Biggest Money Mistakes

Hi Forbes, I want to let you in one of the biggest money mistakes people make. A survey by comparison website, finder.com.au, found that the biggest money mistake people have made is divorce or separation. This is because of the huge financial cost that comes with doing so. However, relationship issues are more difficult to handle than investment decisions, so I want to draw your attention to number two on the list. After divorce or separation, the survey found the next biggest money mistake people made was losing money on investment property. Well, knock me down with a feather… if you believed the so called property ‘experts’ and the punter on the street you’d think it’s impossible to lose money on property.

The finder.com.au survey revealed that approximately 1.27 million Australians have lost money on investment properties with the average loss being $106,104. Incredibly the national loss equates to $135 billion. Property is for people who are happy to invest their hard earned money (and usually a lot of borrowed money) in an asset that requires a lot of fees, a degree of stress, offers little if no diversification and is difficult to sell once purchased. When creating wealth there are much easier ways to do it – diversified, easy to manage, low cost and tax effective ways to do it.

Unfortunately, most people don’t explore an alternative path because an investment property is all they can imagine. This is usually because people have already purchased their own home and therefore an investment property feels comfortable. Yet the reasons for buying a home to live in versus an investment are completely different. Learn what your options are by making financial education your first investment.

Phase two of the Forbes and District Lions Club’s disaster relief efforts began on Monday. The assistance includes vouchers for fuel, fencing and stockfeed and is aimed at those directly affected by the recent flood event. Up till now the club has provided food, water, clothing and medical supplies. “The assistance is aimed at anyone affected, but particularly our primary producers and rural residents who suffered disproportionately,” said Coordinator of the Lions Club’s disaster assistance effort Peter Bright.

Peter said this included residents of villages like Bedgerabong, Corinella and Cowal. The Forbes and District Lions Club have set up a disaster relief office in the HACC Centre on Harold Street. The office is staffed between 10am and 2pm each weekday, but it will be scaled down to 10.00am to 2.00pm on Tuesday and Thursday from the week beginning 21st November. The Australian Lions Foundation has specifically released funding for the Forbes and district flood event. Every Lions Club in Australia contributes to the fund. The funds will be available until the grant is fully distributed. “If you don’t feel comfortable visiting us at the HACC Centre, give me a call on 0419 463 803 and we can sit on a park bench or coffee shop somewhere in town,” Peter said.

As the major prizes for the Find it in Forbes promotion are to be given in Why Leave Town Cards (WLT), for many people who don’t know what they are, here are the details: You can purchase them from five stores in town, including News on Rankin. When you pay for them you receive a list of where you can spend the WLT cards around Forbes. They can be used just like a preloaded prepaid eftpos card and can be redeemed at any Business Chamber member store with eftpos connected. This means you can shop at more than 70 businesses in Forbes! With such a big variety
of shopping opportunities on offer with the card, it is a great gift idea for someone local with the added benefit that you are supporting the Forbes community.

And you will be giving a gift that allows the recipient to get exactly what they want. Remember the card can only be used at participating stores in Forbes.

The little teddy bears were having a lovely time on Saturday – along with hundreds of children who took them down to the Teddy Bears’ Picnic. The inaugural Teddy Bears’ Picnic coincided with the National Children’s Week celebrations – and celebrate they did! Victoria Park was transformed into a wonderland of fun, with craft, games, and entertainment for the young and the young at heart. The free event attracted more than 1,000 guests, with plenty to keep little fingers busy. There was a very popular lollipop ring toss, and a bubble station for a burst of fun. Some kids spent most of their day bouncing in and out of the jumping castle, while others indulged in a face-painting make-over.

Kids could get crafty using fruits and vegetables to create something exquisite, or make their own colour-in wearables. For those wanting to express themselves a little more vibrantly they could take to a graffiti wall. Sahara Park Riding School brought a couple of their prettiest ponies into town, thrilling countless little picnic-goers who
enjoyed the pony-rides.

An amazing troupe of young dancers from Kirsten’s Dance Studio wowed the crowd with their summer-themed routines, and Mainly Music got little toes tapping with interactive music and games. If all of this wasn’t exciting enough, there were a few prizes up for grabs. A giant teddy bear helped select the winner of the teddy bear competition, which saw the plushies pitted against each other in the cutest and best-dressed categories. Lily Ritchie
took home the coveted balloon-bouquet prize, and Leigh Baker from Parkes won the grand raffle – a cubby house donated by Bunnings, which will get plenty of use from her four young children.

Organiser Fiona Blyth of Centacare was thrilled so many community groups supported this event, and created such a lovely atmosphere.
By Raen Fraser