Whether it’s a business partner or a bed partner, never give the decision making to the man
But when the then NSW premier, Bob Carr, overhauled the workers’ compensation laws, limiting the amount of compensation and changing other rules in the early 2000s, their business faltered overnight.
The couple lost their holiday house, investment properties and their home.
“People asked us how could we lose that much, but you do lose that much when your income stops. And if it stops dead, that’s what happens,” says Colbran. And that’s how things turned out 12 years ago.
From that business, Colbran took a part that was unaffected by the change in the workers’ comp laws, which meant she could provide expert witnesses as an independent basic service. She continues that work today.
“When we lost the business and everything that went with it, I went into deep shock and anger. We were told we had to sell the house we were living in. We sold it commercially – but you sell it at the rate on the market and you’re in a hurry, so you do it at a loss.
“That happened with our main home and two investment properties – and life changed dramatically at that point.”
The circumstances that came out of left field and took away the Colbrans’ livelihood has something in common with what many business people have faced post-Covid.
“We didn’t have a lot of notice, and suddenly everything spiralled down,” she says.
Colbran says she would have found it more difficult if she hadn’t always been in the workforce.
Esta historia es de la edición March 2022 de Money Magazine Australia.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición March 2022 de Money Magazine Australia.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
An outrageous, beautiful monopoly
Telstra's mobile business is a cash machine with few competitors, giving it the highest returns in the world.
Drop the anchor to judge value
Buying and selling decisions should be based on where a stock price is going, not where it has been.
Powering the AI boom
Beyond the software and chipmakers, where will the energy come from?
Get into life
Tucked inside super are products that can protect you from life's inevitable uncertainties.
Paths to home ownership
Taking the road less travelled can sometimes deliver unexpected benefits.
Sold! Quick ways to add value
Small, strategic changes can have a big impact on the look and feel of your home. And get you a better price on auction day.
Money lessons the kids need to know
Your children can learn a lot from your past money mishaps. Here are eight financial conversations I have had with mine.
Property-investing rules: are they likely to change?
The pressure for the government to curb the tax benefits of tax concessions, such as negative gearing and the capital gains tax discount, is unrelenting. Most recently, independent senators David Pocock and Jacqui Lambie proposed five options for paring back investment property tax concessions, with savings to the Federal budget of up to $60 billion over the next decade.
What's love got to do with it?
A rollercoaster of emotions could be driving poor crypto behaviour.
Are we ready to be cash-free?
Saying goodbye to our piggy banks too soon could leave small businesses in the dark when problems arise.