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 [...]
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
This could have significant consequences for the Australian economy. I have never been comfortable with what appeared to be an over confident belief in Australia that we should basically put all our eggs in one basket. In this case, China’s basket. 12 months ago we were booming and it was all due to a strong [...]
I was not really surprised to read that Asia is expected to emerge from this latest economic crisis as the new force in the world economy.
news.com.au reports:
ASIA’S economic crisis will deepen in 2009 as exports slump to recession-hit Western nations, but the region should still outperform the United States and Europe, analysts say.
Hopes that [...]
It looks like Aussies are tightening their belts for Christmas.
thewest.com.au reports:
Australians plan to curb Christmas spending and spread out the buying of gifts, as they manage tighter household budgets, a survey shows.
The Mastercard survey found 83 per cent of people plan to tighten their belts this Christmas.
Almost half (49 per cent) plan to [...]
USATODAY.com reports:
Enough. The stock market — and your savings — have gone down steadily, day after day, for more than a year.
You’ve lost thousands this month alone. It’s time to do something. But … what?
Should you shift more money into stocks? Put it all into a savings account? Pay off your mortgage? Hop a freight [...]
CNN reports Home prices post record 15.3% drop
The S&P/Case-Shiller 20-city Home Price Index fell to a record low of 15.3% on a year-over-year basis, and was down 1.4% from March. The 10-city index was down 16.3% year-over-year and 1.6% for the month.
The 20-city index is based on data going back 19 years, while the 10-city [...]
news.com.au reports Times not as tough as you think – study
“While some consumers are indeed struggling, that is by no means the rule,” CommSec’s chief economist Craig James said.
“Living costs have certainly been rising, but so have wages.
“And in a few days time another a round of tax cuts will be delivered – the sixth [...]
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