That’s right. You can have an opinion about diet, health, fitness, relationships, baking, etc. – but you can no longer have an opinion about money and share it online.
If you’re in disbelief, you’re not the only one.
It distinctly feels like our freedom to discuss financial decisions has been taken by the government gatekeepers with the aim of keeping the poor people poor.
At its crux, if a content creator says anything that could ‘influence’ another person’s financial decisions then it’s illegal and carries large penalties and five years jail time.
ASIC (Australian Securities Investment Commission) released Info Sheet 269 ‘Discussing financial products and services online’ during March 2022. This document outlines that unless you are an authorised AFS licensee you cannot talk about money online as you may be breaking the law.
As a person who grew up in poverty with an alcoholic father and a mentally ill mother, neither of whom had any financial sense, it was the ‘finfluencers’ and their blog articles that gave me the knowledge I needed to get financially ahead. Sure, we can still turn to the American finfluencers but their money story is not our money story, the story of Australians.
I fear for those born without good financial role models, who will be stuck in an endless game of earning money and spending money without the knowledge of creating income producing assets. Earn, spend, earn, spend, never getting ahead.
How does someone with nothing, pay to see a licensed financial advisor?
Keep ’em dumb, keep ’em spending, keep the economy turning.
How far reaching will this censorship go? Will the Barefoot Investor, who is not a financial advisor, be forced to remove his best-selling finance books for Australians from the stores?
As a direct implication of the government attack on the financial literacy of Australians, there will be major changes to this blog and any previously published articles.
It is now illegal to share my journey out of poverty. As a result of this, I will be either deleting or heavily editing any articles that may have helped other people gain desperately needed financial literacy knowledge.
As a collective whole, the Australian personal finance knowledge bank accessible to all people is now being wiped …
If you’re not worried, you should be.