While professional athletes often enjoy substantial wealth during their playing careers, the transition to life after sports can bring about significant financial challenges. Many athletes face difficulties in managing their finances and sustaining their wealth once they retire. In this blog post, we will explore the financial problems that professional athletes face after retirement and discuss potential solutions to help them navigate these challenges successfully. Overspending and Lifestyle Adjustments One common financial problem faced by retired athletes is overspending. During their playing careers, athletes may develop spending habits that are not sustainable once their income decreases or ceases altogether. Maintaining the same extravagant lifestyle without a consistent source of high income can quickly deplete their savings. To address overspending and make necessary lifestyle adjustments, retired athletes should: Lack of Financial Education and Planning Many athletes focus solely on their sporting careers, neglecting financial education and planning for the future. They may not have the necessary knowledge or skills to manage their finances effectively, leading to poor investment decisions, inadequate retirement planning, and vulnerability to financial scams. To address the lack of financial education and planning, retired athletes should: To underline how issues with finances can affect former players, Australians may know the story of Lucas Neill, who was declared bankrupt in the UK back in 2016 due to several bad investments despite earning over $40m in two decades of EPL service. Some of his former Socceroos teammates claim Neill has practically distanced himself from them. In August 2023, the Australian Sports Foundation (ASF) released a survey highlighting financial issues affecting current or former athletes, with 2,304 respondents. The data revealed that 46 per cent of the top athletes representing Australia between 18 and 34 years old were earning just below $23,000 a year, and had problems trying to earn a living despite being in active competition, with travel, training, and equipment costs a major factor. At least 40 per cent reported poorer financial standings than they were a year ago.   Worse, one of every two athletes training for the 2026 Commonwealth Games and 43 per cent of those preparing for the 2032 Olympics in Brisbane are entertaining the possibility of moving on from their sport, the survey added.      Mismanagement of Investments Athletes may fall victim to poor investment choices, trusting their finances to unscrupulous advisors or making uninformed decisions. Investments in high-risk ventures or business ventures without proper due diligence can lead to significant losses. To address the mismanagement of investments, retired athletes should: Mental Health and Emotional Support The transition from a successful sporting career to retirement can have a significant impact on athletes’ mental health and emotional well-being. Financial stress and uncertainty can exacerbate these challenges, leading to poor decision-making and a further decline in financial stability. To address mental health challenges and seek emotional support, retired athletes should: Issues with mental health amongst athletes are noted in Australia’s sporting community. Talking to ABC, Brumbies skipper Owen Finegan revealed that fellow Wallaby Dan Vickerman had been suffering from depression after problems with his right leg forced him to retire from the game in 2012; the depression led to his suicide five years later. Former Test cricketer Nathan Bracken said his job prospects were nil after injuries forced his retirement from national duties, even a supermarket wouldn’t consider hiring him. Despite the gloom and legal woes with Cricket Australia, he was able to bounce back with a communications degree from Charles Sturt University, a short run in politics, and a successful account manager role with Boral. In addition to the financial woes, the above ASF survey recorded that at least one in four respondent athletes reported mental health declines than a year before.  Conclusion It can be a hard life for any athlete when the time comes they have to close their chapters on the field. The financial challenges faced by retired athletes require careful attention and proactive steps to mitigate risks and ensure long-term financial stability. It is essential for athletes to recognise the need for professional guidance and to be proactive in managing their finances to secure a solid financial future after they make their exit. DISCLAIMER:  This article is for informational purposes only and does not constitute official financial advice. 2 Ezi has no working relationships with any individual or organisation mentioned. Please consult your finance advisor immediately. For financial and mental health concerns, please call Lifeline (131 114), MensLine (1300 789 978), the National Debt Helpline (1800 007 007), and BeyondBlue (1300 224 636).

Investing in the Australian share market can build wealth. This guide covers mechanics, budgeting, and share selection. Investing in the Australian share market can be a powerful strategy for building long-term wealth. The Australian Securities Exchange (ASX) offers numerous opportunities for individuals to grow their financial assets through shares. Going for shares may be a worthy investment – the ASX Investor Study 2023 noted that international issues such as the pandemic and cost of living have not dampened the thirst to buy shares. In this guide, we will delve into the mechanics of the share market in Australia, provide tips on budgeting for share investments, and offer insights on how to choose the right shares for your portfolio. The Share Market in Australia The Australian share market, often referred to as the ASX, is the platform where investors can buy and sell shares in publicly traded companies. They revolve around some cardinal elements  Shares and Ownership When you invest in shares, you are essentially buying ownership stakes in a company. The number of shares you own determines your ownership percentage in that company. As a shareholder, you may have the right to vote on certain company decisions during an annual general meeting and may be entitled to a portion of the company’s profits in the form of dividends. However, not all Australian companies will be open to stock investments and they can only go for an IPO if they submit a prospectus to ASIC.   Stock Exchanges The ASX is the primary stock exchange in Australia, where shares of thousands of companies are listed and traded. It provides a regulated marketplace for buyers and sellers to transact shares. Share Prices and Market Capitalisation The share market dynamics on supply and demand influence stock prices. When more investors want to buy a particular share than sell it, the share price tends to rise, and vice versa. The market capitalisation of a company is the total value of all its outstanding shares, calculated by multiplying the share price by the number of shares. Brokers and Trading To buy and sell shares on the ASX, you’ll need to use the services of a stockbroker or an online trading platform. Brokers act as intermediaries who execute your trades on your behalf. Online trading platforms have become increasingly popular due to their convenience and cost-effectiveness. Diversification One key strategy in share market investing is diversification, which involves spreading your investments across different companies and industries. Diversification can help mitigate risk by reducing your exposure to the performance of a single company or sector. Tips on Budgeting for Share Investments Investing in shares requires careful budgeting and financial planning. Here are some important tips to consider: Set Clear Investment Goals Before you start investing, define your financial objectives. Are you looking to generate income through dividends, achieve capital growth, or both? Answering that question and researching your prospect stocks will help determine your investment strategy. Create an Investment Budget Determine how much money you can comfortably allocate to share investments without affecting your day-to-day finances. It’s crucial to invest only what you can afford to lose, as share prices can fluctuate. Build an Emergency Fund Even when you are committed to buying a good deal of shares, it pays to have a hefty amount of money left over in your personal accounts for an emergency. Prioritise building an emergency fund with enough savings to cover three to six months’ worth of living expenses.   Pay Off High-Interest Debt Before investing, consider paying off high-interest debts like credit card balances. The interest on these debts can outweigh the returns from your investments. Consider Dollar-Cost Averaging Dollar-cost averaging (DCA) involves investing a fixed amount of money at regular intervals, regardless of share prices. Some observers state it can help reduce the impact of market volatility on your investments. Review and Adjust Your Budget Regularly review your budget and adjust it as needed. As your financial situation changes, you may be able to allocate more funds to share investments. How to Choose the Right Shares Selecting the right shares is critical to your investment success. Here’s a step-by-step guide on how to choose shares for your portfolio: Research and Education Begin by gaining a solid understanding of the share market and how it operates. Books, seminars, and notable financial news sources may bolster your knowledge. A financial advisor with expertise in the stock market can also guide you through its complexities, ensuring that investing in shares becomes a strong component of your financial strategy.  Define Your Investment Strategy Decide whether you want to focus on income-oriented shares (dividend stocks) or growth-oriented shares (stocks with potential for capital appreciation). Reconcile your decision with your current investment strategy. Analyse Companies When choosing shares, conduct thorough research on the companies you’re interested in. Look at their financial statements, earnings reports, and future growth prospects. Consider factors such as industry trends, competition, and market positioning. Note that in making your initial purchase for any shareholding, the ASX requires you have bought no less than $500 worth of shares. Diversify Your Portfolio A key point of investing in shares is to diversify your holdings. Diversification can help protect your portfolio from the poor performance of a single company or sector. For example, you might spend $1k to buy stock in anti-drone countermeasures company DroneShield and $1,600 in supermarket chain Coles.  Evaluate Financial Metrics Pay attention to financial metrics like price-to-earnings (P/E) ratio, earnings per share (EPS), and dividend yield. These metrics can provide insights into a company’s valuation and financial health. Stay Informed Keep abreast of market news and events that may impact your investments. Stay informed about the companies in your portfolio and be prepared to make adjustments if needed. Your stockbroker or financial adviser may guide you on which companies to watch. Conclusion Investing in the Aussie share market can be a rewarding journey towards long-term wealth accumulation. By understanding the mechanics of the share market, budgeting wisely for your investments, and following a

For Gen Z in Australia, understanding finances is challenging. This blog explains its importance and offers steps for financial security. In the fast-paced and ever-changing landscape of today’s world, financial literacy is crucial for every generation. However, for Generation Z in Australia, understanding personal finances and achieving financial security is becoming increasingly challenging. This blog aims to delve into the rationale for financial education among Gen Zs in Australia and provide actionable steps to help them embark on a secure financial track. Gen Z Financial Education Economic Uncertainty The current economic climate is characterised by uncertainty and volatility. Gen Zs are facing the consequences of global financial events, such as economic downturns, inflation, and rising living costs. Without a solid financial education, they may struggle to navigate these challenges effectively. To illustrate, a March 2023 report from Finder carried over the Australian Financial Review noted that the rise in cost of living tagged 56 per cent of Gen Z respondents as having been pressured to find a second job to have more money. A 21-year-old startup founder from Melbourne interviewed for the Fin was even forced to cancel two VOD subscriptions and stop UberEats deliveries to cover an $800 monthly rental on a Frankston house where he used to spend over $1k on a place in Ascot Vale.     Debt Burden Many Gen Zs are burdened with significant student loan debts, credit card debts, and other financial obligations. A November 2023 analysis from ASIC revealed that Gen Zers’ average personal debts were tagged at $8,188 against $6,730 for older demographics, four per cent of Australia’s Gen Z population are at least $50k in debt, and 25 per cent have savings accounts with no more than $1,000 in balances.  Longevity of Financial Decisions Gen Zs have a long future ahead of them. The financial decisions they make today can have far-reaching consequences on their financial health in the future. Proper financial education empowers them to make informed choices that will positively impact their lives in the long run. Shifting Landscape The financial landscape is continually evolving, with the rise of digital currencies, new investment opportunities, and alternative financial services. Gen Zs need to stay informed to make the most of these developments while avoiding potential pitfalls. Retirement Planning Despite being at the early stages of their careers, planning for retirement should not be overlooked by Gen Zs. Starting early and understanding the benefits of compounding can significantly improve their financial security in later years. One critical element of this is imparting the need for awareness of superannuation in Gen Zs. Data compiled by the Australian Retirement Trust revealed that 29 per cent of Gen Z respondents do not know the current SG rate, but another 47 per cent want to determine how they can contribute more to their supers.  In discussions with News Corp Australia’s Mary Madigan, Finder money expert Sarah Megginson said Gen Zers are not of the same financial mindset as their elders, preferring to look after their mental health instead of working harder to earn as much money as possible. Money Magazine’s Tom Watson looked over the results of Aware Super’s July 2023 study, which revealed that in the 16-34 age demographic, 31 per cent are looking to retire by the time they reach 55 years old and 29 per cent claim they can have a comfortable retirement at that age for under $500k. However, the Aware Super team estimates single people can possibly have a comfortable retirement by age 67 if their super finances are at least $545k. Entrepreneurial Opportunities Gen Zs are known for their entrepreneurial spirit. A sound financial education can help them manage finances in their business ventures, increasing the likelihood of success. Getting Gen Zs on a Secure Financial Track Financial Literacy Hardcoded into the Education System To ensure that financial education reaches every Gen Z individual, it is crucial to incorporate financial literacy programmes into the education system. These programmes should cover topics like budgeting, saving, investing, debt management, and understanding financial products. A Findex study from 2021 stated that 48 per cent of Australians between 15 to 25 years old admit they couldn’t remember much of whether their schools had any financial literacy subjects.  Interactive Workshops and Seminars Organising interactive workshops and seminars on financial literacy can engage Gen Zs and make learning about finances enjoyable. Local communities, educational institutions, and financial institutions can collaborate to host such events. Digital Tools Given Gen Z’s affinity for technology, using mobile apps and online platforms that offer financial education and budgeting tools can make a significant impact. These interactive tools can help them track expenses, set financial goals, and understand their financial health. Encouraging Parental Involvement Parents play a crucial role in shaping their children’s financial behaviours. Encouraging parents to talk openly about money matters with their children and lead by example will reinforce the importance of financial responsibility. The above Findex study stated that 71 per cent of Australians between 15 to 25 years old say they still consult their parents or guardians for financial advice.  Mentorship Programmes Establishing mentorship programmes connecting Gen Zs with financially savvy individuals can offer valuable guidance and support. Mentors can share their experiences, provide insights, and offer personalised advice to help Gen Zs make informed financial decisions. Gamification of Financial Learning Gamifying financial education can make the learning process enjoyable and effective. Developing financial literacy games or incorporating financial elements into popular games can boost engagement and knowledge retention. One example of a game that aims to teach about financial literacy is Celebrity Calamity; made by a non-profit organisation, the game puts players as business managers of a certain B-list celebrity. The objective is to rein in the person’s wanton spending while still keeping them satisfied and their career on track. Female testers claimed that upon running the game, between 15 to 30 per cent claimed more confidence with financial management.   Building Credit Awareness Gen Zs should be educated about the significance of building and maintaining a

Nudge theory can help manage finances by promoting physical fitness, revealing hidden financial benefits. When it comes to managing our finances, finding effective strategies to save money is a common goal. Surprisingly, one way to achieve financial savings is by focusing on physical fitness. By understanding the mechanics of nudge theory and its application to promoting a healthier lifestyle, we can uncover the hidden financial benefits. In this article, we will explore the concept of nudge theory, its relevance to physical fitness in Australia, and how it can positively impact your finances. What is Nudge Theory? Nudge theory is a concept popularised by Nobel laureates Richard H. Thaler and Cass R. Sunstein. It suggests that small changes in the decision-making environment, known as nudges, can influence people’s behaviour without imposing mandates or restrictions. Nudges aim to subtly guide individuals towards making desired choices that align with their long-term goals. Choice Architecture Choice architecture refers to the overall design of a decision-making process. Nudges leverage choice architecture to make certain options more prominent, attractive, or easier to choose. By modifying the environment in which choices are made, nudge theory can steer individuals towards more beneficial behaviours. Linking Physical Fitness with Financial Health Physical fitness plays a vital role in overall well-being, and the benefits extend beyond improved health. Adopting a fitness routine can increase productivity, boost energy levels, reduce healthcare costs, and enhance mental well-being. These advantages, in turn, positively impact financial health by reducing medical expenses and improving work performance. Embracing physical fitness helps individuals establish healthier habits and reduce the risk of chronic diseases. This can result in long-term financial savings by avoiding costly medical treatments, medications, and doctor visits. By focusing on preventive care, individuals can proactively invest in their health, reducing the financial burden associated with illness. Fitness Benefits of Nudge Theory Making Exercise More Accessible Applying nudge theory to physical fitness involves making exercise more accessible and convenient. Fitness nudges can include designing workplaces with standing desks or encouraging the use of stairs instead of lifts; this may even be true if your office is just on the second floor. By adjusting the choice architecture, individuals are more likely to incorporate physical activity into their daily routines, leading to improved fitness levels and potential financial savings in the long run. Gamification and Rewards Nudge theory can be leveraged to incorporate gamification elements and rewards into fitness activities. Fitness apps and wearable devices often use features like challenges, achievements, and progress tracking; the app may even be interlinked with the wearable device for more comprehensive fitness monitoring. One example of this is the Apple Watch synchronising with an iPhone’s Apple Fitness app or other third-party health apps to monitor food intake and exercise levels.  Those elements may prime individuals to engage in regular exercise, driven by the desire to achieve goals and earn rewards. This motivation contributes to improved physical fitness while simultaneously saving money by reducing the need for costly gym memberships or personal trainers. Healthy Eating Nudges Nudge theory can also be applied to encourage healthier eating habits. Choice architecture can be modified by placing healthier food options at eye level in grocery stores or installing portion control cues in restaurants. These nudges encourage individuals to make healthier food choices, resulting in improved nutrition and potential financial savings by reducing expenses on unhealthy processed foods or dining out. Financial Benefits of Nudge Theory Reduced Healthcare Costs Embracing physical fitness can lead to a decrease in healthcare costs over time. Proactive management of health through exercise and healthy eating can minimise the need for medical interventions, prescriptions, and hospital visits, thereby saving significant amounts of money in the long term. Enhanced Work Performance Regular exercise has been shown to improve concentration, productivity, and cognitive function. By incorporating physical fitness into your routine, you can experience increased mental clarity and focus, leading to enhanced work performance. This can open up opportunities for career advancement, salary increases, or even entrepreneurial ventures, ultimately improving your financial prospects. Insurance Premium Reductions Maintaining a healthy lifestyle through physical fitness may also lead to lower insurance premiums. Some insurance providers offer discounts or incentives for individuals who demonstrate healthy behaviours, such as regular exercise or non-smoking habits. By prioritising physical fitness, you can potentially save money on health, life, or disability insurance premiums. Applying Nudge Theory in Fitness and Finances Set Attainable Goals Start small by setting realistic fitness goals that align with your lifestyle and capabilities. This increases the likelihood of adherence and success, reinforcing positive behaviours and motivating you to continue on your fitness journey. Fitness Apps and Wearable Devices Take advantage of technology by using fitness apps and wearable devices to track your progress, set reminders, and receive personalised recommendations. These tools can provide the nudges necessary to stay motivated and engaged in your fitness routine. Create Accountability Establish accountability measures by sharing your fitness goals with friends, family, or joining fitness communities. Having a support system and regular check-ins can provide the necessary motivation and encouragement to stick to your fitness regimen. Gamify Your Fitness Routine Incorporate gamification elements into your workouts to make them more enjoyable. Set challenges, compete with friends, or earn rewards for reaching fitness milestones.  Certain fitness apps have a variety of challenges all their own to give added motivation. Apple Fitness’ monthly challenge badges, for example, require travelling a minimum set number of kilometres in a day or burning a specific amount of calories every day for 14 days. By making fitness fun and engaging, you are more likely to stay committed and reap the financial and health benefits. Optimise Nutrition Pair your physical fitness efforts with a healthy and balanced diet. Incorporate nudge theory principles into your eating habits by organising your pantry and refrigerator to prioritise nutritious options. Plan meals in advance and prepare healthy snacks to avoid impulse purchases or unhealthy food choices. Track Your Financial Progress As you prioritise physical fitness, also monitor the positive impact it has on

Courtship often involves gifts like flowers, yet some prefer alternatives. Discover personalised gift ideas for a unique courtship experience. Courtship is an essential part of dating, and giving thoughtful gifts is one way to show affection and appreciation for your potential partner. While flowers have long been a traditional courtship gift, some individuals may not find them appealing or might prefer more personalised presents. In this blog post, we will explore alternative gift ideas based on the subject’s interests, ensuring a meaningful and unique courtship experience. The Appeal of Personalisation When choosing a courtship gift, personalisation is key. While flowers are beautiful, they may not reflect the unique tastes and preferences of your partner. Opting for unique gifts such as custom-made jewellery, engraved items, or a bespoke gift based on their interests, shows that you put thought into selecting a present that truly resonates with them. If your love interest, for example, is an athletic type with a noted attachment to Australian rugby union games, you might consider getting them a jersey of their favourite XV or the Wallabies, with options to personalise by jersey number and their name. Environmental Consciousness For many people, the environmental impact of cut flowers can be a concern. Large-scale flower production often involves harmful pesticides and significant water usage. Choosing alternative gifts that align with your partner’s eco-friendly values, such as a potted plant, sustainable fashion items, or a membership to an environmental organisation, can be a more considerate gesture. If you are considering enrolling your partner in an environmental organisation, make sure that group offers values that truly speak to their heart; some people might not accept the membership and actually break it off. Allergies and Sensitivities Flowers, though lovely, can trigger allergies and sensitivities in some individuals. To avoid potential discomfort, consider alternative gift ideas that do not involve allergens. This may include items like scented candles, gourmet food baskets, or a spa day experience tailored to your partner’s preferences. Supporting Local Artists and Artisans Choosing unique, handcrafted gifts not only adds a personal touch but also supports local artists and artisans. Consider gifting a one-of-a-kind piece of artwork, handmade pottery, or artisanal jewellery. These gifts not only showcase your thoughtfulness but also contribute to the local creative community. Practical and Useful Presents Instead of giving gifts that are solely ornamental, consider selecting practical and useful items that your partner may need or enjoy in their daily life. This could be a high-quality cooking utensil for a food enthusiast, a premium notebook for a writer, or an electronic device for a tech-savvy individual. One of our 2 Ezi members, though, had a unique practical gift idea for a young woman they were interested in. The person learned from their love interest that the latter was a devoted fan of the popular The Last of Us action-adventure game franchise and was the sporty, outdoors type. He endeavoured to order her a special Pendleton camping throw blanket with the associated branding for The Last of Us Part II, which turned out to be the very last in stock at the Sony PlayStation Gear store and also something she has never heard of. While Sony only ships game merchandise to the continental US and Canada, the member arranged for a friend flying back to Australia from the US to accept the shipment first and bring it home with him. Shared Experiences Courtship is an excellent time to create lasting memories together. Consider giving the gift of a shared experience, such as tickets to a concert, a cooking class, or a weekend getaway to a place your partner has always wanted to visit. Shared experiences strengthen the bond between two people and create stories to cherish for a lifetime. Books and Literature If your partner is an avid reader or has a particular interest in literature, books can make excellent gifts. Select a book that aligns with their taste or a rare edition of their favourite author’s work. Books not only show that you value their interests but also provide opportunities for intellectual discussions and shared reading experiences. Personal Development and Hobbies Gifts that support personal growth or hobbies can be deeply appreciated. Consider enrolling your partner in a workshop or class related to their interests, such as painting, photography, or yoga. Supporting their passion shows that you care about their personal development and well-being. Subscription Services Subscription services can be a delightful ongoing gift. Depending on your partner’s interests, you can choose from a wide range of options, such as a SVOD streaming service for movie lovers, a beauty box for skincare enthusiasts, or a meal kit for couples such as the team at the Pepper Leaf. Subscriptions offer a continuous reminder of your thoughtfulness throughout the courtship. Handwritten Letters or Journals In the age of digital communication, a handwritten letter or a journal can be a heartfelt and meaningful gift. Pour your thoughts and emotions onto paper, expressing your feelings and aspirations for the relationship. Handwritten gifts showcase sincerity and effort, making them memorable tokens of courtship. Conclusion While flowers have been a classic courtship gift, there are many valid reasons to explore alternative gift ideas during dating. Personalisation, environmental consciousness, allergies, and the desire to support local artists are all factors to consider. By selecting gifts based on your partner’s interests, you show that you genuinely value their uniqueness and are willing to put thought into your courtship gestures. Alternative gift ideas offer a more meaningful and enjoyable courtship experience, setting the stage for a lasting and fulfilling relationship. DISCLAIMER:  This article is for informational purposes only. 2 Ezi has no working relationships with any vendor offering the above products or services mentioned in this article.

In estate planning, it’s vital to address digital assets. Learn to itemise them in your will for a comprehensive digital legacy. People’s lives are increasingly intertwined with technology. From social media profiles to cryptocurrency holdings, our digital footprint is expanding rapidly. As such, it’s becoming crucial to consider these digital assets in our estate planning. This article will cover the importance of accounting for digital assets in your will, how to properly itemise them, and why they are an integral part of your digital legacy, with a focus on estate planning in Australia. Evolution of Estate Planning Estate planning, once a relatively straightforward process, has evolved significantly over the years. Traditionally, it involved tangible assets like property, cash, and personal belongings. However, the rapid advancement of technology has given rise to a new category of assets: digital assets. Digital assets include but are not limited to the following. Social Media Accounts Your Facebook, Twitter, and Instagram profiles, among others, hold not just memories but also potential financial value through sponsored content or followers, if those websites engaged you as a partner account. Online Banking and Investments Access to online bank accounts, investment portfolios, and cryptocurrency holdings will be critical to ensure a beneficiary can still make use of them after you pass away. An estate solicitor may advise you that if the bank accounts are to be accounted for in your assets, you must ensure to cover the money within as some may ask that even if the account exists, it can raise questions to whether there’s still money in there or it may have been cleaned out.  Digital Media E-books, music libraries, and movie collections stored in digital format. This is important considering recent trends in pop culture content have shifted from producing them for physical media to digital.   Email Accounts Important correspondence, financial statements, and even subscriptions tied to your email addresses. Preserving access and the materials in the emails are very critical in light of deletion protocols by Yahoo! and Google due to long periods of inactivity in the emails – Google in particular, started closing Google Accounts inactive for over two years on 1 December 2023.  For example, one user who has operated a special email address for personal projects, which he logged in a few weeks ago after so many years. After verification, he discovered that the email provider shut down their address in the interim – wiping out correspondences and notifications dating back over 20 years.   Websites and Domains Ownership and management of websites, blogs, and domain names. It is possible that their providers will close down the sites due to nonpayment of hosting costs. Cryptocurrencies Bitcoin, Ethereum, and other cryptocurrencies stored in digital wallets are marked by the ATO for Capital Gains Tax (CGT). Depending on the disposition, appointed estate executors may be asked to have those assets sold off and converted into Australian dollars.  Digital Businesses If you own or have equity in a digital business, ensuring its continuity is vital. Preserving Your Digital Legacy With this ever-expanding list of digital assets, the need to account for them in your estate planning becomes evident. Here’s why: Monetary Value Many digital assets have tangible monetary value. Cryptocurrencies, for instance, can amount to substantial wealth. Your will can ensure that these assets are inherited by your chosen beneficiaries. Privacy Concerns Failing to plan for your digital assets can trigger privacy concerns. Unauthorised access to your emails, social media profiles, or personal files could have unintended consequences. Asset Management If you own digital businesses, websites, or domains, a well-thought-out plan in your will can help manage their transfer or continuation seamlessly.  Emotional Value Your digital assets might hold sentimental value for your loved ones. Family photos, personal blogs, or cherished playlists can be a source of comfort after you’re gone. Social media providers such as Facebook have prepared for this contingency by allowing users to nominate legacy contacts and have their own profiles be converted into a Memorial page when they pass away. Creating a Digital Asset Inventory Now that we understand the importance of including digital assets in estate planning, let’s discuss how to properly itemise them. This process involves creating a digital asset inventory, which can be divided into three key steps: Identify Your Digital Assets Starting assembling a comprehensive list of all your digital assets. This may require thorough exploration of your online presence. Start with the following: Access and Authentication For each digital asset, record the necessary access and authentication details. These should include: Document Your Wishes Clearly articulate your wishes for each digital asset. This should involve specifying who should inherit or manage these assets and any particular instructions or restrictions. Updating Your Will Creating a will requires periodic updates – as your digital footprint evolves, so should your will. Review your digital asset inventory and make necessary changes whenever you open new accounts, change passwords, or acquire new assets. In some cases where there are assets that only you have access to, they may need safeguards on who can access be passed down to after death. This was made evident when QuadrigaCX owner Gerald Cotten passed away unexpectedly in early 2018, but only he knew the access codes to the crypto exchange’s crypto vaults worth an estimated US$135m at a time when the company had some stock fluctuations and filed for bankruptcy. Estate administrators EY were able to recover US$34.2m in assets and prepare distribution of funds to beleaguered investors. Estate planning can be complex, especially when digital assets are involved. Australia’s inheritance laws, at present, do not have provisions for digital asset accounting, and only the NSW Law Reform Commission’s digital access scheme discussion paper from December 2019 has been the farthest of any thoughts on the matter.   It’s advisable to consult with Australian estate solicitors who are well-versed in digital estate planning laws and regulations. They can provide valuable insights and ensure your will complies with legal requirements, especially since those digital assets will also still be