Here’s what you need to know today

• Google is doubling-down on its bet on self-driving cars. The company announced it would invest at least $5 billion more into its robotaxi subsidiary Waymo. While it is a big investment, to put it in context, Alphabet (Google’s parent company), just announced a 29% increase in profit to $23.6 billion for the quarter. 
  
  

• It is earnings season in the US and we’re seeing some wobbles: Tesla reported profit fell 45% to $1.5 billion for the second quarter and Alphabet reported slowing advertising revenue from YouTube (although it was still up 13% year-on-year)
  
  

• A tough night in the US, the S&P 500 was down 2.3% on Wednesday night, was followed by a tough day on the Australian share market. The ASX 200 fell more than 1% yesterday as a number of Aussie companies reported quarterly numbers that disappointed - Macquarie, Fortescue (despite a record quarter), Ampol and Seek amongst them.
  
  

• Australian public service consulting firm Scyne (previously a part of PwC) has announced it will cut 90 jobs. This comes as the Albanese government aims to cut the value of the public service’s consulting contracts by half.

What the…?

In 2023, we were given the movie Cocaine Bear. In 2024, it seems we’re getting the sequel: Cocaine Shark. Marine biologists studying sharks off the coast of Brazil have reported that the sharks they are studying have tested positive for cocaine.

There are multiple theories about how these sharks came into contact with the illicit drug. However they did, it is the first recorded time cocaine has been found in a shark’s system. The study will monitor how their behaviour differs. We can’t imagine it’ll be good.

Investing is a lifelong journey

Here’s what you can learn today.

Question: I'm about to get married, what are the best financial strategies for couples regarding shared finances?

We put this question to Dylan Pargiter-Green, Director & Financial Advisor at Bold Wealth

Navigating finances as a couple is a significant step and can set the tone for your financial relationship going forward. One of the key strategies for couples is to ensure open and honest communication about finances from the outset. Given that you’re about to get married, it's a great time to establish a clear financial strategy that works well for both of you.

Firstly, understand that different strategies work for different couples. Some couples prefer to maintain separate accounts for their individual earnings and expenditures while contributing to a joint account for household expenses and bills. This approach allows each partner some financial independence while ensuring that shared responsibilities are met. It can be a particularly useful strategy if there are significant income disparities between partners, or if partners have different spending habits and financial priorities.

Another approach is combining all finances into joint accounts. This method promotes transparency and equal responsibility for managing household finances. With everything pooled together, it’s easier to budget collectively towards common goals, such as saving for a home, planning vacations, or preparing for children. However, this approach requires a high level of trust and strong communication to ensure that both partners feel comfortable with spending and saving decisions.

Regardless of the approach, it's crucial to have discussions about your financial goals, both short-term and long-term. Talk about your savings goals, retirement plans, investment strategies, and any major purchases you foresee, like buying a house or a car. This helps in aligning your financial objectives and ensures that both partners are working towards the same goals.

It’s also important to consider how you’ll handle debt. Be transparent about any existing debts, such as student loans, credit card debt, or car loans. Develop a plan for paying off these debts together and decide if you’ll treat them as joint responsibilities or manage them individually.

One of the common pitfalls in managing shared finances is the lack of clarity regarding discretionary spending. To avoid conflicts, establish an agreed amount that either partner can spend without consulting the other. This ensures that minor purchases do not become a source of contention. For larger or discretionary expenses, always discuss with your partner to ensure that it fits within your budget and financial goals.

As a couple, it might also be beneficial to seek professional financial advice. A financial advisor can help you create a comprehensive financial plan tailored to your combined earnings, expenditures, and long-term goals. He or she can also provide guidance on tax planning, investments, and managing joint wealth effectively.

In essence, the best financial strategies for couples involve a mix of joint and individual financial management, clear communication, and aligned financial goals. Being proactive and open about finances can help build a strong foundation for your future together.

Want to speak to Dylan or another of our hand-picked advisors? Fill out the form on our website

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