Most frequently asked money questions on Google

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Do you stay up at night with a burning money question on your mind?

If so, it looks like you’re not alone, with new data revealing the top financial questions for Australians.

Luckily, we have our money expert Effie Zahos here to answer some of the most important ones.

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One of the top questions on Google regarding money was how much can I borrow? (Getty Images/iStockphoto)

How much can I borrow?

“It differs from lender to lender and there are plenty of online calculators you can play around with,” Effie said.

“Assuming you have a household, two people working, one full time and one part time, the gross income is about $165,000 and you have two children and a car loan.

“It reduces the amount you can borrow – you will be able to get $837,000.

“Interestingly, because property prices have come down so much, you can almost afford accommodation in Sydney with a 20% down payment.”

How much tax do I have to pay
(Today)

How much tax do I have to pay?

“We’re all confused about how much tax we should be paying,” Effie said.

“I say overpay rather than underpay. We currently have five tax brackets and that should change in 2024.

“A lot of people think, ‘If I earn more, does that mean I have to pay back 32.5% of all my money?’ You don’t have, you have tax brackets.

“To give you an example, if you have $80,000, you pay $5,092, and then you only pay 32.5% for money over $45,000.

“Essentially you’re paying $11,000 more on top of the five.”

Why is Bitcoin crashing?
(Today)

Why is crypto crashing?

“When you look at where Bitcoin was at the start of the year and where it is now, it’s down over 55%,” Effie said.

“The whole crypto market is very volatile, we know that, but digital assets are experiencing the same financial problems as the global economy and with rates rising, that means investors don’t want to take so much risk. going into that because they can get a better return elsewhere.

“It’s not the end of crypto by any means. I think regulators are going to use it as even more ammunition that it needs to be regulated, but there’s no underpinning that.

“I think the more people get out, the lower the price, the lower the confidence and there’s a lot of volatility there.”

Watch the full Your Money segment above

The information provided on this website is of a general nature only and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information on this website, you should consider the suitability of the information to your objectives, financial situation and needs.

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