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Australians' Biggest Money Mistakes

Discussion in 'General Property Chat' started by MTR, 22nd May, 2016.

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  1. MTR

    MTR Well-Known Member Premium Member

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    What are Australians' biggest money mistakes? | finder.com.au

    I would not label all as mistakes.



    Mistake Australians affected

    Divorce/separation
    1.36 million

    Lost money on a property investment
    1.27 million

    Too much gambling
    1.11 million

    Having children
    1.11 million

    Letting partner control finances
    1.01 million

    Caught out by an online scam
    789,704

    Paying too much for a wedding
    703,866

    Dropping out of university
    549,359

    Investing in a pyramid scheme
    515,024
     
  2. moridog

    moridog Well-Known Member

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    Good grief, thank good ness I have only been caught by one of these! LOL.
     
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  3. MTR

    MTR Well-Known Member Premium Member

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    me too

    Having children...really???

    I would have thought lost money on shares would be on the list, most superannuation funds trade shares,
     
    Last edited: 22nd May, 2016
  4. Leo2413

    Leo2413 Well-Known Member Premium Member

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    And they don't have retail spending on the list???:confused:
     
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  5. MTR

    MTR Well-Known Member Premium Member

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    those nasty credit cards, got to cap them at $5000
     
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  6. Leo2413

    Leo2413 Well-Known Member Premium Member

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    It's unbelievable the amount of people i used to know who would spend all their salary even before they got paid, then spend next month's salary on the credit card to buy retail goods. Quite a shocking way to live imo.
     
  7. mouseburger

    mouseburger Active Member

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    I would've thought people not living within their means would be top of the list...
     
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  8. kierank

    kierank Well-Known Member

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    For some, being born is probably their biggest mistake!!! :) :)
     
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  9. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

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    First, people would need to identify that as being a mistake ;)
     
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  10. wategos

    wategos Well-Known Member

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    Most share based super funds go up in value over time... I don't know of many that have gone down or gone broke over a longer term unless their was some rare mismanagement or theft involved.
     
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  11. HUGH72

    HUGH72 Well-Known Member

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    I think MTR is talking about the millions in lost super? Where the owner cannot be contacted, overseas, unaware or dead etc.
     
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  12. RedMarty

    RedMarty Well-Known Member

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    Wonder how they got those stats..
     
  13. MTR

    MTR Well-Known Member Premium Member

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    survey? how reliable no idea.

    Though I would say the divorce is obvious and a killer
     
  14. RedMarty

    RedMarty Well-Known Member

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    Yeah I was thinking a survey but how accurate could that be. Agree on the Divorce. Know a few mates who have been financially ruined by loss of house etc but also trying to get custody of their children
     
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  15. D.T.

    D.T. Adelaide Property Manager Business Member

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    Scored 0, yay :)
     
  16. Xenia

    Xenia Adelaide Property Manager Business Member

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    Divorce and property investing are the top two.

    I see so many people, especially women, allow a parter to control finances. Or not even having the ability to make money on their own. Not a good situation to get yourself into.
     
  17. wogitalia

    wogitalia Well-Known Member

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    That list basically says that marriage/coupling is the most certain way to make a mistake. Followed by being an idiot.

    You can pretty much break them into those two categories...

    Divorce, Children, Partner Finances and wedding are all option 1 to financial failure...

    Gambling, failing at property, scam, university dropout and pyramid scheme are all pretty much pure stupidity.

    The problem with option 1 is that if your spouse happens to be prone towards option 2 you're effectively doubling down and getting the whole list in play...
     
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  18. MTR

    MTR Well-Known Member Premium Member

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    believe it or not, there are many people who actually lose money in property investing, you won't read this here.

    I know quite a few, n some examples - wannabe developers, buying OTP stuff, paying too much for property, buying in mining towns, buying in 1 horse towns etc
     
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  19. TheGreenLeaf

    TheGreenLeaf Well-Known Member

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    The wording is a bit strange. If people are saying that 'divorce' is a mistake, does it mean after having divorced, they found out they should have stayed with their (previous) spouse (the divorce was the mistake)? I guess it's either to have marry with someone they haven't been able to stay for life, or the trigger for the divorce was the mistake.
    The 'having children' mistake needs to be explained too.
    The survey should show the percentage of people who has answered per 'mistake', not necessary extrapolate to the entire Australian population...
     
  20. Scott No Mates

    Scott No Mates Well-Known Member

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    Divorce isn't the problem, it's the symptom. Marriage is the cause.
     
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