The stock market is highly affected by the current state of national and international economies, which means investing can be risky. Understanding what you are investing in – before purchasing any shares – will help minimise risks. These 9 things should always be taken into consideration before investing in any type of share.
What’s the best way to get your finances in order as a modern woman? You could read blogs, watch YouTube videos, and sign up for sites like Mint. But if you really want to understand personal finance inside out – it takes more than just articles on the internet. A good place to start is with a course that will teach you how money works from scratch, all while keeping it interesting and helping you build skills along the way. We’ve compiled 4 of our favourite in-depth resources perfect for women who are looking to better understand their finances.
Hamish Douglass of Magellan was recently on a podcast giving his top 10 investor tips. So I thought I would repeat them here with our take on these tips, which by and large are all very, very good!
If you are a hands-on investor, you have probably been way too familiar with the stress and anxiety that comes with sorting out your contract paperwork around tax time. One of Migain’s most valuable feature is its ability to generate meaningful reports that are so comprehensive, it ended up saving your accountant the majority of the hours spent going through each contract; eventually saving YOU hundreds – or even thousands – in accounting fees. Sounds good? Let’s continue to learn more about each type of Migain report and how they can help you gain back control of your investment data.
Share Management Report
Share Management Report provides you with an all-inclusive insight into your share portfolio’s performance, backed by accurate calculations of Capital Gain/Loss and Dividends. Under the Financial Report tab, data accumulated from Capital Gain/Loss and Dividend calculations are displayed in one place – so you can easily find out exactly what your tax liability is for this financial year. Note that Migain allows data import to go back to 20 years, therefore our users can also gain valuable insight into their portfolio’s historical performance.
Property Management Report
In Property Management Report, similar to Share Management Report – you have full access to data on Capital Gain/Loss on your property investments, displayed in both table/numerical and graphical format. Under the Rental tab, the report also captures Gross Income, Total Expenses, Interest on Loan and Depreciation from rental properties you have in your portfolio.
Financial Report for Properties capture both your income from Rental and gains/losses from your property investments to show the Total Discounted Gain from your properties for the selected financial year.
Finally, Depreciations are calculated separately under the Depreciations tab.
Cash Management Report
The Cash Management Report records data on Credit Interests as well as Transaction Types of all your cash accounts. Insights into this type of data can help you manage your cash flow as well as achieve a thorough understanding of your current financial health.
Import statements from your bank under this category to record all cash transactions during the financial period of time of your choosing.
Records Loan payments and Loan interests for your properties.
Migain also allows users to track their credit card spending patterns with this feature.
Combine Report/EOFY Report
This particular report is called ‘Combine Report’ due to the fact that it gathers information from the previous reports on Shares, Property and Cash – in order to generate an all-in-one data page that tells you everything that you need to know about all of your investments. As Migain was designed under an accounting point of view – every single data point in this report will be meaningfully presented in one Excel spreadsheet for you to easily forward to your accountant.
Unrealised Gain/Loss Report
Think of this report as an Overall Performance report, where you can see how your investments – both in shares and properties – are contributing to your general portfolio performance. Notice that it said ‘Unrealised Gain/Loss’, which means the report only reflects gain/loss from investments that you have purchased but not yet sold.
All of the Migain reports are included in the Free Membership subscription which gives you all of the same benefits as our most valued subscription – the Migain Professional – for 60 days, completely free and no credit card required.
Sign up for your Free Membership offer and start importing your first portfolio today on migain.io!
So, you have taken the important first step of signing up for a portfolio management solution to help manage your share portfolio – congratulations! This decision is going to make your life as an investor so much easier as well as give you more time and freedom. MiGain can deliver valuable reports such as the “Capital Gains Tax” report, “Dividends” report and “Combine” report – which, as tax time approaches, you can forward to your accountant with just one click.
On a user-friendly platform like MiGain, getting yourself set up for success requires three simple steps.
First, set up your portfolios.
Think of each portfolio as a specific tax entity. By keeping these entities separate, you will be able to produce tax reports at the end of the year for your accountant to do your capital gains and other tax calculations. I personally have a portfolio I call “Personal” and another one I call “SMSF”, as these two entities need to be kept separate at tax time. You can choose any name that is meaningful to you.
Second, import all your relevant information.
The import process in MiGain is designed to be intuitive and easy to use – but importing from some platforms may be slightly easier than others.
For example, the standard template for Commsec is already in the system and you can simply download all your history from Commsec and import it directly to MiGain.
Setup auto imports for your broker.
MiGain has auto-import for several brokers. Check the FAQ for the current list of auto-import brokers. Whilst we call this function ‘auto-import’, you will need to forward the email to your unique account email address to have these automatically imported for you into your portfolio.
Go to migain.io now for a 30 day completely free trial and start importing your investment data today – no credit card required!
If you started your investor journey in 2020, you were in for a wild ride that, generally, came out positive in the end. But if you are just now considering buying shares, here are a few tips to consider before you dive in.