Money & Banking

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Woman’s genius online shopping trick goes viral

<p>How many times have you purchased something online, only to wish that you could try it with a specific outfit first?</p> <p>Or maybe you’ve ordered something, feeling overly confident about your amazing new purchase only for it to arrive and look completely different to what you had imagined.</p> <p>If you’re one of those people, then this clever hack is one you want to try.</p> <p>One woman, named Megan who works for the radio station ZM in Auckland, revealed her trick in a video which was posted to the station’s Facebook page.</p> <p style="text-align: center;"><iframe src="https://www.facebook.com/plugins/video.php?href=https%3A%2F%2Fwww.facebook.com%2FZMonline%2Fvideos%2F824812757981482%2F&amp;show_text=0&amp;width=269" width="269" height="476" style="border: none; overflow: hidden;" scrolling="no" frameborder="0" allowtransparency="true" allowfullscreen="true"></iframe></p> <p>Megan prints out a full length photo of herself and cuts off the feet so she can see how the outfit looks with various different shoes.</p> <p>“Megan’s online shoe shopping trick it too good,” said the caption of the video.</p> <p>Many commenters agreed labelling the hack “genius” and “game-changing”.</p> <p>The cut out is laminated, ensuring it lasts a while so she can get the most use out of it.</p> <p>The clip quickly went viral, gaining over 14,000 likes, 45,000 comments and over 2.5 million views.</p> <p>And even though it won’t help with testing the comfort of online shopping purchases, it will minimise the risk of making some terrible fashion choices.</p>

Money & Banking

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Why this rare $1 Aussie coin could have you pocketing thousands

<p>One minor mistake to a $1 coin could be worth thousands of dollars.</p> <p>The Royal Australian Mint made an error when making the “Mule Dollar” coins meaning small amount of $1 coins from the year 2000 were designed using the wrong print.</p> <p>The Mule dollar has a double rim around the edge while a standard regular $1 coin has just one. </p> <p>A Melbourne mum excitedly revealed the fun find on social media.</p> <p>“We found the famous MULE Dollar” she wrote in a post on Instagram, under the username @melbournewithkidz. </p> <blockquote style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" class="instagram-media" data-instgrm-captioned="" data-instgrm-permalink="https://www.instagram.com/p/B8h1QVzAhCo/?utm_source=ig_embed&amp;utm_campaign=loading" data-instgrm-version="12"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"></div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"></div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"></div> </div> </div> <div style="padding: 19% 0;"></div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"></div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <p style="margin: 8px 0 0 0; padding: 0 4px;"><a style="color: #000; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none; word-wrap: break-word;" rel="noopener" href="https://www.instagram.com/p/B8h1QVzAhCo/?utm_source=ig_embed&amp;utm_campaign=loading" target="_blank">We found the famous MULE Dollar. 🙌 What's a Mule dollar? It's a small number of the year 2000 $1 dollar coins that had been minted using the incorrect obverse die (heads side) and released into circulation by mistake and only discovered a year or two later. The Royal Australian Mint accidentally minted the coins using the smaller 10 cent obverse die (head side) by mistake. With just a 1.4 millimetre difference in diameter between the 10 cent and $1 coin you can clearly see a double rim circle going around the edges of the coin. These errors are worth anywhere from $500 to $3000! Check your change and empty out the kids piggy bank!!!!!!! You could be sitting on a winner! Let us know if you have found any interesting coins in your change. Disclaimer: for use of images or content please contact us contact@melbournewithkidz.com #australiancoins #coincollecting #rarecoins</a></p> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;">A post shared by <a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px;" rel="noopener" href="https://www.instagram.com/melbournewithkidz/?utm_source=ig_embed&amp;utm_campaign=loading" target="_blank"> Tanya / Melbourne With Kids</a> (@melbournewithkidz) on Feb 13, 2020 at 5:20pm PST</p> </div> </blockquote> <p>“Royal Australian Mint accidentally minted the coins using the smaller 10 cent obverse die (head side) by mistake.”</p> <p>How to spot a real Mule Dollar</p> <p>Mule dollars have a unique look and design, including its year make which can only be 2000.</p> <blockquote style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" class="instagram-media" data-instgrm-permalink="https://www.instagram.com/p/BuLtwpTl54n/?utm_source=ig_embed&amp;utm_campaign=loading" data-instgrm-version="12"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"></div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"></div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"></div> </div> </div> <div style="padding: 19% 0;"></div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"></div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" rel="noopener" href="https://www.instagram.com/p/BuLtwpTl54n/?utm_source=ig_embed&amp;utm_campaign=loading" target="_blank">A post shared by Drake Sterling Numismatics (@drakesterling)</a> on Feb 22, 2019 at 3:51am PST</p> </div> </blockquote> <p>For the rare coin to be legitimate it must also have a clear double rim around most or all of the heads side of the coin, about 0.5mm wide, according to<span> </span>Australian Coins.</p> <p>“With just a 1.4mm difference in diameter between the 10 cent and $1 coin you can clearly see a double rim circle going around the edges of the coin.”</p> <p>She said the coins are worth anywhere from $500 to $3000. </p> <p>One commenter left a handy tip to anyone who might find themselves in luck with a real mule dollar, and urged people NOT to wash the coin as it can result in its value decreasing dramatically.</p>

Money & Banking

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5 ways to protect yourself from identity theft

<p><span style="font-weight: 400;">It’s hard to guarantee total protection against hackers and with more people losing money to scammers, it’s important to do your best to stay vigilant.</span></p> <p><span style="font-weight: 400;">Recent Scamwatch figures show that in 2019, Aussies lost $4.3 million to scammers, which is almost three times more than was lost the year before.</span></p> <p><span style="font-weight: 400;">With scams becoming more sophisticated, the onus is on you to stop your money from being stolen.</span></p> <p><span style="font-weight: 400;">Here are five ways to protect yourself from identity theft. (</span>AN: will number later, just hate doing it in a word doc as it doesn’t copy properly to umbraco) </p> <p><strong>1. Always check your emails</strong></p> <p><span style="font-weight: 400;">In order to get into your accounts, a hacker will try many different passwords or sometimes reset it. If you see a password reset email and you can’t remember requesting one, this can be a major red flag.</span></p> <p><strong>2. Set up two-factor authentication</strong></p> <p><span style="font-weight: 400;">This is a two-step process that you can add to your account login. This increases security on your account as it requires a different piece of information outside your password.</span></p> <p><span style="font-weight: 400;">It is usually a temporary code which is sent as a text message to your phone.</span></p> <p><em><span style="font-weight: 400;">How does it work?</span></em></p> <p><span style="font-weight: 400;">After you enter your password, you’ll be asked to enter in the code that has been sent to your phone. Some websites have a time limit on the code so if you don’t enter it before the time limit expires, the code will no longer work.</span></p> <p><span style="font-weight: 400;">This also means that if hackers gain access to your password, they won’t receive the temporary code and won’t be able to get into your account.</span></p> <p><strong>3. Consider a PO box</strong></p> <p><span style="font-weight: 400;">Having an outdoor mailbox makes you more vulnerable to identity theft as anyone can help themselves to the personal documents that are sent to your home.</span></p> <p><span style="font-weight: 400;">Your mail provides information like your full name, bank account details, tax file number and your address. Hackers can also steal bank cards if they’re sent to your home address.</span></p> <p><span style="font-weight: 400;">If you decide to get a PO box, your mail will be kept in a secure place under lock and key.</span></p> <p><span style="font-weight: 400;">However, if you don’t want to get a PO box, you can request to send personal documents and bank cards to a secure location.</span></p> <p><strong>4. Monitor your credit report</strong></p> <p><span style="font-weight: 400;">Every time you apply for a loan or a credit card, it’s listed on your credit report. You are able to check your credit for free every few months to make sure all listing are correct.</span></p> <p><span style="font-weight: 400;">If you notice any suspicious activity, contact the relevant bank or lender and let them know that the listing is fraudulent.</span></p> <p><strong>5. Check your transaction history</strong></p> <p><span style="font-weight: 400;">Review your purchases every couple of weeks to make sure there aren’t any suspicious transactions.</span></p> <p><span style="font-weight: 400;">If you notice any transactions that aren’t yours, put your card on hold and contact your bank immediately. You may also need to cancel your existing card and order a replacement.</span></p>

Money & Banking

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How to cope with extreme heat days without racking up the aircon bill

<p>Summer in Australia is <a href="http://www.bom.gov.au/climate/updates/articles/a032.shtml">getting hotter</a>. Extreme heat events, with daytime temperatures over 35 degrees Celsius, are becoming more common and we are getting more of these days in a row.</p> <p>We all need to prepare ourselves, our homes and our neighbourhoods for hot and very hot days. Since 2016, the <a href="https://www.westernsydney.edu.au/__data/assets/pdf_file/0020/1161470/cooling-the-commons-report.pdf">Cooling the Commons</a> research project has been working with people living in some of Sydney’s hottest neighbourhoods to learn how they cope with heat.</p> <p>Discussion groups with residents across hotspots in Western Sydney, including Penrith, Cranebrook and St Marys, highlighted a wealth of things we can do to manage heat. We published some of the following tips in a recent <a href="https://www.westernsydney.edu.au/ics/news/new_resource_by_institute_researchers_provides_advice_on_how_to_prepare_for_heat">flier</a>.</p> <p><strong>Why can’t we all just rely on air conditioning?</strong></p> <p>Official advice for extreme heat is often to stay inside and turn on the air conditioning. While air conditioning can play a role, <a href="https://www.canstarblue.com.au/appliances/air-conditioning-running-costs/">not everyone can afford it</a>. Low-income and older households can be especially vulnerable to bill shock and are more likely to feel the impacts of extreme heat.</p> <p>There is also the risk that running air conditioners uses <a href="https://www.theguardian.com/australia-news/2019/jul/09/australias-emissions-reach-the-highest-on-record-driven-by-electricity-sector">energy resources that contribute further to global warming</a>. More immediately, hot exhaust air from air-conditioning units can <a href="https://agupubs.onlinelibrary.wiley.com/doi/full/10.1002/2013JD021225">make the local environment hotter</a>. This means keeping one home cool can make it harder for neighbours to keep their homes cool and make being outside even more uncomfortable.</p> <p>Air conditioning in private homes creates a cool refuge for only some. Unless those homes have an open-door policy on hot days, many of us will need to find other ways to keep cool. If you do have air conditioning, think about how you could share your air with those near you who might really need it.</p> <p><strong>Prepare before the heat hits</strong></p> <p><strong><em>Shade is important for creating more comfortable living spaces.</em></strong></p> <p>Identify which parts of your home get the most afternoon sun in summer. Can you plant trees or vines, or move a pot plant outside the window to create a green screen? Can you attach awnings to shade the windows?</p> <p>Low-cost temporary solutions can include attaching light-coloured shade cloth outside the window using removable hooks, or installing heavy drapes or blinds inside. Blankets or even aluminium foil are a low-cost creative way of keeping heat out.</p> <p><strong><em>Open up to let in cool air at night</em></strong></p> <p>Can you open the windows and doors overnight to let in cooler air? If you are concerned about security, look for options for locking the windows in an open position, or using flyscreens and security grilles on windows and doors.</p> <p>A low-cost option to keeping flying insects at bay on hot nights is a mosquito net over the window or around the bed.</p> <p><strong><em>Use low-cost resources to prepare in advance.</em></strong></p> <p>Ceiling or portable fans are one of the best ways to cool your body when it’s hot. But remember fans don’t cool rooms, so turn off the fan when you leave the room or you’re just burning electricity.</p> <p>Find ice trays and containers to freeze water – cake tins and storage containers are a good option. Putting these in front of a portable fan will mean the fan blows cool air.</p> <p>Putting a wet face cloth on the insides of your wrists, around your ankles or on the back of your neck will bring down your body temperature. Hanging damp sheets in doorways or in front of a fan will help keep the temperature down – although the trick with the sheets won’t work if it’s a really humid day.</p> <p><strong>How to stay cool and comfortable on hot days</strong></p> <p>Morning is likely to be the coolest time of the day. Open up your windows and doors to let in the cooler morning air.</p> <p>It’s the best time to be active – walk the dog, take the kids to the park, go for a swim. If possible, do your cleaning, cooking or outside work now. Plan meals that don’t require an oven.</p> <p><strong><em>Close up as it heats up.</em></strong></p> <p>As the day starts to get hot, close the house up – shut windows, blinds and curtains. This could be as early as 9am on really hot days. If you are heading out to work, do this before you leave home.</p> <p>Closing internal doors can help to keep the heat in one part of your home. You need to close doors to any parts of the home that get hot before the day gets hot.</p> <p><strong><em>Stay hydrated.</em></strong></p> <p>Drink plenty of water throughout the day. Put a jug of tap water in the fridge and remember to top it up.</p> <p>Don’t forget to move pet water bowls and day beds out of the sun. If you live in a dry area, it can’t hurt to put out extra water bowls for needy wildlife!</p> <p><strong><em>Find a cooling refuge.</em></strong></p> <p>If your home gets uncomfortably hot, find the closest cooling refuges in your neighbourhood. These are places where you can go to cool down. Good examples that won’t break the bank are the local swimming pool or library.</p> <p>Some local councils provide <a href="http://coolparramatta.com.au/">lists</a> of <a href="https://www.penrithcity.nsw.gov.au/waste-environment/cooling-the-city/beat-the-heat">cooling centres</a> on their websites.</p> <p><strong><em>Save air conditioning for when it’s most needed.</em></strong></p> <p>Try to save air conditioning for the hottest parts of the day. It will be most effective and cheapest to run if your home is well insulated and you’ve closed it up for the day.</p> <p><strong><em>Look after neighbours.</em></strong></p> <p>Remember to check on elderly or frail neighbours. Along with the very young, they are usually more affected by the heat and may need to cool down sooner than you do.</p> <p>If your neighbours are in need, consider inviting them into your home to cool down. When it’s hot, let’s <a href="https://www.semanticscholar.org/paper/Infrastructures-of-Care%3A-Opening-up-%E2%80%9CHome%E2%80%9D-as-in-a-Lopes-Healy/1920004e258483d40017ff468370e4892e11fce5">think of our cities as social commons</a> rather than a collection of private spaces.</p> <p><span><a href="https://theconversation.com/profiles/emma-power-250930"><em>Emma Power</em></a><em>, Senior Research Fellow, Geography and Urban Studies, <a href="https://theconversation.com/institutions/western-sydney-university-1092">Western Sydney University</a>; <a href="https://theconversation.com/profiles/abby-mellick-lopes-388977">Abby Mellick Lopes</a>, Associate Professor, Design, School of Humanities and Communication Arts, <a href="https://theconversation.com/institutions/western-sydney-university-1092">Western Sydney University</a>, and <a href="https://theconversation.com/profiles/louise-crabtree-128457">Louise Crabtree</a>, Associate Professor, Institute for Culture and Society, <a href="https://theconversation.com/institutions/western-sydney-university-1092">Western Sydney University</a></em></span></p> <p><em>This article is republished from <a href="http://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/how-to-cope-with-extreme-heat-days-without-racking-up-the-aircon-bills-128857">original article</a>.</em></p>

Money & Banking

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Prince Harry and Duchess Meghan offer to pay for their security – but it comes with a catch

<p>The Duke and Duchess of Sussex have offered to pay for their own security, except there is a catch to this deal.</p> <p>Provided the couple are successful in their new non-royal business endeavours, Prince Harry and Duchess Meghan maintain they have every intention to reimburse taxpayers for the cost of their security during private business engagements not connected to royal events.</p> <blockquote style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" class="instagram-media" data-instgrm-permalink="https://www.instagram.com/p/B7qgx95giNA/?utm_source=ig_embed&amp;utm_campaign=loading" data-instgrm-version="12"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"></div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"></div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"></div> </div> </div> <div style="padding: 19% 0;"></div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"></div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" rel="noopener" href="https://www.instagram.com/p/B7qgx95giNA/?utm_source=ig_embed&amp;utm_campaign=loading" target="_blank">A post shared by O, The Oprah Magazine (@oprahmagazine)</a> on Jan 23, 2020 at 5:43am PST</p> </div> </blockquote> <p><span>The </span><em><a rel="noopener noreferrer" href="https://www.telegraph.co.uk/royal-family/2020/01/22/prince-harry-meghan-markle-offer-pay-security-tony-blair-style/" target="_blank">Telegraph</a></em><span> reported the pair’s intention to pay is entirely genuine, except the amount they will reimburse will depend on how much money their new business endeavours rake in.</span></p> <p>However, it appears they may hit the jackpot on top of their already hefty bank accounts, as Netflix appears to be in the process of working with the Duke and Duchess of Sussex for either a TV series or a number of documentaries on the causes nearest and dearest to their hearts.</p> <blockquote style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" class="instagram-media" data-instgrm-permalink="https://www.instagram.com/p/B7rJhgapp1u/?utm_source=ig_embed&amp;utm_campaign=loading" data-instgrm-version="12"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"></div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"></div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"></div> </div> </div> <div style="padding: 19% 0;"></div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"></div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" rel="noopener" href="https://www.instagram.com/p/B7rJhgapp1u/?utm_source=ig_embed&amp;utm_campaign=loading" target="_blank">A post shared by 𝐌 𝐈 𝐊 𝐎 ✪ (@mikeraif)</a> on Jan 23, 2020 at 11:39am PST</p> </div> </blockquote> <p>This news follows just weeks after the Duke and Duchess of Sussex announced their intentions to step down from their senior royal positions, and instead seek out financially independent lives.</p> <p>The couple said they would be splitting their time between the UK and Canada, after doing an 8-week test in Vancouver with their 8-month-old Archie.</p> <p>British authorities have deep grievances regarding Prince Harry and Duchess Meghan’s security requirements.</p> <blockquote style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" class="instagram-media" data-instgrm-permalink="https://www.instagram.com/p/B7rIWyyAa-0/?utm_source=ig_embed&amp;utm_campaign=loading" data-instgrm-version="12"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"></div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"></div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"></div> </div> </div> <div style="padding: 19% 0;"></div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"></div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" rel="noopener" href="https://www.instagram.com/p/B7rIWyyAa-0/?utm_source=ig_embed&amp;utm_campaign=loading" target="_blank">A post shared by The Royal Family (@royal_family_baby)</a> on Jan 23, 2020 at 11:28am PST</p> </div> </blockquote> <p>Over 80,000 Canadians have signed a petition demanding that taxpayers need not be expected to fork out the security costs for the couple while they spend their time in the Great White North.</p> <p>It is believed at least six UK royal protection officers are overseeing the couple’s safety but it is speculated security will be passed on to the Royal Canadian Mounted Police.</p> <p>Around-the-clock protection there could cost around $2.9 million, security sources told the<span> </span><em><a rel="noopener noreferrer" href="https://www.telegraph.co.uk/royal-family/2020/01/22/prince-harry-meghan-markle-offer-pay-security-tony-blair-style/" target="_blank">Telegraph</a></em>.</p>

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Fame and fortune isn't the key to happiness

<p>If you’ve ever dreamt of fame and fortune, Prince Harry and his wife Meghan Markle turning their backs on the royal lifestyle might seem churlish. So too their desire to be “financially independent”.</p> <p>As a senior royal, Harry is at the height of his popularity – a popularity that marrying Markle has only amplified.</p> <p>On top of the millions he has inherited from his mother and great grandmother, he gets millions more annually, both from his cut of the “sovereign grant” paid by the British government and the allowance from his father (from the revenues of Duchy of Cornwall estate).</p> <p>Harry and Meghan aren’t exiting the family firm penniless, but if they stayed they would be looked after in luxury for the rest of their lives.</p> <p>Madness? No. Research suggests Harry and Meghan would be well and truly in their right minds to be sick of royal fame and fortune.</p> <p>Psychologists, economists and philosophers have confirmed three things. First, money can’t buy happiness. Second, we want to feel we have earned our success and popularity. Third, being looked after from the cradle to the grave has its downsides.</p> <p>In short, having everything handed to you on a platter just isn’t satisfying.</p> <p><strong>Money doesn’t buy happiness</strong></p> <p>Even though this statement is arguably a cliché, there is good <a href="https://www.payscale.com/career-news/2013/05/study-proves-money-cant-buy-happiness">evidence</a> it’s true. While money buys happiness up to a point, the positive effects of money on happiness <a href="https://psychology.unl.edu/can-money-buy-happiness">level off</a> once individuals have obtained enough wealth to live a comfortable life.</p> <p>This relationship has been observed at the country level, with multiple studies showing that, once a nation reaches a certain level of wealth, national happiness does not increase in parallel with extra wealth. This is known as the <a href="https://esrc.ukri.org/about-us/50-years-of-esrc/50-achievements/the-easterlin-paradox/">Easterlin paradox</a>. According to economist John Helliwell, a co-editor of the <a href="https://worldhappiness.report/ed/2019/changing-world-happiness/">World Happiness Report</a>, the <a href="https://www.researchgate.net/publication/8364900_The_Social_Context_of_Well-Being">social context</a> – marriage and family, ties to friends and neighbours, workplace ties, civic engagement, trustworthiness and trust – is more important than wealth.</p> <div class="embed-responsive embed-responsive-16by9"><iframe class="embed-responsive-item" src="https://www.youtube.com/embed/JjLh0guxERQ"></iframe></div> <p>One reason given for why wealth doesn’t buy individuals any more happiness after a certain point is that money becomes both a reason and means to distance ourselves from others. To paraphrase Christopher Ryan, author of <a href="https://www.simonandschuster.com/books/Civilized-to-Death/Christopher-Ryan/9781451659108">Civilized to Death: The Price of Progress</a>, what people tend to do with extra money is buy separation, whereas researchers “<a href="https://www.wired.com/story/why-are-rich-people-so-mean/">have concluded again and again</a> that the single most reliable predictor of happiness is feeling embedded in a community”.</p> <p>Extraordinary wealth, then, sets us against what we are programmed to do by evolution: seek out the company of others and band together in a community. Research has repeatedly shown this has a huge mental health cost.</p> <div class="embed-responsive embed-responsive-16by9"><iframe class="embed-responsive-item" src="https://www.youtube.com/embed/MB5IX-np5fE"></iframe></div> <p>Importantly, too, how we earn our money affects how much we enjoy it. <a href="https://www.ncbi.nlm.nih.gov/pubmed/29320930">Research</a> among more than 4,000 millionaires in the US, for example, showed those who were “self-made” were moderately happier than those who inherited their wealth.</p> <p>Taken together, these factors help explain why Harry and Meghan’s wealth might, psychologically speaking, be more curse than blessing.</p> <p><strong>The popularity paradox</strong></p> <p>Most of us, particularly teenagers, <a href="https://www.scientificamerican.com/article/cracking-the-popularity-code/">crave popularity</a>. According to <a href="https://yougov.co.uk/ratings/politics/popularity/royalty/all">a YouGov poll</a>, Harry is the second-most-popular member of the British royal family – pipped only by Queen Elizabeth. Some are convinced <a href="https://theconversation.com/prince-harry-and-meghan-markle-why-half-in-half-out-just-isnt-an-option-for-royals-129726">he won’t keep this popularity</a> without his royal status.</p> <p>Why would someone want to give up being liked and loved by stepping out of the limelight?</p> <p>Because <a href="https://en.wikipedia.org/wiki/Attribution_(psychology)">psychological research</a> shows people feel less pride in their achievements if they attribute it to external reasons. In this case, that would being born as a royal for Harry, and being pretty and marrying into a royal family for Meghan. For their popularity and success to mean something, they would need some “internal attribution” – that it has something to do with their own abilities, effort and skill.</p> <p>In a world that values meritocracy, as Alain de Botton argues, we need to “own our success” — the very thing Harry and Meghan cannot do as royals.</p> <div class="embed-responsive embed-responsive-16by9"><iframe class="embed-responsive-item" src="https://www.youtube.com/embed/MtSE4rglxbY"></iframe></div> <p><strong>Trapped by certainty</strong></p> <p>Most of us aspire to being financially secure for the rest of our lives. Many of us would give a lot to know what lies ahead.</p> <p>But while there is comfort in some sense of security and predictability, knowing exactly what the future holds might be a curse. This is because humans thrive also on feeling a sense of freedom and choice.</p> <p>So just as having no certainty can take its mental toll, so does feeling one’s future is totally predetermined and that you have no real control over the way your life will unfold.</p> <p>Psychologists call the motivation to regain a freedom after it has been lost <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4675534/">reactance</a> – and this might be something strong within someone, for example, who has lost freedom due to marrying into a high-profile family.</p> <p><strong>Seizing control</strong></p> <p>Do the reasons above explain why Harry and Meghan have left the royal fold? We can’t say that. Only they know their motivations.</p> <p>But what we do know is that all the research points to fortune, fame and security not necessarily leading to a good, happy life. These things can in fact be burdens, <a href="https://journals.plos.org/plosone/article?id=10.1371/journal.pone.0139156">bringing out</a> our worst, not our best.</p> <p>That happiness comes more from community connection, merit, effort and making our own decisions is good news for the rest of us. Let’s hope it works out for Harry and Meghan too.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;" src="https://counter.theconversation.com/content/130132/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: http://theconversation.com/republishing-guidelines --></p> <p><em><a href="https://theconversation.com/profiles/jolanda-jetten-301309">Jolanda Jetten</a>, Professor, School of Psychology, ARC Laureate Fellow, <a href="http://theconversation.com/institutions/the-university-of-queensland-805">The University of Queensland</a></em></p> <p><em>This article is republished from <a href="http://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/the-science-backs-harry-and-meghan-turning-in-their-royal-privilege-fame-and-fortune-arent-the-keys-to-happiness-130132">original article</a>.</em></p>

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Federer and Nadal go above and beyond at Aussie Open's Rally for Relief

<p>The tennis world has dug deep to raise a staggering $4.8 million for bushfire victims in a night of thrilling entertainment at the Rally for Relief which took place at Rod Laver Arena.</p> <p>The man behind the groundbreaking initiative was none other than Aussie’s own Nick Kyrgios, who was completely overcome with emotion after the total figure of $4,826,014 was revealed to him on court.</p> <p>The crowd in Melbourne was thrilled as he went head-to-head with Roger Federer in a one-set finale that was the highlight on the night.</p> <p>“I just got goosebumps when you said that number,” said Kyrgios.</p> <p>“It’s been an emotional couple of weeks. I just wanted to send a message, I just had to do it so I wrote the Tweet.</p> <p>“The whole Aussie team got behind it and I woke up the next day and it exploded, it was so emotional.</p> <blockquote class="twitter-tweet" data-lang="en"> <p dir="ltr">"It's been an emotional couple of weeks," says <a href="https://twitter.com/NickKyrgios?ref_src=twsrc%5Etfw">@NickKyrgios</a>.<a href="https://twitter.com/hashtag/Rally4Relief?src=hash&amp;ref_src=twsrc%5Etfw">#Rally4Relief</a> <br /><br />To contribute: <a href="https://t.co/a3qgsExZQj">https://t.co/a3qgsExZQj</a> <a href="https://t.co/RKvhFLyscU">pic.twitter.com/RKvhFLyscU</a></p> — #AusOpen (@AustralianOpen) <a href="https://twitter.com/AustralianOpen/status/1217393053138288640?ref_src=twsrc%5Etfw">January 15, 2020</a></blockquote> <p>“Back home at Canberra I couldn’t even go outside (due to the smoke), it was hard and I’m just so happy that we had Roger, Rafa, Novak – some of the greats – to get behind this.”</p> <p>The one-off special event saw some of the biggest names in tennis taking part, including Rafael Nadal, Novak Djokovic and Serena Williams, who donated their time to encourage support for charities helping deal with the bushfire crisis.</p> <p>The night was enjoyed by many, as the atmosphere was lighthearted with 12 players competing in a series of jovial matches and challenges to help raise money for the natural disaster.</p> <p>Spanish favourite Nadal also made a major announcement, revealing that he and Federer had donated a cumulative $250,000 from their own pockets after chatting earlier in the day.</p> <blockquote class="twitter-tweet" data-lang="en"> <p dir="ltr">"Talking with Roger, we decided to give $250,000 together." 👏 👏 👏 👏<a href="https://twitter.com/hashtag/Rally4Relief?src=hash&amp;ref_src=twsrc%5Etfw">#Rally4Relief</a><br /><br />To contribute: <a href="https://t.co/9RPgZ7cBoB">https://t.co/9RPgZ7cBoB</a> <a href="https://t.co/ocdiw8D0if">pic.twitter.com/ocdiw8D0if</a></p> — #AusOpen (@AustralianOpen) <a href="https://twitter.com/AustralianOpen/status/1217378578188447745?ref_src=twsrc%5Etfw">January 15, 2020</a></blockquote> <p>“Talking with Roger a couple of hours ago we decided to give $250,000 Australian dollars to the bushfire relief together,” he said.</p> <p>“Hopefully that can keep inspiring people to support this terrible disaster that we were going through and helps to recover all the things that we need (sic).”</p> <p>Later in the night, a Victorian firefighter had her dreams come true after she was given the chance to play with Nadal himself for an epic doubles match.</p> <p>Deb, a member of the Stuart Mill fire brigade, revealed on air that for the last few weeks she has been involved in battling fires in the crisis gripping the country.</p> <p>She admitted that it had been a very difficult time, as she witnessed neighbourhoods and wildlife being destroyed due to the fires.</p> <p>"We're there trying to make all the farmers feel safe while they go about their business."</p>

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How much of your budget should be spent on health and fitness

<p><span style="font-weight: 400;">For those with a budget, putting a price on health and fitness can be difficult. How much is too much?</span></p> <p><span style="font-weight: 400;">Head of Fitness Australia, a not-for-profit industry association, Barrie Elvish says that you shouldn’t use money to avoid exercising all together.</span></p> <p><span style="font-weight: 400;">"The very straightforward answer is that there is no cost to fitness, or there's as much as you want to spend," he says to </span><a href="https://www.abc.net.au/life/how-much-of-our-budgets-should-be-allocated-to-fitness/11769830"><span style="font-weight: 400;">ABC Life</span></a><span style="font-weight: 400;">.</span></p> <p><span style="font-weight: 400;">"Cost is a consideration, only if you want to make it a consideration."</span></p> <p><span style="font-weight: 400;">He also says that if you feel like you must pay for fitness, it could be worth what you pay. </span></p> <p><span style="font-weight: 400;">"The cost of not being physically active, to your purse and your wellbeing, is significantly higher," he says.</span></p> <p><span style="font-weight: 400;">Others have found out a way to work out for free, without compromising on the social aspect.</span></p> <p><span style="font-weight: 400;">Bek Foley, 25, does a free weekly timed 5-kilometre fun run held at parks in her local area.</span></p> <p><span style="font-weight: 400;">"I just love the community. You see the same faces all the time, with everyone passing you and giving you a high five and cheering you on," she says.</span></p> <p><span style="font-weight: 400;">"It's all run by volunteers, and the fact we have that many people willing to give up their time adds to the atmosphere and keeps me coming back."</span></p> <p><span style="font-weight: 400;">However, some are willing to prioritise fitness and the cost it comes at as it is important to them.</span></p> <p><span style="font-weight: 400;">48 year old Brisbane cyclist Rachel Edwards owns 20 bikes and spends hundreds of dollars a week pedalling after her passion for cycling.</span></p> <blockquote style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" class="instagram-media" data-instgrm-captioned="" data-instgrm-permalink="https://www.instagram.com/p/B7TxAoepGAT/?utm_source=ig_embed&amp;utm_campaign=loading" data-instgrm-version="12"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"></div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"></div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"></div> </div> </div> <div style="padding: 19% 0;"></div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"></div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <p style="margin: 8px 0 0 0; padding: 0 4px;"><a style="color: #000; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none; word-wrap: break-word;" rel="noopener" href="https://www.instagram.com/p/B7TxAoepGAT/?utm_source=ig_embed&amp;utm_campaign=loading" target="_blank">❗️Competition alert 2010 I won my last @uci_cycling WC title in Australia. I am thrilled to go back to Down Under in one week with a new partner that refers to that year. 😎 Any guess? The ones that are right will have the chance to win a very special goodie box! Good luck! #cycling #TeamCancellara #Cancellara #timetrial #roadcycling</a></p> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;">A post shared by <a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px;" rel="noopener" href="https://www.instagram.com/fabian_cancellara/?utm_source=ig_embed&amp;utm_campaign=loading" target="_blank"> Fabian Cancellara</a> (@fabian_cancellara) on Jan 14, 2020 at 9:42am PST</p> </div> </blockquote> <p><span style="font-weight: 400;">"I like to compete, so my version of fitness is really also my social life," she says.</span></p> <p><span style="font-weight: 400;">"I'll avoid buying clothes and general stuff that honestly you often don't even need. We are so inundated with 'buy this' messages — I resist those. My retail therapy is usually bike fashion related."</span></p> <p><span style="font-weight: 400;">Financial advisor Victoria Devine says that it’s also important to keep in mind just how much fitness is costing you.</span></p> <p><span style="font-weight: 400;">"It's really important to remember that your values are not the values of other people," she says.</span></p> <p><span style="font-weight: 400;">"If fitness is what drives you, and you get excited about it, and it makes you happy, it's literally down to personal values.</span></p> <p><span style="font-weight: 400;">"Ask yourself, would you be upset if it was taken away? If the answer is yes, you can figure out how to make it work."</span></p>

Money & Banking

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4 money-saving resolutions you should make this year

<p>Could this be the year you get your finances in order? A savings plan doesn’t need to be overwhelming, try these seven tips that Patty Cathey, financial advisor at Smart Retirement Plan uses with her clients to keep them on track.</p> <p><strong>1. Track your spending</strong></p> <p>Some financial mishaps happen simply because we aren’t paying close enough attention to our spending habits. Once you have taken an inventory of your finances, watch your spending for unnecessary expenses. “Take out the magnifying glass and take notice of the details in your financial picture,” Cathey advises. “Comb through your credit card statements to see if there’s any unnecessary spending or charges. Are you paying for a gym membership or cable channels you don’t use? Is there a charge you didn’t make that could be fraud? Paying attention to the little things can make a big difference in your finances.”</p> <p><strong>2. Start small</strong></p> <p>When the New Year rolls around, the temptation is to make extreme financial resolutions all at once. But don’t get so caught up in your resolutions that you set yourself up for failure. Cathey advises her clients to make small changes to their spending, since they are more maintainable over time. “Taking a baby step in cutting your spending can start you on the path to even bigger savings,” Cathey encourages. “For example, instead of cutting out your morning coffee completely, cut out one cup per week in January. Same thing goes for bringing a lunch to work: try packing a lunch one day. You may find it’s easier than you realise.” By February you may be skipping two lattés and bringing your lunch twice a week.</p> <p><strong>3. Wait before you swipe</strong></p> <p>Make a new habit of waiting before you spend on an unplanned purchase. Did you spot a piece of house decor at Target during a nappy run? Take time to think about the purchase before you swipe your credit card. “Apply the 48-hour rule by giving yourself a mandatory waiting period before making a big purchase,” Cathey says. “Many times, you’ll forget about the item you so desperately wanted when you’re in the store. If you still want or think you need it after 48 hours, talk over the purchase with a spouse or loved one.”</p> <p><strong>4. Pay yourself first</strong></p> <p>Even if you mean well, life can get in the way of prioritising saving for emergencies or getting ready for your retirement. David Bach, author of The Automatic Millionaire, encourages individuals with big financial goals to start by making their savings automatic each time they get paid. “Adding a small amount to your savings is pain free and pays off in the long run” he says. Then, utilise online banking tools to efficiently distribute money into different accounts including: retirement, emergency and mortgage payments, credit card, and other recurring bills.</p> <p><em>Source: <a href="https://www.rd.com/advice/saving-money/financial-resolutions/">RD.com</a></em></p> <p><em>Written by Mary Sauer. This article first appeared in </em><span><a href="https://www.readersdigest.com.au/food-home-garden/money/7-money-saving-resolutions-you-should-make-this-new-yea"><em>Reader’s Digest</em></a><em>. For more of what you love from the world’s best-loved magazine, </em><a href="http://readersdigest.innovations.co.nz/c/readersdigestemailsubscribe?utm_source=over60&amp;utm_medium=articles&amp;utm_campaign=RDSUB&amp;keycode=WRN93V"><em>here’s our best subscription offer.</em></a></span></p>

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"Just perfect": Family affected by bushfires surprised by $1 million lotto win

<p>A Queensland mans whose family property was destroyed in bushfire has won $1 million in a lottery win that will allow the family to rebuild.</p> <p>The winner wishes to remain anonymous but lives in Redland, south of Brisbane. His family owned a property in northern New South Wales that was devastated by the bushfires.</p> <p>Lauren Cooney from The Lott notified him of the win and said that the man was overcome with emotion.</p> <p>"He told me his family had just lost their home in the bushfires," she said to the<span> </span><em><a rel="noopener noreferrer" href="https://mobile.abc.net.au/news/2020-01-09/bushfire-destroyed-home-then-owner-wins-lottery/11855640?pfmredir=sm&amp;sf227733330=1&amp;fbclid=IwAR3a-7QY21rcqyk7Yq3RD8TzmVCd_cMWIR0dgofE9z6woiYBz8k2dNQ0cB4" target="_blank">ABC</a></em>.</p> <p>"The home wasn't insured, so this prize meant that they would be able to rebuild which initially, they thought they wouldn't be able to," she said.</p> <p>The man said to Cooney that the family had returned to the property, which was “very sentimental and special to them”.</p> <p>"They were going through the site looking for any special family mementoes that they could salvage, but all they could find was some teacups,” Cooney explained.</p> <p>However, this win has turned things around. As the man was the only division one winning entry to the draw, he is able to claim the whole $1 million prize.</p> <p>He said that the circumstances were “just perfect”.</p> <p>"He said he couldn't have imagined more impeccable timing which meant that he could use his prize to rebuild their family home," Ms Cooney said.</p>

Money & Banking

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Turia Pitt inspires emotional movement in wake of new bushfire crisis

<p><span>Turia Pitt has penned an inspiring and heartbreaking post on social media which has resulted in an incredible movement in the wake of the bushfire crisis.</span></p> <p><span>The athlete and motivational speaker took to Instagram on Monday to speak about her own distress and desperation due to the harrowing bushfires that has plagued Australia.</span></p> <p><span>Turia’s own home in the New South Wales south coast region is located in a spot heavily impacted by the fires. The effect on Pitt and her husband Michael Hoskin and their two-year-old son Hakavai has been devastating.</span></p> <p><span>The 32-year-old wrote: "I watched, my mouth agape, as two angry plumes from the fires north and south of us joined together over Mollymook Beach. And then, the power went out."</span></p> <p><span>She further explained the grave concern she felt as she witnessed the toll of the bushfire and detailing the experience of seeing and feeling her home become “an apocalyptic quiet”. detailed the "It's been a tough few weeks for me emotionally. I've had to focus on not letting my emotions and own experiences get the better of me."</span></p> <p><span>"I'm exhausted. I feel like I've done 10 marathons. And we can't relax because it's only the start of summer, and it's not over yet. So just like in a marathon, I've realised I have to pace myself."</span></p> <blockquote style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" class="instagram-media" data-instgrm-permalink="https://www.instagram.com/p/B69tZHSA2Ek/?utm_source=ig_embed&amp;utm_campaign=loading" data-instgrm-version="12"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"></div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"></div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"></div> </div> </div> <div style="padding: 19% 0;"></div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"></div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" rel="noopener" href="https://www.instagram.com/p/B69tZHSA2Ek/?utm_source=ig_embed&amp;utm_campaign=loading" target="_blank">A post shared by Turia (@turiapitt)</a> on Jan 5, 2020 at 8:07pm PST</p> </div> </blockquote> <p><span>Turia alluded to her own terrifying experience in in 2011, where she was trapped in a Western Australia bushfire while running an ultra marathon -she endured burns to 65 per cent of her body as a result.</span></p> <p><span>"I've had recurring nightmares about running through flames with my son in my arms," she added of the current situation.</span></p> <p><span>"It's been difficult to sleep, eat or think and all I've really wanted to do is tap out, put my head in the sand and pretend that nothing is going on."</span></p> <p><span>Her words seemed to have an impact though, and Turia has decided to take matters into her own hands to begin an inspiring movement. .</span><br /><span></span></p> <p><span>"Once these fires are finally 'over', it won't be over for many of the local businesses in fire-ravaged towns," she explained.</span></p> <p><span>"A lot of these places (like my home in Mollymook, and Mallacoota, Kangaroo Island, Eden etc) rely on the tourist dollar for their very survival."</span></p> <p><span>Pitt mentioned the hashtag: #GoWithEmptyEskies movement, kickstarted by Tegan Webber who is encouraging people to travel to fire ravaged towns to buy their products in bulk, as well as the Buy From the Bush campaign which has encouraged people to buy from drought-affected farmers since October.</span></p> <p><span>Turia said: "So this is what I'm doing. I've created @spendwiththem, a place to feature businesses in fire-affected towns. So, if you want to buy something (now, or in the future), check out @spendwiththem and buy something from one of these places.</span></p> <blockquote style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" class="instagram-media" data-instgrm-permalink="https://www.instagram.com/p/B69jz3VgHPb/?utm_source=ig_embed&amp;utm_campaign=loading" data-instgrm-version="12"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"></div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"></div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"></div> </div> </div> <div style="padding: 19% 0;"></div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"></div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" rel="noopener" href="https://www.instagram.com/p/B69jz3VgHPb/?utm_source=ig_embed&amp;utm_campaign=loading" target="_blank">A post shared by Turia (@turiapitt)</a> on Jan 5, 2020 at 6:43pm PST</p> </div> </blockquote> <p><span>"This is a way to put money directly in the pockets of the people and communities who need it the most, and need it NOW."</span></p> <p><span>"Help them rebuild. Make them feel heard. Spend with them."</span></p> <p><span>She also sent an invitation to businesses who have been affected to contact her to be featured - telling them to visit the page, Spend With Them.</span></p> <p><span>Using her influence for good, it seems the country has reacted with elation over Turia’s emotional post.</span></p> <blockquote style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" class="instagram-media" data-instgrm-captioned="" data-instgrm-permalink="https://www.instagram.com/p/B6_rAkQADWm/?utm_source=ig_embed&amp;utm_campaign=loading" data-instgrm-version="12"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"></div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"></div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"></div> </div> </div> <div style="padding: 19% 0;"></div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"></div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <p style="margin: 8px 0 0 0; padding: 0 4px;"><a style="color: #000; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none; word-wrap: break-word;" rel="noopener" href="https://www.instagram.com/p/B6_rAkQADWm/?utm_source=ig_embed&amp;utm_campaign=loading" target="_blank">Hey guys! Grace and I are completely amazed by all of you! Thank you for supporting the businesses we’ve featured on @spendwiththem so far! We’ve been totally overwhelmed by your thousands of messages of support. So, if you’ve sent us a DM requesting we feature your business and we haven’t yet responded, please email us at spendwiththem@turiapitt.com with product pics and instructions on what people can buy online or over the phone. We’re struggling to keep track of DMs right now, so email will be best! Please know that as much as we want to support all businesses in fire-affected towns, we can’t yet encourage visitation to these areas. So, online and phone ordering options are all we can promote for now. When it is safe to do so, we’ll absolutely find a way to encourage road trips to your towns! Big love to you all - you absolute legends! ❤️❤️❤️</a></p> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;">A post shared by <a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px;" rel="noopener" href="https://www.instagram.com/turiapitt/?utm_source=ig_embed&amp;utm_campaign=loading" target="_blank"> Turia</a> (@turiapitt) on Jan 6, 2020 at 2:25pm PST</p> </div> </blockquote> <p><span>Her new Instagram page has since shot up in the ranks and received 108,000 followers.</span></p> <div class="c-message__content c-message__content--feature_sonic_inputs" data-qa="message_content"> <div class="c-message__message_blocks c-message__message_blocks--rich_text"> <div class="p-block_kit_renderer p-block_kit_renderer--absorb_margin" data-qa="block-kit-renderer"> <div class="p-block_kit_renderer__block_wrapper p-block_kit_renderer__block_wrapper--first"> <div class="p-rich_text_block"> <div class="p-rich_text_section"><em>OverSixty, its parent company and its owners are donating a total of $200,000 to the Vinnie’s Bushfire Appeal. We have also pledged an additional $100,000 of product to help all those affected by the bushfire crisis. We would love you to support too! Head to the <a rel="noopener" href="https://donate.vinnies.org.au/appeals-nsw/vinnies-nsw-bushfire-appeal-nsw" target="_blank">Vinnie's website to donate!</a></em></div> </div> </div> </div> </div> </div> <div class="c-message_actions__container c-message__actions" aria-label="Message actions"></div>

Money & Banking

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4 mindful shopping tips that can save you money and make you happier

<p><span>‘Mindfulness’ is a big buzzword these days. Referring to the practice of consciously observing your body and breath without judgment, mindfulness has gained ground in our culture as a coping mechanism; a way to deal with our feelings. Part of the appeal of mindfulness is that it’s a technique that can be applied to just about any aspect of life. You’ve no doubt heard of mindful eating, and perhaps even mindful moving. Now, mindful shopping is gaining ground in response to our seemingly innate tendency towards impulsive (and compulsive!) shopping.</span></p> <p><span>It has always been easier to spend money than to earn it, but it turns out there’s an even bigger problem now that we don’t tend to see or touch real cash. Dr Dimitrios Tsivrikos of University College London, has shown in his research that the brain experiences more discomfort spending cash money as opposed to digital money. In other words, it’s easier to spend recklessly in an economy dominated by credit card transactions.</span></p> <p><span>These mindless shopping habits can have serious repercussions on our daily lives, including buyer’s remorse, skewed financial priorities and increased levels of anxiety and unhappiness. Ultimately, it can lead to unnecessary debt, put a strain on relationships and even contribute to hoarding tendencies.</span></p> <p><span>Mindful shopping addresses the emotions at the root of reckless spending, and can serve as a means of regaining control of your bank account balance – and your emotional wellbeing.</span></p> <p><span>Here are four tips to help you regain control of your impulses.</span></p> <p><strong><span>1. Find other ways to treat yourself</span></strong></p> <p><span>We all need a pick-me-up now and again, and for many of us, the quickest fix for a miserable day is to treat yourself to something new. Unfortunately, the pleasure of an impulse purchase is fleeting, while the effect on your bank account lingers. Consider other ways to administer emotional first-aid when needed, whether it’s going for a walk with a close friend or hitting up the library to check out the latest from your favourite author.</span></p> <p><strong><span>2. Make a mindful shopping list</span></strong></p> <p><span>A mindful shopping list is one that serves to separate your daily expenses into ‘needs’ and ‘wants’ on an emotional level. A ‘need’ fulfils an essential, practical purpose which may or may not be pleasurable, like buying groceries so that you can feed yourself and your family. A ‘want’, on the other hand, is largely driven by the pleasure sensation of owning or experiencing a product, whether it’s acquiring another Louis Vuitton bag or an autographed cricket ball.</span></p> <p><strong><span>3. Be cynical of ‘sales’</span></strong></p> <p>It’s one thing to stock up on discounted products that you need on a regular basis, but it’s quite another thing to leave a store with a bag full of ‘bargains’ you never intended to buy in the first place. Be mindful that buying anything on sale is still spending – not saving.</p> <p><strong>4. Don’t substitute retail therapy for real therapy</strong></p> <p><span>Sometimes mindful shopping strategies aren’t enough to curb a serious shopping addiction. If you continue to find yourself obsessed with social status, unable to manage anxiety, and depend entirely on shopping for a sense of fulfilment, you could likely benefit from professional counselling. Chances are, there are underlying emotional issues at play that only real therapy can address.</span></p> <p><em>Source: <a href="https://www.readersdigest.ca/home-garden/money/mindful-shopping/">readersdigest.ca</a></em></p> <p><em>Written by Deepak Kashyap. This article first appeared in </em><span><a href="https://www.readersdigest.com.au/food-home-garden/money/9-mindful-shopping-tips-that-can-save-you-money-and-make-you-happier"><em>Reader’s Digest</em></a><em>. For more of what you love from the world’s best-loved magazine, </em><a href="http://readersdigest.innovations.co.nz/c/readersdigestemailsubscribe?utm_source=over60&amp;utm_medium=articles&amp;utm_campaign=RDSUB&amp;keycode=WRN93V"><em>here’s our best subscription offer.</em></a></span></p> <p> </p>

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New study shows men feel stressed if female partners earn more than 40 percent of household income

<p>The best marriages are probably based on teamwork. But it seems individual contributions do matter – specifically, who earns how much of the household income.</p> <p><a href="https://journals.sagepub.com/doi/10.1177/0146167219883611">My research</a> shows that in, heterosexual couples, men are happier when both partners contribute financially – but much prefer to be the main breadwinners.</p> <p>With stress levels high when they are sole breadwinners, men appear to be more relaxed when their wives or partners earn anything up to 40% of the household income.</p> <p>But their distress levels increase sharply as their spouse’s wages rise beyond that point. And they find it most stressful when they are entirely economically dependent on their partners.</p> <p>The findings are based on an <a href="https://psidonline.isr.umich.edu/">analysis</a> of over 6,000 married or cohabiting heterosexual couples over a period of 15 years. Levels of distress are calculated based on feeling sad, nervous, restless, hopeless, worthless, or that day to day life is an effort.</p> <p>Men who are the only earners are relatively unhappy but they were not as stressed as men whose partners are the principal earners. Neither of the extreme scenarios is good for male mental health.</p> <p>The exception is men who knowingly partner with a high-earning woman. These men do not appear to suffer from higher psychological distress when their partners earn more. People do not pick their partners at random, so if the woman was the higher earner before marriage, then the potential income gap was already clear to the man – perhaps even a reason to partner with them.</p> <p><strong>Balance of power</strong></p> <p>There are a variety of reasons which may explain why husbands who are “outearned” by their partners may suffer from psychological distress.</p> <p>When one person in a couple earns a much greater proportion of the joint income, it may create a relationship imbalance. For example, if the relationship deteriorates significantly, the possibility of divorce or separation can make the lower earner feel more vulnerable, financially speaking. These effects are larger among cohabiting couples, possibly due to the <a href="https://ifstudies.org/blog/less-stable-less-important-cohabiting-families-comparative-disadvantage-across-the-globe">higher probability of break up</a>.</p> <p>Even if breaking up is not on the cards, money that comes into the household predominantly through one partner also affects the balance of power. This is important if partners have a different view on what is best for their family, how much to save, what to spend their money on, and various plans and big decisions.</p> <p><strong>Traditional gender identity norms</strong></p> <p>Another theory involves the historic effect of social, psychological and cultural norms when it comes to gender roles. The social construct of a male breadwinner has been highly durable in the past.</p> <p>For generations, in many cultures, there has been an expectation that men will be the primary income provider in the family, and masculinity is highly linked to <a href="https://www.jstor.org/stable/1389781?seq=1#page_scan_tab_contents">fulfilling this expectation</a>. Faced with a change in this outcome by being outearned by their partners, means men are likely to experience high levels of psychological distress.</p> <p>But the reality is that things are changing. In places like the US, the percentage of wives outearning their husbands <a href="https://muse.jhu.edu/article/630326/pdf">is growing</a>. In 1980, only 13% of married women earned about as much or more than their husbands. In 2000, that figure almost doubled to 25%, and in 2017 it was 31%. This trend is likely to continue into the future and similar patterns <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1136176">have been observed</a> in other countries.</p> <p><strong>The stress of being a sole bread winner</strong></p> <p>On average, men in my study said they experienced the lowest levels of psychological distress when their partners earned no more than 40 percent of household income.</p> <p>But for men, being the sole breadwinner may also come at a psychological price. For even if social gender norms support this situation, being the only income earner in a household comes with a lot of responsibility and pressure and so may result in significant anxiety and distress.</p> <p><img src="https://images.theconversation.com/files/302676/original/file-20191120-524-40h5dt.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="" /> <span class="caption">How perceived stress levels vary.</span> <span class="attribution"><span class="source">Joanna Syrda</span>, <span class="license">Author provided</span></span></p> <p>And while the emerging profile of a female breadwinner and its possible consequences has been <a href="https://www.researchgate.net/publication/225702056_The_Female_Breadwinner_Phenomenological_Experience_and_Gendered_Identity_in_WorkFamily_Spaces">widely researched</a>, very little attention has been devoted to the psychological hurdles faced by male primary breadwinners.</p> <p>This lack of research is perhaps symptomatic of the strength of the male bread-winning tradition. Health and wellbeing research is typically devoted to new phenomena, rather than widely accepted norms in society.</p> <p><a href="https://academic.oup.com/qje/article/130/2/571/2330321">Gender identity norms</a> clearly still induce a widely held aversion to a situation where the wife earns more than her husband. And as the number of women outearning their male partners grows, the traditional social norm of the male breadwinner may begin to adjust.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;" src="https://counter.theconversation.com/content/126620/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: http://theconversation.com/republishing-guidelines --></p> <p><em><a href="https://theconversation.com/profiles/joanna-syrda-386410">Joanna Syrda</a>, Lecturer in Business Economics, <a href="http://theconversation.com/institutions/university-of-bath-1325">University of Bath</a></em></p> <p><em>This article is republished from <a href="http://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/men-feel-stressed-if-their-female-partners-earn-more-than-40-of-household-income-new-research-126620">original article</a>.</em></p>

Money & Banking

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Must end soon! The catch with time-limited sales tactics

<p>You may be getting a lot of emails offering you attractive discounts for a short period only. You may see flash sales or special deals that exhort you to “buy now” to avoid missing out.</p> <p>These digital “time-limited” offers, as they are called, are actually an old sales tactic.</p> <p>Those in the game of selling cars, for example, have long used the trick of alluding to that other very interested buyer who’s likely to return and snap up the bargain that’s before you. Telephone salespeople routinely offer deals that must be accepted during the call. Want time to think about it? Too bad.</p> <p>Online time-limited sales work on the same basis, but with technology taking it to a whole new level. Now retailers can bombard you with offers that are highly customised and super-short – a deal, perhaps, for something you might have been searching online for, and now available at a discount only until midnight.</p> <p>But for these tactics to work, our research suggests, requires finding a Goldilocks zone between being too pushy and not all. Time needs to be limited to deter you from searching elsewhere for a better deal. But paradoxically you also need enough time to convince yourself that buying is the best decision.</p> <p><strong>Experimenting with time limits</strong></p> <p>To find out what makes time-limited offers effective, I and my colleagues Robert Sugden and Mengjie Wang from the University of East Anglia <a href="https://doi.org/10.1016/j.jebo.2019.09.008">ran experiments</a> to see what leads people to accept or reject such offers.</p> <p>What we found is that these offers leverage risk-aversion. That is, the more you dislike risk, the more likely it is you will take the bait and buy now.</p> <p>In our experiments, using university students, we asked participants to complete 30 “price search” tasks. These tasks involved giving participants a “budget” and asking them to buy a product from six different price offers, shown to them sequentially with a few seconds between each. Any unspent money they got to keep.</p> <p>In half of the tasks they could consider all six offers before making their choice. In the other half, one of the first three offers would be time-limited, lapsing after either four or 12 seconds, which they could only accept before the next offer appeared.</p> <p>We also varied, when participants accepted a time-limited offer, between showing them no more offers or showing all remaining offers immediately. This was to test if greater feedback (increasing the possibility of regret) reduced the probability of a time-limited offer being chosen.</p> <p>Participants then did 15 related risk-taking tasks based on their choices in the tasks with time-limited options. This helped us determine what was going on with their choices.</p> <p><strong>A time paradox</strong></p> <p>Overall our results point to choosing time-limited options being linked to risk aversion. People generally prefer to secure a certain cake now over the uncertain possibility of a better cake in the future. We really do believe the old proverb that a bird in the hand is worth two in the bush.</p> <p>But there was a catch – and a big one. Somewhat paradoxically, people also need to think things through to jump on the time-limited offer. Time-limited offers were accepted more when participants had 12 seconds to decide rather than four seconds.</p> <p>This indicates people need enough time to reflect on the task to decide they are better off going for the “safe” deal.</p> <p>As we <a href="https://www.sciencedirect.com/science/article/pii/S0167268119302823?via%3Dihub#sec0008">warn in our paper</a>, one should be wary about extrapolating too directly from laboratory behaviour to real markets, but our results suggest time-limited offers do not rely on limits to the consumers’ ability to make a rational decision. When they work it is because they are mechanisms of search deterrence – restricting the consumers’ opportunities to compare available offers – amplified by risk aversion.</p> <p>So businesses may be shooting themselves in the foot when they create offers that are too short, too pushy. If you’re like most people, you need time to reflect on the risk of not buying. If the offer is too fast and furious, you’re likely to just be turned off.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;" src="https://counter.theconversation.com/content/124897/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: http://theconversation.com/republishing-guidelines --></p> <p><em><a href="https://theconversation.com/profiles/daniel-zizzo-125561">Daniel Zizzo</a>, Professor and Academic Dean of the School of Economics, <a href="http://theconversation.com/institutions/the-university-of-queensland-805">The University of Queensland</a></em></p> <p><em>This article is republished from <a href="http://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/must-end-soon-but-not-too-soon-the-catch-in-time-limited-sales-tactics-124897">original article</a>.</em></p>

Money & Banking

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What you should tell your grandchildren about money issues

<p>Being a parent presents us with daily challenges, including decisions about what things to expose our children to. One of the questions I am constantly asked by parents is what should they teach their children about money, and at what age.</p> <p>Talking about money is no different to talking about how to keep healthy or how to keep safe when using the internet. If your child thinks money is something that “mum and dad get from a machine”, then they don’t know how hard their parents work to generate an income for the family and meet all of their expenses.</p> <p>Moving money from an abstract concept to something tangible that is earned and saved before it is spent is an important step for children to understand. Children are more intelligent than we often give them credit for. They are also more understanding and resilient – if there are tough financial situations to explain, what children appreciate most is honesty, consistency and facts.</p> <p>So, if you don’t have enough money to buy something your child has asked for, be honest and put the facts in front of them. Explain the difference between things the family <strong>needs</strong> and the things they <strong>want</strong>.</p> <p>Tell them that all the “need items” must be purchased first, and then you will see if there is enough money left in the budget to buy what they want. And if there isn’t, tell them how the item can be budgeted for – and how you can all work towards saving for it over time.</p> <p><strong>What is the right age to start having these discussions?</strong></p> <p>You should be open with your children about money as soon as they are able to understand. However, what your child needs to know at the age of four or five is very different to what they need to know at the age of 10, 15 or older.</p> <p><a href="http://www.massey.ac.nz/massey/fms/Colleges/College%20of%20Business/School%20of%20Economics%20&amp;%20Finance/FinEd/documents/FinanceStudyWEBv2.pdf?7B7DE79F6F2FC1A47A247B28528D8E4C">Research by the Westpac Massey Fin-Ed Centre</a> shows that most young people get their financial information from their parents so it is important that parents provide a good foundation for future financial well-being from an early age.</p> <p>The initial conversation with a four to five-year-old does not have to be about money. Start with the concept of “delayed gratification”. It is a powerful way of teaching children there are benefits in waiting for things. They also need to know that not every demand they make is going to be fulfilled instantly. Every family has a limit to its available resources, even the very rich need to have plans for their money.</p> <p>For children aged 6-10, involve them in preparing a household budget and allocating money to different parts of your budget. Let them help you prepare a shopping/grocery list and then allocate to them an amount as per your agreed budget.</p> <p>Take them grocery shopping with you, hand them the list that they have prepared along with a calculator. Give them the responsibility of staying within the allocated budget and be strict with this. The incentive for the child could be that if they manage to get all the items on the list for less than the allocated amount, they get to decide how to spend the surplus.</p> <p>When you get home, this can become a conversation about money: the benefits of staying within the allocated amount and how to make tough decisions about what items are priority.</p> <p>For children aged 10 – 15, give them the responsibility of setting the household budget under your supervision. Discuss the different components of budgets: expenses that occur weekly/fortnightly/monthly/annually so they can see how important it is to have a better understanding of how and where the money is being spent.</p> <p>They may have a goal of buying something new for themselves – so help them to work out whether it is a need or a want and how they plan to pay for it. Discussions about short, medium and long-term goals can be useful.</p> <p>For those age 15 and over, start having discussions about their goals for their future – beyond high school. Encourage them to start saving for their future, whether that be higher education, travel, or buying a house.</p> <p>At this stage they also need to start learning about their rights as a consumer, signing agreements, the difference between debit cards and credit cards, and saving for things you want instead of borrowing.</p> <p><strong>They need to know they will sometimes go without</strong></p> <p>Children also need to be made aware that they will sometimes have to go without things they want. They need to understand that, as a parent, it is your moral, legal, social and ethical responsibility to look after their needs, but that you are not obliged to pay for all their wants. But explain that you are happy to work with them to help them save for the things they want.</p> <p>Another common question is, how much should you tell your children. Should you tell them how much you earn, how much debt you have and what, if any, savings you have in the bank?</p> <p>There are varied opinions on this. Some parents feel that they should be totally transparent with their children, while others feel that they don’t need to know that level of detail. Either way, children should have a general idea about the household’s income and expenditure.</p> <p>Children need to know from an early age that money is not an endless resource and there are times when you may not have enough money for the things they want to buy. It is a good idea to discuss options in such cases. You will be surprised at some of the creative solutions children come up with.</p> <p>The main thing is to involve children in money discussions; give them some responsibility and an opportunity to manage money from an early age so they understand its value.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;" src="https://counter.theconversation.com/content/39686/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: http://theconversation.com/republishing-guidelines --></p> <p><em><a href="https://theconversation.com/profiles/pushpa-wood-161760">Pushpa Wood</a>, Director, Westpac Massey Fin-Ed Centre, <a href="http://theconversation.com/institutions/massey-university-806">Massey University</a></em></p> <p><em>This article is republished from <a href="http://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/what-should-we-tell-our-children-about-money-39686">original article</a>.</em></p>

Money & Banking

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What rich people won’t tell you

<p>Most of the world's mega-rich weren't always rolling in it. Here's how to become a money magnet...</p> <p><strong>We’re cheapskates and proud of it</strong></p> <p>“I think about it this way: not spending money is the same as making money. So if I save $2000 by not flying first class, that’s the same as someone paying me $2000. Wouldn’t you sit in an uncomfortable chair for three hours for $2000?” says a successful US plastic surgeon</p> <p>“When you open up the paper and you see those coupons, it looks like dollar bills staring you in the face … It’s how I grew up. Why not?” agrees Hilary Swank to talk show host Kelly Ripa, on clipping coupons</p> <p>“People are always surprised that I don’t have a closetful of suits. I buy three suits every five or so years and own only ten in total. That’s all I need.” T. Boone Pickens, oil billionaire, explains in an interview with Kiplinger’s magazine in 2012</p> <p>“I go to the ATM only once a week and pay for everything with cash. That way, I’m forced to stay on a budget without counting pennies and saving receipts. I can spend only what is in my wallet. I turn it into a game where each week, I reduce my ATM withdrawal amount by $20 to determine how low I can really go,” recommends Alan Corey, author of A Million Bucks by 30</p> <p>“We have neighbours who are billionaires, but you would never know it. The really wealthy are usually not the ones who wear the most expensive clothes, have the latest handbags, or drive flashy cars. In Martha’s Vineyard, you see a lot of people who live in houses that sell for $10 million driving ten-year-old Toyotas,” says a successful US plastic surgeon</p> <p><strong>We’re just like you</strong></p> <p>“Many of the super-wealthy have huge homes with specific rooms dedicated to entertaining. Your home might not have a ballroom, but you can save yourself stress by creating an off-limits area when entertaining. Bonus: you can shove the ‘I don’t know what to do with this stuff’ pile into one of those rooms and shut the door,” a real estate broker from Million Dollar Listing New York on television explained.</p> <p>“Contrary to popular belief, the rich do pay taxes – a lot of taxes. And they don’t all have teams of high-priced lawyers and accountants to do the paperwork. Many of them do their own with [US tax software] TurboTax, just like the rest of the world,” recommends a partner at a prestigious law firm</p> <p>“Millionaires tend to pay about $16– including tip – for a haircut at a traditional barbershop.” Researchers from the University of Georgia Survey Research Institute discovered.</p> <p><strong>We loathe waste</strong></p> <p>“I get a tremendous amount of satisfaction from not wasting things. I still collect all the tiny pieces of soap and put them together into one bar. I still squeeze the toothpaste tube dry. And I grow a lot of my own vegetables,” laughs August Turak, founder of two successful software companies and author of Business Secrets of the Trappist Monks</p> <p>“One time my granddaughter was filling out all this paperwork, and there were several paper clips. I told her to take them off so she could reuse them. She said, ‘Grandma, do you know how cheap paper clips are?’ I said, ‘Do you know how far a penny can stretch when you need it to?’” Pat Brennan, co-owner of Brennan Builders, a US building company specialising in custom homes at an average price of $500,000, remembers teaching her daughter.</p> <p><em>Written by Michelle Crouch. This article first appeared in <a href="https://www.readersdigest.com.au/money/25-things-rich-people-wont-tell-you">Reader’s Digest</a>. For more of what you love from the world’s best-loved magazine, <a href="http://readersdigest.innovations.co.nz/c/readersdigestemailsubscribe?utm_source=over60&amp;utm_medium=articles&amp;utm_campaign=RDSUB&amp;keycode=WRN93V">here’s our best subscription offer.</a></em></p>

Money & Banking

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How to pick the right amount to spend on holiday gifts

<p>Gift giving is a <a href="https://www.cnbc.com/2018/11/06/us-christmas-retail-sales-to-surpass-1-trillion-this-year-emarketer.html">big deal</a> this time of year.</p> <p>To find the <a href="https://www.today.com/shop/gift-guide">“perfect” gift</a>, <a href="https://www.consumerreports.org/cro/news/2010/11/americans-spend-42-hours-each-on-holiday-shopping-and-partying/index.htm">Americans will spend about 15 hours</a> shopping. Women will do about twice as much as men. And they’ll <a href="https://www.investopedia.com/financial-edge/1112/average-cost-of-an-american-christmas.aspx">shell out about US$1 trillion</a> on gifts.</p> <p>While retailers <a href="https://www.cnn.com/2019/11/24/investing/stocks-week-ahead/index.html">relish the holiday shopping season</a> as a time when consumers open their purses or wallets, for many consumers – especially those <a href="https://www.retailwire.com/discussion/study-consumers-dont-enjoy-doing-their-holiday-shopping-online/">who do not like shopping</a> – these days are <a href="https://link.springer.com/article/10.1007/s11747-011-0284-z">filled with dread</a>. They mark moments when shoppers clog malls, websites become <a href="https://www.cnbc.com/2015/11/30/cyber-monday-why-retailers-cant-keep-their-sites-from-crashing.html">overloaded</a> and <a href="https://www.buzzfeednews.com/article/carolineodonovan/amazon-next-day-delivery-deaths">delivery trucks block streets</a>. The entire process generates untold amounts of <a href="https://www.mayoclinic.org/healthy-lifestyle/stress-management/in-depth/stress/art-20047544">stress</a> and <a href="https://doi.org/10.1016/0148-2963(93)90049-U">anxiety</a>.</p> <p>One source of stress is just how much to spend on gifts. Spending too much can put you in financial distress. Spending too little may make you look cheap.</p> <p>How do you decide what’s the “right” amount to spend on gifts?</p> <p>As an <a href="http://businessmacroeconomics.com/">economist</a>, I study holidays and gift giving because a large fraction of retail shopping is driven by seasonal events like Black Friday, Cyber Monday and Super Saturday – also and more appropriately known as <a href="https://www.wkyc.com/article/life/holidays/holiday-season/high-anxiety-theres-a-new-name-for-last-minute-shopping-panic-saturday/95-ab9d1714-01f8-4624-9075-e1d09a15628b">Panic Saturday</a> – which is the last Saturday before Christmas.</p> <p><strong>‘Dead weight loss’</strong></p> <p>Gift giving is stressful because nobody wants to buy what they think is a perfect gift only to discover it is a dud.</p> <p>The long lines of people <a href="https://www.cnbc.com/2018/12/21/how-to-navigate-store-holiday-return-policies.html">returning items after the holidays</a> seem evidence enough for that.</p> <p>This has led some economists to argue there’s a <a href="https://www.nytimes.com/2014/12/21/upshot/an-economist-goes-christmas-shopping.html">“dead weight loss” to Christmas presents</a> that “destroys” <a href="https://www.amherst.edu/media/view/104699/original/christmas.pdf">as much as a third of their actual value</a>. A 2018 study estimated <a href="https://www.finder.com/unwanted-gifts">Americans spend $13 billion a year on unwanted gifts</a>.</p> <p>Other economists, however, have resisted this Scrooge-like view of gift giving and <a href="https://www.jstor.org/stable/2118293">point to evidence that a present can actually have more value</a> to the recipient than the price the giver paid. In other words, a gift, even when technically unwanted, could have more value simply because someone else bought it for you.</p> <p><strong>Setting a budget</strong></p> <p>So if you’re dead set on buying some gifts, how much should you budget for it?</p> <p>Since gifting is a social act, it makes sense to consider how much other people typically spend.</p> <p>There are a number of surveys run each year that ask people during the fall to estimate what they plan on spending for holiday gifts. The National Retail Federation’s <a href="https://nrf.com/insights/holiday-and-seasonal-trends/winter-holidays/winter-holidays-data-center">annual survey of holiday spending</a> estimates the typical American will spend $659 on gifts for family, friends and co-workers in 2019. On the high end, <a href="https://news.gallup.com/poll/267914/americans-plan-spend-generously-christmas.aspx">Gallup</a> puts the average at $942, with more than a third of respondents expecting to spend over $1,000 on gifts.</p> <p>But these figures aren’t that helpful for an individual since $659 means something different to someone making $40,000 a year versus $200,000.</p> <p>That’s where the <a href="https://www.bls.gov/cex/home.htm">Consumer Expenditure Survey</a> comes in. It’s a large survey run by the Bureau of Labor Statistics that tracks the spending habits of 12,000 to 15,000 families each year. The government uses the survey to determine the cost of living and inflation rates for the typical family.</p> <p>The survey follows gift giving very precisely. It <a href="https://www.bls.gov/cex/tables.htm#annual">has categories for common holiday presents</a> like electronics, books and clothes, as well as gifts that typically aren’t associated with the season such as housing and transportation.</p> <p>After removing these non-holiday gifts, the typical U.S. family spends about 1% of its annual take-home pay on gifts. So whatever you earn, you could multiply it by 1% to get a figure that is in the ballpark of what the average American spends – but won’t break the bank.</p> <p><strong>Making the holidays memorable</strong></p> <p>While calculating a gift budget is one way to take the stress out of how much to spend on gifts, my family has another: Only give gifts to children.</p> <p>Adults get wrapped boxes filled with paper. After the real gifts are opened and the young children are safely moved out of the way, we crumple up the paper and throw it at each other in our annual paper fight.</p> <p>That keeps the cost down while making the kids feel special. It also ensures the kids don’t feel left out when their friends talk about the gifts they received. Other families follow their own methods for <a href="https://www.laurengreutman.com/3-gift-christmas-rule/">controlling expenses</a>, such as <a href="http://www.secretsanta.com">secret Santa gifts</a> or by <a href="https://www.psychologytoday.com/us/blog/tech-support/201312/the-5-types-gift-givers">focusing attention more on togetherness</a> than on the stuff received.</p> <p>Whether you have a paper fight or follow another family tradition, my main message is that it doesn’t take very much money to make the winter holidays memorable.</p> <p><span><a href="https://theconversation.com/profiles/jay-l-zagorsky-152952"><em>Jay L. Zagorsky</em></a><em>, Senior Lecturer, Questrom School of Business, <a href="http://theconversation.com/institutions/boston-university-898">Boston University</a></em></span></p> <p><em>This article is republished from <a href="http://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/how-to-pick-the-right-amount-to-spend-on-holiday-gifts-according-to-an-economist-127767">original article</a>.</em></p>

Money & Banking

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Married couple at the centre of bizarre billion-dollar drug bust

<p>A recently married couple from Melbourne alongside an IT worker have been arrested and charged with running a customs importing business which dealt with over $1 billion worth of 1.6 tonnes of ice and heroin.</p> <p>It is the nation’s largest uncovered methamphetamine haul.</p> <p>Rachel Annette Cachia and Donovan Mark Rodrigues, both 37, have been described as “trusted insiders” in the customs industry and advised clients on the logistics of importing and exporting goods through their independently owned business.</p> <p>However, the couple have suffered a violent fall from grace as they may be met with life imprisonment if convicted over the seizure of 1.6 tonnes of ice and heroin found hidden inside speakers being shipped to Melbourne in April 2019.</p> <p>On social media, the couple showed off their lavish lifestyle, including holidays with their two young children and luxury sports cars.</p> <p>Alongside Ms Cachia and Mr Rodrigues is Bayside IT worker Stephen Mizzi, 38, who has also been charged after the Australian Federal Police raided properties in the Melbourne suburbs of Darley, Sunshine West, Brooklyn, Elwood and Murrumbeena.</p> <p>All three individuals are to face numerous charges of importing illicit drugs.</p> <p>Australian Federal Police Deputy Commissioner Neil Gaughan alleged the couple were "middle to high up" in the drug operation.</p> <p>"We feel to a certain extent that they’ve been used," he said.</p> <p>"They [allegedly] used their positions of trust to circumvent the border control. It will be alleged that two of the three suspects charged are trusted industry insiders."</p> <p>Australian Border Forces uncovered the drugs after they asked for sea cargo sipped from Bangkok, Thailand to be inspected at a container examination facility, in April.</p> <p>Officers spotted “anomalies” inside the speakers after an X-ray and took them apart in result.</p> <p>They found numerous packages containing methamphetamine and heroin that had been vacuum-packed and stuffed inside the speakers.</p> <p>Court documents allege that Mr Rodrigues and Ms Cachia had begun dealing with proceeds of crime in December 2016.</p> <p>Then, between June 2017 and July this year, the couple allegedly began arranging the movement of goods without authorisation through ports on numerous occasions between West Melbourne and Brooklyn.</p> <p>By December 2018, it’s alleged that Mr Mizzi joined in on the drug operation with the plan to help ship heroin and ice to Australia.</p> <p>Mr Mizzi has also been additionally charged with dishonestly obtaining identification information from a mobile phone in April this year.</p> <p>The trio faced Melbourne Magistrates Court on Thursday, where lawyers said it was the first time in custody for both men and that Mr Mizzi had a "blood pressure issue".</p> <p>Liliana Dubroja, the lawyer representing Ms Cachia, requested a nurse assess her client due to kidney and mental health concerns.</p> <p>Commonwealth prosecutor Jamey Ellis said police required extra time to compile their brief of evidence due to the extensive number of phone taps.</p> <p>"There is a significant amount of listening device and telephone material," he said.</p> <p>The trio was remanded in custody to face court again on May 7. They have not applied for bail.</p>

Money & Banking

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Research shows pre-retirees worry about money "almost without exception"

<p>New research from financial advisors has said that nearly every pre-retiree is concerned about whether or not they’ll have enough saved to fund the lifestyle they want.</p> <p>Concerns were also broached to financial advisors about whether the money saved will run out, despite the amount of wealth held by the retiree.</p> <p>Goldsborough Financial Services director Brenton Miegel said that pre-retirees are worried about money “almost without exception”.</p> <p>Having a “really good budget in place” can help ease your mind.</p> <p>“Know what you are going to spend and how you are going to spend it, and allow for unexpected expenses,” he said to <em><a href="https://www.news.com.au/finance/money/why-australians-worry-about-their-retirement-even-the-millionaires/news-story/c50f32aeaea499b90dd7e68b595bda72">news.com.au</a></em>.</p> <p>“Get good advice. Speak with a professional financial planner who will look at your situation and offer insight and suggestions without necessarily reinventing the wheel.”</p> <p>Miegel also reaffirms that you don’t need a lot of money to have a comfortable lifestyle.</p> <p>“You don’t have to have great wealth in order to have a comfortable lifestyle,” Mr Miegel said.</p> <p>“Don’t be afraid to use some of your capital to do those extra things like an overseas trip or upgrading the kitchen, without getting silly about it, because you can’t take it with you.”</p> <p>MidSec managing partner Nick Loxton said that most retirees were concerned about maintaining their lifestyle.</p> <p>“You don’t get a lot of chances at retirement and if you get it wrong the consequences are high,” he said.</p> <p>“There is so much information on strategies, investments and tax. Everyone’s different so they often wonder which bits apply to them.”</p> <p>Here are three tips that you can follow to ensure that there’s enough saved in your retirement fund.</p> <ul> <li>Have an emergency cash back-up</li> <li>Know where your income will come from for the next five years at all times</li> <li>Budget to have 10 per cent more cash flow than you expect to spend</li> </ul>

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