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Australian Word of the Year announced

Cost-of-living pressures and anger at the nation-wide supermarket duopoly have influenced the Australian Word of the Year for 2024. The Australian National Dictionary Centre, based at the Australian National University, has chosen "Colesworth": a blended word referencing the country's largest supermarket chains, Coles and Woolworths. Senior Researcher Mark Gwynn said the word is almost exclusively used in negative contexts, with many calling out the power held by both supermarket giants. Although the word itself has been circulated for several years, its use has skyrocketed over the past 12 months, according to Gwynn. "Aussies walk out of the supermarket with less after paying more, but then hear news of massive profits in the supermarket sector. And with official investigations into some of the pricing practices at Australia's two largest supermarkets, it's no wonder that ordinary shoppers have become cynical," he said. "The blend of the supermarket names Coles and Woolworths into Colesworth provides a succinct way of referring to both supermarkets while at the same time hinting at the negative aspects of what is perceived as an unfair duopoly." Other shortlisted words include a mix of terms referencing politics, tax, and climate change. "Breaking" also made the shortlist, following the iconic performance by Australian artist RayGun at the Paris Olympic Games, with words included "climate trigger," "ute tax," and "YIMBY" (Yes In My Backyard). Image credits: Shutterstock

Books

Hotel booking sites actually make it hard to get cheap deals, but there’s a way around it

<div class="theconversation-article-body"><a href="https://theconversation.com/profiles/peter-martin-682709">Peter Martin</a>, <a href="https://theconversation.com/institutions/crawford-school-of-public-policy-australian-national-university-3292">Crawford School of Public Policy, Australian National University</a> Booking a place to stay on holidays has become a reflex action. The first thing many of us do is open a site such as <a href="https://www.wotif.com/">Wotif</a>, <a href="https://au.hotels.com/?locale=en_AU">Hotels.com</a> or <a href="https://www.trivago.com.au/">trivago</a> (all of which are these days owned by the US firm <a href="https://www.accc.gov.au/media-release/accc-will-not-oppose-expedia%E2%80%99s-proposed-acquisition-of-wotif">Expedia</a>), or their only big competitor, <a href="https://www.booking.com/">Booking.com</a> from the Netherlands. Checking what rooms are available – anywhere – is wonderfully easy, as is booking, at what usually seems to be the lowest available price. But Australia’s Assistant Competition Minister Andrew Leigh is concerned there might be a reason the price seems to be the lowest available. It might be an <a href="https://ministers.treasury.gov.au/ministers/andrew-leigh-2022/media-releases/supporting-tourism-and-accommodation-providers-set-their">agreement not to compete</a>, or the fear of reprisals against hotel owners who offer better prices. <h2>Agreements to not compete</h2> Leigh has asked the treasury to investigate, and if that’s what it finds, it may be the booking sites have the perverse effect of keeping prices high, especially when the substantial fees they charge hotels are taken into account. For now, the treasury is seeking information. It has set a deadline of <a href="https://treasury.gov.au/consultation/c2022-338978">January 6</a> for hotel operators and booking sites to tell it: <ul> <li> the typical fees charged by online booking platforms </li> <li> the details of any agreements not to compete on price </li> <li> whether hotels that try to compete get ranked lower on booking sites. </li> </ul> What’s likely to come out of it is a ban on so-called price-parity clauses that prevent discounting, or a ban on “algorithmic punishment,” whereby hotels that do discount get pushed way down the rankings on the sites. But in the meantime, there are things we can do to get better prices, and they’ll help more broadly, as I’ll explain. <h2>Flight Centre precedent</h2> <figure class="align-right zoomable"></figure> Back in 2018, in a case that went all the way to the High Court, the Australian Competition and Consumer Commission (ACCC) forced <a href="https://www.accc.gov.au/media-release/flight-centre-ordered-to-pay-125-million-in-penalties">Flight Centre</a> to pay a penalty of A$12.5 million for attempting to induce airlines not to undercut it on ticket prices. That the ACCC eventually won the case might be an indication price-parity clauses are already illegal under Australian law. But it’s a difficult law to enforce. This is why the treasury is considering special legislation of the kind in force in France, Austria, Italy and Belgium. The ACCC has known for some time that Expedia and Booking.com have included clauses in their contracts preventing hotels offering the same room for any less than they do, even directly. Rather than take the big two to court, in 2016 the ACCC “reached agreement” with them to delete the clauses that prevented hotels offering better deals <a href="https://www.accc.gov.au/media-release/expedia-and-bookingcom-agree-to-reinvigorate-price-competition-by-amending-contracts-with-australian-hotels">face-to-face</a>. <h2>The concession that conceded little</h2> From then on, hotels were able to offer better deals than the sites over the phone or in person, but not on their own websites. Given we are less and less likely to walk in off the street or even use the phone to book a hotel, it wasn’t much of a concession. Then, in 2019, with the Commission under renewed pressure from hotel owners for another investigation, Expedia (but not Booking.com) reportedly <a href="https://www.smartcompany.com.au/business-advice/competition/expedia-allow-hotels-undercut-prices-online/">waived</a> the rest of the clauses, giving hotel owners the apparent freedom to advertise cheaper prices wherever they liked including on their own sites without fear of retribution. Except several appear to fear retribution, and very few seem to have jumped at the opportunity. <h2>Algorithmic punishment</h2> An Expedia spokesman gave an indication of what might be in store when he was quoted as saying a hotel that undercut Expedia might “find itself ranked <a href="https://www.smartcompany.com.au/business-advice/competition/expedia-allow-hotels-undercut-prices-online/">below its competitors</a>, just as it would if it had worse reviews or fewer high-quality pictures of its property”. Being ranked at the bottom of a site is much the same as not being ranked at all, something Leigh refers to as “algorithmic punishment”. It’s not at all clear the present law prevents it, which is why Leigh is open to the idea of legislating against it. Although you and I may not often think about what hotels are paying to be booked through sites such as Wotif and Booking.com, and although what’s charged to the hotel isn’t publicised, it appeard to be a large chunk of the cost of providing the room. One figure quoted is <a href="https://www.smartcompany.com.au/industries/tourism/online-travel-booking-fed-up-small-businesses-call-accc-action/">20%</a>. Leigh says hotel owners have told him the fees are in the “<a href="https://ministers.treasury.gov.au/ministers/andrew-leigh-2022/transcripts/interview-geraldine-doogue-abc-saturday-extra">double digits</a>”, something he says is quite a lot when you consider the sites don’t need to clean the toilets, change the sheets or help on the front desk. <h2>‘Chokepoint capitalism’</h2> What this seems to mean (the treasury will find out) is almost all bookings are more expensive than they need to be because firms that sit at the “<a href="https://theconversation.com/chokepoint-capitalism-why-well-all-lose-unless-we-stop-amazon-spotify-and-other-platforms-squeezing-cash-from-creators-194069">chokepoint</a>” between buyers and sellers are squeezing sellers. A hotel could always abandon the sites and offer much cheaper prices, but for a while – perhaps forever – it will be much harder to find. In their defence, the operators of the platforms might say they need to get the best offers from hotels in order to make it worthwhile for the operators to invest in their sites, an argument the treasury is inviting them to put. In the meantime, with some hotels reluctant to put their best rates on their websites, but with them perfectly able to offer better rates over the phone, there’s a fairly simple way we can all get a better deal – and help fix the broader problem by weight of numbers. If we look up the best deal wherever we want online, and then phone and ask for a better one (or a better room), we might well find we get it. We might be saving the owner a lot of money. Leigh reckons the more we do ring up, the more the sites might feel pressure to discount their own fees, helping bring prices down even before he starts to think about writing legislation.<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/196460/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/peter-martin-682709">Peter Martin</a>, Visiting Fellow, <a href="https://theconversation.com/institutions/crawford-school-of-public-policy-australian-national-university-3292">Crawford School of Public Policy, Australian National University</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/hotel-booking-sites-actually-make-it-hard-to-get-cheap-deals-but-theres-a-way-around-it-196460">original article</a>. </div>

Travel Trouble

Having the ‘right’ friends may hold the secret to building wealth, according to new study on socioeconomic ties

<div class="theconversation-article-body"><a href="https://theconversation.com/profiles/brad-cannon-2216202">Brad Cannon</a>, <a href="https://theconversation.com/institutions/binghamton-university-state-university-of-new-york-2252">Binghamton University, State University of New York</a> Having wealthy people in your social network significantly boosts the likelihood that you’ll participate in stock markets and savings plans, according to a new working paper I co-authored. My colleagues and I <a href="https://www.nber.org/system/files/working_papers/w32186/w32186.pdf">recently conducted research</a> on social finance to understand the ways in which social networks affect stock market participation and savings behavior. This is important because a substantial fraction of households in the U.S., particularly <a href="https://www.axios.com/2023/10/18/percentage-americans-own-stock-market-investing">lower-income families, do not own stocks</a>. Given that the total return to the U.S. stock market from 1980 through September 2024 has been over 12,000% – for example, US$1,000 <a href="https://ofdollarsanddata.com/sp500-calculator/">invested in the S&P 500</a> in 1980 would be worth $121,350 today – this creates a disparity in wealth for those who participate relative to those who do not. Understanding why some people invest and others don’t is important for addressing social concerns such as rising inequality. In our study, we looked at <a href="https://academic.oup.com/ej/advance-article/doi/10.1093/ej/ueae074/7720537">social capital</a>, which is a measure of the value that comes from being in a group or having dense social networks. Researchers have found that social capital can have positive impacts on individuals and communities, spurring innovation, <a href="https://www.nature.com/articles/s41586-022-04996-4">economic prosperity</a> and better health outcomes. We used friendship data from Facebook to measure different aspects of social networks by county in the U.S. We combined this data with tax information from the Internal Revenue Service about investments and savings. We found that in counties where friendships with prosperous individuals are more common, investment and savings tend to be higher. Moreover, we found that having these friendships with wealthy individuals plays a more important role in shaping financial behaviors than two other aspects of social capital we looked at in our study: having a tight group of friends and living in a community with strong civic engagement. Of course, making wealthy friends alone does not guarantee you’ll invest or save more. But perhaps knowing people who invest makes it less daunting and fraught, particularly if those friends can serve as a resource and sounding board. “Friends with Benefits: Social Capital and Household Financial Behavior” was co-authored by <a href="https://www.marshall.usc.edu/personnel/david-hirshleifer">David Hirshleifer</a> and <a href="https://hankamer.baylor.edu/person/joshua-thornton">Joshua Thornton</a>.<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/239370/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/brad-cannon-2216202">Brad Cannon</a>, Assistant Professor of Finance, <a href="https://theconversation.com/institutions/binghamton-university-state-university-of-new-york-2252">Binghamton University, State University of New York</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/having-the-right-friends-may-hold-the-secret-to-building-wealth-according-to-new-study-on-socioeconomic-ties-239370">original article</a>. </div>

Money & Banking

Four ways to tell the designer fashion items worth investing in from the ones that aren’t

<div class="theconversation-article-body"> <a href="https://theconversation.com/profiles/naomi-braithwaite-156824">Naomi Braithwaite</a>, <a href="https://theconversation.com/institutions/nottingham-trent-university-1338">Nottingham Trent University</a> Whether it’s aspiring to the “quiet luxury” or <a href="https://theconversation.com/new-clean-girl-and-old-money-aesthetics-on-tiktok-make-the-same-old-link-between-hygiene-and-class-208566">“old money” looks</a> taking over TikTok, or cringing at the “<a href="https://theconversation.com/far-from-the-ludicrously-capacious-what-the-fashion-of-succession-tells-us-about-the-show-and-about-society-202744">ludicrously capacious bag</a>” scene in the last season of Succession, designer clothes and accessories have been a hot topic in 2023. But with continued sales growth in <a href="https://www.mckinsey.com/industries/retail/our-insights/state-of-fashion">designer fashion</a>, and concerns about shopping more <a href="https://fashionunited.uk/news/retail/consumers-want-to-shop-sustainably-what-are-the-opportunities-for-brands/2022102465829">sustainably</a>, it’s worth considering investing your money in products that will last longer. Sales in luxury fashion have increased significantly since the pandemic. <a href="https://www.just-style.com/features/covid-two-years-on-expert-analysis-of-top-10-global-apparel-companies/?cf-view">Louis Vuitton</a>, for example, has increased its sales from 2019. And British luxury brand, Burberry, reported sales growth to be <a href="https://www.theguardian.com/business/2021/jul/16/burberry-sales-return-to-pre-pandemic-levels-as-younger-shoppers-splash-out">86% higher</a> in the year following the pandemic (though there has been <a href="https://news.sky.com/story/burberry-shares-take-10-hit-on-warning-of-slump-in-luxury-demand-13009401">another dip in sales</a> more recently). The <a href="https://www.limitlessmanufacturinggroup.com/blog/the-rise-of-athleisure-how-activewear-became-mainstream-fashion">rise of athleisure</a> in fashion and designer collaborations such as <a href="https://www.manoloblahnik.com/gb/the-latest/post/manolo-blahnik-for-birkenstock">Manolo Blahnik for Birkenstock</a>, <a href="https://www.gucci.com/uk/en_gb/st/capsule/adidas-gucci">Gucci x Adidas</a> and <a href="https://uk.burberry.com/c/collaborations-supreme-burberry/">Burberry x Supreme</a> have made luxury more available. But prices are still high, so how can you know whether a purchase will stand the test of time and become an investment piece or a fashion flop? Here are four key factors to consider when making a designer purchase. <h2>1. Resale value</h2> An expensive purchase price may not guarantee that your product will hold its value. A key factor to consider is what the resale value of your purchase will be, as this will indicate the item’s investment potential. A fashion investment piece tends to be a luxury product with a higher price ticket. Prices of luxury fashion have increased over the last decade. Chanel bags, for example, have <a href="https://www.forbes.com/sites/walterloeb/2022/02/21/luxury-brand-prices-rise-sharply--will-it-cut-demand/">almost doubled</a> in price. Chanel’s iconic medium flap bag has increased from <a href="https://luxecollectivefashion.com/blogs/communique/your-expert-guide-to-the-chanel-price-increases-2023">£7,550 in 2022 to £8,530 in 2023</a> and is considered to be one of the most covetable designs in the <a href="https://www.whowhatwear.co.uk/best-luxury-handbags-resale-value/slide2">resale market</a>. Similarly, Hermès’ famous Birkin and Kelly bag designs, renowned for their quality, are <a href="https://www.sothebys.com/en/articles/hermes-bag-review-2022-birkin-bag-and-hermes-kelly-bag-remain-most-popular">undoubtedly investment pieces</a>. Despite the high price ticket, <a href="https://www.whowhatwear.co.uk/birkin-bag-prices/slide2">Birkin bags are in demand</a>. They are the most collectable and classic of designer bags, with an average retail price of USD$10,000 (£8,237), <a href="https://www.scmp.com/lifestyle/fashion-beauty/article/3211640/why-hermes-birkin-bag-such-good-investment-according-experts-other-luxury-handbags-might-not-be">which can double in the resale market</a>. Luxury fashion <a href="https://www.pursebop.com/new-app-calculates-the-resale-value-of-designer-handbags/">resaler Vestiaire</a>, along with online marketplaces like eBay, are useful sources for researching and calculating what the value of your purchase will be in the resale market. While designer bags can hold their value post-purchase, <a href="https://www.yourmoney.com/investing/can-clothing-ever-be-considered-an-investment/">clothes can be less straightforward</a> and will depend on the other following factors. <h2>2. Quality and style</h2> A <a href="https://www.voguebusiness.com/fashion/marketing-at-scale-explaining-luxurys-new-brand-identifiers">2023 report</a> has stated that the overt use of logos in recent years, from brands such as <a href="https://www.surefront.com/blog/is-logomania-really-over">Balenciaga and Louis Vuitton</a>, has been replaced by an interest in quiet luxury. Quiet luxury means <a href="https://www.businessinsider.com/quiet-luxury-explained-which-brands-will-benefit-2023-4?r=US&IR=T">more simplistic, classic and timeless styling</a>. The focus on exquisite fabrics and design gives a sense of fashion that is not disposable and durable. A cashmere sweater from <a href="https://uk.loropiana.com/en/c/woman/knitwear">Lorna Piana</a> may cost over £1,700 but its quality and classic styling will ensure it’s an investment piece that transcends fashion trend cycle. Consideration of fabrics, styling and design aesthetic are all key in ensuring your fashion investment has longevity. <h2>3. Brand authenticity</h2> <a href="https://www.researchgate.net/publication/303917660_The_Role_of_Heritage_and_Authenticity_in_the_Value_Creation_of_Fashion_Brand">Heritage and authenticity</a> can secure the value of fashion purchases. Brands that have a strong heritage – that have been around and respected for a long time – are better investment pieces, <a href="https://wwd.com/fashion-news/designer-luxury/luxury-fashion-heritage-chanel-dior1234792018-1234792018/">particularly in the categories of watches, jewellery and handbags</a>. Rolex watches are renowned as investment pieces, with models that are most rare commanding the higher appreciation values. In the realm of clothing, Burberry’s iconic trench coat – which has remained largely untouched in design terms for over 100 years – has been reported to be a good wardrobe investment by <a href="https://www.vogue.co.uk/fashion/article/burberry-trench-coats">Vogue</a>. The trench’s timeless design, alongside its long history, has secured its place as an investment product. However, when it comes to making the purchase it is important to go with <a href="https://www.gentlemansgazette.com/burberry-trench-coat/">Burberry’s original design</a>, rather than the fashion-led versions whose value may diminish as seasonal trends move on. <h2>4. Product endorsement</h2> Celebrity endorsement is a popular brand strategy for increasing the value of fashion products. While it may drive sales, it is important to consider what effect it will have on investment quality. A recent example was when the British pop star <a href="https://www.imdb.com/name/nm4089170/">Harry Styles</a> wore the <a href="https://harpersbazaar.com.au/adidas-gucci-collaboration-collection/">luxe Adidas x Gucci Gazelle trainers</a>, during his 2023 tour, resulting in a <a href="https://www.sneakerfreaker.com/news/harry-styles-gucci-adidas-gazelle-samba-statistics?page=0">reported 100%</a> increase in sales of the trainer. While sneakers have previously had a bouyant <a href="https://www.fashionbeans.com/article/sneaker-reselling-guide/">resale market</a>, that is now <a href="https://www.voguebusiness.com/fashion/has-the-sneaker-bubble-finally-burst">declining</a>, raising questions as to whether they will continue to be positive investment pieces. Celebrities may create hype – but their endorsement does not always ensure the longevity of a product’s value. In 1999, <a href="https://hypebae.com/2018/10/dior-saddle-bag-history-john-galliano">Dior’s saddle bag</a> was featured on US TV series <a href="https://www.hbo.com/sex-and-the-city">Sex and the City</a>, securing its place as an <a href="https://garage.vice.com/en_us/article/mbxjmn/dior-saddle-bag-sex-in-the-city">iconic designer bag</a>. While this increased its value and desirability at the time, the bag eventually faded from view, until 2018, when Maria Grazia Chiuri, Dior’s current design director, relaunched it. This resulted in a frenzy of interest <a href="https://www.harpersbazaar.com/uk/fashion/a42118540/dior-saddle-bag/">in the original Galliano designs</a>. Endorsement creates hype and desirability, but occasionally it can also create a classic too. But this takes time, and it’s best to consider other factors including brand authenticity, quality and style when planning an investment purchase. Also, value does not always have to have a price attributed to it. In the world of designer fashion, it is important not to overlook the significance of the <a href="https://www.theguardian.com/fashion/2023/oct/13/fashion-thats-begging-for-love-designers-want-to-create-meaningful-stuff">emotional durability</a> of our purchases and how that can ensure an enduring value and longevity. <a href="https://theconversation.com/profiles/naomi-braithwaite-156824">Naomi Braithwaite</a>, Associate Professor in Fashion Marketing and Branding, <a href="https://theconversation.com/institutions/nottingham-trent-university-1338">Nottingham Trent University</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/four-ways-to-tell-the-designer-fashion-items-worth-investing-in-from-the-ones-that-arent-215831">original article</a>. </div>

Beauty & Style

Borrowing money isn’t always a bad thing – debt can be a sensible way to build wealth

<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> Debt, in some form or another, is part of our financial profiles whether we like it or not. And it can be a useful way to build wealth if it is managed carefully and wisely. For example, you may borrow money from the bank to buy an asset – a resource of economic value that generates income from its productive use. Investment property is an example. So investing in an income-producing property can be a good idea. If you are already in the property market, the home equity you’ve accumulated – the share of the property value that’s yours – can help you buy a second property. This time, you may not need a deposit as big as the initial investment. In the event that the rental market is booming and your tenants pay you more than what you repay on the loan, municipal rates and property manager fees, then the wealth-building machine will start to run itself. But debt makes many people uncomfortable. In South Africa, a person earning R20,000 a month commits on average <a href="https://businesstech.co.za/news/finance/585372/south-africas-middle-class-is-in-serious-trouble-right-now/">63% of their salary to repaying unsecured debt</a> – such as credit cards, personal loans, overdrafts or “buy now, pay later” facilities. As a general guideline, it’s suggested that <a href="https://www.investopedia.com/terms/d/dti.asp">no more than 40%</a> of your income should be used to service debt. Financial anxiety has its roots in some misconceptions. The main one is that all debt is bad. This isn’t true. Prudent borrowing to buy an asset can help build wealth in the medium to long term. So fears about debt need to be weighed against a broader understanding of wealth accumulation. Well-managed debt can play a role in that process. Here are the four biggest misconceptions about debt. Recognising them will help you develop a more nuanced approach to debt. <h2>The misconceptions</h2> All debt is bad debt. Indeed, debt is a problem when you can no longer manage it and it starts to manage you. One of the simplest ways to tell whether debt is working for you or against you is through “leveraging”. This refers to the use of debt to acquire an asset that is worth more than the value of the debt. It’s also known as positive or favourable leveraging. People who take out unsecured loans are leveraging unfavourably when the debt is driven by consumption. Often there’s nothing to show for what you’ve spent. Unsecured loans also tend to charge higher interest rates to compensate for the lack of collateral. Only financially reckless people are in debt. This is the next misconception. Second to unsecured loans, most South African consumer debt portfolios are taken up by <a href="https://businesstech.co.za/news/wealth/617685/these-income-levels-in-south-africa-owe-the-most-debt/">home loans</a>. The most realistic way to gain entry into the housing market is through a mortgage. You’re doing the right thing if your mortgage is paid off within a reasonable time. This will mean that, in the long term, the value of the property will surpass the home loan amount that was taken out to buy the property in the first place. But there are two misconceptions related specifically to mortgages. After you’ve paid the mortgage deposit, you won’t have other fees to pay. This isn’t correct. Banks charge a fee to open and close a home loan account. There can also be a penalty when a home loan is repaid prematurely. So be sure to read the fine print about discharge fees or closing costs. If you stick to the repayment amount for your mortgage, you’ll be able to repay the loan quickly. This isn’t true – even if interest rates fall and your mortgage repayments decline, your home loan is most likely tied to a loan term of 20 to 30 years. Many banks will quote a monthly mortgage repayment amount that seems affordable at face value but is in fact based on a 20-year term period. Banks are businesses and it works in their favour if you take longer to repay your mortgage because that translates into more interest repayments. The longer the duration of the home loan, the more interest you pay, the more profit they make. If it takes over 20 years to repay a bond, it’s often the case that the value of the interest repayments exceeds the initial loan amount. Home loan calculators are a useful tool that can help you assess how much you could afford to repay on a home loan depending on the deposit saved, if interest rates change and how long it will take you to repay the mortgage with topped-up contributions. It is essential to have a goal for when you’d like to finish paying off your mortgage and a plan in place to achieve this goal. If you don’t do this you could become a mortgage prisoner. <h2>Keeping your eye on the prize</h2> As we’re about to conclude the year and enter the festive season, it’s a good time to remember your financial goals and not let your guard down by unconsciously swiping or tapping that credit card. “Janu-worry” is around the corner, and so is the financial anxiety that comes with it. But it need not be the case. Debt can either be the cure or the cause of your financial position. Reconsider spending patterns that prompt you to use your credit card. Too much debt over short periods is an irregular spending pattern that is a warning sign. There’s no harm in buying what you can afford or staying in your financial lane if the alternative forces you to sacrifice your hard-earned income on servicing consumption-driven debt. For better or worse, debt is a part of our financial portfolios. But the road to financial empowerment is not always easy – financial planning can help you keep your eye on the prize.<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/192630/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/borrowing-money-isnt-always-a-bad-thing-debt-can-be-a-sensible-way-to-build-wealth-192630">original article</a>. </div>

Money & Banking

Wheel of Fortune star weds in lavish ceremony

Sophie Falkiner has tied the knot with Stephen Wood in a lavish ceremony in Sydney's Northern Beaches. The Wheel of Fortune presenter, 51, looked stunning in a white strapless gown with beading on the corset. She had her hair in Hollywood waves and completed the look with a pop of red lipstick. The groom complimented her in a classic tux with a white rose pinned to the lapel. The ceremony took place at Pasadena, a restaurant on Sydney's Northern Beaches, decorated with pink and white flowers that matched the pink velvet chairs and white draping on the ceiling. The couple said "I do" on the waterfront at Church Point, with a flower arch behind them. Friends congratulated the bride and groom on social media. "The most beautiful happy wedding of @sophie_falkiner and Steve, congratulations to a gorgeous couple and family," wrote entrepreneur, Jose Bryce Smith. "THE most beautiful wedding ever. The love, warmth, beauty, talent, company, location… and my favourite part, the speeches! Enchanting, elegant and full of heart, just like our @sophie_falkiner. Congratulations Sophie and Stephen! May your joy and happiness only multiply!" wrote digital creator, Alina Rose. The couple got engaged two years ago after Wood popped the question while they were holidaying in Queensland's idyllic Whitsunday Islands. They met after Falkiner's divorce from radio executive Tony Thomas after 14 years of marriage and they share children Bella, 17, and Jack, 14. Falkiner described how "easy" her new relationship was, saying: "I think when you meet the right person it's easy. There's a comradery, a friendship." Images: Instagram

Relationships

Olympic champion inducted to Sport Australia Hall of Fame

Olympic gold medallist Sally Pearson and surfing legend Mick Fanning have joined the most elite group of Australian sportspeople, after being inducted to the Sport Australia Hall of Fame (SAHOF). Pearson is one of only nine Australian women to win an Olympic track and field gold medal, winning her first gold in London 2012. She won a silver medal in 2008 for the 100m hurdles, and has World Championship success in 2011 and 2017. She is also the first Australian to be named World Athlete of the year, and won the SAHOF’s “The Don” Award twice. Pearson said it was “surreal” to be included in such esteemed company, including the likes of Cathy Freeman, her childhood hero. “I don’t think it’s really sunk in. It’s so surreal. It feels like it just happens to people you see on TV,” she said. “I still feel like I’m watching the Sydney Olympics and watching Cathy Freeman run. When Steve Hooker won gold in Beijing I was sitting on the sidelines. “Even though I won silver, I was thinking, this is really cool. I’m watching this person, this athlete, just doing amazing things. It’s a bizarre feeling that I’m one of those people now.” Surfing legend Mick Fanning, who is already a member of the World Surfers’ Hall of Fame and Australian Surfing Hall of Fame and said he was pretty “flabbergasted” to be elevated into the SAHOF. “Australia produces so many incredible sporting stars and to be honoured as one of those, among the greats, I’m pretty flabbergasted, to be honest,” he said. “It’s not something that we ever look for when we’re doing our sport, but to be acknowledged later in life is very special and I’m very honoured to be able to share it with people who have supported me. “I wasn’t the most talented person, I wasn’t the most gifted, I didn’t have the most money or anything like that, but I just gave it my all.’’ Fanning enters as a three-time world champion for surfing. Motorsport great Mark Skaife, former Kookaburras’ captain Mark Knowles, lawn bowls trailblazer Karen Murphy and dual-sport Paralympics champion Liesl Tesch are some of the other 2024 inductees. Image: Colorsport/ Shutterstock Editorial

Body

Man decides to end his own life after waiting for at-home care

A terminally ill man has made the heartbreaking decision to end his life after waiting 10-month for end of life care. Cyril Tooze, an 86-year-old from South Australia's Fleurieu Peninsula, was approved for a Level 4 Home Care Package in January. The package - which is the highest available care for individuals with high-level needs under the federal government’s MyAgedCare scheme - would give Mr Tooze up to $59,594 annually for daily assistance with physical, medical and social tasks. But almost one year on from the approval, his funds and support have yet to be delivered. It’s understood his family, who live interstate, contacted the government to enquire about receiving an urgent reassessment, and were told he could be waiting another three to six months. Independent MP Rebekha Sharkie told reporters that his family were also told a reassessment “could delay it even longer”. While waiting for his vital funds, Mr Tooze - who suffers from terminal heart and lung conditions and regularly requires morphine for pain relief - has worsened and has been hospitalised after suffering a fall at home. Tired of waiting for help to arrive, Tooze has started the process of ending his life through South Australia’s voluntary assisted dying scheme. “There is no hope ... I don’t want to live my life laying in a bed waiting for something to happen,” he told <a href="https://7news.com.au/news/terminally-ill-mans-heartbreaking-decision-to-end-his-life-after-10-month-wait-for-home-care-in-australia-c-16471785" target="_blank" rel="noopener">7News</a>. “You can’t live like that, that’s unfair, we don’t deserve that in such a country as Australia.” Following the media coverage of his case, Tooze was contacted by the Aged Care Department, who said the package could temporarily be made available. Sharkie said Tooze’s situation was “shameful”, saying, “What devastates me is that Mr Tooze feels voluntary assisted dying is the only course available to him, and that is because we as a nation have failed him." “I would say, if Mr Tooze had that package in a timely manner, as he should have, he would probably be sitting at home now, making himself a cup of tea.” Anglicare Australia’s <a href="https://www.anglicare.asn.au/2024/09/20/life-on-the-wait-list-report-shows-older-australians-are-going-without-support/" target="_blank" rel="noopener" data-link-type="article-inline">Life on the Wait List report</a> revealed that as of May 2024, 68,109 Australians had been approved for a Home Care Package but were facing wait times of up to 15 months to access it. Image credits: 7News

Caring

Lessons for the next pandemic: where did Australia go right and wrong in responding to COVID?

<div class="theconversation-article-body"> <a href="https://theconversation.com/profiles/adrian-esterman-1022994">Adrian Esterman</a>, <a href="https://theconversation.com/institutions/university-of-south-australia-1180">University of South Australia</a>; <a href="https://theconversation.com/profiles/guzyal-hill-575966">Guzyal Hill</a>, <a href="https://theconversation.com/institutions/charles-darwin-university-1066">Charles Darwin University</a>; <a href="https://theconversation.com/profiles/hassan-vally-202904">Hassan Vally</a>, <a href="https://theconversation.com/institutions/deakin-university-757">Deakin University</a>; <a href="https://theconversation.com/profiles/kim-m-caudwell-1258935">Kim M Caudwell</a>, <a href="https://theconversation.com/institutions/charles-darwin-university-1066">Charles Darwin University</a>; <a href="https://theconversation.com/profiles/michael-toole-18259">Michael Toole</a>, <a href="https://theconversation.com/institutions/burnet-institute-992">Burnet Institute</a>; <a href="https://theconversation.com/profiles/steven-mcgloughlin-1246135">Steven McGloughlin</a>, <a href="https://theconversation.com/institutions/monash-university-1065">Monash University</a>, and <a href="https://theconversation.com/profiles/tari-turner-7922">Tari Turner</a>, <a href="https://theconversation.com/institutions/monash-university-1065">Monash University</a> With COVID still classified as <a href="https://www.who.int/europe/emergencies/situations/covid-19">an ongoing pandemic</a>, it’s difficult to contemplate the next one. But we <a href="https://theconversation.com/what-pathogen-might-spark-the-next-pandemic-how-scientists-are-preparing-for-disease-x-223193">need to be prepared</a>. We’ve seen <a href="https://theconversation.com/why-are-we-seeing-more-pandemics-our-impact-on-the-planet-has-a-lot-to-do-with-it-226827">several pandemics</a> in recent decades and it’s fair to expect we’ll see more. For the final part in a <a href="https://theconversation.com/au/topics/the-next-pandemic-160343">series of articles</a> on the next pandemic, we’ve asked a range of experts what Australia got right and wrong it its response to COVID. Here they share their thoughts on the country’s COVID response – and what we can learn for the next pandemic. <hr /> <h2>Quarantine</h2> The federal government mandated 14 days of quarantine for all international arrivals between March 2020 and November 2021. During that period, <a href="https://www.pmc.gov.au/sites/default/files/resource/download/national-review-of-quarantine.pdf">452,550 people</a> passed through the system. The states and Northern Territory were given <a href="https://quarantineinquiry.archive.royalcommission.vic.gov.au/covid-19-hotel-quarantine-inquiry-final-report-0">just 48 hours</a> to set up their quarantine systems. The states chose hotel quarantine, while the Northern Territory repurposed an old miner’s camp, <a href="https://www.aspistrategist.org.au/darwins-howard-springs-facility-a-model-for-building-national-resilience/">Howard Springs</a>, which had individual cabins with outdoor verandas. The ACT had very few international arrivals, while Tasmania only had hotel quarantine for domestic travellers. During the first 15 months of the program, <a href="https://onlinelibrary.wiley.com/doi/full/10.5694/mja2.51240">at least 22 breaches</a> occurred in five states (New South Wales, Victoria, Queensland, Western Australia and South Australia). An inquiry into Victoria’s hotel quarantine <a href="https://au.news.yahoo.com/covid-victorias-devastating-hotel-quarantine-killed-almost-800-people-110450178.html">found</a> the lack of warning and planning to set up the complex system resulted in breaches that caused Victoria’s second COVID wave of 2020, leading to almost 800 deaths. A <a href="https://www.cnet.com/science/features/how-the-delta-variant-breached-australias-covid-fortress/">breach at Sydney airport</a> led to the introduction of the Delta variant into Australia. In the next pandemic, mistakes from COVID need to be avoided. They included failure to protect hotel residents and staff from airborne transmission through ventilation and mask usage. Protocols need to be consistent across the country, such as the type of security staff used, N95 masks for staff and testing frequency. These protocols need to be included in a national pandemic preparedness plan, which is frequently reviewed and tested through simulations. This did not occur with the pre-COVID preparedness plan. Dedicated quarantine centres like Howard Springs already exist in Victoria and Queensland. Ideally, they should be constructed in every jurisdiction. Michael Toole <hr /> <h2>Treatments</h2> Scientists had to move quickly after COVID was discovered to find effective treatments. Many COVID treatments involved repurposing existing drugs designed for other viruses. For example, the HIV drug ritonavir is a key element of <a href="https://theconversation.com/pfizers-pill-is-the-latest-covid-treatment-to-show-promise-here-are-some-more-171589">the antiviral Paxlovid</a>, while remdesivir was originally developed <a href="https://theconversation.com/the-who-has-advised-against-the-use-of-two-antibody-therapies-against-covid-heres-what-that-means-190787">to treat hepatitis C</a>. At the outset of the pandemic, there was a lot of uncertainty about COVID treatment among Australian health professionals. To keep up with the rapidly developing science, the <a href="https://www.monash.edu/medicine/partnerships/our-partnerships/projects/national-clinical-evidence-taskforce">National Clinical Evidence Taskforce</a> was established in March 2020. We were involved in its COVID response with more than 250 clinicians, consumers and researchers. Unusually for evidence-based guidelines, which are often updated only every five years or so, the taskforce’s guidelines were designed to be “living” – updated as new research became available. In April 2020 we released the first guidelines for care of people with COVID, and over the next three years <a href="https://app.magicapp.org/#/guideline/7252">these were updated</a> more than 100 times. While health-care professionals always had access to up-to-date guidance on COVID treatments, this same information was not as accessible for the public. This may partly explain why many people turned to <a href="https://theconversation.com/thinking-of-trying-ivermectin-for-covid-heres-what-can-happen-with-this-controversial-drug-167178">unproven treatments</a>. The taskforce’s benefits could have been increased with funding to help the community understand COVID treatments. COVID drugs faced other obstacles too. For example, changes to the virus itself meant some treatments <a href="https://theconversation.com/from-centaurus-to-xbb-your-handy-guide-to-the-latest-covid-subvariants-and-why-some-are-more-worrying-than-others-192945">became less effective</a> as new variants emerged. Meanwhile, provision of antiviral treatments <a href="https://grattan.edu.au/wp-content/uploads/2024/10/How-we-analysed-COVID-antiviral-uptake-Grattan-Institute.pdf">has not been equitable</a> across the country. COVID drugs have had important, though not game-changing, impacts. Ultimately, effective vaccines played a much greater role in shifting the course of the pandemic. But we might not be so fortunate next time. In any future pandemic it will be crucial to have a clear pathway for rapid, reliable methods to develop and evaluate new treatments, disseminate that research to clinicians, policymakers and the public, and ensure all Australians can access the treatments they need. Steven McGloughlin and Tari Turner, Monash University <hr /> <h2>Vaccine rollout</h2> COVID vaccines were developed <a href="https://theconversation.com/one-of-sciences-greatest-achievements-how-the-rapid-development-of-covid-vaccines-prepares-us-for-future-pandemics-228787">in record time</a>, but rolling them out quickly and seamlessly proved to be a challenge. In Australia, there were several missteps along the way. First, there was poor preparation and execution. Detailed <a href="https://www.health.gov.au/ministers/the-hon-mark-butler-mp/media/auditor-general-highlights-vaccine-rollout-failures">planning was not finalised</a> until after the rollout had begun. Then the federal government had <a href="https://theconversation.com/4-ways-australias-covid-vaccine-rollout-has-been-bungled-158225">overly ambitious targets</a>. For example, the goal of vaccinating four million people by the end of March 2021 fell drastically short, with less than one-fifth of that number actually vaccinated by that time. There were also <a href="https://theconversation.com/4-ways-australias-covid-vaccine-rollout-has-been-bungled-158225">supply issues</a>, with the European Union blocking some deliveries to Australia. Unfortunately, the government was heavily reliant on <a href="https://www.health.gov.au/ministers/the-hon-mark-butler-mp/media/auditor-general-highlights-vaccine-rollout-failures">the AstraZeneca vaccine</a>, which was found, in rare cases, to lead to <a href="https://www.health.gov.au/our-work/covid-19-vaccines/advice-for-providers/clinical-guidance/tts">blood clots</a> in younger people. Despite all this, Australia ultimately achieved high vaccination rates. By the end of December 2021, <a href="https://www.health.gov.au/sites/default/files/documents/2021/12/covid-19-vaccine-rollout-update-31-december-2021.pdf">more than 94%</a> of the population aged 16 and over had received at least one dose. This was a significant public health achievement and saved <a href="https://journals.plos.org/plosone/article?id=10.1371/journal.pone.0299844">thousands of lives</a>. But over the past couple of years, Australia’s initially strong vaccine uptake has been waning. The <a href="https://www.health.gov.au/sites/default/files/2024-03/atagi-statement-on-the-administration-of-covid-19-vaccines-in-2024.pdf">Australian Technical Advisory Group on Immunisation</a> recommends booster doses for vulnerable groups annually or twice annually. However, only 30% of people aged <a href="https://www.health.gov.au/sites/default/files/2024-09/covid-19-vaccine-rollout-update-13-september-2024.pdf">75 and over</a> (for whom a booster is recommended every six months) have had a booster dose in the past six months. There are several lessons to be learned from the COVID vaccine rollout for any future pandemic, though it’s not entirely clear whether they are being heeded. For example, several manufacturers have developed <a href="https://theconversation.com/new-covid-vaccines-may-be-coming-to-australia-heres-what-to-know-about-the-jn-1-shots-237652">updated COVID vaccines</a> based on the JN.1 subvariant. But <a href="https://www.sbs.com.au/news/article/why-australia-could-miss-out-on-modernas-new-covid-19-vaccine/n5n0iruv1">reports indicate</a> the government will only be purchasing the Pfizer JN.1 booster. This doesn’t seem like the best approach to shore up vaccine supply. Adrian Esterman, University of South Australia <hr /> <h2>Mode of transmission</h2> Nearly five years since SARS-CoV-2 (the virus that causes COVID) first emerged, we now know <a href="https://www.who.int/news-room/questions-and-answers/item/coronavirus-disease-covid-19-how-is-it-transmitted">airborne transmission</a> plays a far greater role than we originally thought. In contrast, the risk of SARS-CoV-2 being transmitted via surfaces is <a href="https://theconversation.com/catching-covid-from-surfaces-is-very-unlikely-so-perhaps-we-can-ease-up-on-the-disinfecting-155359">likely to be low</a>, and perhaps effectively non-existent in many situations. Early in the pandemic, the role contaminated surfaces and inanimate objects played in COVID transmission was overestimated. The main reason we got this wrong, at least initially, was that in the absence of any direct experience with SARS-CoV-2, we extrapolated what we believed to be true for other respiratory viruses. This was understandable, but it proved to be inadequate for predicting how SARS-CoV-2 would behave. One of the main consequences of overestimating the role of surface transmission was that it resulted in a lot of unnecessary anxiety and the adoption of what can only be viewed in retrospect as <a href="https://theconversation.com/catching-covid-from-surfaces-is-very-unlikely-so-perhaps-we-can-ease-up-on-the-disinfecting-155359">over-the-top cleaning practices</a>. Remember the teams of people who walked the streets wiping down traffic light poles? How about the concern over reusable coffee cups? Considerable resources that could have been better invested elsewhere were directed towards disinfecting surfaces. This also potentially distracted our focus from other preventive measures that were likely to have been more effective, such as <a href="https://theconversation.com/yes-masks-reduce-the-risk-of-spreading-covid-despite-a-review-saying-they-dont-198992">wearing masks</a>. The focus on surface transmission was amplified by a number of studies published early in the pandemic that documented the <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7121658/">survival of SARS-CoV-2</a> for long periods on surfaces. However, these were conducted in the lab with little similarity to real-world conditions. In particular, the amounts of virus placed on surfaces were greater than what people would likely encounter outside the lab. This inflated viral survival times and therefore the perception of risk. The emphasis on surface transmission early in the pandemic ultimately proved to be a miscalculation. It highlights the challenges in understanding how a new virus spreads. Hassan Vally, Deakin University <hr /> <h2>National unity</h2> Initially, Commonwealth, state and territory leaders were relatively united in their response to the COVID pandemic. The establishment of the National Cabinet in <a href="https://federation.gov.au/national-cabinet">March 2020</a> indicated a commitment to consensus-based public health policy. Meanwhile, different jurisdictions came together to deliver a <a href="https://www.ato.gov.au/individuals-and-families/financial-difficulties-and-disasters/covid-19/jobkeeper-payment">range of measures</a> aimed at supporting businesses and workers affected by COVID restrictions. But as the pandemic continued, tensions gave way to deeper ideological fractures between jurisdictions <a href="https://link.springer.com/article/10.1186/s12888-024-05834-9">and individuals</a>. The issues of <a href="https://www.unswlawjournal.unsw.edu.au/article/covid-19-vaccine-mandates-a-coercive-but-justified-public-health-necessity">vaccine mandates</a>, <a href="https://www.abc.net.au/news/2022-01-30/wa-premier-mark-mcgowan-reopening-date-decision/100788876">border closures</a> and <a href="https://journals.sagepub.com/doi/pdf/10.1177/00048674211031489">lockdowns</a> all created fragmentation between governments, and among experts. The <a href="https://www.theguardian.com/australia-news/2020/oct/19/daniel-andrews-lashes-josh-frydenberg-over-attack-on-victorias-covid-strategy">blame game began</a> between and within jurisdictions. For example, the politicisation of <a href="https://www.9news.com.au/national/govt-playing-cruise-ship-blame-game-labor/49ad3491-2187-4991-a3a0-1c61145bc2cb">quarantine regulations on cruise ships</a> revealed disunity. School closures, on which the Commonwealth and state and territory governments <a href="https://www.smh.com.au/national/nsw/we-made-the-wrong-decisions-covid-era-mass-school-closures-condemned-20240214-p5f521.html">took different positions</a>, also generated controversy. These and other instances of polarisation undermined the intent of the newly established <a href="https://theconversation.com/with-the-covid-crisis-easing-is-the-national-cabinet-still-fit-for-purpose-202145">National Cabinet</a>. The COVID pandemic showed us that <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4859497">disunity across the country</a> threatens the collective work needed for an effective response in <a href="https://ir.law.fsu.edu/jtlp/vol30/iss1/3/">the face of emergencies</a>. The <a href="https://www.pmc.gov.au/domestic-policy/commonwealth-government-covid-19-response-inquiry">COVID response inquiry</a>, due to release its results soon, will hopefully help us work toward <a href="https://link.springer.com/book/10.1007/978-981-19-3292-2">national uniform legislation</a> that may benefit Australia in the event of <a href="https://link.springer.com/chapter/10.1007/978-981-19-3292-2_10">any future pandemics</a>. This doesn’t necessarily mean identical legislation across the country – this won’t always be appropriate. But a cohesive, long-term approach is crucial to ensure the best outcomes for the Australian federation in its entirety. Guzyal Hill and Kim M Caudwell, Charles Darwin University <hr /> This article is part of a <a href="https://theconversation.com/au/topics/the-next-pandemic-160343">series on the next pandemic</a>.<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/239819/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/adrian-esterman-1022994">Adrian Esterman</a>, Professor of Biostatistics and Epidemiology, <a href="https://theconversation.com/institutions/university-of-south-australia-1180">University of South Australia</a>; <a href="https://theconversation.com/profiles/guzyal-hill-575966">Guzyal Hill</a>, Associate Professor, Faculty of Arts and Society, <a href="https://theconversation.com/institutions/charles-darwin-university-1066">Charles Darwin University</a>; <a href="https://theconversation.com/profiles/hassan-vally-202904">Hassan Vally</a>, Associate Professor, Epidemiology, <a href="https://theconversation.com/institutions/deakin-university-757">Deakin University</a>; <a href="https://theconversation.com/profiles/kim-m-caudwell-1258935">Kim M Caudwell</a>, Senior Lecturer - Psychology | Chair, Researchers in Behavioural Addictions, Alcohol and Drugs (BAAD), <a href="https://theconversation.com/institutions/charles-darwin-university-1066">Charles Darwin University</a>; <a href="https://theconversation.com/profiles/michael-toole-18259">Michael Toole</a>, Associate Principal Research Fellow, <a href="https://theconversation.com/institutions/burnet-institute-992">Burnet Institute</a>; <a href="https://theconversation.com/profiles/steven-mcgloughlin-1246135">Steven McGloughlin</a>, Director, Intensive Care Unit, Alfred Health; Professor, Epidemiology and Preventative Medicine, <a href="https://theconversation.com/institutions/monash-university-1065">Monash University</a>, and <a href="https://theconversation.com/profiles/tari-turner-7922">Tari Turner</a>, Director, Evidence and Methods, National COVID-19 Clinical Evidence Taskforce; Associate Professor (Research), Cochrane Australia, School of Population Health and Preventive Medicine, <a href="https://theconversation.com/institutions/monash-university-1065">Monash University</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/lessons-for-the-next-pandemic-where-did-australia-go-right-and-wrong-in-responding-to-covid-239819">original article</a>. </div>

Legal

10 signs you’re not on the right financial path

Dreaming of owning a big house, nice car and a boat? Or just having enough cash to be comfortable? Here are 10 signs that you are not (yet) on the path to financial freedom. 1. You don't think about ways to make extra money If you are paid a salary and nothing more, you are limited in the ways you can get ahead. The only way to save is to spend less. But if you switch it up and start to look for ways to earn more, your horizons open up. Most of the world's super wealthy have more than one income stream – some of which are usually passive, requiring no regular input. This could be something such as rental income from an investment property or the sale of a product such as an ebook. Add in some sensible savings habits and you will be on your way. 2. You leave your savings in a savings account If you stick your cash in a savings account, it is basically doing nothing. You are better to look at ways to put that money to work. You could put it in a managed fund, buy shares or even lend it out via a peer-to-peer platform, to get a better return. Make sure you get good advice to understand what you are doing. 3. You borrow to buy Borrowing to buy a house is fine. Borrowing to buy a car is (generally) not. If you are putting all your purchases on finance or credit card and paying them off with high rates of interest, you are pouring money down the drain. Live within your means if you want to get rich. 4. You don't know where your money goes The first step to getting on the right track is to have a clear idea of what you're spending money on. If you don't know, chances are you're wasting it. Have a look through your recent bank statements, draw up a budget. Stamp out some discretionary spending and you'll have more of that money to put to work that we mentioned earlier. 5. You're putting off planning for your retirement If you think you are too young to have to worry about the future, you are doing yourself a huge disservice. When you are working towards a long-term financial goal, such as retirement, time is a huge asset to have on your side. The power of compounding means that any returns you make in a vehicle such as your KiwiSaver account then attract their own returns, over and over each year until you withdraw the money. The later you start saving, the more of that compounding power you miss. 6. You hate risk It is great to be careful with your money but if you never take a risk, you miss out on returns. Over the long term, the biggest gains are usually from riskier investments, such as equities. You may also find ways to wealth by getting out of your comfort zone. Quitting your job and starting a new business is risky and scary, but could pay off if you have planned it well and know your stuff. 7. You don't have a plan If you don't know how you're going to get rich, it probably isn't going to happen. Write down your goals. What do you want to achieve this week, month and year? What about in 10 years? If you can, identify someone who is in a position you'd like to get to and find out what they did to get there. Work out what you need to do to follow suit and break it down into small, achievable steps. 8. You don't pay yourself first If you have decided to save money and think you'll just put aside everything that is left in your account at the end of the month, you will be horribly disappointed. This method almost always fails because there is invariably nothing left. Pay yourself first. Using your budget and plan, put aside the amount that you have worked out you can afford to save as soon as you get paid, and then live off the rest. 9. You think you're bad with money It's a self-fulfilling prophecy. If you think you are bad with money, you won't pay any attention to your finances and they will get out of control. Stop thinking money is some sort of secret club that you could not possibly understand. Everyone can get a handle on it. 10. You don't know the basics But having said that, it's important to get a good knowledge of the basic stuff. If you are not clear how your credit card works, or how your mortgage interest is calculated, get someone to help you break it down and bust the jargon. Websites such as Sorted have good tools or you can seek financial advice from your bank or an adviser. Image credits: Shutterstock Written by Susan Edmonds. First appeared on <a href="http://www.stuff.co.nz/" target="_blank" rel="noopener">Stuff.co.nz</a>.

Money & Banking

5 ways to reduce everyday bills

It’s not uncommon to get to the end of the month and be surprised by a figure in your bills. But this surprise needn’t be unpleasant. There is wide a range of simple measures you can employ to reduce your monthly bills without too much effort. Follow these five simple tips and save money. 1. Food and groceries Food can be a problem area in the average Australian’s budget, either because we’re physically eating too much, eating out too much or spending too much money on groceries. But that doesn’t mean you have to transition to a Spartan diet. Here’s how you can save on your grocery bill: <ul> <li>Reduce the amount of times you’re eating out or getting takeout a week</li> <li>Use a shopping list and coupons, pay for groceries (this means you’re less likely to splurge on items that you don’t need) and buy more non-perishable foods to store and save</li> <li>Consider starting a garden and grow your own fruit and veggies</li> </ul> 2. Energy Many people have found their energy bills have been increasingly steady over the past through years, but this doesn’t mean you have to be part of that trend. With a little bit of ingenuity and not a lot of fuss you can make your house energy efficient and enjoy huge power bill savings: <ul> <li>Switch to energy-efficient light bulbs. In many cases these bulbs do cost more than traditional bulbs, but they use much less energy and can last up to 10 times longer</li> <li>Unplug unused electrical devices that are draining electricity</li> <li>Make sure you home is airtight to prevent cold drafts in winter and the loss of cool air in summer. This will also reduce your heating/cooling bills accordingly</li> </ul> 3. Cars As fuel, registration and maintenance costs start to pile up, a car can seem less like a convenience and more like a money pit rolling around on four wheels. That being said, there is a range of ways you can enjoy the access vehicle ownerships provides, without having to pay through your nose: <ul> <li>Underinflated tyres reduces the value of your cars fuel economy significantly, so make sure you take a couple of minutes to check the air pressure and reinflate once a month</li> <li>Consider selling a vehicle if you’re not using it often. Without taking the cost of parking and toll roads into account driving vehicles costs thousands of dollars a year</li> <li>Use more public transport and consider setting up car pools with friends/colleagues</li> </ul> 4. Grooming and beauty Looking and feeling great is important, but it doesn’t necessarily have to be a hugely expensive ordeal. With a little bit of ingenuity, creativity and willingness to not spend $10,000 on that jewel encrusted headdress you can still be the belle/male-belle of the ball without breaking the bank: <ul> <li>Reduce the amount of money you spend on clothing by keeping your eye on sales</li> <li>Consider lower cost alternatives to your favourite beauty products</li> <li>Cut back on the amount of times you have your hair cut and styled</li> </ul> 5. Additional entertainment expenses Your deluxe gym membership might give you access to the power lifting body attack class, but are you really getting the full value for it and the other regular entertainment expenses you’ve signed up for? There are still ways to stay entertained without having to break the bank every week. <ul> <li>Consider cancelling club memberships for places you don’t visit often</li> <li>Investigate free events and inexpensive entertainment ideas like cheap movies Tuesdays</li> <li>Magazine and newspaper subscriptions can also become expensive if you’re not actually reading the papers, as well as pay television services that can be easily eliminated</li> </ul> Image credits: Shutterstock

Money & Banking

World’s longest treasure hunt ends as Golden Owl finally unearthed in France

After more than three decades of mystery and intrigue, the world’s longest-running treasure hunt has come to a thrilling conclusion with the discovery of the elusive Golden Owl. Valued at approximately $240,000, the treasure had captivated the imaginations of thousands since it was first buried in France in the early 1990s. The hunt began with the publication of the now-famous book, On the Trail of the Golden Owl, written by communications expert Régis Hauser under the pseudonym “Max Valentin” and illustrated by artist Michel Becker. The 1993 book challenged readers to solve a series of intricate riddles and clues, which, when deciphered, would reveal the owl’s secret location. Despite years of painstaking attempts to crack the mystery, the Golden Owl remained hidden for decades, surviving even its creator. Hauser passed away in 2009, leaving the prize still buried. Michel Becker, who took over the management of the hunt, delivered the long-awaited news on October 3 via an online announcement that sparked a frenzy among treasure hunters: “A potential winning solution is currently being verified.” Two hours later, he confirmed: “Don’t go digging! We confirm that the Golden Owl countermark was unearthed last night.” The treasure hunt’s <a href="https://goldenowlhunt.com/" target="_blank" rel="noopener">official website was also updated with the announcement</a>, bringing an end to a search that has been both thrilling and, for some, overwhelming. The obsession and madness behind the search For over 30 years, the Golden Owl hunt transcended being just a hobby for many treasure hunters and became an all-consuming obsession. While some enjoyed it as a leisurely pursuit, others were driven to extreme lengths – financially, emotionally and mentally. The search for the owl has been linked to personal crises, including financial ruin and broken marriages. At least one individual reportedly ended up in an asylum due to their fixation on solving the hunt’s riddles. The toll wasn’t limited to individuals. Searchers caused considerable disruption across France, digging unauthorised holes in public and private lands. In one eastern French village, the local mayor was forced to plead with hunters to stop digging around its chapel, while in other cases, searchers brought power tools to banks and even considered destroying structures in the hopes of unearthing the treasure. The Golden Owl’s elusive clues On the Trail of the Golden Owl contained a complex series of 11 riddles, each paired with a painting by Becker. The riddles, combined with maps, colours and hidden details, challenged readers to work out the owl’s hidden location. Before his death, Hauser revealed three crucial elements to solving the puzzle: The use of maps: Hunters needed to work with maps to narrow down the search area and use a specific map to pinpoint the final zone. A “mega trick”: This was the key to using the sequence of riddles to locate the final area where the owl was hidden. A final hidden riddle: Once in the final zone, hunters had to uncover one last riddle to lead them to the exact spot of the treasure. Joyous celebration among treasure hunters The treasure-hunting community was overjoyed when the news broke, with many expressing their disbelief and excitement. “Finally – liberated!” exclaimed one fan on the hunt’s Discord forum. Another added, “I didn’t think I’d live to see the day.” As of now, the exact location of the owl’s discovery and the identity of the finder remain undisclosed. However, Becker hinted at the complexity involved in concluding this monumental hunt. “Tons of emotions to manage for all those who are responsible for managing the end of this episode and complex logistics to put in place,” he said in a statement on October 6. For now, the Golden Owl, a treasure that has held a generation of sleuths in its grasp, has been unearthed. Yet, the fascination with its story will undoubtedly linger for years to come. Images/Illustrations: Michel Becker

International Travel

Breaking the silence on prostate cancer: man’s family legacy highlights importance of early detection

James Murray, 55, an architect from Melbourne, always knew he was living with a genetic "time bomb." A fifth-generation prostate cancer sufferer, his family’s battle with the disease spans over 170 years. From his great-great-grandfather, who chronicled his symptoms in 1847, to his uncles and father who also faced the disease, prostate cancer has been a grim constant in his family. “My family has what's been called a ‘spectacular history’ with prostate cancer,” James reflects. “But that’s not the kind of thing you want to hear. My great-great-grandfather had it, though they couldn’t test for it back then. My grandfather died from it, my father got it, and both of his brothers had it as well. It’s been a constant in our family for generations.” James' great-great-grandfather, Robert William Felton Lathrop Murray, a soldier and the founder of the Hobart Town Gazette, documented his battle with the disease long before modern medicine could provide a diagnosis. Since then, generation after generation of Murrays has grappled with the same fate. For James, however, early detection was key. Diagnosed in February 2022, he underwent surgery just a few months later in May, removing what doctors described as an aggressive form of the disease. But his story, unlike his ancestors, had a different ending. “In a way, we’ve been cursed by prostate cancer," explains James. "But it’s also been a blessing because it made us all hyper-aware of the importance of early detection. My dad was incredibly diligent, and that saved his life. He made sure I was on top of my PSA testing from my mid-40s, and that’s how we caught it early for me.” Prostate-Specific Antigen (PSA) testing and early detection are now recognised as crucial, particularly for men with a family history of prostate cancer. Yet, dangerous myths surrounding prostate cancer testing continue to cost lives, warns Associate Professor Weranja Ranasinghe, Deputy Leader of the Urological Society of Australia and New Zealand’s (USANZ) GU-Oncology Special Advisory Group. “Many men believe that they need to have urinary symptoms to be concerned about prostate cancer,” explains Ranasinghe. “The reality is that most prostate cancers develop without any symptoms at all. Urinary symptoms are not reliable – most of these symptoms are caused by non-cancerous enlargement of the prostate but advanced cancer can also give you urinary symptoms. So it is important to get checked.” An even greater barrier, however, is the outdated belief that prostate cancer screening requires an invasive rectal exam. Ranasinghe stresses that this is no longer the case: “A simple PSA blood test, combined with advanced imaging like MRI, is now the standard approach. Many men are avoiding tests due to this outdated fear, but in the GP setting, a rectal exam is currently not required for detecting prostate cancer." With over 26,000 Australian men expected to be diagnosed with prostate cancer this year, the Urological Society of Australia and New Zealand (USANZ) is raising awareness during Prostate Cancer Awareness Month about the importance of early testing and debunking these misconceptions. Ranasinghe also points out that men with a strong family history should be particularly vigilant. “Men with female relatives who have had breast or ovarian cancer are also at an increased risk of prostate cancer due to the same genetic mutations. So we recommend that men with a strong family history get a PSA test at the age of 40, which is earlier than the recommended age.” For James Murray, the decision to undergo surgery quickly after his diagnosis proved life-saving. “When my PSA levels started rising in February 2022, I wasn’t shocked," he recalls. "I had always known this day would come. It wasn’t something I feared, but more something I was prepared for. I told myself, ‘Okay, it’s here, let’s deal with it,’ and I just focused on getting through the surgery as quickly as possible.” James feels fortunate compared to his uncles, whose diagnoses came much later in life, leading to more severe outcomes. His surgery went well, and he's had a quick recovery, returning to work and feeling grateful that they caught it early. That's why James is advocating for early PSA testing, particularly for men with a family history of prostate cancer. He plans to ensure his 19-year-old son is aware of the need for testing in the future. "We often see men wait until a friend or relative is diagnosed before thinking about getting a prostate cancer PSA test done," says Ranasinghe. "This reactive approach is dangerous. Men need to be proactive and take ownership of their prostate health and talk to their GPs about this, just like they would with cholesterol or other routine health checks." As prostate cancer awareness grows, James hopes his story will encourage others to get tested. It’s something no one wants to face, but the sooner you catch it, the better chance you have. For more information on prostate cancer screening and to find a urologist, visit the Urological Society of Australia and New Zealand (USANZ) at <a href="https://www.usanz.org.au/" target="_blank" rel="noopener">www.usanz.org.au</a>. Images: Supplied

Caring

Snakes are waking up. What should you do if you’re bitten? And what if you’re a long way from help?

<div class="theconversation-article-body"> <a href="https://theconversation.com/profiles/hamish-bradley-2217649">Hamish Bradley</a>, <a href="https://theconversation.com/institutions/the-university-of-western-australia-1067">The University of Western Australia</a>; <a href="https://theconversation.com/profiles/alice-richardson-252002">Alice Richardson</a>, <a href="https://theconversation.com/institutions/australian-national-university-877">Australian National University</a>, and <a href="https://theconversation.com/profiles/breeanna-spring-1545193">Breeanna Spring</a>, <a href="https://theconversation.com/institutions/charles-darwin-university-1066">Charles Darwin University</a> From the creeks that wind through inner city Melbourne to the far outback in Western Australia, snake season is beginning. Over the cooler months snakes have been in state of <a href="https://youtu.be/FjXOzNjZjoU?si=Mc0eeayVk4VU9906">brumation</a>. This is very similar to hibernation and characterised by sluggishness and inactivity. As warmer conditions return both snakes and humans become more active in the outdoors, leading to an increased likelihood of interaction. This may happen when people are hiking, dog-walking or gardening. The risk of being bitten by a snake is exceptionally small, but knowing basic first aid could potentially save your, or another person’s, life. <h2>When a snake bites</h2> Snake bite envenomation (when venom enters the blood stream) is a significant issue in Australia, with <a href="https://onlinelibrary.wiley.com/doi/full/10.5694/mja17.00094">3,000 cases annually and an average of two deaths</a>. Snake bite should always be <a href="https://stjohnwa.com.au/online-resources/first-aid-information-and-resources/snake-bite">treated</a> as a life-threatening emergency, and if you are bitten in rural or remote Australia, you will often receive an air medical emergency pick up to a regional or metropolitan hospital for advanced care. The effects of snake bites vary, depending on the species of snake and first aid measures undertaken. Australian <a href="https://www.healthdirect.gov.au/snake-bites">standard first aid guidelines</a> include: <ul> <li>calling for help (dialing 000 or activating an emergency beacon)</li> <li>applying a pressure immobilisation bandage</li> <li>resting.</li> </ul> <h2>Why pressure is important</h2> Snake venom is carried within the <a href="https://theconversation.com/what-are-lymph-nodes-and-can-a-massage-really-improve-lymphatic-drainage-209334">lymphatic system</a>. This is a collection of tiny tubes throughout the body that return fluid outside of blood vessels back to the blood stream. Muscles act as a “<a href="https://theconversation.com/pneumatic-compression-therapy-can-it-really-help-olympians-or-you-recover-after-exercise-236228">pump</a>” to help the fluid move through this system. That’s why being still, or immobilisation, is vital to slow the spread of venom. A firm pressure immobilisation bandage, applied as tight as you would for a sprained ankle, will compress these tubes and help limit the venom’s spread. Ideally bandage the entire limb on which the bite occurred and apply a splint to help further with immobilisation. It is very important that the blood supply to the limb is not limited by this bandage. Never attempt to capture or kill the snake for identification. This risks further bites and is not required for specialist care. The decision about when to give antivenom (if any) is based on the geographical location, symptoms, the results of blood tests and discussion with a toxicologist. <h2>The tyranny of distance</h2> People living in rural and remote locations may also have limited access to health care, including access to ambulance services, <a href="https://www.tandfonline.com/doi/full/10.1080/10871209.2020.1769778">snake bite first aid</a> such as bandages and splints, and to antivenom. Availability and the prompt use of antivenom have been identified as <a href="https://www.sciencedirect.com/science/article/pii/S2590171022000558">crucial factors in the effective treatment</a> of snake envenomation – but not studied in detail. Over one year (as a component of a larger three-year study) we collected information on the pre-hospital care and in-flight care with the Royal Flying Doctors Service Western Operations. During this time, 85 people from regional, rural, remote and very remote Western Australia were flown by Royal Flying Doctor Service to hospital for suspected or confirmed snake bites. Reassuringly, only five of these patients (6%) ultimately received a toxicologist’s diagnosis of envenomation. <h2>To move or not to move?</h2> Troublingly, 38 (45%) of the 85 snake bite victims continued to move around and be active following their suspected snake bite. This raises questions about whether people lack knowledge of first-aid guidelines, or whether this is a consequence of being isolated, with limited access to health care. Either way, our as-yet-unpublished research highlights the vulnerability of Australia’s rural and remote people. All patients eventually received a pressure immobilisation bandage, with an average time from bite to application of 38 minutes. Three quarters of the patients made their way to health-care site by foot, or private car, arriving on average 65 minutes after the bite. <h2>What needs to change?</h2> Our results indicate rural and remote Australians need innovative health-care solutions beyond the metropolitan guidelines, particularly when outside ambulance service areas. Basic snake bite first aid education needs to be not only reiterated but also a pragmatic approach is required in these geographically isolated locations. This would involve being vigilant, staying safe and, when isolated, always carrying emergency technology to call for help. <hr /> The authors wish to acknowledge the efforts required through this research project as it continues, including by Fergus Gardiner, Kieran Hennelly, Rochelle Menzies, James Anderson, Alex McMillan and John Fisher. Hamish Bradley is an Aeromedical Retrieval Specialist and Principal Investigator in this project.<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/234365/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/hamish-bradley-2217649">Hamish Bradley</a>, Adjunct Lecturer, Anaesthetist and Aeromedical Retrieval Specialist, <a href="https://theconversation.com/institutions/the-university-of-western-australia-1067">The University of Western Australia</a>; <a href="https://theconversation.com/profiles/alice-richardson-252002">Alice Richardson</a>, Associate professor and lead of Statistical Support Network, <a href="https://theconversation.com/institutions/australian-national-university-877">Australian National University</a>, and <a href="https://theconversation.com/profiles/breeanna-spring-1545193">Breeanna Spring</a>, PhD student, Molly Wardaguga Institute for First Nations Birth Rights, Faculty of Health, <a href="https://theconversation.com/institutions/charles-darwin-university-1066">Charles Darwin University</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/snakes-are-waking-up-what-should-you-do-if-youre-bitten-and-what-if-youre-a-long-way-from-help-234365">original article</a>. </div>

Body

We tend to underestimate our future expenses – here’s one way to prevent that

<div class="theconversation-article-body"><a href="https://theconversation.com/profiles/ray-charles-chuck-howard-1361224">Ray Charles "Chuck" Howard</a>, <a href="https://theconversation.com/institutions/texas-aandm-university-1672">Texas A&M University</a>; <a href="https://theconversation.com/profiles/abigail-sussman-227057">Abigail Sussman</a>, <a href="https://theconversation.com/institutions/university-of-chicago-952">University of Chicago</a>; <a href="https://theconversation.com/profiles/david-j-hardisty-753777">David J. Hardisty</a>, <a href="https://theconversation.com/institutions/university-of-british-columbia-946">University of British Columbia</a>, and <a href="https://theconversation.com/profiles/marcel-lukas-1236384">Marcel Lukas</a>, <a href="https://theconversation.com/institutions/university-of-st-andrews-1280">University of St Andrews</a> <h2>The big idea</h2> When asked to estimate how much money they would spend in the future, people underpredicted the total amount by more than C$400 per month. However, when prompted to think about unexpected spending in addition to typical expenses, people made much more accurate predictions. These are the main findings of a series of <a href="https://doi.org/10.1177%2F00222437211068025">studies and experiments that we conducted</a> and which have just been published in the <a href="https://journals.sagepub.com/home/mrj">Journal of Marketing Research</a>. In our first study, we began by asking 187 members of a Canadian credit union to predict their weekly spending for the next five weeks. Then, at the end of each week, we asked them how much they actually spent. For the first four weeks, people underpredicted their weekly spending by about $100 per week or $400 for the month. In the study’s fifth and final week, we ran an experiment to see if we could improve people’s prediction accuracy. Specifically, we randomly assigned participants to one of two groups. In group one, participants estimated their spending for the next week just as they had done in previous weeks. These folks once again significantly underpredicted their spending. In group two, participants were asked to think of three reasons why their spending for the next week might be different than usual before making their estimate. This led them to make higher and much more accurate predictions – coming within just $7 of what they actually spent. Importantly, participants in each group spent roughly the same amount of money that week, on average. The only difference between the two groups was whether they accurately predicted that amount. <iframe id="WlDv3" class="tc-infographic-datawrapper" style="border: 0;" src="https://datawrapper.dwcdn.net/WlDv3/3/" width="100%" height="400px" frameborder="0" scrolling="no"></iframe> Next, we conducted nine experiments to better understand why people underpredict their spending and whether being prompted to think of unusual expenses helps improve accuracy. In all, over 5,800 people participated in these experiments, including a representative sample of U.S. residents. These experiments revealed two important insights. First, people primarily base their spending predictions on typical expenses like groceries, gasoline and rent. They usually fail to account for irregular – though still common – expenses like car repairs, last-minute concert tickets or one-off health care bills. This is what leads to underprediction. Second, prompting people to think of irregular expenses in addition to typical expenses helps them to make more accurate spending predictions. In our studies, people did not factor in atypical expenses unless we asked them to do so. <h2>Why it matters</h2> Helping people improve the accuracy of their spending predictions could help them improve their financial well-being. Underpredicting expenses can be costly. For example, 12 million Americans <a href="https://www.pewtrusts.org/en/research-and-analysis/reports/2012/07/19/who-borrows-where-they-borrow-and-why">borrow a total of more than $7 billion</a> in payday loans each year because they can’t meet their monthly expenses. These loans typically have extremely high interest rates – <a href="https://www.pewtrusts.org/en/research-and-analysis/data-visualizations/2022/how-well-does-your-state-protect-payday-loan-borrowers">more than 250% in some states</a>. Payday loans also come due in full so quickly that around three in four borrowers <a href="https://www.pewtrusts.org/en/research-and-analysis/reports/2012/07/19/who-borrows-where-they-borrow-and-why">end up borrowing again</a> to pay off the original loan. If consumers could better anticipate how much money they will spend in the future, it might help motivate them to spend less and save more in the present. In fact, one of our studies shows that our suggested prediction strategy <a href="https://doi.org/10.1177/0022243721106802">not only boosted spending estimates</a>, it also increased intentions to save. <h2>What’s next</h2> Members of our research team are currently investigating if, when and why underpredicting one’s expenses may be beneficial. For example, if a person sets an optimistically low budget and actively tracks their spending against it, does that help them reduce their spending? We are also investigating whether people who work in the gig economy show a corresponding tendency to mispredict their future income.<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/189100/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/ray-charles-chuck-howard-1361224">Ray Charles "Chuck" Howard</a>, Assistant Professor of Marketing, <a href="https://theconversation.com/institutions/texas-aandm-university-1672">Texas A&M University</a>; <a href="https://theconversation.com/profiles/abigail-sussman-227057">Abigail Sussman</a>, Professor of Marketing, <a href="https://theconversation.com/institutions/university-of-chicago-952">University of Chicago</a>; <a href="https://theconversation.com/profiles/david-j-hardisty-753777">David J. Hardisty</a>, Assistant Professor of Marketing & Behavioral Science, <a href="https://theconversation.com/institutions/university-of-british-columbia-946">University of British Columbia</a>, and <a href="https://theconversation.com/profiles/marcel-lukas-1236384">Marcel Lukas</a>, Lecturer in Banking and Finance, <a href="https://theconversation.com/institutions/university-of-st-andrews-1280">University of St Andrews</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/we-tend-to-underestimate-our-future-expenses-heres-one-way-to-prevent-that-189100">original article</a>. </div>

Money & Banking

Iconic Days of Our Lives star dies aged 70

Drake Hogestyn has passed away aged 70. The Days of Our Lives actor, known for his long-running role as John Black passed away on Saturday after a battle with pancreatic cancer, according to a statement shared by his family on Instagram. “It’s with heavy hearts that we announce the passing of Drake Hogestyn,” the statement began. “He was thrown the curve ball of his life when he was diagnosed with pancreatic cancer, but he faced the challenge with incredible strength and determination.” “After putting up an unbelievable fight, he passed peacefully surrounded by loved ones. He was the most amazing husband, father, papa and actor. He loved performing for the ‘Days’ audience and sharing the stage with the greatest cast, crew, and production team in the business. We love him and we will miss him all the Days of our Lives.” Hogestyn first appeared on the iconic US soap opera in 1986, and played John Black for 38 years. In a statement to Soap Opera Digest, Days Of Our Lives executive producer Ken Corday remembered the actor, who appeared in more than 4,200 episodes of the show. “This is a very difficult one for all of us,” he said. “Hogey was the ultimate team player and there are not sufficient words to express how deeply he will be missed. His impact on our show, personally and professionally, was profound and will forever remain unmatched.” His co-stars and colleagues have also paid their respects on social media. “I’m so saddened by this news,” tweeted Kassie DePaiva, who played Eve on the soap. “One of the kindest people I have ever worked with. What an amazing life he lived. He will be missed. He made the world a better place.” Fellow veteran soap star Nancy Lee Grahn, who plays Alexis on General Hospital tweeted: “My deepest condolences to Drake Hogestyn’s family, friends and fans. What a lovely, lovely gracious man.” Image: SplashNews.com/ Shutterstock Editorial

Caring

Simon Dorante-Day calls for "four-way paternity test" to prove royal lineage

Simon Dorante-Day has called for a "four-way paternity test" to prove his royal lineage, while also casting doubt on if Prince William and Prince Harry are actually sons of the monarch. The Queensland man, who has been claiming to be the secret son of King Charles and Queen Camilla since 2005, has called for an official DNA test to prove his claims in a lengthy Facebook post. Dorante-Day's post highlights a photo comparison of himself, King Charles and William and Harry as evidence supporting his demand for answers from the royal family. “This comparison of William, Myself, Charles, and Harry demonstrates something very clearly, there is no consistency. The fact that the left side of my face identically matches Charles whilst neither William nor Harry’s does, raises the obvious question, just who are Charles’s real sons?” "This is why my wife, Dr. Elvianna, and I believe a 4-way Paternity test is the only way to resolve this issue once and for all. The truth of the game that has been played by the Monarchy, the Government, and the Establishment for 58 years needs to be exposed." "It's not just what happened to me as a child, and what I remember from growing up in England, but it’s also what’s happened since to myself, my wife, and my children in Australia that supports our argument. These covert and illegitimate activities that are targeted towards us constantly are an attempt to stop us on this journey, nothing more. They will not succeed. They will only strengthen our argument and provides us with evidence to demonstrate what has occurred, in a court room, to judges." "My question to all of you is how will you truly react when you hear the truth of what has occurred? Would you still want them on the throne?" Dorante-Day was born in Portsmouth in the UK in 1966, and was adopted at just eight months old. According to his claims, his adoptive mother, who worked for Queen Elizabeth II confessed on her death bed that he was the son of Charles and Camilla. Image credits: Facebook

Family & Pets

Kate Middleton confirms the end of her chemotherapy

The Princess of Wales has confirmed that she has finished chemotherapy and is now focused on staying cancer free. Kate Middleton, who announced in March that she was undergoing preventative chemotherapy for an undisclosed type of cancer, shared the update on social media with a deeply personal message. "As the summer comes to an end, I cannot tell you what a relief it is to have finally completed my chemotherapy treatment," she began in the video, which was shot last month in Norfolk. "The last nine months have been incredibly tough for us as a family. Life as you know it can change in an instant and we have had to find a way to navigate the stormy waters and road unknown," she continued. “The cancer journey is complex, scary and unpredictable for everyone, especially those closest to you. “With humility, it also brings you face to face with your own vulnerabilities in a way you have never considered before, and with that, a new perspective on everything. “This time has above all reminded William and me to reflect and be grateful for the simple yet important things in life, which so many of us often take for granted. Of simply loving and being loved.” Prince William, Prince George, Princess Charlotte and Prince Louis all feature alongside Kate in the video, as they're surrounded by nature, with the couple even showing a rare display of public affection. <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/C_s6SukNNne/?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_s6SukNNne/?utm_source=ig_embed&utm_campaign=loading" target="_blank" rel="noopener">A post shared by The Prince and Princess of Wales (@princeandprincessofwales)</a> </div> </blockquote> The Princess said that going forward her focus would be on “doing what I can to stay cancer-free” but was “looking forward to being back at work”, with plans to undertake a light program of engagements until the end of the year. “Although I have finished chemotherapy, my path to healing and full recovery is long and I must continue to take each day as it comes,” she added. “Despite all that has gone before, I enter this new phase of recovery with a renewed sense of hope and appreciation of life.” She then thanked the public for their support, saying how grateful the family were and how they had “drawn great strength from all those who are helping us at this time”. "Everyone's kindness, empathy and compassion has been truly humbling." “To all those who are continuing their own cancer journey – I remain with you, side by side, hand in hand. Out of darkness, can come light, so let that light shine bright,” she concluded. The Princess of Wales plans to support her family at the Cenotaph in Whitehall on Remembrance Sunday in November and host her annual televised Together At Christmas carol service at Westminster Abbey the following month. Images: Instagram/ Kensington Palace

Caring

Readers response: What have you had to cut out of your life to cope with cost of living pressures?

As the cost of living continues to rise, many people have had to cut things out of their day to day spending to cope with the financial struggles. We asked our readers what they have had to cut out of their budgets to cope with cost of living pressures, and the response was overwhelming. Here's what they said. Wendy Oliver - We don’t eat out often at all… I spend too much in the supermarket. Christine Brooks - I've cut out steak, good nutritional foods, TV streaming, entertainment, haircuts, new clothes, pets, pool cleaning, and more. Kerrie Dare - I limit steak meals. I've stopped my haircuts to every 4 months. Internet is getting chopped. I can only afford exercise classes twice a week. I don't eat as much fruit as I used too. I only buy groceries when on special. One bottle of wine per fortnight. One slice of sourdough in the morning, which means the loaf lasts a week. I turn on my washing machine around every 10 days & I have quick showers. No eating out or take away. Maybe one cup of coffee per week with a friend. Movies once every 6 weeks as a social group. No concerts or clubs. I drive only locally, so a tank of petrol lasts 1 month. No weekends away. Jane Dawes - No coffees, beauty treatments, hairdresser, eating out, takeouts etc. The trouble is not affording to spend on certain items has a flow on effect for businesses. Everyone is suffering. Lois E. Fisk - Going out to eat or see movies in the cinema or live plays or new clothes. I shop at the least expensive grocery stores as much as possible, and good cuts of meat rarely happen. Janice Stenning - Don't go to the hairdressers as often and don't buy as many clothes. Debra Dugar - Thinking about dropping my extras cover of my insurance. By the time I pay for it, I can't afford the gap you have to pay. Robyn Lee - Living in my own house. I now live with my family. Rhondda Hughes - Well, petrol is expensive so I have to really think if I can afford to visit anyone. I can’t eat meat much and even vegetables can be expensive. We have three chickens so they give us eggs but good quality eggs and healthy chickens require money too. Fortunately I live in Perth so, in comparison to other states, it isn’t as cold however the cost of heating is a significant consideration and therefore I just tend to go to bed. <div style="font-family: inherit;">Felicity Jill Murphy - Stopped going out to shopping centres. That's where I spend money unnecessarily.</div> <div style="font-family: inherit;">Image credits: Shutterstock </div> <div style="font-family: inherit;"> </div> <div class="x6s0dn4 x3nfvp2" style="font-family: inherit; align-items: center; display: inline-flex; min-width: 584px;"> <ul class="html-ul xe8uvvx xdj266r x4uap5 x18d9i69 xkhd6sd x1n0m28w x78zum5 x1wfe3co xat24cr xsgj6o6 x1o1nzlu xyqdw3p" style="list-style: none; margin: 0px -8px 0px 4px; padding: 3px 0px 0px; display: flex; min-height: 15px; line-height: 12px; caret-color: #1c1e21; color: #1c1e21; font-family: system-ui, -apple-system, BlinkMacSystemFont, '.SFNSText-Regular', sans-serif; font-size: 12.000001px;" aria-hidden="false"> <li class="html-li xdj266r xat24cr xexx8yu x4uap5 x18d9i69 xkhd6sd x1rg5ohu x1emribx x1i64zmx" style="display: inline-block; padding: 0px; margin: 0px 8px;"> </li> </ul> </div>

Money & Banking

Thousands of eligible Aussies to receive cost-of-living payments

Around 210,000 eligible South Australian households will receive a cost-of-living payment this week, including pensioners, Centrelink recipients and low-income earners. A Cost of Living Concession of $255.60 will be paid to all eligible households, with the annual payments made to eligible tenants and self-funded retirees doubled to match the amount given to homeowners. The payment is part of the state government's $266.2 million cost-of-living relief package announced in this year's state budget. This included the one-off additional payment of $243.90 to households who received last year's cost-of-living payment in June. South Australia's Premier Peter Malinsauskas said the government had delivered the “single largest cost-of-living assistance package in South Australia’s history”. “We know people are doing it tough and cost-of-living pressures are continuing to have an impact on many South Australians,” he said. “In the past two months, our government will have issued more than $100 million in targeted cost-of-living relief to South Australian households.” Pensioners and other card holders including, the Pensioner Concession Card, Veteran Gold Card, Low Income Health Care Card and Commonwealth Seniors Health Card, as well as low-income households and those receiving Centrelink payments including JobSeeker, the Parenting Payment and Youth Allowance, are eligible to receive the SA Cost Of Living Concession. Those who want to receive the concession for that financial year will need to apply <a href="https://www.sa.gov.au/topics/care-and-support/concessions/household-concessions/cost-of-living-concessions" target="_blank" rel="noopener">online</a> by December 31 and only one person per household can receive the payment and it will be based on your circumstances on July 1. Those who have previously received the payment and whose circumstances haven't changed don't need to reapply. The payments started rolling out this month, with Human Services Minister Nat Cook saying that all payments should come through by early next week. “This includes everyone who received a payment last year and who is still eligible, as well as new applications which have been processed up to now,” Cook said. "Anyone who thinks they might be eligible for cost-of-living support should head to the sa.gov.au website to have a look at the eligibility criteria." Other states have also provided cost-of-living support, with eligible seniors in Western Australia able to receive a Cost of Living Rebate of $107.12 for singles and $160.68 for couples. While in the ACT, apprentices and tradies in the state can get a one-off $250 Cost Of Living payment if they are employed by an ACT employer. NSW has a few cost-of-living initiatives including up to $350 energy rebates for eligible households, and up to $4,220 early childhood fee relief for 3 to 5-year-olds attending eligible community and mobile preschools. Image: Shutterstock

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Readers response: What have you had to cut out of your life to cope with cost of living pressures?

Thousands of eligible Aussies to receive cost-of-living payments

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