Money & Banking

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

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

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

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

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Westpac to pay one year off mortgages for fire-affected customers

<p>Westpac has announced that it will pay one year off the mortgages for customers who lost their homes this bushfire season.</p> <p>Customers who took out mortgages through the bank will have their repayments paid for up to $1,200 per month over a period of one year, acting chief executive Peter King said.</p> <p>“These initiatives are designed to provide practical, on the ground support for our customers, our people and for those who are caring for affected communities,” King said in a statement.</p> <p>“In times of such unprecedented devastation, we want customers and communities to know we’re here to help alleviate financial concerns so they can rebuild their lives, homes and businesses.”</p> <p>Customers who need to rebuild their place of residence will also be eligible for interest free home loans through the Bushfire Recovery Support Package, while businesses may access low-interest loans.</p> <p>The initiative is Westpac’s latest effort to support bushfire-affected communities. Last week, the bank announced a $1.5 million Bushfire Fund, including emergency grants of up to $2,000 for temporary accommodation, food and clothing.</p> <p>There have been 10,550 insurance claims valued at $939 million lodged with Westpac as of Friday, the bank said.</p> <p>All four major banks have announced disaster relief packages. Commonwealth Bank and NAB each established a $1 million bushfire relief fund, while ANZ pledged $500,000 to support affected home loan customers and local community services.</p> <p>Westpac estimated that the bushfire crisis will cost Australia <a href="https://indaily.com.au/news/business/2020/01/13/bushfires-to-cost-nation-5b-westpac/">$5 billion in direct losses</a> and chip the country’s economic growth by 0.2 to 0.5 per cent.</p>

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Aussies warned of changes that impact their finances in 2020

<p><span style="font-weight: 400;">There are many changes coming in the year 2020 that will impact the finances of Australians nationwide if they’re unaware of them, according to </span><a href="https://www.finder.com.au/"><span style="font-weight: 400;">Finder</span></a><span style="font-weight: 400;">.</span></p> <p><span style="font-weight: 400;">From rate cuts to health insurance hikes, here’s what you need to know in 2020.</span></p> <p><strong>New rock-bottom cash rate in February</strong></p> <p><span style="font-weight: 400;">Further cash rate cuts are coming in 2020, as 66 per cent of Finder’s RBA panellists predicted another cut in February.</span></p> <p><span style="font-weight: 400;">This means that Australia’s official cash rate would plummet to just 0.50 per cent.</span></p> <p><span style="font-weight: 400;">“Record-low interest rates mean that homeowners will be able to save a significant amount of money over the life of their loan as well,” explained Kate Browne, personal finance expert at Finder.</span><span style="font-weight: 400;"><br /></span><span style="font-weight: 400;">“With over a million mortgage customers considering a switch this year, it will be interesting to see which lenders pass on the rate cuts, ” she said. </span></p> <p><strong>Open banking</strong></p> <p><span style="font-weight: 400;">Open banking means that the Big Four banks, which are Commonwealth Bank, NAB, ANZ and Westpac, are required to provide access to customer and account data.</span></p> <p><span style="font-weight: 400;">They are required to provide access to data for credit and debit cards, deposit accounts and transaction accounts.</span></p> <p><span style="font-weight: 400;">This means that Australians are able to share their personal transaction data to get a better deal.</span></p> <p><strong>Health insurance price hike</strong></p> <p><span style="font-weight: 400;">Health insurance premiums are set to rise again this year and are looking to increase by 2.92 per cent on average from April 1</span><span style="font-weight: 400;">st</span><span style="font-weight: 400;">. However, this percentage is not set in stone and will vary across the funds.</span></p> <p><span style="font-weight: 400;">Browne said that comparisons against funds should be done every year so you can stay on top of price hikes.</span></p> <p><span style="font-weight: 400;">“Compare your premium every year and switch to a fund that won’t cost more. If you switch a policy with the same level of cover as your current one, you won’t need to reserve waiting periods,” Browne said. </span></p>

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4 money-saving resolutions you should make this year

<p>Could this be the year you get your finances in order? A savings plan doesn’t need to be overwhelming, try these seven tips that Patty Cathey, financial advisor at Smart Retirement Plan uses with her clients to keep them on track.</p> <p><strong>1. Track your spending</strong></p> <p>Some financial mishaps happen simply because we aren’t paying close enough attention to our spending habits. Once you have taken an inventory of your finances, watch your spending for unnecessary expenses. “Take out the magnifying glass and take notice of the details in your financial picture,” Cathey advises. “Comb through your credit card statements to see if there’s any unnecessary spending or charges. Are you paying for a gym membership or cable channels you don’t use? Is there a charge you didn’t make that could be fraud? Paying attention to the little things can make a big difference in your finances.”</p> <p><strong>2. Start small</strong></p> <p>When the New Year rolls around, the temptation is to make extreme financial resolutions all at once. But don’t get so caught up in your resolutions that you set yourself up for failure. Cathey advises her clients to make small changes to their spending, since they are more maintainable over time. “Taking a baby step in cutting your spending can start you on the path to even bigger savings,” Cathey encourages. “For example, instead of cutting out your morning coffee completely, cut out one cup per week in January. Same thing goes for bringing a lunch to work: try packing a lunch one day. You may find it’s easier than you realise.” By February you may be skipping two lattés and bringing your lunch twice a week.</p> <p><strong>3. Wait before you swipe</strong></p> <p>Make a new habit of waiting before you spend on an unplanned purchase. Did you spot a piece of house decor at Target during a nappy run? Take time to think about the purchase before you swipe your credit card. “Apply the 48-hour rule by giving yourself a mandatory waiting period before making a big purchase,” Cathey says. “Many times, you’ll forget about the item you so desperately wanted when you’re in the store. If you still want or think you need it after 48 hours, talk over the purchase with a spouse or loved one.”</p> <p><strong>4. Pay yourself first</strong></p> <p>Even if you mean well, life can get in the way of prioritising saving for emergencies or getting ready for your retirement. David Bach, author of The Automatic Millionaire, encourages individuals with big financial goals to start by making their savings automatic each time they get paid. “Adding a small amount to your savings is pain free and pays off in the long run” he says. Then, utilise online banking tools to efficiently distribute money into different accounts including: retirement, emergency and mortgage payments, credit card, and other recurring bills.</p> <p><em>Source: <a href="https://www.rd.com/advice/saving-money/financial-resolutions/">RD.com</a></em></p> <p><em>Written by Mary Sauer. This article first appeared in </em><span><a href="https://www.readersdigest.com.au/food-home-garden/money/7-money-saving-resolutions-you-should-make-this-new-yea"><em>Reader’s Digest</em></a><em>. For more of what you love from the world’s best-loved magazine, </em><a href="http://readersdigest.innovations.com.au/c/readersdigestemailsubscribe?utm_source=over60&amp;utm_medium=articles&amp;utm_campaign=RDSUB&amp;keycode=WRA93V"><em>here’s our best subscription offer.</em></a></span></p>

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

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

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Andrew Twiggy and Nicola Forest pledge incredible $70 million to bushfire crisis

<p>Billionaire Australian businessman Andrew “Twiggy” Forrest and his wife Nicole will be parting ways with $70 million as a bushfire recovery package. </p> <p>The Western Australian mining magnate will be spending $50 million on a “national blueprint” for fire and disaster to develop new approaches to fight the serious threat of bushfires. </p> <p>“We know that this is a matter of national resilience,” Mr Forrest told reporters in Perth. </p> <p>“This goes to a holistic assessment of where the nation is at and what we need to do to improve resilience.”</p> <p>Forrest will further provide an additional $10 million through the couple’s Minderoo Foundation to build a “volunteer army” which will be deployed through different regions that have been devastated by bushfires. </p> <p>They will also contribute a further $10 million for communities that are working in collaboration with the Australian Red Cross, the Salvation Army and other agencies on the forefront. </p> <p>The foundation has also established a Fire Fund and the Forrests say they will match every dollar donated with two dollars.</p> <p>“We are here representing a family and from our family to your families, your fire-affected families, the wildlife, the children who are devastated, the parents who have lost farms and properties and homes and dreams, we are here with our family to help support your family,” he said.</p> <p>Mr Forrest said they are “so proud to be Australians” and to see everyone rallying together “during this cataclysmic time”.</p> <p>The businessman hopes to raise $500 million through a global campaign to establish a long-term bushfire research project.</p> <p>“We are stepping up, as we did for the Black Saturday bushfires, to go out to the communities in South Australia, Victoria and New South Wales, find out what you need, what your families need, what your communities need and to help you, not rebuild to perhaps what you had, but to plan for what could be – what may be even better,” he said.</p> <p>“I would just like to say, on behalf of all of the Minderoo Foundation and all West Australians, that we weep along with Australia, along with you and, as a family and as a foundation, we would like to step up and help you. Thank you.”</p> <p>The federal government has committed at least $2 billion towards the bushfire recovery and further established a new national agency to co-ordinate efforts on the ground. </p> <p>This will be run by former Australian Federal Police commissioner Andrew Colvin. </p> <p>The NSW and Victorian governments have set up similar agencies at a state level.</p> <p>Prime Minister Scott Morrison said “tremendous generosity” has been expressed by many people all over the nation, from billionaires “down to boys and girls raising money in their local schools”.</p> <p>“Can I start by acknowledging the tremendous generosity of so many Australians, whether it is James Packer or Anthony Pratt, or Andrew Forrest, or whoever it happens to be,” he told reporters in Canberra. </p> <p>“The generosity of that response, I think, has been simply extraordinary.</p> <p>“It’s important that we work hard to best channel and co-ordinate that support that is coming through into the areas of greatest need.”</p> <p>Mr Colvin said they had spoken to Mr Forrest.</p> <p>“Very generous what he’s put together,” he said today.</p> <p>“He’s done this before. Last thing I’m gonna do is step in the way of that. I will make sure it’s best utilised.”</p> <p>Mr Forrest is seventh on Forbes’ ‘Australia’s 50 Richest People’ list with a net worth of $US8.8 billion ($A12.8 billion).</p>

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Gina Rinehart hits back at Celeste Barber’s criticism over bushfires

<p>Australia’s richest woman Gina Rinehart has slammed comedian Celeste Barber who has raised $47 million in less than a week for the bushfire appeal, saying she’s more concerned about the “true cause” of the fires.</p> <p>Earlier in the week, Barber criticised billionaires, as she asked why they aren’t donating to help the Australian bushfire crisis.</p> <p>She directly tweeted at Rinehart, who has a net worth of close to $14 billion, writing: “If you’re in Hawaii on a family holiday I’m going to flip a f***ing table”.</p> <p>But a spokesman for the billionaire has issued a statement saying the wealthy mining magnate prefers to donate privately.</p> <p>The statement says the billionaire does not want to “rush” to blame climate change for the devastation.</p> <p>“(Mrs Rinehart) is most concerned that the true causes of this sad devastation are tackled, rather than missed in the rush to blame climate change,” the spokesman said in a statement revealed by the<span> </span><em>Daily Mail.</em></p> <p>“In particular, restrictions on building dams are lifted, the dangerous restrictions on allowing adequate fire breaks and restrictions on land clearing, which regulations have helped to cause life and stock losses, property damage, and damage to livelihoods and much suffering.”</p> <p>Rinehart has apparently contributed to a collection for firefighting at an event which took place at her home, where 150 guests were present on Tuesday night.</p> <p>Barber on the other hand, has raised over $47 million in less than a week through her fundraising campaign.</p> <p>But the comedian raised the question as to whether billionaires around the world were doing their part.</p> <p>“Remember when Notre Dame burnt down – very sad, don’t get me wrong, RIP Notre Dame, historic building,” she said on Instagram earlier in the week.</p> <p>“And something like billions of dollars were raised, by I think like a handful of people. Where are those people now?</p> <p>“Because I tell you what, every day people are donating $10 here, $10 there, that’s what’s getting us to now $40 million.”</p> <p>She also said the money, which was originally intended for the NSW RFS, would be distributed to various different organisations and families of those killed in the fires.</p> <p><em>OverSixty, its parent company and its owners are donating a total of $200,000 to the Vinnie’s Bushfire Appeal. We have also pledged an additional $100,000 of product to help all those affected by the bushfire crisis. We would love you to support too! Head to the <a rel="noopener" href="https://donate.vinnies.org.au/appeals-nsw/vinnies-nsw-bushfire-appeal-nsw" target="_blank">Vinnie's website</a> to donate.</em></p>

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Turia Pitt inspires emotional movement in wake of new bushfire crisis

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

Money & Banking

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

<p><span>‘Mindfulness’ is a big buzzword these days. Referring to the practice of consciously observing your body and breath without judgment, mindfulness has gained ground in our culture as a coping mechanism; a way to deal with our feelings. Part of the appeal of mindfulness is that it’s a technique that can be applied to just about any aspect of life. You’ve no doubt heard of mindful eating, and perhaps even mindful moving. Now, mindful shopping is gaining ground in response to our seemingly innate tendency towards impulsive (and compulsive!) shopping.</span></p> <p><span>It has always been easier to spend money than to earn it, but it turns out there’s an even bigger problem now that we don’t tend to see or touch real cash. Dr Dimitrios Tsivrikos of University College London, has shown in his research that the brain experiences more discomfort spending cash money as opposed to digital money. In other words, it’s easier to spend recklessly in an economy dominated by credit card transactions.</span></p> <p><span>These mindless shopping habits can have serious repercussions on our daily lives, including buyer’s remorse, skewed financial priorities and increased levels of anxiety and unhappiness. Ultimately, it can lead to unnecessary debt, put a strain on relationships and even contribute to hoarding tendencies.</span></p> <p><span>Mindful shopping addresses the emotions at the root of reckless spending, and can serve as a means of regaining control of your bank account balance – and your emotional wellbeing.</span></p> <p><span>Here are four tips to help you regain control of your impulses.</span></p> <p><strong><span>1. Find other ways to treat yourself</span></strong></p> <p><span>We all need a pick-me-up now and again, and for many of us, the quickest fix for a miserable day is to treat yourself to something new. Unfortunately, the pleasure of an impulse purchase is fleeting, while the effect on your bank account lingers. Consider other ways to administer emotional first-aid when needed, whether it’s going for a walk with a close friend or hitting up the library to check out the latest from your favourite author.</span></p> <p><strong><span>2. Make a mindful shopping list</span></strong></p> <p><span>A mindful shopping list is one that serves to separate your daily expenses into ‘needs’ and ‘wants’ on an emotional level. A ‘need’ fulfils an essential, practical purpose which may or may not be pleasurable, like buying groceries so that you can feed yourself and your family. A ‘want’, on the other hand, is largely driven by the pleasure sensation of owning or experiencing a product, whether it’s acquiring another Louis Vuitton bag or an autographed cricket ball.</span></p> <p><strong><span>3. Be cynical of ‘sales’</span></strong></p> <p>It’s one thing to stock up on discounted products that you need on a regular basis, but it’s quite another thing to leave a store with a bag full of ‘bargains’ you never intended to buy in the first place. Be mindful that buying anything on sale is still spending – not saving.</p> <p><strong>4. Don’t substitute retail therapy for real therapy</strong></p> <p><span>Sometimes mindful shopping strategies aren’t enough to curb a serious shopping addiction. If you continue to find yourself obsessed with social status, unable to manage anxiety, and depend entirely on shopping for a sense of fulfilment, you could likely benefit from professional counselling. Chances are, there are underlying emotional issues at play that only real therapy can address.</span></p> <p><em>Source: <a href="https://www.readersdigest.ca/home-garden/money/mindful-shopping/">readersdigest.ca</a></em></p> <p><em>Written by Deepak Kashyap. This article first appeared in </em><span><a href="https://www.readersdigest.com.au/food-home-garden/money/9-mindful-shopping-tips-that-can-save-you-money-and-make-you-happier"><em>Reader’s Digest</em></a><em>. For more of what you love from the world’s best-loved magazine, </em><a href="http://readersdigest.innovations.com.au/c/readersdigestemailsubscribe?utm_source=over60&amp;utm_medium=articles&amp;utm_campaign=RDSUB&amp;keycode=WRA93V"><em>here’s our best subscription offer.</em></a></span></p>

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Shane Warne puts Baggy Green up for auction to raise bushfire funds

<p>Shane Warne has put his famous Baggy Green cap up for grabs in a tremendous gesture to help raise funds for the Bushfire Appeal.</p> <p>The Aussie cricket legend announced the generous decision during day four of the third Test between Australia and New Zealand.</p> <p>“The bushfires have been absolutely horrific, they’ve touched all of us in a way,” Warne told<span> </span><em>Fox Cricket</em>.</p> <p>“To see the total devastation, lives have been lost, families have been lost, over 500 million wildlife has died. The stories are horrific.</p> <p>“We always wore this the first session of a bowling day every time and I’ve had that baggy green cap my whole career and I’ve decided to put it up for auction.”</p> <p>As soon as it went online, former England skipper Michael Vaughan placed an offer of $25,000 but that sum was surpassed in an instant.</p> <p>The bids kept increasing for the piece of Australian cricket memorabilia as within the first 90 minutes the amount had reached the six-figure mark. As of Tuesday morning, the highest bid was a whopping $315,000.</p> <p>The auction is set to run for a week with the figure expected to climb even further and potentially reach Sir Donald Bradman’s baggy green which fetched $425,000 in 2003.</p> <p><strong>Shane Warne Baggy Green updates</strong></p> <p>9 pm (AEDT): $311,000</p> <p>6:30pm: $302,500</p> <p>5pm: $275,500</p> <p>4:30pm: $100,000</p> <p>4pm: $20,000</p> <p>3:30pm: $6,100</p> <p>3:06pm: Bidding opens</p> <p>If you want to bid on Warney’s famous baggy green, you can do so<span> </span><a rel="noopener" href="https://www.pickles.com.au/general/item/-/details/Shane-Warne-s-Baggy-Green---Autographed-Certificate-of-Authenticity-Included-/1090013024" target="_blank">here</a>.</p> <p><em>OverSixty, its parent company and its owners are donating a total of $200,000 to the Vinnie’s Bushfire Appeal. We have also pledged an additional $100,000 of product to help all those affected by the bushfire crisis. We would love you to support too! Head to the <a rel="noopener" href="https://donate.vinnies.org.au/appeals-nsw/vinnies-nsw-bushfire-appeal-nsw" target="_blank">Vinnie's website</a> to donate!</em></p>

Money & Banking

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Ash Barty's astonishing bushfire pledge

<p>Many of Australia’s sporting heroes have pledged to donate to the Australian bushfire appeal over the past week, including Nick Kyrgios, Chris Lynn and Peter Siddle.</p> <p>But it was French Open champion Ash Barty that offered the most hefty donation of all.</p> <p>Barty will donate her entire prize money from next week’s Brisbane International to the Red Cross Fire Appeal. Which means she will ultimately be working for free.</p> <p>Barty will donate AU$360,000 if she ends up winning the tournament which takes place before the highly-anticipated Australian Open.</p> <p>Her competition is Maria Sharapova and world No. 3 Naomi Osaka, who took home the prize at last year’s Australian Open.</p> <p>Speaking in Brisbane on Sunday, Barty said she wanted to donate to the families who have been left with nothing after the bushfires.</p> <p>“Wildlife has been lost but it has also affected lives and homes so I have been sitting down and thinking with my team and family on ways we can help,” said Barty.</p> <p>“There have been really great initiatives from cricketers, tennis players, golfers, soccer players all over the country trying to help out.</p> <p>“We have come to the decision any of my prize money here in Brisbane will be donated to the (Australian) Red Cross to go towards the families and homes affected.”</p> <p>The selfless gesture comes right after Barty contributed $30,000 late last year to the RSPCA to help wildlife affected by the national disaster.</p> <p>“The first time I saw of it was flying home from the Fed Cup final (in November) from Perth back to the east coast,” said Barty.</p> <p>“We could see the smoke haze and some of the fires from the plane, so that really hit home with me.”</p>

Money & Banking

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

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

Money & Banking

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The 5 items that could bring you under ATO crackdown

<p><span>The Australian Taxation Office has launched a new crackdown on Australians with a specific group of “lifestyle assets”.</span></p> <p><span>More than 30 insurance companies have been asked to hand over information on Australian taxpayers who own items such as yachts, fine art, thoroughbred horses, private planes and luxury vehicles.</span></p> <p><span>The investigation will see the ATO receive financial information on 350,000 taxpayers since mid-2015 as part of the agency’s <a href="https://www.ato.gov.au/General/Gen/Data-matching-protocols/">data-matching protocols</a>.</span></p> <p><span>“If a taxpayer is reporting a taxable income of $70,000 to us but we know they own a $3 million yacht then this is likely to raise some red flags,” ATO deputy commissioner Deborah Jenkins said on Wednesday.</span></p> <p><span>She said the crackdown is aimed at ensuring that Australians are paying their share of tax for the community.</span></p> <p><span>“Regardless of your level of wealth, we all need to pay the correct amount of tax,” Jenkins said.</span></p> <p><span>“Doing things like being untruthful about your income or failing to declare capital gains is effectively stealing from the community.</span></p> <p><span>“This is money the community is missing out on to pay for infrastructure and services we all rely on like schools, hospitals, and roads.”</span></p> <p><span>Those who were found to claim GST credits incorrectly will be asked to make full repayment along with any applicable interest and penalties.</span></p> <p><span>Self-managed super funds and undeclared capital gains on the disposal of certain assets will also be examined.</span></p> <p><span>People who suspect they have failed to comply with their tax or superannuation obligations will be given reduced penalties and interest charges if they turn themselves in.</span></p> <p><span>Insurers have been ordered to provide information on assets at or above the below thresholds:</span></p> <ul> <li>Marine vessels: $100,000</li> <li>Motor vehicles: $65,000</li> <li>Thoroughbred horses: $65,000</li> <li>Fine art: $100,000 per item</li> <li>Aircraft: $150,000</li> </ul>

Money & Banking

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The price of loyalty: Are you losing hundreds by sticking to one energy supplier?

<p><em>In some cases, it pays to be loyal. When it comes to energy suppliers, not so much.</em></p> <p><strong><span>Compare today and discover what you could save</span></strong></p> <p>When was the last time you compared energy plans? If your answer is “a year ago”, or longer, you could be paying too much. In fact, <strong>an average energy user who stays loyal to the most expensive supplier will end up paying $1,500 more every year than someone who’s with the cheapest supplier*</strong></p> <p>Ouch. That’s why it’s so important to shop around. Remember that <strong>what worked for you last year may not benefit you again this year.</strong></p> <p>We get it—it’s difficult to monitor the energy market on your own, as new deals come about on a regular basis. How do you know which plans are offering the best value right now?</p> <p>At <span><a href="https://electricityandgas.com.au/over-sixty/?utm_source=over60&amp;utm_medium=sponsoredarticle&amp;utm_campaign=eng-january&amp;utm_content=price-of-loyalty&amp;utm_term=in-text">ElectricityandGas.com.au</a></span>, we make it easy to understand the options that are available in your area, from a panel that includes suppliers both big and small. Our goal is to make home energy affordable for all Australians, through tools that make bargain shopping for energy quick, simple and effective.</p> <p>Use our tool below to <span><a href="https://electricityandgas.com.au/over-sixty/?utm_source=over60&amp;utm_medium=sponsoredarticle&amp;utm_campaign=eng-january&amp;utm_content=price-of-loyalty&amp;utm_term=in-text">ensure you’re on the best possible deal</a></span> right now.</p> <p><strong><span>Compare Now:</span></strong></p> <p><strong>Step 1:</strong> <strong>Select your State below</strong>.</p> <p><strong>Step 2:</strong> After answering a few questions, you will have the opportunity to compare quotes in your area and could be eligible for significant savings.</p> <p><a rel="noopener" href="https://electricityandgas.com.au/over-sixty-2/?utm_source=over60&amp;utm_medium=sponsoredarticle&amp;utm_campaign=eng-january&amp;utm_content=price-of-loyalty&amp;utm_term=widget" target="_blank"><img style="width: 0px; height: 0px;" src="https://oversixtydev.blob.core.windows.net/media/7833565/hearing-aids-1-1280x326.jpg" alt="" data-udi="umb://media/4f47196b7f204bc48983bb31deeb5460" /></a></p> <p><strong>Over the last decade, power bills in Australia have gone up a staggering 44%**.</strong> While this is partly due to increased network costs, retail costs from energy companies have risen so high that they can now represent up to 40% of the total cost of your bill^.</p> <p>Because energy companies determine these costs themselves, your choice of supplier is what determines whether or not you pay more than you have to.</p> <p>The harsh reality is, when Aussies stay loyal to their supplier, the only winner is the energy companies.</p> <p>“Market deregulation was supposed to reduce costs and make energy more affordable for everyday Aussies,” says an <span><a href="https://electricityandgas.com.au/over-sixty/?utm_source=over60&amp;utm_medium=sponsoredarticle&amp;utm_campaign=eng-january&amp;utm_content=price-of-loyalty&amp;utm_term=in-text">ElectricityandGas.com.au</a></span> spokesperson. “But the reality we have seen is incredible deals for some contrasted with complete rip-offs for others. It’s just not fair for the people stuck with the raw end of the deal.”</p> <p>“That’s why we started <span><a href="https://electricityandgas.com.au/over-sixty/?utm_source=over60&amp;utm_medium=sponsoredarticle&amp;utm_campaign=eng-january&amp;utm_content=price-of-loyalty&amp;utm_term=in-text">ElectricityandGas.com.au</a></span>, because, with prices on the rise, we think all Aussies deserve the chance to find a better deal. How can you benefit from market competition if you don’t have an easy way to shop around?”</p> <p>When you use <span><a href="https://electricityandgas.com.au/over-sixty/?utm_source=over60&amp;utm_medium=sponsoredarticle&amp;utm_campaign=eng-january&amp;utm_content=price-of-loyalty&amp;utm_term=in-text">ElectricityandGas.com.au</a></span>, you’ll gain access to our large-scale bargaining power alongside no-markup policies from energy providers across Australia, making it easy to find the best deals in your area. <strong>This service makes comparison shopping for energy easy, and best of all it’s totally cost and obligation free.</strong></p> <p>So, are you interested to see just how much you could save on your next energy bill?</p> <p>The answer is just a few clicks away.</p> <p><strong><span>Get Started Now:</span></strong></p> <p>Step 1: Select your <strong>state below</strong>.</p> <p>Step 2: After answering a few questions, you will have the opportunity to compare quotes in your area and could be eligible for significant savings.</p> <p><a href="https://electricityandgas.com.au/over-sixty/?utm_source=over60&amp;utm_medium=sponsoredarticle&amp;utm_campaign=eng-january&amp;utm_content=price-of-loyalty&amp;utm_term=in-text"><img style="width: 0px; height: 0px;" src="https://oversixtydev.blob.core.windows.net/media/7833581/hearing-aids-au-map.jpg" alt="" data-udi="umb://media/922a933e4d4a498f91cdab2247b8176e" /></a></p> <p><em>This article is opinion only and should not be taken as financial advice.</em></p> <p><em>* Figure from the Australian Energy Market Commission for South Australians switching from the worst to the best available offer</em></p> <p><em>**Figure adjusted for inflation</em></p> <p><em>^Price Shock: Is the retail electricity market failing consumers’ Report, The Grattan Institute. Figure for Victorian electricity bills.</em></p>

Money & Banking

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

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

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Koala Hospital overwhelmed with support after fires

<p>The devastating impact the bushfires are having on Australia has been heard across the world, motivating thousands of people to help firefighters, communities and animals by donating money.</p> <p>The generosity of those wanting to help has resulted in crowd-funding website GoFundMe seeing its biggest campaign to date, according to the organisations Year in Giving report.</p> <p>A little under $2 million has been raised to help Port Macquarie Koala Hospital save the lives of the injured marsupials who were burnt in the bushfires, making it the biggest Aussie GoFundMe ever.</p> <p>Other campaigns that have topped the list this year include a fund for Australian Survivor contestant, Luke Toki, which raised over $550,000 and the “Free Her” campaign aimed at amending laws that see people who are unable to pay fines face jail time, which raised more than $460,000.</p> <p>The top 10 Australian GoFundMe campaigns for 2019</p> <ol> <li><a rel="noopener" href="https://www.gofundme.com/f/help-thirsty-koalas-devastated-by-recent-fires" target="_blank">Help thirsty koalas from fires </a>– more than 44.3k donations raising $1,986,530</li> <li><a rel="noopener" href="https://www.gofundme.com/f/luke-toki-australias-true-survivor" target="_blank">Luke Toki: Australia’s true survivor </a>– more than 16.1k donations raising $550,390</li> <li><a rel="noopener" href="https://www.gofundme.com/f/bfvnvt-freethepeople" target="_blank">Free Her</a> – more than 9.1k donations raising $460,368</li> <li><a rel="noopener" href="https://www.gofundme.com/f/forlove-aus" target="_blank">For Love</a> – more than 5.8k donations raising $275,155</li> <li><a rel="noopener" href="https://www.gofundme.com/f/singleton-family-devasted-by-fire" target="_blank">Singleton family devastated by fire </a>– more than 5k donations raising $275,011</li> <li><a rel="noopener" href="https://www.gofundme.com/f/1twnffjfg0" target="_blank">The Blueboys 2019 Christmas Appeal </a>– more than 4.1k donations raising $153,907</li> <li><a rel="noopener" href="https://www.gofundme.com/f/eleanorsfight" target="_blank" title="www.gofundme.com">Eleanor’s Fight </a>– more than 3.5k donations raising $329,080</li> <li><a rel="noopener" href="https://www.gofundme.com/f/money-for-eggboi" target="_blank">Money for Eggboi </a>– more than 3.3k donations raising $80,241</li> <li><a rel="noopener" href="https://www.gofundme.com/f/markosmile" target="_blank">Marko’s smile</a> – more than 3.2k donations raising $250,107</li> <li><a rel="noopener" href="https://www.gofundme.com/f/navar-herbert039s-journey-home" target="_blank">Navar Herbert’s journey home </a>– more than 3.2k donations raising $117,090</li> </ol> <p>Over 44,000 donors from 95 different countries have helped raise money for the Port Macquarie Koala Hospital, which has so far cared for 31 koalas brought in from bushfire affected areas.</p> <p>“The Port Macquarie Koala Hospital has been overwhelmed by the kindness, good wishes and support from the Australian and international community for the wildlife icon, the koala,” wrote the hospital.</p> <p>“The Port Macquarie Koala Hospital, and National Parks and Wildlife Service crew leaders, have spent weeks searching for koalas following the devastating bushfires in the Port Macquarie area.”</p> <p>The original target for the campaign was $25,000, but after surpassing that amount, they can now make bigger plans.</p> <p>“The number of drinking stations being built has now been increased and they will be shared with other wildlife organisations in fire affected regions across New South Wales. Two are being built for dispatch to the Northern Rivers fire area next week,” the page reads.</p> <p>“We are also purchasing a water carrying vehicle with fire fighting capabilities to replenish the drinking stations with water as needed.</p> <p>“Donations have now reached an incredible amount and we are extending the project to establish a wild koala breeding program.”</p> <p>All in all thanks to the generosity of people, an incredible amount of money has been raised for the bushfires. </p>

Money & Banking

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What you should tell your grandchildren about money issues

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

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What rich people won’t tell you

<p>Most of the world's mega-rich weren't always rolling in it. Here's how to become a money magnet...</p> <p><strong>We’re cheapskates and proud of it</strong></p> <p>“I think about it this way: not spending money is the same as making money. So if I save $2000 by not flying first class, that’s the same as someone paying me $2000. Wouldn’t you sit in an uncomfortable chair for three hours for $2000?” says a successful US plastic surgeon</p> <p>“When you open up the paper and you see those coupons, it looks like dollar bills staring you in the face … It’s how I grew up. Why not?” agrees Hilary Swank to talk show host Kelly Ripa, on clipping coupons</p> <p>“People are always surprised that I don’t have a closetful of suits. I buy three suits every five or so years and own only ten in total. That’s all I need.” T. Boone Pickens, oil billionaire, explains in an interview with Kiplinger’s magazine in 2012</p> <p>“I go to the ATM only once a week and pay for everything with cash. That way, I’m forced to stay on a budget without counting pennies and saving receipts. I can spend only what is in my wallet. I turn it into a game where each week, I reduce my ATM withdrawal amount by $20 to determine how low I can really go,” recommends Alan Corey, author of A Million Bucks by 30</p> <p>“We have neighbours who are billionaires, but you would never know it. The really wealthy are usually not the ones who wear the most expensive clothes, have the latest handbags, or drive flashy cars. In Martha’s Vineyard, you see a lot of people who live in houses that sell for $10 million driving ten-year-old Toyotas,” says a successful US plastic surgeon</p> <p><strong>We’re just like you</strong></p> <p>“Many of the super-wealthy have huge homes with specific rooms dedicated to entertaining. Your home might not have a ballroom, but you can save yourself stress by creating an off-limits area when entertaining. Bonus: you can shove the ‘I don’t know what to do with this stuff’ pile into one of those rooms and shut the door,” a real estate broker from Million Dollar Listing New York on television explained.</p> <p>“Contrary to popular belief, the rich do pay taxes – a lot of taxes. And they don’t all have teams of high-priced lawyers and accountants to do the paperwork. Many of them do their own with [US tax software] TurboTax, just like the rest of the world,” recommends a partner at a prestigious law firm</p> <p>“Millionaires tend to pay about $16– including tip – for a haircut at a traditional barbershop.” Researchers from the University of Georgia Survey Research Institute discovered.</p> <p><strong>We loathe waste</strong></p> <p>“I get a tremendous amount of satisfaction from not wasting things. I still collect all the tiny pieces of soap and put them together into one bar. I still squeeze the toothpaste tube dry. And I grow a lot of my own vegetables,” laughs August Turak, founder of two successful software companies and author of Business Secrets of the Trappist Monks</p> <p>“One time my granddaughter was filling out all this paperwork, and there were several paper clips. I told her to take them off so she could reuse them. She said, ‘Grandma, do you know how cheap paper clips are?’ I said, ‘Do you know how far a penny can stretch when you need it to?’” Pat Brennan, co-owner of Brennan Builders, a US building company specialising in custom homes at an average price of $500,000, remembers teaching her daughter.</p> <p><em>Written by Michelle Crouch. This article first appeared in <a href="https://www.readersdigest.com.au/money/25-things-rich-people-wont-tell-you">Reader’s Digest</a>. For more of what you love from the world’s best-loved magazine, <a href="http://readersdigest.innovations.com.au/c/readersdigestemailsubscribe?utm_source=over60&amp;utm_medium=articles&amp;utm_campaign=RDSUB&amp;keycode=WRA93V">here’s our best subscription offer.</a></em></p>

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