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Hollywood icon reveals plans for retirement

Denzel Washington has revealed that he is going to retire after his next batch of films. The Hollywood icon appeared via videolink on Tuesday’s episode of the Today Show, alongside his co-stars to promote his new film Gladiator II. “I don’t know how many more films I’m going to make. Probably not that many,” the actor, who turns 70 next month, told Today host Richard Wilkins. “I want to do things I haven’t done. I’ve played Othello at 22, I’m about to play Othello at 70,” he said. Denzel will play the role in the Shakespeare play on Broadway alongside Jake Gyllenhaal from February next year. “After that I’m playing Hannibal. After that I’ve been talking with Steve McQueen about a film. After that Ryan Coogler’s writing a part for me in the next Black Panther.” He added, “After that I’m going to do the film Othello. After that I’m going to do King Lear. After that I’m going to retire.” Based on the interview, the actor has six upcoming projects across stage and film, so fans will still get to enjoy a few more of his roles before he retires, following a career that has spanned almost 50 years. Speaking to news.com.au, the actor offered some insight into why he is planning to retire, saying that there are “less and less challenges”, after previously revealing that at this point in his career, there are very few roles he is willing to take. Image: Masatoshi Okauchi/ Shutterstock Editorial

Readers response: Is there any item of memorabilia you’ve passed down to family or plan to in the future?

As in many families, there are often sentimental items and memorabilia that are passed down from several generations. We asked our readers if there are any heirlooms that they have passed down to their younger family members, or if they plan to, and the response was overwhelming. Here's what they said. Marjorie Gale - The christening gown made by my Aunt in the UK in 1955 for my eldest daughter, worn by my two other daughters. Now been worn by my 9 grandchildren and 12 great grandchildren, and another due soon. So far 24 babies have worn it. Dawn Douglas - Yes, I have my Mums jewellery box and my eldest daughter will get it when I’m gone. I also have a brooch that belonged to my Nana. Sue Crawley - I have a 1925 gold embossed book by AA Milne “When We Were Very Young”. My most cherished memory was sitting on my great grandfathers knee whilst he read it to me. Not sure yet which grandchild will receive it. Greg Browning - A Winchester rifle my great grandfather bought in the 1800s. Have already passed it on. Marion Ingram - Family bassinets. Now on its 4th generation! Margie Buckingham - My grandmother’s costume jewellery was stunning. She was a racehorse breeder always in the Flemington Racecourse members, even had many Group One winners, so her jewellery had to look special. Paul Uttley - A silver pocket knife that belonged to my great grandfather now belongs to my oldest grandson (six generations apart)! Image credits: Shutterstock

Family & Pets

How to keep doing good once you’re gone

Most of us like to think that once we are no longer walking the Earth, we can still leave a legacy to mark our time here and contribute positively to those left behind. Doing so is not only possible but, as you’ll see below, fairly straightforward – providing you do some basic preparation beforehand. Seek the help of professional advice to ensure your plans can be enacted in full and deliver the best possible outcomes for everyone involved. Have your affairs in order Make things simpler for your grieving loved ones by having your wishes clearly outlined in writing, with specific instructions that leave no room for misinterpretation. Doing so makes your wishes easier to implement, faster to enact and reduces fights among your beneficiaries. Keep your will and other affairs updated as circumstances change too, so that everyone you want is included (such as kids and grandkids) and those you don’t, aren’t given an unexpected windfall (such as your ex or an adult child’s ex). Provide for everyone Providing for everyone is not necessarily straight forward, especially if you have a blended family. For instance, leaving your share of your home to your children from a previous relationship could lead to disagreements if your partner doesn’t want to leave. Instead, think about how your assets can be divided fairly without disadvantaging anyone. Children could be nominated beneficiaries of your superannuation and/or life insurance, leaving your home for your partner. Keep wealth flowing Certain structures can allow you to keep giving to your descendants long after you’re gone – offsetting their income and providing far greater wealth over time than any lump sum could achieve. A family or testamentary trust allows ongoing wealth creation through shared assets, with regular dividends paid out, creating a family legacy that can last for generations. Or a family company can allow a commercial entity to continue trading and growing as an asset. Manage tax impacts Implement tax-effective strategies that maximise how much your beneficiaries actually receive and minimise what the tax man pockets. While there isn’t an inheritance tax per se, beneficiaries can be hit with Capital Gains Tax (CGT) on asset sales plus transfer costs to put an asset into their own name – not to mention the ongoing maintenance and compliance costs of asset ownership. In some instances, your loved ones may benefit more if you sell assets now and leave them the proceeds, rather than leave them the asset – and its associated tax bill – once you’re gone. Ensure loved ones are home and housed Property is perhaps the biggest of all sources of wealth, yet it is increasingly difficult for younger people and singles to get (and stay) on the property ladder. Ensure everyone can reap the benefits of property ownership over their own lifetime, either by transferring ownership of properties in your name or contributing chunks of cash towards a deposit. However, it’s important to do so sustainably – gifting grandkids a large property they can’t afford to maintain isn’t going to work. Charitable donations Many people like to support charities and social causes once they are gone. Consider the end user here and what they stand to benefit from your donation – whether it be people, planet or both. It could be leaving a lump sum on your death, or regular ongoing donations from your estate. You may wish to do so anonymously, or include a message with your donation outlining your reasons why that particular charity/cause is important to you and what you hope the money will go towards. Donations may not necessarily be financial either – perhaps you have a valuable historic artefact that others could enjoy if donated to a museum? Organ donation The greatest gift of all is not money but life itself. So, consider whether organ donation is something you wish to do. While not suitable for everyone, and dependent on a range of factors including your age, health and religious beliefs, a single organ donor can save up to seven lives, as well as improve the quality of life of numerous others through eye and tissue donation. That is a lot of life you can give to others – and all without costing your own loved ones a cent! Helen Baker is a licensed Australian financial adviser and author of On Your Own Two Feet: The Essential Guide to Financial Independence for all Women. Helen is among the 1% of financial planners who hold a master’s degree in the field. Proceeds from book sales are donated to charities supporting disadvantaged women and children. Find out more at <a href="http://www.onyourowntwofeet.com.au/">www.onyourowntwofeet.com.au</a> Disclaimer: The information in this article is of a general nature only and does not constitute personal financial or product advice. Any opinions or views expressed are those of the authors and do not represent those of people, institutions or organisations the owner may be associated with in a professional or personal capacity unless explicitly stated. Helen Baker is an authorised representative of BPW Partners Pty Ltd AFSL 548754. Image credits: Shutterstock

Retirement Income

High-speed rail plans may finally end Australia’s 40-year wait to get on board

<div class="theconversation-article-body"> <a href="https://theconversation.com/profiles/philip-laird-3503">Philip Laird</a>, <a href="https://theconversation.com/institutions/university-of-wollongong-711">University of Wollongong</a> Australia has debated and studied high-speed rail for four decades. The High Speed Rail Authority has begun <a href="https://www.hsra.gov.au/project">work on a project</a> that could finally deliver some high-speed rail in the 2030s. The Albanese government set up the authority in 2022. It also committed A$500 million to plan and protect a high-speed rail corridor between Sydney and Newcastle. This corridor was prioritised due to significant capacity constraints on the existing line, among other reasons. The ultimate plan is for a high-speed rail network to connect Brisbane, Sydney, Canberra, Melbourne and regional communities across the east coast. The network would help Australia in its urgent task to reduce greenhouse gas emissions from transport. These <a href="https://www.infrastructure.gov.au/infrastructure-transport-vehicles/towards-net-zero-transport-and-infrastructure">continue to increase</a> even as emissions from other sectors fall. The authority has now publicly outlined plans for the first stage of this east coast network. After a history of failed proposals dating back to 1984, the new plans provide some cause for optimism that Australia could have some high-speed rail by 2037. <h2>What is high-speed rail and why do we need it?</h2> The International Rail Union of Railways <a href="https://uic.org/passenger/highspeed">defines high-speed rail</a> as new lines designed for speeds of 250km/h or more and upgraded lines for speeds of at least 200km/h. High-speed rail could greatly reduce transport emissions by replacing <a href="https://theconversation.com/wondering-how-to-get-from-brisbane-to-melbourne-without-wrecking-the-climate-our-transport-choices-make-a-huge-difference-237396">air travel in particular</a>. For example, the <a href="https://www.bitre.gov.au/publications/ongoing/domestic_airline_activity-monthly_publications">7.92 million passengers</a> flying between Melbourne and Sydney in 2023-24 produced about 1.5 million tonnes of emissions. Including <a href="https://theconversation.com/how-air-travellers-can-cut-their-door-to-door-emissions-right-now-by-as-much-as-13-on-the-sydney-melbourne-route-211099">travel to and from airports</a> and other flight routes along the corridor (Sydney or Melbourne to Canberra, Albury etc), this adds up to about 2% of <a href="https://www.dcceew.gov.au/climate-change/strategies/annual-climate-change-statement-2023">annual domestic transport emissions</a>. A Sydney–Melbourne high-speed rail link could cut emissions to a fraction of those from <a href="https://theconversation.com/wondering-how-to-get-from-brisbane-to-melbourne-without-wrecking-the-climate-our-transport-choices-make-a-huge-difference-237396">air</a> and <a href="https://theconversation.com/we-compared-land-transport-options-for-getting-to-net-zero-hands-down-electric-rail-is-the-best-234092">road</a> transport. If Australia is to achieve <a href="https://www.dcceew.gov.au/climate-change/emissions-reduction/net-zero">net zero by 2050</a>, a <a href="https://theconversation.com/we-compared-land-transport-options-for-getting-to-net-zero-hands-down-electric-rail-is-the-best-234092">shift to rail will be essential</a>. High-speed city-to-city rail services will be needed to become an attractive alternative to air travel. <h2>What is the authority working on?</h2> Early this year the High Speed Rail Authority gained a new CEO, Tim Parker, with extensive experience in delivering mega-projects. In late August, the authority outlined its plans at an industry briefing in Newcastle. The authority has commissioned eight studies, including a business case for a Sydney–Newcastle line. Significantly, it will include the cost of future highway upgrades if high-speed rail does not proceed. This study, along with a report on how high-speed rail will proceed along Australia’s east coast, is due by the end of this year. Also under way is a <a href="https://minister.infrastructure.gov.au/c-king/media-release/all-aboard-high-speed-rail-accelerates-first-investigation-works">geotechnical study</a> that includes drilling 27 boreholes. It will help determine the proposed depths of two long rail tunnels and guide decisions on crossing the Hawkesbury River and the route to the Central Coast and on to Newcastle. All going well, including land acquisition and agreements with the New South Wales government (which could include funding), work could <a href="https://www.newcastleherald.com.au/story/8743698/newcastle-high-speed-rail-possible-by-2037-as-tunnel-plan-emerges">start in 2027 and be completed by 2037</a>. <h2>Many questions remain</h2> Given the time and money required to deliver a Sydney–Newcastle line, bipartisan support will be needed. However, the federal opposition is yet to make a clear commitment to high-speed rail. There are other uncertainties too. Will the trains be operated by the public or private sector? The latter was the intention for projects that were scrapped decades ago, such as the CSIRO-proposed Very Fast Train (<a href="http://www.repositoryofideas.com/VFT_information.html">VFT</a>) linking Sydney, Canberra and Melbourne, and the Sydney–Canberra <a href="https://trid.trb.org/View/1203853">Speedrail</a>. And how will the engineering projects be delivered? The new authority must learn from the project management <a href="https://www.infrastructure.gov.au/department/media/news/independent-review-inland-rail-released">problems in delivering the Inland Rail</a> freight line. The project is running late and costs have blown out. Some major federally funded government projects have worked well. These include upgrades of the national highway system (by state road authorities and contractors) and the new <a href="https://www.westernsydneyairport.gov.au/">Western Sydney International Airport</a>, which is nearing completion. <h2>And what about a full Sydney–Melbourne line?</h2> The big question is when work will start on a Sydney–Melbourne high-speed rail service. In 2019, International High-Speed Rail Association chairman <a href="https://ara.net.au/media-release/ausrailplus-2019-conference-exhibition-3-5-december-2019-in-sydney/">Masafumi Shukuri estimated</a> building this line could take 20 years. The present line is 60km longer than it should be as the route dates back to the steam age. It also has far too many tight curves. This means train travel on this line is slower than cars and trucks. As former NSW State Rail chief Len Harper <a href="https://theconversation.com/more-than-ever-its-time-to-upgrade-the-sydney-melbourne-railway-187169">said</a> in 1995, this railway was already “inadequate for current and future needs” even back then. When the VFT was proposed in 1984, questions were raised as to whether our population was big enough for such a project. Now, more than 15.5 million people live in NSW, Victoria and the Australian Capital Territory. Melbourne–Sydney is the <a href="https://www.smh.com.au/traveller/travel-news/the-world-s-busiest-flight-routes-and-airports-revealed-20231222-p5et7n.html">world’s fifth-busiest flight route</a>. Advocacy group Fastrack Australia <a href="https://www.fastrackaustralia.net/hsr-implementation-plan">has called</a> for a Sydney–Melbourne track built to high-speed standards and able to carry freight. The estimated travel time is four hours. This group and the <a href="https://www.railfutures.org.au/category/submissions/%20July%202024%20reducing%20emissions%20in%20freight">Rail Futures Institute</a> propose the line be built in stages, with priority given to the section from near Macarthur to Mittagong in NSW. This would reduce the current line’s length by about 18km and allow for better Sydney–Canberra train services. Urgent action is needed to protect the rail corridor from encroaching urban development. <h2>Australia needs to catch up</h2> In June 2023, when the new authority started work, I <a href="https://theconversation.com/can-the-new-high-speed-rail-authority-deliver-after-4-decades-of-costly-studies-206287">observed</a> that Australia must surely hold the world record for studies into high-speed rail with no construction. In stark contrast, this October marks the 60th anniversary of the world’s first dedicated high-speed rail line, the Tokaido Shinkansen in Japan linking Tokyo to Shin-Osaka. The network has since grown in stages to about 3,000km of lines. Today, high-speed rail <a href="https://uic.org/passenger/highspeed/article/high-speed-data-and-atlas">operates in 21 countries</a> over about 60,000km of lines – China has about 40,000km. Indonesia’s high-speed rail service between Jakarta and Bandung started running last year. India and Thailand are in the advanced stages of delivering high-speed rail. It’s also under construction in another 11 countries. Australia could finally join them in the next few years if it starts building the Sydney–Newcastle line.<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;" src="https://counter.theconversation.com/content/238232/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/philip-laird-3503">Philip Laird</a>, Honorary Principal Fellow, <a href="https://theconversation.com/institutions/university-of-wollongong-711">University of Wollongong</a> Image credits: Shutterstock This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/high-speed-rail-plans-may-finally-end-australias-40-year-wait-to-get-on-board-238232">original article</a>. </div>

Domestic Travel

Quirky grandfather shocks Today hosts with unusual funeral plans

Michael 'Skip' Field has decided he doesn't want his family crying for him at an ordinary funeral when he dies. Instead, the quirky Queensland grandfather wants a celebration for his final send off and wants his family to remember him in a very unique way. Skip shared his funeral plans with Today hosts Sarah and Alex, who were perplexed by Skip's plans for his final send-off. "I've been to a lot of funerals over the years, I'm an old fart and I never enjoyed any of them," Skip said. "So come the time I turn toes up, they're going to cart me off to the crematorium for a big barbecue, where I'll be the guest of honour, then when the heat dies down, they're going to put me in a little shoe box and give my young son a ring," he said. "He'll come and pick me up and I'm an avid cowboy shooter, we load our own ammunition and one of the things that happens to cowboys when they pass on is they have a cowboy salute where you get a big, long line and everybody fires a shotgun, bang, bang, bang, bang, and have a salute." "Well, I'm going to get my ashes mixed into the shotgun shells and donate the shotgun shells to the range and they can shoot me off down the range." "Plus all the smoke that comes out at the end of the barrel is a bit blue, but being a Queenslander, I've got a bit of maroon chalk that's going to go in with the ashes, so when they come out at the end of the barrel it's going to be a maroon tinge on it," he said. Today hosts Sarah and Alex were gob-smacked by the idea of Skip donating his ash-filled bullets to the local firing range, but that's not all he has planned. "The other thing is a friend of mine's got a cannon and we're going to shoot part of the ashes out of the cannon at Pleasant Range near Dalby," he said. "Then the kids don't need a big, morbid ceremony, so they're going to have a party here at my house and I bought this thing called the 'loved one launcher' that is like a giant party popper, you put your ashes in and it'll shoot you 75 yards into the air with confetti and streamers and all that - Yeehaw! It's going to be great." Skip said the whole process cost less than getting a casket for the ground and it would be the last big thing he gets a say in. Image credits: Today

Retirement Life

Olivia Newton-John's daughter reveals special plans to honour mother's legacy

Olivia Newton-John's daughter Chloe Lattanzi has revealed that she will be returning Down Under later this year to honour her mother's legacy. Chloe took to Instagram on Thursday to announce that she will be taking part in Olivia's Walk for Wellness in Melbourne on October 6. "Hi everyone! I am so excited to be coming to Melbourne once again to keep my momma’s legacy alive," she wrote in the caption, before inviting her followers to join her on October 6 in Melbourne's scenic Alexandra Gardens. She added that it "will be an amazing day of raising funds to support people on their cancer journey. Funds raised will help provide free wellness programs at the ONJ Cancer Centre." She invited her followers to join her for the cause, which aims to raise funds for cancer research. <blockquote class="instagram-media" 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);" data-instgrm-captioned="" data-instgrm-permalink="https://www.instagram.com/reel/C-87Phuy1N7/?utm_source=ig_embed&utm_campaign=loading" data-instgrm-version="14"> <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> <div style="padding: 12.5% 0;"> </div> <div style="display: flex; flex-direction: row; margin-bottom: 14px; align-items: center;"> <div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(0px) translateY(7px);"> </div> <div style="background-color: #f4f4f4; height: 12.5px; transform: rotate(-45deg) translateX(3px) translateY(1px); width: 12.5px; flex-grow: 0; margin-right: 14px; margin-left: 2px;"> </div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(9px) translateY(-18px);"> </div> </div> <div style="margin-left: 8px;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 20px; width: 20px;"> </div> <div style="width: 0; height: 0; border-top: 2px solid transparent; border-left: 6px solid #f4f4f4; border-bottom: 2px solid transparent; transform: translateX(16px) translateY(-4px) rotate(30deg);"> </div> </div> <div style="margin-left: auto;"> <div style="width: 0px; border-top: 8px solid #F4F4F4; border-right: 8px solid transparent; transform: translateY(16px);"> </div> <div style="background-color: #f4f4f4; flex-grow: 0; height: 12px; width: 16px; transform: translateY(-4px);"> </div> <div style="width: 0; height: 0; border-top: 8px solid #F4F4F4; border-left: 8px solid transparent; transform: translateY(-4px) translateX(8px);"> </div> </div> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center; margin-bottom: 24px;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 224px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 144px;"> </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;" href="https://www.instagram.com/reel/C-87Phuy1N7/?utm_source=ig_embed&utm_campaign=loading" target="_blank" rel="noopener">A post shared by Chloe Lattanzi (@chloelattanziofficial)</a> </div> </blockquote> Chloe also said that the theme for the 2024 walk was "Let's Get Physical" with participants encouraged to dress in "80s retro outfits," which appears to be a tribute to Olivia's 1981 smash hit song Physical. "And please bring your puppies," she said in the video. She then signed off her message with: "Hope to see you all there! With love, light and gratitude, Chloe!" The Olivia Newton-John Wellness and Research Centre opened in 2012 and its services have helped thousands. The performer also travelled to Australia last year to take part in the popular event. Image: Instagram

Caring

Why Ray Martin is planning his own funeral

Ray Martin is planning his own funeral as he prepares for his 'Last Goodbye', as part of an eye-opening new series. The veteran journalist will be planning his memorial service for an upcoming SBS documentary series which explores cultural traditions surrounding death. The three-part series, called Ray Martin: The Last Goodbye, will explore various taboos surrounding death with comedic and witty anecdotes. The series will investigate various funeral trends and rituals around the world and will address some deep questions, including why people choose certain ceremonies, songs and resting places, and how geography, religion and social class impacts these choices. At 79 years old, Ray said in a statement that statistically he is only four years away from his own death and wants to explore the topic with a serious yet funny nature. <blockquote class="instagram-media" 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);" data-instgrm-permalink="https://www.instagram.com/reel/C9QoU-goAtY/?utm_source=ig_embed&utm_campaign=loading" data-instgrm-version="14"> <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> <div style="padding: 12.5% 0;"> </div> <div style="display: flex; flex-direction: row; margin-bottom: 14px; align-items: center;"> <div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(0px) translateY(7px);"> </div> <div style="background-color: #f4f4f4; height: 12.5px; transform: rotate(-45deg) translateX(3px) translateY(1px); width: 12.5px; flex-grow: 0; margin-right: 14px; margin-left: 2px;"> </div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(9px) translateY(-18px);"> </div> </div> <div style="margin-left: 8px;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 20px; width: 20px;"> </div> <div style="width: 0; height: 0; border-top: 2px solid transparent; border-left: 6px solid #f4f4f4; border-bottom: 2px solid transparent; transform: translateX(16px) translateY(-4px) rotate(30deg);"> </div> </div> <div style="margin-left: auto;"> <div style="width: 0px; border-top: 8px solid #F4F4F4; border-right: 8px solid transparent; transform: translateY(16px);"> </div> <div style="background-color: #f4f4f4; flex-grow: 0; height: 12px; width: 16px; transform: translateY(-4px);"> </div> <div style="width: 0; height: 0; border-top: 8px solid #F4F4F4; border-left: 8px solid transparent; transform: translateY(-4px) translateX(8px);"> </div> </div> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center; margin-bottom: 24px;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 224px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 144px;"> </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;" href="https://www.instagram.com/reel/C9QoU-goAtY/?utm_source=ig_embed&utm_campaign=loading" target="_blank" rel="noopener">A post shared by SBS Australia (@sbs_australia)</a> </div> </blockquote> Martin will also have a range of special guests on the show, including veteran presenter Gretel Killeen, 61, and comedian Alex Lee. SBS Commissioning Editor Bethan Arwel-Lewis said, "At SBS we aren't scared to tackle those subjects that are sometimes provocative or difficult in our programming." "So an exploration of death – one of our last taboos is the perfect subject for us to lift the lid on, and who better to take us into this world and get us talking and even laughing about death, than Ray Martin." Last year, Martin insisted that he still has a lot of life left in him, as he grows older gracefully and continues to work. "I'm never going to retire. David Attenborough is in his 90s and he's my role model. He says you've got to keep doing what you love," he told Woman's Day magazine. Ray Martin: The Last Goodbye will premiere on Wednesday, August 14 at 8.30pm on SBS and SBS On Demand. Image credits: SBS

Couple's retirement plans "ruined" after investment fail

A couple from Brisbane claim their retirement has been "ruined" after an investment went wrong. After first visiting Coffs Harbour in 1976, Raymond and Wendy Dibb saw potential in the area, land-banking 2.7 hectares of rural acreage in the late 1980s. The couple bought the land in Korora for $118,000 in 1988 and sat on it for decades, waiting for the day they could make their retirement fortune by subdividing and selling it off. However they never got the chance, as the land was compulsorily acquired by Transport for NSW back in 2021 in order to make way for the Pacific Highway bypass. The $2.2 billion highway is now currently being built over the top of the block, which will be the site of a major intersection when the project opens to traffic in late 2026. The couple believed the land was worth a hefty $5.5 million, although Transport NSW valued it at just $1.062 million back in 2021. A gruelling three-year legal battle finally ended in the NSW Court of Appeal on June 28th, with the Dibbs being awarded $1.359 million in compensation, although they argued they deserved more. “This was a pretty significant financial transaction that’s really gone bad for us,” Raymond Dibb told the <a title="www.smh.com.au" href="https://www.smh.com.au/national/nsw/couple-loses-property-fight-after-highway-swallows-5-5-million-dream-20240703-p5jqrx.html" target="_blank" rel="noopener">Sydney Morning Herald. </a>“And it’s got nothing to do with our investment choices." “We’re talking about landowners just minding their own business, and someone comes knocking on your door, saying, ‘We’re going to take your land’”. Mr Dibb slammed the entire process of the acquisition, saying that he believed an independent body should conduct compulsory acquisitions rather than the government. In the Land and Environment Court, Justice Nicola Pain ended up increasing the couple’s compensation to $1.42 million after it was determined the land could have produced seven residential lots with less risk and cost. She found they were also entitled to money to cover fees and stamp duty on a replacement block for their land bank, which the couple argued they would need to buy to delay paying capital gains tax. Transport for NSW argued that they should not have been granted any money for stamp duty, with Justices Kristina Stern, Anthony Payne and Jeremy Kirk agreeing. This was stripped from the award and they refused to revalue the block of land. The couple were also ordered to pay the government’s costs of the two-day appeal. Mr Dibb is considering seeking leave to appeal against the High Court’s decision. He added that the couple’s retirement plans had been ruined by Transport for NSW, which originally offered just $470,000 for the land back in 2019. A spokesperson for Transport for NSW said the government body “empathises with residents and landowners affected by property acquisitions” and said they always “try to minimise the need for property acquisition”. Image credits: Shutterstock

Money & Banking

Planning a country escape these school holidays? 4 ways to avoid clogging up the emergency department

<div class="theconversation-article-body"><a href="https://theconversation.com/profiles/katherine-riley-1499452">Katherine Riley</a>, <a href="https://theconversation.com/institutions/university-of-wollongong-711">University of Wollongong</a> and <a href="https://theconversation.com/profiles/rebekkah-middleton-314433">Rebekkah Middleton</a>, <a href="https://theconversation.com/institutions/university-of-wollongong-711">University of Wollongong</a> Winter school holidays are either here or coming up, depending on where in Australia you live. Maybe you’re planning a <a href="https://www.tra.gov.au/en/domestic/domestic-tourism-results">rural escape</a>. Rural tourism is crucial for job growth and sustainability of small rural towns. However, for rural emergency departments, <a href="https://www.abc.net.au/listen/programs/am/holiday-medico-shortages-in-rural-and-remote-australia/103266540">school holidays</a> are often the busiest times. No-one plans a trip to the emergency department on holidays. But if you need health care, there are often other ways of accessing it than turning up at a rural hospital. Here’s why it’s so important to leave rural emergency departments for life-threatening illness or injuries, and some other options for seeking care. <h2>We’re short of doctors and nurses</h2> The Australian Institute of Health and Welfare <a href="https://www.aihw.gov.au/reports/rural-remote-australians/rural-and-remote-health">reports</a> a significant shortfall of nurses and specialist doctors in rural towns compared with staffing levels in big cities. This means many small rural emergency departments only have nurses on staff, with doctors on call or consulted remotely from a larger hospital. In a <a href="https://www.sciencedirect.com/science/article/pii/S1755599X2300143X">study</a> published earlier this year, my colleagues and I discovered this dynamic was especially challenging for rural emergency nurses when critically ill patients presented. One nurse told us: "We need more staff. I mean, I look at these emergency TV shows, and you see them in Kings Cross at the big hospitals there or overseas, they get a phone call […] there’s a resus coming in. Everyone’s standing around the bed with all their signs on, the airway/circulation/team leader […] and here, we have two people. It’s just so different. It’s just a false sense of reality. It’s ridiculous." So emergency departments should be used for <a href="https://www.health.nsw.gov.au/Hospitals/Going_To_hospital/Publications/keep-ed-emergencies.pdf">emergencies only</a>. These include: <ul> <li>sudden collapse</li> <li>chest pain or pressure lasting more than ten minutes</li> <li>breathing difficulty</li> <li>serious mental health condition</li> <li>uncontrollable bleeding.</li> </ul> When emergency departments are used responsibly, this can reduce the pressure on staff. It ensures the most seriously ill receive the care they need promptly. <h2>What are my alternatives?</h2> Here are four ways you and your family can be better prepared for your rural holiday and avoid an unnecessary visit to the emergency department. 1. Pack your scripts and medical history summary Bring essential scripts and medications with you. This reduces the need to visit the local emergency department and ensures you have what you need during your stay. Do you have a chronic condition or have had a recent illness or surgery? Make sure you speak to your GP before you go. They can provide a medical health summary that includes your recent treatments and medications. Alternatively, if you have access to <a href="https://www.digitalhealth.gov.au/initiatives-and-programs/my-health-record">My Health Record</a>, ask your GP to prepare a shared health summary and upload it to your record. If you need medical care, this summary will assist in a timely assessment. 2. Call Healthdirect, NURSE-ON-CALL or 13HEALTH depending on where you are <a href="https://www.healthdirect.gov.au/how-healthdirect-can-help-you">Healthdirect</a> is a 24-hour telephone health advice line (known as NURSE-ON-CALL in Victoria or 13HEALTH in Queensland). By calling the relevant number, you will be connected to a registered nurse who will ask a series of questions and provide evidence-based advice and guidance. The Healthdirect website also offers an interactive <a href="https://www.healthdirect.gov.au/symptom-checker">symptom checker</a> to advise whether you should see a GP, go to an emergency department, or manage your symptoms at home (or in this case, on holidays): <ul> <li> <a href="https://www.healthdirect.gov.au">Healthdirect</a> - 1800 022 222 </li> <li> <a href="https://www.healthdirect.gov.au/nurse-on-call">NURSE-ON-CALL</a> (Vic) - 1300 60 60 24 </li> <li> <a href="https://www.qld.gov.au/health/contacts/advice/13health">13HEALTH</a> (Qld) - 13 43 25 84. </li> </ul> 3. Need a GP? How about GP telehealth services? For minor health concerns or non-urgent issues, <a href="https://www.smh.com.au/national/nsw/how-emily-took-advantage-of-one-of-the-few-good-things-to-come-out-of-covid-20240507-p5fpg3.html">GP telehealth services</a> are a remote-access option that can be used when away from home. Before you go away, check with your GP to see if they offer a <a href="https://www.health.gov.au/topics/health-technologies-and-digital-health/about/telehealth">telehealth service</a>. 4. Go to an Urgent Care Clinic The Australian government has funded the opening of <a href="https://www.health.gov.au/find-a-medicare-ucc/about">Urgent Care Clinics</a> across the country. These clinics provide medical assessment and care for urgent illnesses or injuries. They have been created as a solution to divert people away from busy emergency departments. But these Urgent Care Clinics are not suitable for people experiencing emergency or life-threatening conditions. Urgent Care Clinics are ideal for illnesses and injuries that would require urgent treatment such as gastroenteritis, minor infections, lacerations and back pain. Check <a href="https://www.health.gov.au/find-a-medicare-ucc">here</a> to find your closest clinic. <hr /> Please keep the emergency department for life-threatening illnesses or injuries, and if needed, call 000 for an ambulance immediately.<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;" src="https://counter.theconversation.com/content/232262/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/katherine-riley-1499452">Katherine Riley</a>, Lecturer, School of Nursing, <a href="https://theconversation.com/institutions/university-of-wollongong-711">University of Wollongong</a> and <a href="https://theconversation.com/profiles/rebekkah-middleton-314433">Rebekkah Middleton</a>, Associate Professor, School of Nursing, <a href="https://theconversation.com/institutions/university-of-wollongong-711">University of Wollongong</a> Image credits: Shutterstock This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/planning-a-country-escape-these-school-holidays-4-ways-to-avoid-clogging-up-the-emergency-department-232262">original article</a>. </div>

Domestic Travel

Commonly overlooked estate planning matters

Estate planning is a complex business, making it easy to overlook some important considerations, potentially with costly results. Aside from basic issues like forgotten assets (always keep written records) and inaccurate details (double check everything before signing), seven of the most commonly disregarded estate planning matters are as follows: <ol> <li>Wills</li> </ol> Unlike many younger people, for over sixties the more common issue is not the lack of a will, but one which is out of date. Out-of-date wills complicate matters for executors, can delay probate for your beneficiaries, and may not reflect your true wishes (imagine inadvertently leaving everything to your ex or omitting one or more grandkids!). Update your will as your circumstances change – relationships (divorce, new partner etc), births and deaths, adult children getting married or divorced, exiting a business, asset sales, and so on. Retirement often brings its own changes too – e.g. a sea or tree change, new boat or caravan – which also should be updated in your will. <ol start="2"> <li>Letter of wishes</li> </ol> Wills are typically not read until after a funeral. As such, a letter of wishes is a useful addition for loved ones to have accessible immediately after your death. It can cover everything from funeral arrangements, burial vs cremation, and where you wish to be laid to rest to outlining intentions longer term, such as how any underage children are to be raised and educated, or care arrangements for any pets. <ol start="3"> <li>Super beneficiaries</li> </ol> One of the biggest myths about superannuation is that it is covered by your will. Super is treated separately, meaning you must nominate your beneficiaries within your super fund. And update them as circumstances change. This can be useful for blended families – leaving your super to children/grandchildren from a past relationship without encroaching on the assets of your current partner. Without nominating beneficiaries, the funds could go somewhere else entirely – even to government coffers. <ol start="4"> <li>Advanced Health Directive (a ‘living will’)</li> </ol> Estate planning doesn’t just cover your wishes once you’re gone. Yet people often focus solely on this aspect and overlook how they want to be looked after in the event of ill health or injury preventing them from being able to make decisions (e.g. stroke, terminal illness, severe accident). An Advanced Health Directive can express your wishes and values on everything from life support and resuscitation to palliative care, medical treatments, and who you wish to be able to speak on your behalf. <ol start="5"> <li>Insurances</li> </ol> Rarely do people have adequate insurance coverage for their needs. There are insurances in super, which may cover death and permanent disability. Insurance of assets. Income protection insurance. And health insurance. It’s important to right-size your insurance for your current needs and adapt that cover as your circumstances change. That means: <ul> <li>Taking out new policies for new assets and investments.</li> <li>Updating policy inclusions and exclusions, such as relating to age.</li> <li>Cancelling insurances you no longer need (e.g. sold assets or professional indemnity once you retire).</li> </ul> <ol start="6"> <li>Tax implications</li> </ol> Because Australia has no inheritance tax, many people are lulled into a false sense of complicity over tax implications in estate planning matters. However, beneficiaries can be liable for both Capital Gains Tax and income tax on inherited assets – potentially outweighing the value of those assets altogether. Additionally, your own tax status should be considered. For instance, you may be paying more tax by holding an income-producing asset rather than transferring ownership to a loved one before you pass away. <ol start="7"> <li>Tailored professional advice</li> </ol> DIY will kits, self-titled “expert” authors, and avoiding advisers to save money overlook the true value of tailored, professional advice given the complexity of estate planning. You don’t know what you don’t know, meaning the margin for error is huge. And when it comes to money, tax and estate law, errors can be expensive indeed. A good lawyer, accountant and financial adviser can more than pay for themselves by helping you avoid overpaying taxes, complex legal disputes, insufficient asset protections and lost wealth creation opportunities. And given estate planning is ultimately about peace of mind, can you – or your family – really afford to overlook such valuable insight? Image credits: Shutterstock Helen Baker is a licensed Australian financial adviser and author of On Your Own Two Feet: The Essential Guide to Financial Independence for all Women. Helen is among the 1% of financial planners who hold a master’s degree in the field. Proceeds from book sales are donated to charities supporting disadvantaged women and children. Find out more at <a href="http://www.onyourowntwofeet.com.au/">www.onyourowntwofeet.com.au</a> Disclaimer: The information in this article is of a general nature only and does not constitute personal financial or product advice. Any opinions or views expressed are those of the authors and do not represent those of people, institutions or organisations the owner may be associated with in a professional or personal capacity unless explicitly stated. Helen Baker is an authorised representative of BPW Partners Pty Ltd AFSL 548754.

Legal

How do I plan for my retirement? Step one – start right away

<div class="theconversation-article-body"><a href="https://theconversation.com/profiles/bomikazi-zeka-680577">Bomikazi Zeka</a>, <a href="https://theconversation.com/institutions/university-of-canberra-865">University of Canberra</a> Planning for retirement is important because it will help you build the nest egg you’ll need to financially sustain your retirement years. Past <a href="https://www.tandfonline.com/doi/epdf/10.1080/03601277.2012.660859?needAccess=true">studies</a> have shown that those who plan for their retirement are more likely to be better off at retirement compared to those don’t. The sooner the planning process gets underway, the better. This gives your money more time to grow by generating investment returns. And the income from your first job is your first opportunity to save for retirement. As the saying goes: “The best time to plant a tree was 20 years ago. The second best time is now.” As people <a href="https://www.statssa.gov.za/?p=15601">can expect to live longer</a>, they must save more for retirement so that they don’t outlive their savings. This is particularly true given that the pensions landscape worldwide has undergone some major changes. In the past, governments and employers provided retirement income for individuals through government social security benefits and employment-based retirement funds. Because of increasing life expectancies, pension plans that guaranteed a retirement benefit to employees are now rare. Employees are now responsible for making contributions towards their own pensions as well as choosing the investments offered by the pension fund. Since employers are no longer responsible for funding their employees’ retirement and governments lack resources to provide a universal state pension, each person is ultimately responsible for ensuring they have enough retirement savings. So it’s very important to know the basics of the retirement planning process. As a researcher, I’m interested in how people use financial products to overcome economic challenges and build wealth. One of the things I investigate is whether planning for retirement leads to better retirement outcomes. For instance, my <a href="https://www.researchgate.net/profile/Bomikazi-Zeka-2/publication/340130176_Retirement_funding_adequacy_in_black_South_African_townships/links/5e8bf3924585150839c6408b/Retirement-funding-adequacy-in-black-South-African-townships.pdf?_sg%5B0%5D=started_experiment_milestone&origin=journalDetail&_rtd=e30%3D">research</a> has found that individuals whose financial affairs are in order are more likely to maintain their standard of living at retirement. Given that everyone’s financial situation is unique, it’s always a good idea to speak to a financial planner for tailored financial advice. If you haven’t given retirement planning much thought or don’t know where to start, here are four points to help get the ball rolling. <h2>What are my retirement goals?</h2> Retirement goals make you think about what you want to achieve by the time you retire and what you need to do to achieve it. Some people may have a goal in mind about when they want to retire, or how much wealth they’d like to have by the time they retire. And since wealth has different meanings for different people, others may think about maintaining or improving their standard of living at retirement. Once you’ve thought about your retirement goals, the <a href="https://corporatefinanceinstitute.com/resources/management/smart-goal/">“smart” goals</a> framework is a useful guide. It outlines that goals should be: specific, measurable, attainable, relevant and time-bound. When goals are clear, within reach, achievable, realistic and time-sensitive, they become a blueprint to help you turn them into a reality. <h2>How do I start saving for retirement?</h2> For those who have a job that comes with retirement fund membership, a workplace pension is used to provide for retirement. But there are also other options available to help you save. For instance, retirement annuity funds are voluntary retirement savings. Personal assets such as <a href="https://www.allangray.co.za/what-we-offer/unit-trust-investment/#fund-3">unit trusts</a> or <a href="https://www.gov.za/faq/money-matters/how-can-i-make-tax-free-investment">tax-free investments</a> can also be used as a savings tool. Unit trusts are generally better suited for people willing to take on risk because their value is tied to the movements of financial markets. In other words, they can generate positive returns but they can also lose value. The drawback of tax-free investments in South Africa is that they have a lifetime contribution limit. You can’t use them to save more than R500,000 (US$27,400). Each of these options has its advantages and disadvantages and what works best for one person may not be best for another. But there are several ways to save for retirement depending on your financial situation and retirement goals. Getting professional advice will help you determine what’s best for you. <h2>Will my retirement savings be enough?</h2> Once you’ve set your retirement goals and have a retirement savings plan in place, you can calculate whether you are saving enough to achieve your retirement goals. For example, if your retirement goal is: “I want to retire at the age of 65 years with an income equivalent to R35,000 (US$1,900) per month” then you can use a <a href="https://www.sanlam.co.za/tools/Pages/retirement.aspx">retirement calculator</a> to track your progress and determine whether you need to make adjustments to meet your goals. You might have to increase the monthly amount you’re putting away for retirement or reconsider your retirement age. The retirement calculators are also a useful tool for regular check-ins on your progress should your financial situation change – for example, if you change employers and earn a different salary. <h2>What other issues should I consider?</h2> It’s also important to think about your lifestyle and priorities. For instance: <ul> <li> do you aim to retire with your mortgage settled? </li> <li> are there debts you plan to clear before you retire or children who need financial support at retirement? </li> <li> would you like to renovate your home? </li> <li> would you like to buy a new car when you reach retirement age? </li> </ul> Another important consideration is healthcare costs. Many people assume that they will be able to work indefinitely and overlook the fact that healthcare costs may increase with age. <h2>Starting early matters</h2> Many people plan to work after retirement age, while others don’t plan to retire at all. It may be that they can’t afford to. They may have accessed their retirement benefits too soon, made inconsistent retirement fund contributions, or had to pay high administrative costs that eroded the final value of a retirement payout. So best be prepared. Retirement may seem like a distant event to plan and save for, especially when there are more pressing financial needs. It’s important to think about the financial decisions you make now that may cost you in the future. If you start to plan for your retirement now, your future self will thank you for it.<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;" src="https://counter.theconversation.com/content/230553/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/bomikazi-zeka-680577">Bomikazi Zeka</a>, Assistant Professor in Finance and Financial Planning, <a href="https://theconversation.com/institutions/university-of-canberra-865">University of Canberra</a> Image credits: Shutterstock This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/how-do-i-plan-for-my-retirement-step-one-start-right-away-230553">original article</a>. </div>

Retirement Income

Battling to make ends meet? Financial planning expert offers 5 tips on how to build your budget

<div class="theconversation-article-body"><a href="https://theconversation.com/profiles/bomikazi-zeka-680577">Bomikazi Zeka</a>, <a href="https://theconversation.com/institutions/university-of-canberra-865">University of Canberra</a> Every day seems to bring new headlines about rising costs. <a href="https://www.news24.com/news24/africa/news/nigerias-big-unions-call-indefinite-strike-over-fuel-prices-and-the-cost-of-living-20230926">In Nigeria</a>, unions are threatening to strike amid soaring fuel prices; the country’s inflation rate <a href="https://www.cbn.gov.ng/rates/inflrates.asp">hit 25%</a> in August. The amount it costs to fill a food basket in South Africa <a href="https://pmbejd.org.za/wp-content/uploads/2023/09/PMBEJD_Key-Data_September-2023_27092023.pdf">keeps climbing</a>. Ghanaians <a href="https://www.reuters.com/world/africa/multi-day-protests-over-economic-crisis-grip-ghanas-capital-2023-09-23/">took to the streets</a> of Accra in late September to protest about the cost of living. A <a href="https://www2.deloitte.com/us/en/insights/industry/retail-distribution/consumer-behavior-trends-state-of-the-consumer-tracker.html">recent study by the audit and consulting firm Deloitte</a> found that 75% of South Africans were concerned that the prices for everyday purchases would continue to increase, while 80% of consumers across all income groups expected the prices of groceries, household utilities and fuel to rise. This stark reality means budgeting may be more necessary than ever. If you don’t know how to create a budget, then you shouldn’t feel bad – most adults aren’t taught how to create one. And most people don’t budget, because they see it as restrictive or unsustainable. But it need not be: once you appreciate that a budget can work for you, it can be a financially empowering exercise. It’s a cornerstone of financial planning because it ensures you are living within your means and helps you remain in financial control. As a financial planning academic, I focus in <a href="https://researchprofiles.canberra.edu.au/en/persons/bomikazi-zeka/publications/">my research</a> on improving financial wellbeing and promoting savings behaviours through interventions such as budgeting. Here are five guidelines for creating a budget. <h2>1. Apps vs spreadsheet</h2> A good place to start is to choose the format of how you’re going to budget. There are several <a href="https://www.sanlamreality.co.za/wealth-sense/setting-up-a-family-budget-that-works/">online templates</a> and apps you can use for budgeting. For instance, <a href="https://www.22seven.com/">22Seven</a> has gained popularity in South Africa due to its compatibility with several financial institutions, including the country’s big five banks. Similarly, <a href="https://www.the-star.co.ke/business/kenya/2021-01-25-budgeting-using-mint-app/">Mint</a> is a popular budgeting tool that is used in Kenya and Nigeria. If you prefer to put pen to paper, some online templates come with <a href="https://www.wonga.co.za/blog/free-budget-template">free printable budgets</a>. Creating your own <a href="https://create.microsoft.com/en-us/learn/articles/how-to-make-excel-budget">Excel spreadsheet</a> is an equally good approach. What matters most is using a tool that you can commit to. <h2>2. Itemising your income and expenses</h2> A budget essentially shows how much you’re spending in relation to how much you’re earning. So once you have selected your budgeting tool, you need to fill in your income and itemise how much you’re spending on each expense in a month. A budget can be considered a cashflow statement because it allows you to track money coming in (income) and money going out (expenses). If you are living within your means, your budget should indicate a surplus – more cash inflows than cash outflows. So budgeting provides an accurate account of your short-term financial position. <h2>3. A realistic account of expenses</h2> When you look at your financial statements, fill your expenses into your budget honestly and accurately. Don’t cheat! Since everyone’s financial situation is different, your budget will also be unique. Even though there is no one-size-fits-all approach to budgeting, it should still consider all of your expenses (both regular and intermittent). A general rule of thumb is that if it’s deducted from your account then you should treat it as an expense. This includes payments for housing, medical insurance, fuel, dining out, credit card repayments and even bank fees. <h2>4. Save first, spend later</h2> Now you’ve seen how much you’re spending. Either it’s too much – and you can plan where to cut back – or you have savings at the end of the month. When compiling your budget it’s important to demarcate how much will be in the form of savings. What’s more important is getting into the habit of saving before you spend instead of saving after spending. If you spend first then you’ve deprived yourself of the opportunity to save for a rainy day. Furthermore, <a href="https://eprints.hud.ac.uk/id/eprint/10231/1/Microsoft_Word_-_submitted_version_3rd_June_201.pdf">research</a> has shown that getting into the habit of saving has a transgenerational effect: it can be considered a cultural value that is passed on from one generation to another. So think of saving as paying yourself first. Once you have done so, you won’t feel guilty for treating yourself because you’ve already done the financially responsible thing by putting your savings aside. <h2>5. Considering assets and liabilities</h2> Once you’ve become comfortable with consistently budgeting, you can take it up a notch by including your assets (everything you own with an economic value) and liabilities (everything you owe) to determine your overall financial position. You can get a clearer picture of your overall financial wellbeing by compiling a list of all your assets, for example your savings and <a href="https://www.investopedia.com/terms/h/home_equity.asp">home equity</a>, in relation to liabilities (such as bank loans). Knowing your long-term financial position can indicate how financially resilient or vulnerable you are. In the event of a financial emergency, you will know which resources you can draw upon to meet an unexpected expense. By creating a budget (and sticking to it), you can protect yourself and your household from financial shocks. Consider the alternative. Imagine you haven’t budgeted and set savings aside. If a financial emergency were to arise, your next best bet would be to borrow the funds you need. You’d have to come up with a plan to repay what you’d borrowed while also building your savings. <h2>A healthy habit</h2> Getting into the habit of budgeting isn’t easy, especially if you haven’t done it before or you’re intimidated by the process. But, as the expression goes, “a journey of a thousand miles begins with a single step”. Think of budgeting as taking a small but important step towards reclaiming control over your finances and improving your financial well-being.<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;" src="https://counter.theconversation.com/content/214861/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/bomikazi-zeka-680577">Bomikazi Zeka</a>, Assistant Professor in Finance and Financial Planning, <a href="https://theconversation.com/institutions/university-of-canberra-865">University of Canberra</a> Image credits: Getty Images This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/battling-to-make-ends-meet-financial-planning-expert-offers-5-tips-on-how-to-build-your-budget-214861">original article</a>. </div>

Money & Banking

Insider spills on Robert Irwin's plans for I'm a Celeb

Robert Irwin received rave reviews for his co-hosting skills alongside Julia Morris on this year's I'm a Celebrity...Get Me Out of Here, but an insider has claimed that he won't be returning for another season. "His easygoing and faultless live TV skills have won over the nation. But his career at Ten will only be short-lived, and he is heading back to Seven," a source told Woman's Day. The negotiation is believed to have been orchestrated by the ultimate "mumager" Terri Irwin. "The Irwins are very smart when it comes to negotiations," the insider added. The source also claimed that Robert's decision to join I'm a Celebrity was seen as a one-off opportunity to elevate his television profile - which he has achieved after bringing fresh energy into the show. Channel Seven is reportedly keen to welcome Robert back with a massive deal, according to the source. "Seven want Robert back and have thrown a king's ransom at him," they said. If the deal goes through, Julia Morris will have to find a new partner to head to the jungle with. Many fans have praised Robert for bringing some fun into the jungle. "I have not ever been keen on watching this show but Robert you have brought some class and good honest fun to the jungle. Thank you," one fan wrote under a clip of the show's grand finale that Robert posted on his Instagram. "How awesome was Robert? This gig was like it was made for him. What a natural," another added. "Best year of I'm a Celebrity, and it was because you added something to the show as Co-Host. Brilliant job for somebody with no experience but with a lot to give," commented a third. Images: Instagram

Seven's insane plan to ambush Lisa Wilkinson exposed

A bizarre plan pitched by Channel Seven for Bruce Lehrmann to ambush Lisa Wilkinson has been revealed. According to several close friends of Mr Lehrmann, Channel Seven's Spotlight program suggested that Lehrmann hover around the Sydney suburb of Cremorne in the hopes of catching Lisa Wilkinson unawares. They proceeded to explain to <a href="https://www.news.com.au/national/nsw-act/sevens-plan-for-bruce-lehrmann-to-ambush-lisa-wilkinson-in-public/news-story/1e6df346affc123ad23f1f7efcb12136" target="_blank" rel="noopener">news.com.au</a> how they wanted Lehrmann to confront Wilkinson while a cameraman stood close in the hopes of manufacturing a must-see TV moment. Mr Lehrmann's friends said he was not keen on the idea, although the program continued to suggest the ambush. As the fallout continues over untested allegations in the Federal Court that Mr Lehrmann leaked Brittany Higgins’ private text messages to the current affairs program, the former Liberal staffer’s mates are spilling the beans on claims of the program’s bizarre plan. “Bruce very much wanted a third program. But that was a bridge too far," another friend said. “Seven were desperate for ideas. They raised it several times. On many occasions I met with Bruce after meetings and they were pushing for it." “The plan as described was (they) wanted Bruce to be at a local cafe that they knew Lisa Wilkinson would go to and they would have a TV camera confront her.” When asked what Mr Lehrmann planned to say during the ambush, the friend admitted, “I dunno. I don’t know if they thought that far ahead.” Mr Lehrmann’s inner circle claim that it was just one of a number of wild ideas floated by Spotlight producer Steve Jackson as they pitched ideas for future programs about Lehrmann. Another confidante of Mr Lehrmann’s said the Wilkinson plan was “bizarre” and joked it seemed to involve Mr Lehrmann jumping from behind a pot plant to startle the TV star, an idea the former Liberal staffer wasn't keen for, despite the Seven “ideas factory”. “It wasn’t something that Bruce (Lehrmann) pushed," the source said. “Spotlight had a million viewers and so they were always looking for any excuse for a third program. The plan was to spark some sort of public row.” Mr Lehrmann’s criminal trial was delayed in the wake of Wilkinson’s ill-fated Logies speech, but his barrister Steve Whybrow SC has hailed the speech as keeping him out of jail. “Frankly, if it wasn’t for Lisa Wilkinson’s speech at the Logies, Bruce would probably be in jail. Thank God for that speech," Mr Whybrow said. Image credits: Getty Images

Legal

Clive Palmer's plans to build Titanic II resurface

Just when you thought we'd exhausted all of the possible billionaire pet projects, Clive Palmer, the Queensland mining magnate with pockets deeper than the Mariana Trench, has once again proven us wrong. For more than a decade now, Palmer has harboured a peculiar obsession: resurrecting the ghost of the Titanic, the world's most infamous maritime disaster. Palmer wants to build Titanic II, because when you've got more money than you can count, why not embark on a maritime venture that's already synonymous with catastrophe? Palmer, with the audacity only wealth can afford, has been pushing for this Titanic replica since 2012. Not content with merely one failed attempt, he launched the project again in 2018. Now, after another six years and a global pandemic, he's dusting off his captain's hat and setting sail once more, announcing the Titanic II's re-launch at the Sydney Opera House (because when you're Clive Palmer, a press conference venue like the local community centre just doesn't cut it). But why, you may ask? According to Palmer himself, it's a simple matter of economics: "I’ve got two options, either give my wife more money for shopping or spend it on the Titanic and I’m spending it on the Titanic because she’s shopped enough." Ah, yes, the age-old dilemma of whether to buy your spouse another designer handbag or fund a one-billion-dollar replica of a ship that sank over a century ago. We've all been there. Despite the naysayers who dismissed Palmer's dream as nothing more than the folly of a rich eccentric, he remains undeterred. Now, with the pandemic in the rearview mirror and cruise ships once again cruising, Palmer sees this as the perfect time to resurrect his Titanic dream. Because what better way to celebrate the end of a global health crisis than by building a monument to maritime tragedy? Palmer assures us that this time around, things will be different. The plans are similar to previous iterations, but now they comply with current regulations. Tenders are being sought, with plans to confirm a shipbuilder by year's end with the intention of setting sail by 2027. And what can prospective passengers expect from this seafaring spectacle? Well, according to Palmer's team, an eight-minute video featuring period costumes and a layout straight out of the early 1900s. Passengers will even be encouraged to dress the part (though that's not compulsory; nothing screams "fun vacation" like wearing corsets and three-piece suits in the middle of the ocean). But fear not, third-class passengers, you won't be left out of this Titanic experience. You'll get to enjoy stew and mash at communal dining tables, just like the good old days. Although, for those who prefer their meals without a side of historical accuracy, other options will be available. In amongst of all this, Palmer has grandiose visions of Titanic II as a symbol of world peace. “We all know how to make war," he announced at the press launch. "We get armies and we fund wars. People know about that. But it is a lot harder to make peace. To make peace you have got to stick with it every day. You progress inch by inch. “Titanic ll is something that can provide peace. It can be a ship of peace between all countries of the world. Millions have dreamt of sailing on her, seeing her in port and experiencing her unique majesty. Titanic ll will be the ship where those dreams come true.” So, as Palmer sets sail on his quixotic quest to recreate history, we can't help but wonder: Is Titanic II a testament to human ingenuity or just another billionaire's folly? Only time will tell. But if history has taught us anything, it's that sometimes, even the grandest dreams can end up at the bottom of the ocean. Images: Rod Eime / Wikimedia

Cruising

"I want answers": Simon Dorante-Day's cunning plan to prove royal connections

The Queensland man claiming to be the son of King Charles and Queen Camilla has shared his new plan to prove once and for all that he has royal family connections. Simon Dorante-Day has long claimed through his 30 years of research, he discovered that he is the illegitimate son of the monarch, and has attempted to prove his theory through various means. Now, his new plan to get his hands on royal DNA to unequivocally prove his family heritage involves another member of the royal family. Speaking with <a href="https://7news.com.au/lifestyle/aussie-man-claiming-to-be-charles-son-drops-new-prince-harry-dna-bombshell-c-13488374" target="_blank" rel="noopener">7News</a>, the 57-year-old said he and his wife have been told by a “trusted source” that Prince Harry could be amenable to helping them gather proof. “We got advice from a really good, really trusted source that we should approach Harry and make a connection there and ask for DNA,” Elvianna said. Simon added, “I was really taken aback when he said that. But it’s definitely something I’m going to do. I’ve long been a supporter of Harry and Meghan, I think it’s disgraceful the way they’ve been treated by the royal family." “The way they are treated on social media too, it’s just one big ‘Punch-Meghan-and-Harry-a-thon’, seriously. It’s really starting to annoy me." He said he is planning to "make contact with him and explore this as an opportunity," pointing out that the royal family's treatment of Harry could make him more willing to help. "At the end of the day, I feel like he just might be as keen as I am to expose what Charles and Camilla and the powers that be have done to me. The injustice." “It’s worth me pointing out that Charles and Camilla, Buckingham Palace, the entire royal family - not one of them has ever said my claims are not true. They’ve never denied what I believe, told me I’m wrong." Simon said “the wheels are in motion” in terms of making contact with Prince Harry, and that he’s hopeful of a positive outcome. “I want answers,” he said. “And I feel Prince Harry is the man to help me find them.” “And I think their silence speaks volumes.” Simon said “the wheels are in motion” in terms of making contact with Prince Harry, and that he’s hopeful of a positive outcome. “I want answers,” he said. “And I feel Prince Harry is the man to help me find them.” Image credits: Facebook / Getty Images

Family & Pets

One humble Sydney pub's big plans for Princess Mary's coronation

A pub in Sydney has shared their plans to celebrate Crown Princess Mary's coronation as she ascends to the Danish throne. The Slip Inn, a Merivale-owned pub near Sydney's Darling Harbour, was where Princess Mary met Denmark's Prince Frederik in 2000 during the Olympic Games. Now, the Aussie princess is set to become Queen of Denmark following the shock announcement of the abdication of Queen Margrethe, who announced she will be handing the throne to her son as of January 14th. In celebration of the Princess Mary <a href="https://oversixty.com.au/lifestyle/family-pets/crown-princess-mary-set-to-make-history" target="_blank" rel="noopener">making history</a> as the first Aussie to ever hold the title of Queen Consort, the Slip Inn have shared their plans for coronation day. The pub will be honouring the occasion with a Danish themed menu and decorations ahead of a busy weekend expected to attract tourists and royal punters. The Slip Inn is closed on Sunday, so there will be no live broadcast of the official proclamation ceremony taking place in Copenhagen, however the pub couldn’t let the day pass without paying tribute to the couple. Danish flags will fly throughout the venue, while Daisies, the national flower of Denmark, will adorn the venue and King and Queen thrones have been installed for people to pose on and take photos with. A special menu will feature hotdogs and a Scandinavian inspired cocktail titled “There’s Something About Mary”. The Danish-inspired menu will run at The Slip Inn for the whole month of January to celebrate the new King and Queen. Chief operating officer at Laundy Hotels Justin Tynan said the Sussex St pub was “the place to be” in Sydney’s thriving night-life scene of the time, and soon became the centre of royal attention after the couple disclosed it as their meeting place. “I think I did about 50 live crosses around the world when the news broke,” he said of the time. “The Danish flag still hangs out the front of the building but back in the day we put Carlsberg beer on, we put Danish food on the menu, we had buses turning up with Danish tourists just wanting to see exactly where they were.” “It was absolutely crazy.” Image credits: Getty Images

Relationships

Poh reveals birthday plans for her big 5-0

Aside from her cooking skills, MasterChef's Poh Ling Yeow is also known for her “ageless beauty” and this year, the beloved cook is gearing up for a double celebration. “My 50th birthday falls close to Christmas, and my dad wants to combine the two celebrations this year,” she told Yahoo Lifestyle. Poh told the publication that she opted to merge her birthday celebration and Christmas festivities in an effort to make the holiday season “stress-free” for her and her loved ones. “The key to a stress-free Christmas is reducing your personal workload, and I can’t think of a better way to get into the festive spirit than sharing preparations for the big day with family. It’s always potluck at the Yeow family Christmas!” And as you'd expect from a seasoned chef, this year's menu consists of a few of her own “centrepiece mains”. Her other tip for reader's at home hoping to make Christmas more stress-free is to ask guests to bring a side or dessert. “I love a grated beet, chickpea and mint salad with white balsamic that’s full of crunch and almost like a pickle,” she said. "Also, a Thai roast chicken and glass vermicelli salad, and a Korean japchae (sweet potato noodle salad). “My family, bless them, loves a proper retro trifle. It starts with making finger jello by adding 1 tablespoon of powdered gelatine to a raspberry or strawberry jelly so you can easily cut them into cubes after it’s set." She then shared her tip for making the trifle. “Then it’s just a matter of layering sliced, store-bought jam rollettes drowned in regular strawberry jelly mixture, tinned peaches, fresh strawberries, custard made with powdered custard mix, fresh cream then piling on the prepared jelly cubes.” Images: Yahoo Lifestyle

Food & Wine

The Beast's exciting Down Under plans

Mark Lambett, better known as The Beast on The Chase Australia is living in a state of "pure happiness" with his girlfriend. Months after going public, Mark and his partner, British presenter Hayley Palmer, are busy planning the next stage of their relationship. The couple could be heading to Australian shores, as Palmer told <a href="https://7news.com.au/entertainment/celebrity/the-chase-star-mark-the-beast-labetts-girlfriend-hayley-palmer-tells-of-australia-plans-c-12666368" target="_blank" rel="noopener">7News</a> that it would be "a dream" to spend some quality time Down Under. “I would love to come out to Australia. Mark and I have talked about it,” she said. “I have been to Sydney and Manly Beach is my favourite,” she says, adding that the picturesque ferry ride from the city is part of the fun. “So I really do hope to come out — that would be an absolute dream. I must put it on my vision board.” Palmer admitted that part of her love of Australia comes from watching Home and Away, with the Channel 7 soap showcasing influencing her love of the country's sandy beaches. “I am a huge Home and Away fan. Anyone will tell you that. I absolutely love it,” the presenter says. A trip to Australia would be a welcome holiday for the couple, who have been doing long distance for most of their relationship. Lambett has been in Australia filming the local version of The Chase game show, while Palmer has been working in her native England. It is because of this that they have learned to embrace “long distance”, with Palmer convinced it is why their relationship “really works”. “I think regarding the long distance, we both have our passions and dreams that we follow, so you have your own thing going on and then when you come back with your partner it is the cherry on top,” she says. “It’s a lovely feeling when you get together." “We’re both quite similar like that. We’re always busy and we come together and it’s pure happiness.” Image credits: Instagram

Relationships

“Coast-to-coast”: Rinehart's radical plan to save the Commonwealth Games

The 2026 Commonwealth Games has faced grim uncertainty ever since the <a href="https://www.oversixty.com.au/finance/money-banking/i-m-not-here-to-apologise-dan-andrews-fires-up-as-comm-games-is-scrapped" target="_blank" rel="noopener">Victorian government withdrew its commitment to host the event</a>, leaving Australia in a precarious situation. However, a new and radical proposal by Australia's wealthiest individual, Gina Rinehart, supported by Gold Coast Mayor Tom Tate and Perth Lord Mayor Basil Zempilas, suggests a unique solution to save the Games. Rinehart's proposal involves hosting the event in two cities at opposite ends of the country – the Gold Coast and Perth. The initial plan by the Victorian government to host the Games across multiple towns in regional Victoria was abandoned due to the reported $4 billion price tag. This decision left Australia without a host city for the 2026 Games, and no alternative has been proposed since. Additionally, the withdrawal of support from the Canadian city Alberta for the 2030 event further complicated the future of the Commonwealth Games. Now, in a letter addressed to Prime Minister Anthony Albanese, Rinehart, Tate and Zempilas have suggested a bold coast-to-coast approach for the Commonwealth Games. The idea is to utilise existing facilities in the Gold Coast and Perth, with each city hosting a week of the Games. The proposal aims to showcase Australia on a national scale, providing a unique background for discussions with Commonwealth heads. “We believe that a coast-to-coast Games presents a special opportunity to showcase Australia and provides an excellent background for you to invite those heads of the Commonwealth you may wish to have further discussions with, and/or entertain,” the letter reads. “A background where Australia pulls well above its weight, and shines!” While the proposal has gained support from key figures, including Rinehart's assertion that it would not be too difficult to execute, some critics have raised practical concerns. Melbourne radio host Tom Elliott expressed skepticism about the feasibility of a dual-city approach, citing the vast distance between the Gold Coast and Perth, which is over 4000km. “You could not pick two cities in Australia that are further apart from each other," Elliott said on his 3AW radio talk show. He also questioned the logistical challenges, such as the need for two athletes' villages and the movement of officials and volunteers between the two cities: “To have a Commonwealth Games split between the Gold Coast and Perth, I just think is utter madness... The idea is that they do the first week of events on the Gold Coast and the second week in Perth. But think about it – unless every official and volunteer moves between the Gold Coast and Perth – and where would you put them all? They effectively have to recruit all the people again just to make the Games run. You’ve got to build two athletes villages. It’s just such a dumb idea. “I think we need to accept, as sad as this is, that the era of the Commonwealth Games is over. Not that many people watch it, not that many countries compete in it, it doesn’t make any money – that’s the reason cities don’t want to host it.” Rinehart's letter counters that criticism, claiming that the dual-city approach would be popular, in the national interest, and beneficial for athletes and cities. She contends that the proposal would be more popular and less expensive than other recent expenditures, suggesting that funds allocated for other purposes, such as Papua New Guinea football, could be redirected to improve Australian facilities for the Commonwealth and later Olympic Games. Rinehart's bold proposal to host the 2026 Commonwealth Games in two cities at opposite ends of Australia certainly presents a novel solution. While critics question the practicality of the idea, proponents believe it could not only save the Games but also showcase Australia on a grand scale. As discussions unfold, the fate of the Commonwealth Games hangs in the balance, with Rinehart's vision offering a unique and ambitious alternative. Images: Getty / Facebook

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