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ASIC Crush Independent Content Creators & the End of Ask Firebug Fridays

ASIC Crush Independent Content Creators & the End of Ask Firebug Fridays


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After much thought and consideration, I’ve decided to end my ‘Ask Firebug Fridays’ segment after the announcement from Australia’s financial services regulator.

On the 21st of March 2022, ASIC (Australian Securities and Investments Commission) published new guidelines for ‘Discussing financial products and services online‘.

These new guidelines have major implications for content creators in the FIRE and personal finance communities.

This is why I wanted to share my thoughts and opinions on these new guidelines and what they mean for AFB moving forward.

What?

In a nutshell, ASIC is cracking down on unlicensed creators who they think are giving financial advice or are seen to be ‘influencing’ their audience.

Their definitions and examples for what constitutes ‘influencing’ are clear as mud.

asic.gov.au

They don’t even give a clear answer to what defines an influencer either, having followers ‘In the thousands’ apparently ๐Ÿคทโ€โ™‚๏ธ.

But who’s an official follower anyway? Someone who listens to one episode of your podcast or YouTube video? An email subscriber? A Twitter follower?

You’re probably thinking they’re only targeting people giving specific or dangerous advice right?

Well, you’re in for a rude shock.

ASIC official speaking to afr.com

We can’t even discuss our own investment decisions or strategies apparently ๐Ÿค”.

It gets worse.

afr.com

So… discussing financial products online such as “shares” or “ETFs” without a licence is now illegal…

WE CAN’T EVEN TALK ABOUT ETFS?!

๐Ÿšฉ๐Ÿšฉ๐Ÿšฉ๐Ÿšฉ๐Ÿšฉ๐Ÿšฉ๐Ÿšฉ๐Ÿšฉ๐Ÿšฉ๐Ÿšฉ๐Ÿšฉ๐Ÿšฉ๐Ÿšฉ๐Ÿšฉ๐Ÿšฉ๐Ÿšฉ๐Ÿšฉ๐Ÿšฉ๐Ÿšฉ๐Ÿšฉ

This is kinda a big deal.

Stopping people from discussing ETFs is starting to drift into the totalitarian type of conversation. And I don’t say that lightly, but a government that restricts people’s right to discuss certain financial products under the guise of ‘it’s for your own good’ starts to remind me of that book that George Orwell once wrote.

Maybe you’re not worried about these specific new guidelines, but it’s the precedence that they set that should cause alarm. No one cares about anything until it impacts them.

What would you say if one day ASIC released guidelines prohibiting unlicenced parents from talking about money and investing with their children?

That’s perhaps hyperbole, but these new guidelines are one step closer to that dystopian future.

My other issue is there are so many questions and definitions that have been deliberatively left unanswered or are so vague that no meaningful conclusion can be drawn… but let’s move on.

Why?

Let’s give ASIC the benefit of the doubt and say these new guidelines were introduced to protect investors.

This is a good thing!

If an investor loses money after receiving bad advice from an AFS (Australian Financial Services) licenced professional, theoretically they should have a pathway to recoup some of those losses.

If an investor loses money after receiving bad advice from someone on TikTok… bad luck.

AFS licensees have to adhere to a set of minimum requirements which provide important protections for investors if something goes wrong (aka a lot of expensive insurance).

With the explosion of online financial content in the last few years, it makes sense for ASIC to take a closer look at what’s going on. Most content creators are producing honest/useful stuff, but I have to admit that there’s been a trend of creators clearly making content primarily for monetary benefits.

You know what I’m talking about. Creating content for the hell of creating content to make sure their channel stays fresh in the algorithm. Releasing rehashed stuff every second day basically repeating what they’ve already said 100 times.

If content creators are receiving a monetary benefit, there will always be some bias no matter what.

“Show me the incentive and I will show you the outcome”

– Charlie Munger

I love this quote and it’s highly applicable to this situation.

Content creators that make money from affiliates and/or sponsors will always have a conflict of interest no matter how small.

And this applies to me too guys. I try my best to be as unbiased as I can but we all have some sort of bias no matter what (sometimes at the subconscious level)! This is especially true when you’re getting kickbacks.

I think the ‘why’ behind ASIC’s new guidelines is fair enough and makes a lot of sense viewed from this angle.

Having said all that…the way ASIC has chosen to crack down on these bad actors is heavy-handed at best, and oppressive at worst.

How?

ASIC’s solution to regulate an influx of online financial content creators is to make them pay for a licence (which can cost tens of thousands of dollars a year) or threaten litigation to the tune of $1M+ dollars in fines and up to 5 years in jail… ๐Ÿ™ƒ

asic.gov.au

To say that this is harsh would be putting it lightly.

To put that into perspective, Australian gangster Mick Gatto has served less jail time than the maximum sentence ASIC can dish out…

A financial content creator might serve more jail time for talking about ETFs, than Mick Gatto… ๐Ÿค”

I’m starting to think we’re losing the plot here?

Lazy Policy Personified

Let’s recap so far.

ASIC’s solution to a few bad apples within a thriving community of online financial content creators is an all-encompassing blanket rule that will crush independent media.

It’s sorta like dropping a nuclear bomb to get rid of an ant nest in the backyard.

Overkill doesn’t even come close to what these new guidelines are and the only people who are going to be left standing are the big media corporations that can afford to pay the licence fee which can be as high as $30K a year.

Here’s an idea. Why didn’t ASIC just come out and say that anyone who monetises online financial content needs to hold an AFS licence?

It’s a lot more specific and tangible andย would weed out people who are only in it for the money pretty bloody quickly.

But no. In typical government fashion, the corporate watchdog releases new guidelines that are so vague and light on details that 99% of online financial content creators are caught in the crosshairs.

I understand resourcing constraints and ASIC doesn’t have the time to monitor everyone and everything but surely there’s a happy middle ground.

A few bad apples shouldn’t ruin it for everyone.

Is The Cure Worse Than The Disease?

The public opinion of the financial sector has been in tatters ever since the royal commission in 2017.

ASIC released a report in 2019 titled: Financial Advice: What consumers really think which found that 49% of those who were surveyed didn’t get advice because they thought advisers were more interested in making money for themselves. On the other hand, 35% didn’t get advice because the costs were too high.

ASIC Report

ASIC Report

 

A lot of people are being priced out of financial advice and even more, don’t trust financial planners. The data backs this up time and time again.

I’m not saying regulation is a bad thing, but I think these new guidelines are doing more harm than good.

The truth of the matter is that legislators have made the costs of offering financial advice so high, that the people who need it the most can rarely afford it.

Who should we be prioritising?

The 22-year-old that’s just finished her marketing degree and is trying to make some good financial decisions for the future?

Or the 64-year-old multimillionaire Boomer who owns 7 investment properties?

Why do the legislators think online financial content creators are so popular?

We’re filling a gap in the market that has been created largely because of overregulation.

Some regulation is needed, but these new guidelines are going to wipe out good education material that helps bridge the gap between “I don’t know anything at all” to “I feel confident discussing my financial future with a professional”.

That’s where we content creators thrive! We make stuff relatable and give personality to what can otherwise be a dry topic.

Casualties

One of my favourite podcasts ‘FIRE & Chill’ decided to shut down in April because of these new guidelines.

This is a podcast that averages 4.8/5 on 284 ratings on iTunes and has conservatively helped 10’s thousands of Australians with financial literacy.

iTunes Ratings

Here were two guys making relatable content, for free, that had great reviews.

Another victim of these new guidelines was John Palmer from the very popular YouTube channel ‘INVEST for the future’. John spoke about investing fundamentals drawing from his decades of experience and never charged any money for his videos.

John Palmer decided to shut down because of the new guidelines

“I know everybody would still like the videos to be there, but I just can’t afford to take the risk”

-John Palmer

The Family Finance YouTube Channel

Family Finance is another creator that had to delete a bunch of content. She now can no longer give an opinion on financial products ๐Ÿ‘Ž

lifelongshuffle.com

The Lifelong Shuffle blog is another one that has gone into hibernation because of the new guidelines.

 

I could go on and on showing other examples of great content creators that have been impacted by the new guidelines but I think you get the point.

The new guidelines are inadvertently snagging 99% of fantastic freely available Australian-specific resources.

Below is an AFR article titled ‘These young investors don’t want ‘finfluencers’ to go‘ which tells us what we already know. Many young investors don’t trust the financial industry and are looking for alternatives.

afr.com

As I’ve previously mentioned, 49% of Aussies don’t get advice because they think they’re being ripped off and 35% think it’s too expensive.

You’d think that ASIC would be putting more time and energy into ‘cracking down’ or improving the professional industry where the public has clearly lost trust?

Yet, ASIC is targeting online financial content creators who have amazing repour within their communities that don’t charge a dime.

I want to repeat this point because it’s important.

Many young people have lost faith and can’t afford advice in the industry that ASIC regulates largely due to over-regulation. Content creators start to fill this void and collectively rack up millions of views, downloads and sessions from a generation hungry for financial knowledge. The numbers don’t lie. If people didn’t like what the content creators were making, they wouldn’t watch, listen or read.

Shouldn’t we want financial education to be accessible for everyone and not just those who can afford it?

More regulation sounds good in theory but the data suggests that it isn’t working.

I have no doubt in my mind that ASIC had the best intentions when they came up with these new guidelines.

But as the old Portuguese proverb goes…

The road to hell is paved with good intentions

Rules for thee but not for me

One of my biggest gripes with this whole fiasco is the hypocrisy.

ASIC’s position is that unlicensed content creators might ‘influence’ investors to make costly decisions yet ASIC themselves are publishing content that’s detrimental to wealth creation.

Case in point, the Moneysmart website.

Moneysmart is a Federal Government website, brought to you by ASIC.

To be fair, they have a lot of great free resources and tools but their advice for financial fees is downright terrible.

Here’s a cracker.

Moneysmart Case Study

Moneysmart presents a case study about a bloke named Rhett who has around $400,000 to invest, including super.

I won’t go into all the details but the important part is what they’ve published as the fees for this case study.

And I want to remind you that the title of this article is ‘Financial advice costs: Pay the right price for the right financial advice’.

Rhett’s total fees for the first year are $14,000 (Moneysmart’s aggregate column is wrong). This is made up of:

  • $7,660 for the financial adviser
  • $3,000 for the investment platform
  • $3,340 for the product issuer which includes full yearly insurance premiums

$14,000 in fees is 3.5% of Rhett’s original investment.

Worst still, this case study estimates investment fees and insurance premiums to be $9,000 (another summing error) per year ongoing perpetually. And $2,000 of that being the fee for financial advice regardless of changes needed to be made or not.

All up that’s an ongoing fee of 2.25%.

90% of people will have no idea if 2.25% is high or low which makes advice from a government-run website like this so insidious.

How on earth is ASIC justifying this content when they know better than most that normalising these fees serves to further line the pockets of advisers and product issuers rather than the investor.

This is a huge problem because so many people are going to read a case study like this, that is backed by the government and just assume that paying an ongoing 2.25% in fees is reasonable.

In fact, this exact case study was posted in the FIRE Facebook group where most of the professional financial advisors also agreed that the case study fees were too high.

Facebook Group

Facebook Group

But as most of us know in the FIRE community, fees play an enormous part in your wealth creation journey.

A great explanation of this can be found here on the PIA website.

How on earth did the responsibility of not being ripped off, fall to a bunch of content creators without any formal education in finance.

It’s almost as if ASIC wants to normalise these fees so AFS licence holders can still profit after paying an arm and leg in regulatory costs impose on them by the very same organisation…

I wonder what would happen if the majority of the population became financially literate and stopped paying these high fees ๐Ÿค”?

One could speculate that ASICs’ main source of revenue would dry up pretty quickly.

But that’s just speculation of course…

The End of Ask Firebug Fridays (AFF)

These new guidelines have already claimed a few scalps in the FIRE community and AFF will, unfortunately, be added to the list ๐Ÿ˜ข.

I started this FIRE Q&A back in 2018 after getting hundreds of emails from readers each month. I was putting so much time and effort into answering the same questions that I thought a public Q&A podcast would be able to spread the knowledge better.

The AFF segments are clearly in breach of these new guidelines which unfortunately means they will have to be removed.

I’m going to leave the episodes up for the month of July and then remove them from my podcast RSS feed.

If you want to keep an offline copy for yourself, use this link here.

The AFB podcast will be restricted to the interview style format which will focus on the journey, mindset, and life philosophy. I’ll have to tip toe around discussing specific financial products.

We’ll see how it goes.

What Can We Do?

If we want to make real change we need to communicate our message to the legislators that make the rules.

Stephen Jones is the Federal Member for Whitlam and the Minister for Financial Services.

He has real power over how the legislation is written. ASIC merely enforce the law, they don’t make them.

Emailing his office is probably our best bet.

His email address is [email protected] but if you’re on a computer or smartphone, clicking the below link will automatically create an email filling in all the important fields.

CLICK HERE TO EMAIL STEPHEN

Email template

If you’re going to send me an email, here are some key points you might want to include:

  • Introduce yourself and the issue
  • Explain why this issue is important to you
  • Include an ask (suggest a change or alternative)
  • Be passionate and polite
  • Request a follow-up

Wrapping Up

These new guidelines won’t affect me or my family that much. I might have to shut down a part-time hobby I enjoy which is creating content for the Australian FIRE community.

It’s the next generation that I’m worried about.

I can tell you right now that if these guidelines were in effect back in 2015 I would have never bothered creating AFB at all.

There’s a bunch of teenagers growing up right now that will become interested in their financial future in the next couple of years.

Who are they going to relate to?

It sure as hell isn’t going to be a middle-aged Aussie Firebug that’s hopefully blogging about the perils of raising children by that point.

The next generation of Australian financial content creators will most likely never appear because of these guidelines.

The finance industry will keep trucking along and there will be some bigger financial media corporations getting around but it won’t be the same as the independent grassroots movement over the last 10 years.

Maybe we’ll look back and say that the last decade was the golden age of free-flowing information driven by a small bunch of enthusiastic finance nerds on the Internet…

 

As always,

Spark that ๐Ÿ”ฅ

SEP23 Net Worth $1,225,172 (-$12,629)

SEP23 Net Worth $1,225,172 (-$12,629)

I share these net worth updates to stay accountable, seek feedback on our strategy, and prove that achieving financial independence in Australia is feasible without relying on extraordinary luck or wealth. The table below tracks our journey from $36K in debt to reaching our goals. ๐Ÿ”ฅ


Not a lot to report for this month so I’ll just be posting the basics.

Net Worth Update

Ouch!

The markets hammered our portfolio in August with Share and Super being hit the hardest.

Honestly, I’ve been quite occupied throughout August, so I haven’t been keeping a close eye on things. Nevertheless, as we begin to withdraw from our portfolio, these somewhat significant downward swings are stinging a bit more.

All good though. My business signed another client in August, so there should be a big PO coming my way in the coming months.

.

*Expenses include everything we spend money on to maintain our lifestyle. We do not include paying down our PPoR loan as an expense, only the interest
*Investment income is simply 4% of our FIRE portfolio divided by 12

 

We hardly left the house in August which was reflected in our low expenses.


 

Shares

The above graph was created by Sharesight

Once we get the $$$ from the upcoming PO, I might consider buying more shares, although I find myself leaning towards reinvesting the funds back into the business. Both options are quite tempting.

Growing the business seems way more fun, though haha.

Question: Why do we have A200 & VAS?
Answer:
We started buying A200 in August 2018 after Vanguard didn’t lower their MER to match A200. Practically speaking, A200 and VAS are almost identical so it makes sense to go with the lower MER. As an added benefit, I like the fund diversification between Vanguard and Betashares. We decided to hold both after making the switch since it doesn’t have any impact other than some extra accounting work once a year.ย 

Networth

SEP23 Net Worth $1,225,172 (-$12,629)

FEB23 Net Worth $1,183,740 (-$8,938)

I publish these net worth updates to keep us accountable, have others critique our strategy, and show that reaching financial independence in Australia is very doable without winning the lotto, having a high-paying job, or inheriting a wad of cash. The formula for retiring early is simple, the hard part is being consistent and sticking to a plan for many years. The table at the bottom details our entire journey from being $36K in debt all the way until we reach ๐Ÿ”ฅ


 

I found out one of my mates was diagnosed with cancer this month.

He originally beat it two years ago, but it’s just returned during a trip with his family.

He’s married to his beautiful wife and they have a young daughter.

Fucking brutal.

“A healthy person has a thousand wishes, a sick person has only one.”

– Unknown

Mortality is a great reminder that most of the things we worry about don’t really matter.

And conversely, the simple stuff we take for granted is really goddamn important.

I consume a lot of self-empowering content from very successful and happy people. An emphasis on gratitude always pops up somewhere in the book/podcast.

It only takes 5 minutes and is strongly and consistently associated with greater happiness. Gratitude helps people feel more positive emotions, relish good experiences, improve their health, deal with adversity, and build strong relationships.

It’s basically a life buff that’s really easy to unlock yet so few people do it.

Kinda like a good night’s sleep. Everyone knows you should prioritise it, but somehow we end up scrolling on the couch for another 45 minutes ๐Ÿคทโ€โ™‚๏ธ.

When I heard about my mate’s bad news I had the usual reaction of sadness and empathy for his family.

Life’s really unfair sometimes.

But I also started to think about how bloody blessed my family was. How much of my personal worries and annoyances paled in comparison to life and death.

The art of perspective and gratitude is a gateway to happiness.

What are you grateful for in your life?

Here are my top 5 in no particular order

  • Loving partner with aligned goals.
    I have the best teammate for the game of life and I’m 10 times better as a person with her than by myself
  • My health and fitness.
    Life’s easier/better/more fun when I’m in shape. I get more out of life when I’m fit and it’s a privilege to be able to move my body. Some people are born without ever getting the chance to push themselves physically.
  • My parents.
    I appreciate them more every year I grow older. They gave me a head start in life and showed me the blueprint to succeed. Something I hope to emulate when I become a dad one day.
  • Being born in Australia.
    One of the best countries on earth. More opportunities have been opened just from being born down under than I’ll ever properly appreciate.
  • Our home.
    I spend a lot of time in our home. I wake up every day with an appreciation of where we live and the lifestyle we have. Crashing on our huge couch to watch some shows on our 70-inch TV after a busy weekend never gets old. I have my own office. A veggie garden. A nice patch of lawn. Double garage. Central heating. The list goes on. This is such an enormous luxury that 90% of the world’s population will never get to enjoy.

Whenever I’m feeling down I try to concentrate on what I have rather than what I don’t. It works about 95% of the time.

Net Worth Update

Slight dip in shares with BTC and Super having small bumps.

Our cash reserves continue to take a hit as we keep booking overseas trips ๐Ÿ’ธ

We’re really embracing that ‘Die with Zero’ mentality๐Ÿ˜‚

 

.

*Expenses include everything we spend money on to maintain our lifestyle. We do not include paying down our PPoR loan as an expense, only the interest
*Investment income is simply 4% of our FIRE portfolio divided by 12

 

Another super expensive month after we booked more activities for Japan.


 

Shares

The above graph is created by Sharesight

Diversification is important!

Aussie shares have a tumble but the rest of the world was up.

We didn’t buy any shares in February.

 

Question: Why do we have A200 & VAS?
Answer:
We started buying A200 in August 2018 after Vanguard didn’t lower their MER to match A200. Practically speaking, A200 and VAS are almost identical so it makes sense to go with the lower MER. As an added benefit, I like the fund diversification between Vanguard and Betashares. We decided to hold both after making the switch since it doesn’t have any other impact other than some extra accounting work once a year.ย 

Networth

Podcast – Queenie Tan – Invest with Queenie

Podcast – Queenie Tan – Invest with Queenie


ListenOnSpotifyListen-on-Apple-Podcasts-badge

Summary

Today my guest is Queenie Tan. Sheโ€™s a 26-year-old Sydneysider who has amassed over 350K followers on various social media platforms. Raised by a single dad in Sydney, Queenie was earning $400 a week after she moved out of home at just age 19. A few years later she was able to save a $100,000 property deposit and now at age 26, has a net worth of half a million dollars.

Some of the topics we cover in todayโ€™s episode are:

  • Queenie’s upbringing and relationship with money (00:02:12)
  • How Queenie built her net worth to $500K by age 26 (00:10:03)
  • Dropping out of uni to start earning money (00:15:40)
  • Changing jobs every couple of years (00:21:11)
  • Queenie’s thoughts on the term โ€œFinfluencerโ€ (00:46:28)
  • Financial content creators and the ASIC guidelines (00:51:09)
  • Sydney housing markets and financial freedom (01:05:34)

Links

SEP23 Net Worth $1,225,172 (-$12,629)

JAN23 Net Worth $1,192,678 (+$43,023)

I publish these net worth updates to keep us accountable, have others critique our strategy, and show that reaching financial independence in Australia is very doable without winning the lotto, having a high-paying job, or inheriting a wad of cash. The formula for retiring early is simple, the hard part is being consistent and sticking to a plan for many years. The table at the bottom details our entire journey from being $36K in debt all the way until we reach ๐Ÿ”ฅ


I finally managed to get the 2022 FIRE survey published the other week.

2022 FIRE Survey dashboard

I would like to get other communities involved in this next time. I only advertised the survey on my channels and Facebook group and even though I was happy with the number of submissions, I still feel like it can improve.

I liked the granularity of this year’s dataset but I need to strike a fine balance between asking a lot of questions and making the survey easy to complete. I’m thinking of removing a bunch of questions next year so it’s quicker to finish.

If anyone completed the survey last year and has feedback, please let me know in the comment section ๐Ÿ™‚

In other news, my brother-in-law was telling me about these non-alcoholic (NA) beers I needed to try late last year.

My favourite non-alcoholic beer

See, I’ve never been a massive drinker but I will indulge in a couple of cold ones a few times a week (does that make me a big drinker ๐Ÿค”?).

It sometimes feels illegal to barbeque on a hot day without a stubbie in your hand. But during a heat wave late last year (yes, we do get them in Victoria) I found myself drinking 3-5 beers every day for a week straight!

That may be a lot for some, and not a lot for others. Regardless, it crossed my mind that all these beers would add up eventually and I should probably cut back a bit.

I then stumbled across a podcast by Andrew Huberman who is a neuroscientist at the Stanford School of Medicine.

It was titled: What Alcohol Does to Your Body, Brain and Health.

This podcast was a big eye-opener for me. I’m sure most people know alcohol is bad for you, but listening to Andrew break down how regular alcohol consumption basically destroys the brain was scary. The really surprising part was just how little you need to be drinking to become affected. I always thought it was only those who were getting wasted regularly, but apparently not!

I finished that podcast and thought about those beers my brother-in-law was praising as the only decent-tasting NA.

I went down to Dan Murphies later that day and picked up a 4-pack. I haven’t had a light/mid/full-strength beer since Christmas!

I even went to a stag party two weeks ago and wondered how long I could last before I was bullied into full-strength beers. The weird thing is that moment never came and most people didn’t care/notice I wasn’t drinking full-strength cans.

I’m sure it had something to do with the age group (there’s more social pressure as a young fella to get wasted with the boys) but I’m more convinced that simply holding a can that looks like a craft beer has a hypnotizing effect of being part of the gang.

I’ve been in social situations where I couldn’t drink (designated driver for example) and for some reason, it’s so much weirder to be around people drinking when you don’t have anything to hold as opposed to drinking a NA beer. Even a can of soft drink doesn’t quite have the same effect.

I didn’t feel outcasted drinking my NA as much as I thought I would.

Social drinking is an enormous part of Australian culture. As I said earlier, I’m not a big drinker and I take my health and fitness very seriously. But I love catching up with my mates at the pub and this inevitably leads to alcohol consumption. I’d tried to go to the pub and drink lemon lime and bitters but it almost always ended up with me being roasted ๐Ÿ˜‚.

I have never had a great-tasting NA beer before trying Heaps Normal. And I’ve recently discovered 4 Pines which is fantastic too.

I’m now drinking the same amount as before, but with fewer hangovers. And I also get to have a few after BJJ training to help me hydrate!

I’m not ruling out alcohol forever (there’s actually a tiny amount in these NA beers anyway), but I’m going to see how long I can last before having another.

Net Worth Update

The sharemarket roared into the new year.

Big gains all round except for our cash reserves.

 

.

*Expenses include everything we spend money on to maintain our lifestyle. We do not include paying down our PPoR loan as an expense, only the interest
*Investment income is simply 4% of our FIRE portfolio divided by 12

 

We booked a trip to Japan/South Korea in January. Flights + accom sent our spending way up!


 

Shares

The above graph is created by Sharesight

Gains across all holdings with the Australian market leading the pack.

No more big invoices to cash yet so we continue to keep a decent cash buffer.

We didn’t buy shares in January.

 

Question: Why do we have A200 & VAS?
Answer:
We started buying A200 in August 2018 after Vanguard didn’t lower their MER to match A200. Practically speaking, A200 and VAS are almost identical so it makes sense to go with the lower MER. As an added benefit, I like the fund diversification between Vanguard and Betashares. We decided to hold both after making the switch since it doesn’t have any other impact other than some extra accounting work once a year.ย 

Networth

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