide you to a different long term outcome. So which one will help you get closer to your long term goal? moneyGPS will figure it all out for you.
Now, the answer will be different based on what that long term goal is, what your current situation is and what your personality feels comfortable with. This is where the AI uses the data points to work out the most direct path based on your own set of circumstances and your personality.
moneyGPS isn’t a backroom planner looking at your situation, trying to figure out how he can get the most significant commission. moneyGPS is clean, objective science. Data points and AI.
Lockdowns are a free trial to what retirement could feel like if planning goes bad: no travel, limited interaction with the community, little shopping, way too much Netflix.
For the average Aussie who has more time on their hands by the current situation, many have been thinking about their retirement.
The moneyGPS team have been working successfully with 45-60-year-olds to dig deep into what retirement would look like and how to create a post-work life that is full and satisfying because no one wants to be the older person worried about paying their power bills and their rates.
The moneyGPS team have seen the price of housing has increased in record numbers over the past 12 months. For example, Brisbane experienced an 18.4% growth in the past 12 months, and it is predicted that house prices in Brisbane could double in the next year. So for many people, their homes have been making them more money each week. The average house in Australia increased by $103,400 in the past 12 months. That’s $1988 per week! So working out if it is an excellent time to buy investment properties, pay off your mortgage, downsize or refinance has been extremely popular.
People know that no matter what happens in the world, people always need a roof over their heads. So looking at getting into the rental market can be a popular vehicle to reach your financial goals. Still, it depends on your appetite for risk, so for some, ensuring their superannuation is in a fund that is geared for the new world is also the right thing to do.
What we love about moneyGPS is that they aren’t trying to sell you anything. Instead, the founders drew a clear line in the sand and decided to make moneyGPS all about impartial, easy to implement advice, not sell products.
So you can be assured that the AI will not sway you to buy one of their products. It’s just about how to journey in a way that is best for you. Later in the month, moneyGPS will be launching its money education platform.
“Advice is about empowering you to make the optimal decisions to create a life you love,” says moneyGPS CFO Aaron Williamson. “Technology, paired with education and peopled empowered to implement, is essentially financial wisdom, and we are here for that. Our community is stronger and safer if we have an informed, financially intelligent community. We want Australians recovering from these strange days, financially fit, confident and inspired”.
If you have been wondering about the next step in your financial journey, pop across to moneyGPS.com.au, take the Free Money-Check-Up, and see how easy it will be to navigate your way to financial freedom.