We reckon it’s a great time to open the conversation around vices and how avoiding them can lead to a range of benefits. Changing our behavioural habits not only leads to healthier lives but also saves money, increases productivity and leads to a more enjoyable life boosting concentration and energy.
Australians are some of the biggest spenders on vices in the world. In fact, Aussie households spend more on alcohol every week ($32.30) than on education ($30.60) and personal care ($24) – often forgoing meals and bill payments just to get their fix. No matter whether the vice is one that can be detrimental to your health or simply a ‘convenience vice’ like an expensive daily coffee or regular takeaway meals, cutting them out can have major benefits on your mental health and your finances.
At Crescent Wealth, we are conscious of the negative impact that vices – such as alcohol, gambling, tobacco, and weapons production – can have on individuals and the wider community, which is why we avoid these investment types and instead focus on ethical options to match our values and the wishes of our members.
Throughout 2020 we’ll be exploring various vices we have in society and why we ultimately avoid them, diving deep into their implications and costs. We will explore the effects of tobacco and how greater investment in this area is costing the Australian healthcare system more.
We will look into spending across gambling services, and how prevalent pokies and other gaming tools are across our clubs and leisure spots, making accessibility such a key aspect of their danger. We’ll dive into weapons production as an economic vice which has huge intended and unintended consequences that go much farther than our domestic society. Just a few vices we can look at as a society and examine collectively.
Now we believe that avoiding vices can be beneficial for many Australians, especially if that’s during Febstart and Ramadan, we also think that the challenge can be extended to an all-year-round moment to moment mentality to benefit your health, your finances, and your long-term future. Even the most common vices in your life can hold you back from reaching your full potential.
Getting into poor mental patterns can have widespread repercussions that may even influence your financial capabilities. Similarly, positive habits, from smiling, and making your bed every day, to keeping your wealth management strategy up to date for a financially fulfilling retirement, all come together as a wave of behaviour which can move your life forward.
If you would like to know more about Crescent Wealth’s unique approach to positive, ethical investments, or if you’re ready to take control of your financial future in 2020, then you can find out more here.
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Talal currently serves as a Non-Executive Director on the Whitlam Institute and Western Sydney University Foundation Council Board. He also serves as Chairman of First Quay Capital and Chairman of the Australian Arab Dialogue. Talal has also served on the Australia Post, Board of Sydney Ports, Macquarie University and the Western Sydney Area Health Service and the Chairman of the Department of Foreign Affairs and Trade; Council of Australia Arab Relations. In an executive capacity, Talal spent 10 years at PwC as a director and strategist, and at investment firm Babcock & Brown in the Corporate Finance Group and later in the Technical Real Estate Division. Later Talal held leadership positions in Better Place Australia, Platinum Hearing and Star Transport Australia.