InDenialMoney.com

The second-youngest British person to win lotto spent the money on booze, two boob jobs and almost $500,000 of cocaine.

A new report has revealed that Australians are starting to cut back on luxury items including dry cleaning, expensive restaurants, designer fashion, cars and quite a few others.

Interestingly, charity has been included in this list. We donate to charities we feel passionate about because we can afford it and generally when there is a real need. I am not sure if charity should be included as I personally do not see it as a luxury.

This is a fascinating article on the super rich.
John McAfee, founder of the antivirus software McAfee was worth $100 million but the real estate and stock crash have wiped out $96 million dollars of his fortune.
if i had $100 million dollars I would be conservative, I wouldn’t spend lavishly but then again, I don’t have [...]

Most don’t have enough super
MOST superannuation savers are heading for an impoverished retirement unless they can dramatically increase their contributions.
Even without the ravaging effects of the financial crisis, anyone who is relying on the basic 9 per cent super guarantee for their retirement savings is unlikely to accumulate enough money for a comfortable retirement.
A retirement [...]

Greg Norman raises asking price on Florida mansion
A RECESSION in the US? A real estate slump?
Australian golf great Greg Norman isn’t letting these details get in his way.
For almost two years Norman has been unable to sell the nine-bedroom, 11-bathroom oceanfront Florida mansion he once shared with ex-wife Laura Andrassy despite dropping the price tag [...]

A recent survey conducted in New South Wales, Australia shows that almost 30 percent of residents have no savings putting them at high risk during this recession. 
Another survey conducted in Western Australia showed that 27 per cent of their residents are in exactly the same situation.
60 per cent of those from NSW who took part [...]

Across the US, the number of forclosures has skyrocketed. This Collective Journalism group investigation puts a human face on those affected by the housing crisis.

tags technorati : US foreclosure economy finance

Some sobering news this morning with figures showing an increase of home repossessions (foreclosures).
In New South Wales, some 300 homes are being repossessed every month despite huge falls in interest repayments.
About 20,000 mortgages are now over 90 days behind in repayments.

smh.com.au reports:
A GROWING number of NSW residents are on the cusp of losing their homes [...]

I read an interesting article this morning about a small Australia lingerie company, aussiebum who is riding high on the back of lingerie giant, Bonds who recently revealed financial troubles and a planned move away from Australia.

Wesfarmers, owner of retail groups including Coles and Bunnings plan to employ more staff this year, bucking the trend seen by other sectors.
This comes after an earlier announcement that Woolworths group (grocery store chain) plans on hiring around 7,000 people in the second half of 2009.

thewest.com.au reports:
Coles owner Wesfarmers plans to hire more employees this [...]