Betting on your financial future.

November 04, 2014
Fairien Azeem

As we turn our attention to the race that stops the nation, as a collective, us Aussies will fork out over $800,000,000 on bets over the day.

 

This year’s race seems to be one of the weakest fields we’ve seen in a very long time (some experts say). The odds seem to be stacked in the favour of horses 1, 3, 5 and 22, with Signoff also getting a look in after carrying 51kg on the way to winning the Lexus. It would be un-Australian to go against Fawkner, so this is my best bet along with two-time runner up Red Cadeaux to get another place.

 

While I’m not a horse racing fan myself and my knowledge purely comes from others, I did read an article this morning which was called ‘Aussies betting on the wrong horse when it comes to their financial futures’. This article got me thinking…

 

1.    Admire Rakti is the current favourite at $5.50, but there is more chance of a male claiming on their trauma insurance prior to 64yo than the Melbourne Cup favourite actually winning the race. The shortest favourite in Cup history is the well-known Phar Lap at $1.73, but there is an equal chance you’ll need to take over a month off work due to an illness or injury than Phar Lap winning (he won).

 

2.    The average odds of the eventual Melbourne Cup winner is $15.25, but I can tell you that you’re more likely to go through the first 12 conditions listed below than pick a single winner at those odds.

 

3.    Us Aussies all like to think ‘it won’t happen to me’ when it comes to negative events, but on the occasions we think about our chances of experiencing a positive event like winning lotto, we tend to think the opposite in ‘why not me’, or ‘got to be in it to win it. How many of you have discussed what you’d spend your lotto winnings on? I wonder if people know that the odds of winning is actually 1/45,000,000- so you’re actually more likely to die prior to claiming the ticket than actually picking the correct numbers.

 

4.    It’s often overlooked how serious and how common illness and injury can be to you and to your families. While gambling can be fun (and I hope you win), please ensure you’re NOT gambling on your family’s financial future and you consider talking to me about Risk protection insurance as a viable solution to ensure you’re adequately covered.

 

Good luck!

 

Caulfield Cup              – Admire Rakti

Cox Plate                    – Adelaide

Lexus                          – Signoff

Melbourne Cup           – ?

 

 

Where will you put your money?

 

Average punter spend each year

$              1,500.00

Cost of Life/TPD- $1mill + Trauma - $250k

$                        1,500.00

 MELBOURNE CUP

Against all odds

 

Better safe than sorry

1. Admire Rakti

$                       5.50

1. Male Suffering a Heart Attack before 70

$                                 2.00

2. Cavalryman

$                    26.00

2. Female Suffering a Heart Attack before 70

$                                 3.00

3. Fawkner

$                       9.50

3. Male suffering a Trauma event before 64

$                                 5.00

4. Red Cadeaux

$                    21.00

4. Female suffering a Trauma event before 64

$                                 7.00

5. Protectionist

$                       7.00

5. Male Diagnosed with Cancer before 75

$                                 3.00

7. Seismos

$                    67.00

6. Female Diagnosed with Cancer before 75

$                                 4.00

8. Junoob

$                    26.00

7. Being disabled for >3months before retirement

$                                 4.00

9. Royal Dimaond

$                    67.00

8. Being disabled for >1month before retirement

$                                 1.60

10. Gatewood

$                    81.00

9. Diagnosed with Prostate or Breast Cancer prior 70

$                              11.00

11. Mutual Regard

$                    11.00

10. Killed by Heart Disease

$                                 3.00

12. Who shot thebarman

$                    21.00

11. Killed by Cancer

$                                 5.00

13. Willing Foe

$                    31.00

12. Killed on the road

$                          8,000.00

14. My Ambivalent

$                    41.00

13. Killed in a work accident

$                        43,500.00

15. Precedence

$                  101.00

14. Dying while falling out of bed

$                   2,000,000.00

16. Brambles

$                    67.00

15. Killed by lightening

$                 10,000,000.00

17. Mr O'Ceirin

$                  251.00

16. Killed by a falling coconut

$               250,000,000.00

18. Au Revoir

$                    67.00

   

19. Lidari

$                    47.00

   

20. Opinion

$                    67.00

 

 

21. Araldo

$                    31.00

 

 

22. Lucia Valentina

$                       7.00

   

23. Unchain My Heart

$                  151.00

   

24. Signoff

$                       6.50

   

 

 

 

 

Posted in: Financial planning

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