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We tend to underestimate our future expenses – here’s one way to prevent that

<div class="theconversation-article-body"><em><a href="https://theconversation.com/profiles/ray-charles-chuck-howard-1361224">Ray Charles "Chuck" Howard</a>, <a href="https://theconversation.com/institutions/texas-aandm-university-1672">Texas A&amp;M University</a>; <a href="https://theconversation.com/profiles/abigail-sussman-227057">Abigail Sussman</a>, <a href="https://theconversation.com/institutions/university-of-chicago-952">University of Chicago</a>; <a href="https://theconversation.com/profiles/david-j-hardisty-753777">David J. Hardisty</a>, <a href="https://theconversation.com/institutions/university-of-british-columbia-946">University of British Columbia</a>, and <a href="https://theconversation.com/profiles/marcel-lukas-1236384">Marcel Lukas</a>, <a href="https://theconversation.com/institutions/university-of-st-andrews-1280">University of St Andrews</a></em></p> <h2>The big idea</h2> <p>When asked to estimate how much money they would spend in the future, people underpredicted the total amount by more than C$400 per month. However, when prompted to think about unexpected spending in addition to typical expenses, people made much more accurate predictions.</p> <p>These are the main findings of a series of <a href="https://doi.org/10.1177%2F00222437211068025">studies and experiments that we conducted</a> and which have just been published in the <a href="https://journals.sagepub.com/home/mrj">Journal of Marketing Research</a>.</p> <p>In our first study, we began by asking 187 members of a Canadian credit union to predict their weekly spending for the next five weeks. Then, at the end of each week, we asked them how much they actually spent.</p> <p>For the first four weeks, people underpredicted their weekly spending by about $100 per week or $400 for the month.</p> <p>In the study’s fifth and final week, we ran an experiment to see if we could improve people’s prediction accuracy.</p> <p>Specifically, we randomly assigned participants to one of two groups. In group one, participants estimated their spending for the next week just as they had done in previous weeks. These folks once again significantly underpredicted their spending.</p> <p>In group two, participants were asked to think of three reasons why their spending for the next week might be different than usual before making their estimate. This led them to make higher and much more accurate predictions – coming within just $7 of what they actually spent.</p> <p>Importantly, participants in each group spent roughly the same amount of money that week, on average. The only difference between the two groups was whether they accurately predicted that amount.</p> <p><iframe id="WlDv3" class="tc-infographic-datawrapper" style="border: 0;" src="https://datawrapper.dwcdn.net/WlDv3/3/" width="100%" height="400px" frameborder="0" scrolling="no"></iframe></p> <p>Next, we conducted nine experiments to better understand why people underpredict their spending and whether being prompted to think of unusual expenses helps improve accuracy. In all, over 5,800 people participated in these experiments, including a representative sample of U.S. residents.</p> <p>These experiments revealed two important insights.</p> <p>First, people primarily base their spending predictions on typical expenses like groceries, gasoline and rent. They usually fail to account for irregular – though still common – expenses like car repairs, last-minute concert tickets or one-off health care bills. This is what leads to underprediction.</p> <p>Second, prompting people to think of irregular expenses in addition to typical expenses helps them to make more accurate spending predictions. In our studies, people did not factor in atypical expenses unless we asked them to do so.</p> <h2>Why it matters</h2> <p>Helping people improve the accuracy of their spending predictions could help them improve their financial well-being.</p> <p>Underpredicting expenses can be costly. For example, 12 million Americans <a href="https://www.pewtrusts.org/en/research-and-analysis/reports/2012/07/19/who-borrows-where-they-borrow-and-why">borrow a total of more than $7 billion</a> in payday loans each year because they can’t meet their monthly expenses. These loans typically have extremely high interest rates – <a href="https://www.pewtrusts.org/en/research-and-analysis/data-visualizations/2022/how-well-does-your-state-protect-payday-loan-borrowers">more than 250% in some states</a>.</p> <p>Payday loans also come due in full so quickly that around three in four borrowers <a href="https://www.pewtrusts.org/en/research-and-analysis/reports/2012/07/19/who-borrows-where-they-borrow-and-why">end up borrowing again</a> to pay off the original loan.</p> <p>If consumers could better anticipate how much money they will spend in the future, it might help motivate them to spend less and save more in the present.</p> <p>In fact, one of our studies shows that our suggested prediction strategy <a href="https://doi.org/10.1177/0022243721106802">not only boosted spending estimates</a>, it also increased intentions to save.</p> <h2>What’s next</h2> <p>Members of our research team are currently investigating if, when and why underpredicting one’s expenses may be beneficial. For example, if a person sets an optimistically low budget and actively tracks their spending against it, does that help them reduce their spending?</p> <p>We are also investigating whether people who work in the gig economy show a corresponding tendency to mispredict their future income.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/189100/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><em><a href="https://theconversation.com/profiles/ray-charles-chuck-howard-1361224">Ray Charles "Chuck" Howard</a>, Assistant Professor of Marketing, <a href="https://theconversation.com/institutions/texas-aandm-university-1672">Texas A&amp;M University</a>; <a href="https://theconversation.com/profiles/abigail-sussman-227057">Abigail Sussman</a>, Professor of Marketing, <a href="https://theconversation.com/institutions/university-of-chicago-952">University of Chicago</a>; <a href="https://theconversation.com/profiles/david-j-hardisty-753777">David J. Hardisty</a>, Assistant Professor of Marketing &amp; Behavioral Science, <a href="https://theconversation.com/institutions/university-of-british-columbia-946">University of British Columbia</a>, and <a href="https://theconversation.com/profiles/marcel-lukas-1236384">Marcel Lukas</a>, Lecturer in Banking and Finance, <a href="https://theconversation.com/institutions/university-of-st-andrews-1280">University of St Andrews</a></em></p> <p><em>Image credits: Shutterstock </em></p> <p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/we-tend-to-underestimate-our-future-expenses-heres-one-way-to-prevent-that-189100">original article</a>.</em></p> </div>

Money & Banking

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Readers response: What is the most expensive place you've visited?

<p>When it comes to travelling, there are some destinations around the world that are definitely more expensive than others. </p> <p>We asked our readers which place left them the most out of pocket, and the response was overwhelming. Here's what they said. </p> <p><strong>Angela Budden</strong> - Switzerland for sure. </p> <p><strong>Vera Hunt </strong>- Italy, but it's a beautiful place so worth every cent.</p> <p><strong>Pat Isaacs</strong> - Probably London, back in 2011. Such a contrast to Bali, in 2013. Had two weeks there, total cost was under $1600, including air fare, accommodation, food etc. Just the air fare to London was more than the total cost of my time in Bali.</p> <p><strong>Eileen Dunford</strong> - The Amalfi Coast.</p> <p><strong>Roz Harris</strong> - Ashford Castle in Ireland, but I would give anything to go back again and stay for longer.</p> <p><strong>Valerie Southam</strong> - Iceland and Finland.</p> <p><strong>Peter Connolly</strong> - I think Qatar, although the Netherlands wasn't that far behind.</p> <p><strong>Marirose Piciucco</strong> - Tahiti and Copenhagen.</p> <p><strong>Maree Newhouse</strong> - Iceland, I just came back from there. $48 for a bowl of lamb soup and $52 for a hamburger!</p> <p><strong>Gail Ladds</strong> - Positano in Italy. Cost me $25 for a milkshake about $7 years ago. It was the cost of the view I think.</p> <p><strong>Kevin Chapman</strong> - Hawaii, but worth every penny.</p> <p><strong>Peter Brady</strong> - Everywhere in the US given the lousy exchange rate, the plethora of additional government taxes, and the mandatory 20% tip.</p> <p><strong>Chaz Maree</strong> - Scandinavian countries are very expensive to visit but so beautiful, so who cares.</p> <p><strong>Catherine Cotterell</strong> - Venice, where the traders sting you as fiercely as the mosquitos.</p> <p><em>Image credits: Shutterstock </em></p>

Travel Trouble

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World's most expensive house up for sale

<p>A French chateau, once owned by a member of the Rothschild family and, later on, the King of Morocco, has gone up for sale with a £363 million (AU$699) price tag. </p> <p>Chateau d’Armainvilliers located at Seine-et-Marne, 48km east of the Eiffel Tower, is the world's most expensive home. </p> <p>Built upon the foundations of a 12th century castle, the sprawling mansion boasts 1,000 hectares of land, 100 rooms across 2,500 square metres of living space, a private lake, and plenty of sequoia trees - the largest trees in the world. </p> <p>Ignace Meuwissen, a self-acclaimed "real estate advisor to the global elite" described the property as a display of "opulence and grandeur".</p> <p>"It is the most expensive castle in France and perhaps in the world. The price of €425million is justified by the property itself but also by the 1,000 hectare land which offers numerous possibilities," he told Paris Match magazine. </p> <p>"An investor could build thousands of apartments there if he wanted."</p> <p>The chateau was first bought by the Rothschild banking empird in the late 19th century, before King Hassan II of Morocco bought it in the 1980s. </p> <p>He then made the chateau more fit for a king, adding a hammam spa, a beauty and hairdressing salon, and a fully-equipped medical and dental facility.</p> <p>The Moroccan King  also added a basement level, which has a network of tunnels, kitchens, cold rooms, storage spaces and staff quarters.</p> <p>The lucky owner will also find Moroccan mosaics and wall tiles decorating the home, and for any avid equestrians, the home also has a stable big enough for 50 horses. </p> <p>However, some luxury property agents have expressed their doubts on whether the property would sell with its nine-figure sum, with one saying it was an "unrealistic" price tag. </p> <p>"It doesn’t make sense, it’s absurd Properties of this type could sell for 20-25 million, or even 30 million if we really fall in love with them. I’m not even sure that Vaux-le-Vicomte (a Baroque French château), which has no marketing plans, would sell at this price," one agent told French real estate publication <em>Le Figaro Immobilier</em>.</p> <p>Others were unsure whether the changes made by the King in the 1980s would suit modern tastes. </p> <p><em>Images: Whisper Auctions</em></p>

Real Estate

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Most expensive countries to retire in revealed

<p dir="ltr">Australia has become one of the most expensive countries in the world to spend your retirement, with experts sharing how much we need to retire comfortably. </p> <p dir="ltr">Australia is now regarded as the world's seventh most expensive place to retire, and is also a major target for scammers, given the country’s superannuation initiative. </p> <p dir="ltr">Swedish loan broking group Sambla calculated Australians need at least $640,911 to retire comfortably, with this hefty amount one of the biggest in the world. </p> <p dir="ltr">Australia's 4.1 per cent inflation rate is also higher than most of the rich world, which means a retiree would need $34,221 a year to survive, provided they aren't renting.</p> <p dir="ltr">Australia is also a target for scammers, having $3.6trillion in superannuation savings, or the fourth highest pool in the world.</p> <p dir="ltr">In comparison, Switzerland has been named the most expensive place in the world to retire, requiring $927,034 in retirement savings to grow old in the Alps, translating into annual costs of $46,632.</p> <p dir="ltr">Check out the entire top ten list of most expensive countries to retire below. </p> <p dir="ltr">10. France. $583,950 in retirement savings required</p> <p dir="ltr">9. Austria. $598,434 in retirement savings required</p> <p dir="ltr">8. Iceland. $607,558 in retirement savings required</p> <p dir="ltr">7. Australia. $640,911 in retirement savings required</p> <p dir="ltr">6. Canada. $665,752 in retirement savings required</p> <p dir="ltr">5. Liechtenstein. $772,984 in retirement savings required</p> <p dir="ltr">4. Singapore. $773,456 in retirement savings required</p> <p dir="ltr">3. Qatar. $791,029 in retirement savings required</p> <p dir="ltr">2. Monaco. $795,431 in retirement savings required</p> <p dir="ltr" role="presentation">1. Switzerland. $927,035 in retirement savings required</p> <p dir="ltr"><em>Image credits: Getty Images </em></p>

Retirement Life

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#GirlMaths: a seemingly innocent and fun way to justify expenses that can have serious financial consequences

<p><em><a href="https://theconversation.com/profiles/janneke-blijlevens-150258">Janneke Blijlevens</a>, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a>; <a href="https://theconversation.com/profiles/angel-zhong-1204643">Angel Zhong</a>, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a>, and <a href="https://theconversation.com/profiles/lauren-gurrieri-5402">Lauren Gurrieri</a>, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a></em></p> <p>These shoes are perfect, made for me! I have to get them! But really, I should be paying off my car loan instead. I can’t justify this purchase. Or can I …?</p> <p>We all know this feeling, this tension between what you really want to do and what you really should, or shouldn’t, do. What you are experiencing is <a href="https://www.britannica.com/biography/Leon-Festinger/Cognitive-dissonance">cognitive dissonance</a>.</p> <p>It’s a psychological discomfort we feel when our behaviours and our values or beliefs do not match. Not to worry, we can make that discomfort simply disappear with a good dose of #GirlMaths!</p> <h2>So what is #GirlMaths?</h2> <p>GirlMaths recently became a viral phenomenon on TikTok after New Zealand FVHZM radio hosts Fletch, Vaughan and Hayley used #GirlMaths to justify one host’s mother’s expensive dress purchase as basically free because the dress was going to be worn at least four times.</p> <p><iframe id="tc-infographic-904" class="tc-infographic" style="border: none;" src="https://cdn.theconversation.com/infographics/904/f0b5e215a804bb450e609c397b96c7fcbf46172f/site/index.html" width="100%" height="400px" frameborder="0"></iframe></p> <p>Since then, influencers have added to the #GirlMaths trend with gems such as “If I buy it for $100, wear it, and then resell it for $80 then I basically wore it for free”, “If I pay with cash, it means it’s free”, and “If I just returned something, then purchase something new for the same amount of money, then it’s free”.</p> <p>The reason #GirlMaths resonates so well with everyone and allows it to go viral is that we are very familiar with this type of thinking. The mental gymnastics of #GirlMaths needed to justify cost-per-wear or cash-is-free is a perfect display of behavioural biases and heuristics, such as confirmation bias and denomination bias, being applied to everyday consumption decisions.</p> <h2>The psychology of decision-making</h2> <p>Behavioural biases and heuristics are shortcuts in our thinking that help us make decisions quicker and easier, and are great for reducing the cognitive dissonance we sometimes experience.</p> <p>Our brain has a lot of decisions to make in a day and simply doesn’t have the power to scrutinise every little detail of every <a href="https://theconversation.com/what-shall-we-have-for-dinner-choice-overload-is-a-real-problem-but-these-tips-will-make-your-life-easier-193317">decision</a>. These shortcuts in our thinking may facilitate the decision making process, but they don’t always mean we make the most optimal decisions.</p> <p>Confirmation bias is a bias where you justify your decisions by considering only the evidence that supports what you want and ignore the evidence that would mean you’d have to make a different decision. Cost-per-wear does sound quite financially savvy. It is just like bulk-buying pantry essentials, right?</p> <p>The issue is you are ignoring the facts such as: 1) your disposable income does not match this expense in light of your utility bills, 2) you could rewear a cheaper dress all the same, and 3) by spending money on a fancy dress, you lose the opportunity to spend the money on other better investments for wealth accumulation, or to pay off your car loan.</p> <h2>The financial and social costs</h2> <p>But it’s all a bit of innocent fun, right? Surely people won’t take #GirlMaths that seriously? We beg to differ.</p> <p>First, the term is unnecessarily gendered. Gendered language operates to reinforce societal expectations with a particular gender and can promote stereotypes, biases and binary categories.</p> <p>In this case, the term “girl maths” reinforces problematic stereotypes that equate women with consumption, frivolity and extravagant spending. When stereotypes are reinforced within our own social circles, we are more likely to <a href="https://journals.sagepub.com/doi/abs/10.1177/0146167299025007004?casa_token=dOhnQVtFwPsAAAAA:XSBdix5AB6bDfGjNgfbX9OIjstw4KE071GP0l60mAxvHJMaEwkyPERqHXf3z9PhctWJUl6h7TgTHg_U">internalise these as part of our identity</a>.</p> <p>By representing women in a less favourable way, the term operates to both demean and discriminate on a gendered basis. This is heightened by the use of “girl” as opposed to “woman”, which implies someone is childlike or lacking in knowledge or experience. It also begs the question what “boy maths” - set up as something opposing and different - might connote.</p> <p>Second, the #GirlMaths trend reminds us of the power of “<a href="https://theconversation.com/fintok-and-finfluencers-are-on-the-rise-3-tips-to-assess-if-their-advice-has-value-161406">finfluencers</a>” – social media content creators amassing huge online followings by sharing advice on anything from budgeting to buying a house, to investing.</p> <p>These online gurus appeal to Gen Z and millennials, simplifying complex financial concepts into digestible nuggets, much like #GirlMaths simplifies purchases based on cost-per-wear or cash-as-free.</p> <p>Just as regulators such as <a href="https://moneysmart.gov.au/other-ways-to-borrow/buy-now-pay-later-services">ASIC</a> repeatedly warn us of the dangers of buy-now-pay-later services, we must caution the #GirlMaths trend as a dangerous cocktail for young women who are susceptible to the “advice” of finfluencers.</p> <p>The trend resembles BNPL by breaking down expenses into smaller, more palatable portions, making purchases seem justifiable and affordable at the moment.</p> <p>Denomination bias describes this tendency to spend more money when it is denominated in small amounts rather than large amounts. We find it much easier to spend $50 four times than $200 all at once.</p> <p>However, the convenience of these shortcuts in our thinking can obscure the hidden financial risks. You may overlook the bigger picture of your financial health, and spend more than what you can afford. That’s why a large number of BNPL users find themselves ending up in a <a href="https://www.choice.com.au/money/credit-cards-and-loans/personal-loans/articles/bnpl-submission-to-treasury">modern debt trap</a>.</p> <h2>The perils of #GirlMaths</h2> <p>The danger of #GirlMaths to young women lies in the cocktail of feeling oddly familiar and reinforced in this biased thinking, the problematic stereotypes that shape identities, and the power of finfluencers, who wield increasing influence over the financial choices and decision-making of young women.</p> <p>While the term may initially come across as innocent fun, it’s crucial not to underestimate its potential harms. Instead, let’s champion the use of inclusive language in finance that doesn’t perpetuate gender biases.</p> <p>And if you’re a staunch supporter of #GirlMaths, we strongly urge you to take into account the possible adverse financial consequences of these quick-fix spending habits.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/211903/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><em><a href="https://theconversation.com/profiles/janneke-blijlevens-150258">Janneke Blijlevens</a>, Senior Lecturer in Marketing, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a>; <a href="https://theconversation.com/profiles/angel-zhong-1204643">Angel Zhong</a>, Associate Professor of Finance, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a>, and <a href="https://theconversation.com/profiles/lauren-gurrieri-5402">Lauren Gurrieri</a>, Associate Professor in Marketing, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a></em></p> <p><em>Image credits: Getty Images</em></p> <p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/girlmaths-a-seemingly-innocent-and-fun-way-to-justify-expenses-that-can-have-serious-financial-consequences-211903">original article</a>.</em></p>

Money & Banking

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Eggs are so expensive right now. What else can I use?

<p><em><a href="https://theconversation.com/profiles/evangeline-mantzioris-153250">Evangeline Mantzioris</a>, <a href="https://theconversation.com/institutions/university-of-south-australia-1180">University of South Australia</a></em></p> <p>The price of eggs <a href="https://www.abc.net.au/news/2023-06-14/egg-shortage-high-prices-blamed-on-shift-from-cage-to-free-range/102474282">is rising</a>. So many of us may be looking for cheaper alternatives.</p> <p>First, the bad news. Nothing can replace a boiled, poached or fried egg.</p> <p>Now, the good news. Lots of other ingredients can make foods puff and rise, give your meal a rich taste, or hold together ingredients.</p> <p>So try using some of these egg substitutes and save the real eggs for your breakfast.</p> <h2>Why are eggs so popular?</h2> <p>Eggs are incredibly <a href="https://www.foodstandards.gov.au/science/monitoringnutrients/afcd/pages/default.aspx">nutritious</a>. They’re a <a href="https://www.mdpi.com/2072-6643/11/3/684">rich source</a> of protein, vitamins A and D, pigments called carotenoids, and minerals.</p> <p>Eggs are also versatile. We use them to make a range of savoury and sweet foods, sauces and drinks, not to mention breakfast.</p> <p>Their popularity and versatility lies in the unique characteristics of the two main parts of the egg – the white and yolk. Each contribute <a href="https://www.amazon.com.au/Food-Cooking-Harold-McGee/dp/0684800012">different properties</a> in cooking.</p> <p><a href="https://www.mdpi.com/2072-6643/11/3/684">Egg yolk</a> is about 55% water, 27% fats, 16% protein (with small amounts of carbohydrate). <a href="https://www.mdpi.com/2072-6643/11/3/684">Egg white</a> is about 10% protein and 90% water, with only traces of fat and carbohydrates. Different types of protein in egg white contribute to them foaming when whisked.</p> <h2>Eggs are versatile</h2> <p>Eggs have a <a href="https://www.sciencedirect.com/science/article/pii/S0268005X2200131X?casa_token=1yXlEb1uvwQAAAAA:s3h5KCozwn-hjIn6kLOEoW45An255V6Z0G8TcJAQgTejfLEwV7nKqkS6VPWXiNkNxR4m5Mr2lHc">different role</a> in different types of cooking.</p> <p><strong>1. Eggs are a raising agent</strong></p> <p>Beaten or whisked eggs act as a raising agent by creating pockets of air in foods, which expand with cooking, making the foods puff and rise. This gives baked products like cakes, biscuits and muffins volume and an airy feel.</p> <p>Using just the egg white leads to a remarkably light and delicate foam, as we see in meringues. In mousse and souffles the whites and the yolk are beaten separately, then mixed together. This leads to a light, airy and smooth texture.</p> <p><strong>2. Eggs hold together other ingredients</strong></p> <p>Eggs combine ingredients and hold them together during cooking. This gives foods – such as vegetable or meat patties – their structure.</p> <p><strong>3. Eggs bind other liquids</strong></p> <p>The liquid from eggs binds other liquids from other ingredients in the recipe into a soft, moist and tender mass. We see this in scrambled eggs, omelettes and egg custard.</p> <p><strong>4. Eggs act as emulsifiers</strong></p> <p>The egg yolk contains different proteins (livetin, phosvitin) and lipoproteins (lecithin). These act as emulsifiers, allowing fat and water to mix together in foods such as mayonnaise and hollandaise sauce.</p> <p><strong>5. Eggs boost flavour</strong></p> <p>The fat in egg yolks helps carry and release the flavour of some fat-soluble components of food. These foods <a href="https://www.sciencedirect.com/science/article/pii/S0924224401000796">may taste differently</a> without the eggs. Eggs also contribute to foods feeling soft in the mouth.</p> <p>As eggs have different roles in cooking, you may need different egg substitutes depending on the outcome you want. Here are some cheaper (and vegan) options.</p> <h2>Aquafaba</h2> <p>Aquafaba is the liquid drained from cans of bean – typically from chickpeas as it has the most neutral flavour. This is the all-round winner, especially as most of us probably throw it away without realising what a gem it is.</p> <p>Aquafaba is <a href="https://www.sciencedirect.com/science/article/pii/S0924224421001424?casa_token=P45Z4G2SFdsAAAAA:DRy8adcAU_QHl96LONyWOEhUXvrExVZsJ18xKvc8OiPYeVKHSOkGOKefiixXFPY9UhdscEaHF70">versatile</a>. You can whip it up like egg whites to form a foam that can be used to make meringue (even pavlova), gelato, in baked goods, and for binding ingredients in patties. It also contains emulsifiers and can be used to make mayonnaise.</p> <p>You’ll need different quantities of aquafaba depending on the recipe. Generally, though, you use about two to three tablespoons of aquafaba to replace the volume of fluid from an egg.</p> <p>On the downside, aquafaba can taste a bit beany. So it is best to use it with stronger flavours to overcome this.</p> <p>Nutritionally, <a href="https://www.sciencedirect.com/science/article/abs/pii/S0924224421001424?via%3Dihub">aquafaba</a> has small amounts of carbohydrate (about 2.6g/100 millilitre), and negligible levels of protein (about 1.3g/100 millilitre).</p> <p>You can also freeze aquafaba.</p> <h2>Vinegar and baking soda</h2> <p>Mixing a teaspoon of baking soda with a tablespoon of vinegar can replace an egg in most baked goods. This produces carbon dioxide, which is trapped into air pockets, and makes foods rise.</p> <p>This is a very cheap option, however its success may be limited by how heavy the rest of the ingredients are. This combination also has very little nutritional value.</p> <h2>Commercial egg replacements</h2> <p>These are available at most supermarkets, are very cheap compared with eggs, have a long shelf life, and are easy to use, with instructions on the packaging.</p> <p>Typically, they contain different starches from potato, tapioca and pea protein (which act as leavening agents and form foams), along with raising agents. They are recommended for use in baked goods. However they have very little nutritional value compared to an egg.</p> <h2>Flaxseed meal and chia seeds</h2> <p>Use either a tablespoon of flaxseed meal, or chia seeds, added to about three tablespoons of water. Allow the mixture to sit for a few minutes to form a gel.</p> <p>The gels can be used in baked goods, however this option isn’t as cheap as the others, and has a slight nutty taste.</p> <p>Both these seeds provide nutritional value. They are both rich in the plant-based omega-3 fatty acid called alpha-linolenic acid. We <a href="https://academic.oup.com/ajcn/article/59/6/1304/4715808">can convert</a> this fatty acid into healthy omega-3 fatty acids, but at a slow rate. These seeds also provide fibre, polyphenols and antioxidants.</p> <h2>Tofu</h2> <p>Tofu, which is made from soybeans, is widely available and fairly cheap. It has the most “eggy” appearance and so makes it ideal as a substitute for scrambled eggs and in quiche. However, you will need to use silken tofu and puree it.</p> <p>Tofu is highly nutritious and provides protein, fat, calcium, polyphenols and anti-oxidants.</p> <p>You could also use soy flour. Add one tablespoon to three tablespoons of water, then use immediately in baking and for binding ingredients together. However, soy flour does not contain calcium, which tofu does.</p> <h2>Mashed fruit</h2> <p>Mashed bananas or applesauce are also used as egg substitutes. These mainly act to bind and hold moisture in the food and help carry the flavours.</p> <p>You also get the nutritional value of the fruit. Due to the natural sugar that in fruit, this will sweeten your baked goods so you will need to drop the sugar by about a tablespoon (or more) for each piece of fruit you add.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/207837/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /></p> <p><em><a href="https://theconversation.com/profiles/evangeline-mantzioris-153250">Evangeline Mantzioris</a>, Program Director of Nutrition and Food Sciences, Accredited Practising Dietitian, <a href="https://theconversation.com/institutions/university-of-south-australia-1180">University of South Australia</a></em></p> <p><em>Image credits: Getty Images</em></p> <p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/eggs-are-so-expensive-right-now-what-else-can-i-use-207837">original article</a>.</em></p>

Food & Wine

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10 things you should never pay for on holidays

<p>It’s funny how we spend so much time and energy budgeting our dream trip, but by the time we get over there we end up wasting a lot of it on unnecessary expenses. And in the end of the day, the more money that’s spent on these expenses, the less you can dedicate to your actual holiday. We’re going to look at 10 things you should never pay for on a holiday. Avoid these expenses and your next trip will be much richer (in more ways than one).</p> <p><strong>1. Unnecessary ATM withdrawal fees</strong></p> <p>Many ATMs overseas charge you for the privilege of using them, as well as exorbitant international transaction fees. Travel money cards ensure you will only be paying the minimum withdrawal fees when accessing your money.</p> <p><strong>2. Excess luggage fees</strong></p> <p>Avoiding these fees is as simple as reading the fine print. Before booking your flights, make sure you’re aware of circumstances that incur excess luggage fees and pack your bags lightly so if you do get a lot of souvenirs you won’t face the charges.</p> <p><strong>3. Wifi</strong></p> <p>A stable, secure internet connection isn’t too hard to come by in 2016, and if you’re smart you don’t have to pay for it. If your accommodation does charge for wifi, simply pop into a McDonald’s or Starbucks that generally offer free wifi to customers.</p> <p><strong>4. Tacky souvenirs</strong></p> <p>Unless you notice something that might be meaningful for someone close, tacky souvenirs are generally a waste of money (and will probably just get thrown out anyway).</p> <p><strong>5. Breakfast</strong></p> <p>Breakfast is the most important meal of the day, but can be quite expensive depending on where you’re travelling. Try to book a hotel that offers a free breakfast buffet and save!</p> <p><strong>6. Calling home</strong></p> <p>It’s no secret that making an international phone call can cost a mint, but if you’ve got a wifi connection and Skype there’s no reason you can’t touch base for free!</p> <p><strong>7. Walking tours</strong></p> <p>Now this is a suggestion that’s a little controversial, but many cities offer free walking tours (often on a tip-based payment system) that are just as good as the paid ones.</p> <p><strong>8. Taxis</strong></p> <p>While there are exceptions (emergencies and travelling in underdeveloped countries) it’s generally much cheaper to skip the taxi in favour of public transportation.</p> <p><strong>9. Counterfeit merchandise</strong></p> <p>While the price is appealing, in the end of the day counterfeit merchandise really isn’t worth your while, and is generally produced by unsavoury means. </p> <p><strong>10. Food near tourist sites</strong></p> <p>You’ll never see a bowl of pasta cost as much as the one that comes from the restaurant next to the Colosseum, so try and avoid eateries surrounding major sites.</p> <p>Have you every unnecessarily paid for any of these travel expenses? Do you have a trip on the cards, and if so where are you planning to go?</p> <p><em>Image credit: Shutterstock</em></p>

International Travel

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5 most expensive cities in the world

<p>Grab your credit card – you’ll need the extra funds if you want to visit these pricey cities.</p> <p><strong>1. Geneva, Switzerland</strong></p> <p>Get ready to pay at least $250 per night for a hotel and an incredible $33 for a club sandwich. Switzerland has a well-deserved reputation for being super expensive. Economists put the hefty price tags down to the fact that Switzerland pays some of the highest salaries in the world, meaning its citizens have heightened buying power. </p> <p>You’ll pay a premium for everything including transport, food, alcohol, shopping and even tasty Swiss chocolates.</p> <p><strong>2. Oslo, Norway</strong></p> <p>All of Scandinavia is known to be highly expensive, but the Norwegian capital takes the cake. In fact it’s held the top spot in the global UBS Prices and Earnings report on the world’s most expensive cities for the past decade. </p> <p>One night in Oslo will cost you an average of $561 for accommodation, cocktails, dinner for two with wine and a taxi. Even a bottle of water can cost up to $8, so it would be sensible to bring a refillable bottle of your own.</p> <p><strong>3. Singapore</strong></p> <p>The 2016 Worldwide Cost of Living Index ranked Singapore as the most expensive city in the world to live in and it’s not cheap for travellers either. You can still find some reasonably priced hotels and cheap street stalls for food, but overall prices are skyrocketing. </p> <p>Part of what makes Singapore so expensive is that its economy is booming while many others (like Australia, the US and Europe) are on the decline. It’s a trend that’s expected to continue, so Singapore won’t be appearing on the list of great value destinations anytime soon.</p> <p><strong>4. Dubai, UAE</strong></p> <p>A five-night holiday for two in Dubai will set you back almost $4,700, making it the world’s most expensive destination for tourists according to Hoppa, an airport transfer booking service. It also has the most expensive hotel rooms in the world, with an average price per night of more than $360. </p> <p>The city is known for its flashy hotels, huge shopping malls and high-end restaurants, built largely on the back of the country’s huge oil wealth.</p> <p><strong>5. New York, US</strong></p> <p>The Big Apple is easily the most expensive tourist destination in the USA and has been made even more so in recent months by a weak Australian dollar. A night out in the city that never sleeps will cost around $430 for accommodation, a meal, taxi fares and wine for two. </p> <p>Surveys have found that the average cost of a meal in New York is the most expensive of any major city in the US. The city is also known for its ‘tourist traps’, attractions that suck in naïve visitors but don’t offer value for money.</p> <p><em>Image credits: Getty Images</em></p>

International Travel

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The most expensive books in the world

<h2>The Tales of Beedle the Bard</h2> <p>JK Rowling’s first book since the conclusion of the Harry Potter series fetched a huge chunk of change. Published in December 2007, Beedle was the complete book of fairy tales that play a crucial role in the final instalment of the Harry Potter series. JK Rowling produced seven separate handwritten copies of Beedle, filled with illustrations she herself had drawn. These books were incredibly beautiful: leather-bound, with silver and moonstones decorating the cover. Rowling gave six of these ‘Moonstone Editions’ to friends and people who worked on the Harry Potter books, but one went up for auction on Amazon. One mega-fan paid US$3.98 million for it, and Rowling donated the proceeds to a children’s charity. While far from the most expensive book on this list, Beedle was the priciest book ever purchased that was written and published in the twenty-first century.</p> <h2>Traité des Arbres Fruitiers</h2> <p>The title of this eighteenth-century French handbook translates to Treatise of Fruit Trees. The book was written by botanist Henri Louis Duhamel du Monceau and contained five separate volumes filled with detailed illustrations. This manuscript went for €3.4 million (about AU$5.2 million) at a 2006 auction. Yes, someone spent over five million dollars for a book about fruit trees.</p> <h2>The Gutenberg Bible</h2> <p>This was the first-ever edition of the ‘Good Book’ to be produced using moveable-type print, with Johannes Gutenberg’s printing press (hence the name). Despite being mass-produced, the Gutenberg Bible is still incredibly rare and valuable, as its AU$8.4 million price tag makes clear. Only 48 copies of the original 1450s-printed batch remain today. The buyer of this copy was Maruzen Co. Ltd., a major Japanese bookseller. At the time, 1987, it set the record for the most expensive book ever purchased.</p> <h2>The First Folio</h2> <p>This collection of William Shakespeare’s plays is widely considered one of the most significant treasures in literary history. Formally titled Mr William Shakespeare’s Comedies, Histories &amp; Tragedies, the folio contains all but four of the Bard’s dramatic works. Of the 750 copies originally published seven years after his death in 1623, only 228 remain. Paul Allen, the co-founder of Microsoft, snatched one up at Christie’s, an auction house in New York City, in 2001. It cost him a cool AU$9.6 million.</p> <h2>The Canterbury Tales</h2> <p>This enduring collection of stories from the middle ages by fourteenth-century poet Geoffrey Chaucer fetched a hefty sum of money in 1998 – AU$11.67 million, to be exact. The 17,000 lines of The Canterbury Tales tell the story of a motley crew of pilgrims who engage in a storytelling contest while on their way to visit a holy shrine. Only 12 original copies still exist today. One ended up in the hands of London book dealers, who purchased it for GP£4.6 million (AU$8.1 million). In 1998, that amount was equal to about US$5.5 million. If you do the math (there are 24 separate tales), that’s approximately US$230,000 per tale.</p> <h2>Birds of America</h2> <p>Between 1827 and 1838, naturalist John James Audubon published a series of exquisite prints depicting hundreds of different North American bird species. Together, the 435 illustrations form the complete first edition of Birds of America, of which there are only 119 remaining copies. Another reason for the bird book’s massive value is the fact that six of the bird species depicted are now extinct. In 2010, the most expensive copy of Birds of America went for US$11.5 million at Sotheby’s Auction House in London. Two other copies of the book also raked in big money in the twentieth century: an US$8.8 million copy in 2000 and a US$7.9 million copy in 2012.</p> <h2>The Gospel of Henry the Lion</h2> <p>Only just beating out the birds in this list of expensive books is a lion… Henry the Lion, to be exact. Henry the Lion was the Duke of Saxony from 1142 to 1180 (Saxony, in case you were wondering, is a German state). He commissioned the production of a gospel book for display on the altar of Brunswick Cathedral. The text was a masterpiece, 266 pages long with 50 Romanesque illustrations depicting scenes from all four gospels. The book ended up back in the hands of the German government around 800 years later when it was purchased at a 1983 London auction for US$11.7 million. Today, the complete manuscript has a home in Wolfenbüttel, Germany’s Herzog August Library. To ensure its safety, it is only put on display once every two years!</p> <h2>Rothschild Prayer Boo</h2> <p>These are some pricey prayers: this Flemish collection of Christian texts, psalms, and images cost its buyer US$13.4 million. It was compiled in the early 1500s and features the works of a myriad of Flemish scholars, which fill 254 separate pages. In 1999, Australian businessman Kerry Stokes purchased it from Christie’s in New York. Stokes loaned it to the National Library of Australia in Canberra, where it remains today.</p> <h2>Bay Psalm Book</h2> <p>Religious texts continue to fill this list of expensive books, with the Bay Psalm Book continuing the trend. This one stands out from its fellows, though, because of its distinction as the first book ever printed in the British colonies that would become America. In 1640, 20 years after the Pilgrims landed on Plymouth Rock, the Bay Psalm Book emerged from printers in Cambridge, Massachusetts. There are approximately eleven copies still intact today, mostly in the possession of libraries and universities. One copy, though, has belonged to American businessman David Rubenstein since 2013, when he bought it at a Sotheby’s auction for US$14.2 million.</p> <h2>St Cuthbert Gospel</h2> <p>This pocket-sized version of the Gospel of John is one of the earliest surviving examples of Western bookbinding. Created in the eighth century, it spent years in the coffin of its namesake, St Cuthbert, before becoming the property of an English Jesuit school. In the years leading up to its 2012 purchase, it was on loan to the British Library. The book measures only 14 centimetres by nine centimetres inches. It may be small, but its price tag sure isn’t; the British Library raised over GB£9.5 million (AUD16.6 million) to buy it for good at an auction.</p> <h2>The Magna Carta</h2> <p>The Magna Carta, the thirteenth-century charter that laid the foundation for the future of the law as we know it, is one of the most famous texts in history. Naturally, it earns a high spot on this list. The text was one of the earliest to lay out the concept of basic human rights and limit the powers of a king. Today, only seventeen copies predating 1300 survive. One sold for a whopping AU$33.1 million at a 2007 auction. The identity of the buyer is most likely David Rubenstein, who is also the lucky (or perhaps just wealthy) owner of the Bay Psalm Book. His reasoning for spending so much money? He thought it ‘very important’ that there be a copy of the Magna Carta in the United States. It’s widely believed that the document helped inspire the Declaration of Independence.</p> <h2>The Codex Leicester</h2> <p>You might know this author’s name: Leonardo da Vinci. You might know the buyer’s name as well: Bill Gates. The current record for the most expensive book of all time belongs to this 72-page notebook filled with the Renaissance genius’s notes and theories. In the early 1700s, the Codex was purchased by the Earl of Leicester, hence its name. In 1980, an art collector bought it from the Leicester estate, and none other than Bill Gates bought it from the collector in 1994. The Codex set Gates back a cool US$30.8 million. Gates decided to share his purchase with the world, and did it in the most Bill Gates way possible: he scanned the pages of the book and turned them into a Windows 95 screensaver.</p> <p><strong>This article originally appeared on <a href="https://www.readersdigest.co.nz/culture/the-most-expensive-books-in-the-world?pages=1" target="_blank" rel="noopener">Reader's Digest</a>.</strong></p> <p><em>Image: Shutterstock</em></p>

Books

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When hosting mega-events like FIFA, cities market themselves at the expense of the most vulnerable

<p>Few events capture the attention of the globe like the Men’s FIFA World Cup — in 2018, the event boasted a viewership of <a href="https://www.fifa.com/tournaments/mens/worldcup/2018russia/media-releases/more-than-half-the-world-watched-record-breaking-2018-world-cup">3.5 billion people</a>. Yet, despite the enormous popularity of the World Cup, <a href="https://www.aljazeera.com/sports/2022/11/17/do-host-countries-make-money-from-the-world-cup">host cities and countries invariably lose money</a> on the event itself, with FIFA capturing most of the profits despite its non-profit status.</p> <p>The calculus of host cities is based on the hope that successfully hosting a World Cup (or Olympics) will significantly enhance a city’s urban brand and ultimately lead to long-term increases in tourism and foreign direct investment.</p> <p>In other words, the argument is that a successful stint as a host city will identify that city as “<a href="https://www.jstor.org/stable/40643231">world-class</a>” and change its economic fortunes. This justification, at least from an economic point of view, relies on <a href="https://doi.org/10.1080/02614360500504628">some pretty fuzzy math and long-term forecasting that rarely gets audited</a>.</p> <p>I attended the 2010 World Cup in South Africa to study how various communities attempted to have their voices heard and needs met through the planning process for that event. I continue to research how hosting large-scale events intersect with other trends in global and local urbanization.</p> <p><strong>Urban branding</strong></p> <p>This mission of improving one’s urban brand to attract tourist and foreign investment leads cities to focus their attention to the perceived needs. Or, more precisely, the perceived desires of potential tourists and investors, as opposed to the needs and desires of the people who already live, work and play in these cities.</p> <p>This shift in focus is part of larger trends of cities becoming <a href="https://doi.org/10.1080/04353684.1989.11879583">increasingly entrepreneurial in our globalized world</a>.</p> <p>And to this end, host cities pursue a fairly predictable path to demonstrate their world-classness. As Streetnet International, a South Africa-based international organization of street vendors, put it in their World Class Cities For All campaign:</p> <blockquote> <p>“It has become a boringly predictable reality that, when a country prepares to host a high-profile international event, <a href="https://streetnet.org.za/document/world-class-cities-for-all/">the country and its local government authorities prepare to create ‘World Class Cities’ of a particular type</a>, i.e. ‘World Class Cities’ which will attract foreign investment; have modern up-to-date infrastructure; have no visible signs of urban decay; have smooth traffic flows; have no visible poor people or social problems.”</p> </blockquote> <figure class="align-center zoomable"><a href="https://images.theconversation.com/files/497721/original/file-20221128-4871-ip7vgt.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/497721/original/file-20221128-4871-ip7vgt.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/497721/original/file-20221128-4871-ip7vgt.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=600&amp;h=402&amp;fit=crop&amp;dpr=1 600w, https://images.theconversation.com/files/497721/original/file-20221128-4871-ip7vgt.jpg?ixlib=rb-1.1.0&amp;q=30&amp;auto=format&amp;w=600&amp;h=402&amp;fit=crop&amp;dpr=2 1200w, https://images.theconversation.com/files/497721/original/file-20221128-4871-ip7vgt.jpg?ixlib=rb-1.1.0&amp;q=15&amp;auto=format&amp;w=600&amp;h=402&amp;fit=crop&amp;dpr=3 1800w, https://images.theconversation.com/files/497721/original/file-20221128-4871-ip7vgt.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;h=506&amp;fit=crop&amp;dpr=1 754w, https://images.theconversation.com/files/497721/original/file-20221128-4871-ip7vgt.jpg?ixlib=rb-1.1.0&amp;q=30&amp;auto=format&amp;w=754&amp;h=506&amp;fit=crop&amp;dpr=2 1508w, https://images.theconversation.com/files/497721/original/file-20221128-4871-ip7vgt.jpg?ixlib=rb-1.1.0&amp;q=15&amp;auto=format&amp;w=754&amp;h=506&amp;fit=crop&amp;dpr=3 2262w" alt="overhead view of a building site in the desert" /></a><figcaption><span class="caption">In Doha, several stadiums were built to host the FIFA World Cup.</span> <span class="attribution">(AP Photo/Vadim Ghirda)</span></figcaption></figure> <p><strong>Increased policing, decreased social investment</strong></p> <p>There are common themes to how cities approach their hosting duties and branding pursuits. However, the particular interventions that each city makes to create this type of world- class city are unique to their particular context.</p> <p>Unfailingly, cities significantly increase policing, both in the sheer numbers of police, military and surveillance measures as well as the powers afforded to the police and military. These powers are used to police undesirable activities and individuals — those activities and people deemed incommensurate with the desired world-class brand.</p> <p>Youth, the unhoused or precariously housed, street vendors and racialized individuals <a href="https://doi.org/10.1080/17430437.2010.520938">experience the brunt of these increases</a>.</p> <p>In South Africa in 2010, FIFA courts were established to exact “<a href="https://www.nytimes.com/2010/06/21/sports/soccer/21iht-wcsoccer.html">swift and severe justice</a>” for crimes committed against tourists and journalists during the 2010 World Cup. In Qatar, there has been <a href="https://www.thestar.com/politics/2022/11/24/lgbtq-and-other-rights-issues-at-world-cup-a-huge-blemish-on-fifa-hall-of-famer.html">targeted policing of LGBTQ+ people and allies</a>.</p> <p>Additionally, the quest for this type of world-class-city brand also leads to uneven investment and under-investment as cities are forced to make choices about how to invest their municipal budgets.</p> <p>Tourist areas <a href="https://www.jstor.org/stable/25765282">see significant infrastructure investments while those off the tourist map are often ignored</a>. This is intensified by <a href="https://doi.org/10.1177/0196859905275971">television coverage of these places and events</a>.</p> <p>In Durban, South Africa, this meant significant investment along the waterfront and the construction of a shiny new soccer stadium (across the street from an existing rugby stadium) while other parts of the city, off the beaten path of journalists and tourists, continued to lack even basic infrastructure.</p> <figure class="align-center zoomable"><a href="https://images.theconversation.com/files/497776/original/file-20221128-14-4gf988.jpg?ixlib=rb-1.1.0&amp;rect=0%2C0%2C1920%2C1080&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/497776/original/file-20221128-14-4gf988.jpg?ixlib=rb-1.1.0&amp;rect=0%2C0%2C1920%2C1080&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/497776/original/file-20221128-14-4gf988.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=600&amp;h=338&amp;fit=crop&amp;dpr=1 600w, https://images.theconversation.com/files/497776/original/file-20221128-14-4gf988.jpg?ixlib=rb-1.1.0&amp;q=30&amp;auto=format&amp;w=600&amp;h=338&amp;fit=crop&amp;dpr=2 1200w, https://images.theconversation.com/files/497776/original/file-20221128-14-4gf988.jpg?ixlib=rb-1.1.0&amp;q=15&amp;auto=format&amp;w=600&amp;h=338&amp;fit=crop&amp;dpr=3 1800w, https://images.theconversation.com/files/497776/original/file-20221128-14-4gf988.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;h=424&amp;fit=crop&amp;dpr=1 754w, https://images.theconversation.com/files/497776/original/file-20221128-14-4gf988.jpg?ixlib=rb-1.1.0&amp;q=30&amp;auto=format&amp;w=754&amp;h=424&amp;fit=crop&amp;dpr=2 1508w, https://images.theconversation.com/files/497776/original/file-20221128-14-4gf988.jpg?ixlib=rb-1.1.0&amp;q=15&amp;auto=format&amp;w=754&amp;h=424&amp;fit=crop&amp;dpr=3 2262w" alt="armed police on horseback watch over a crowd." /></a><figcaption><span class="caption">In this image from video, Qatari police stand by on horseback as other security officials try to control a crowd at a FIFA Fan Zone on Nov. 19, 2022. Authorities turned away thousands of fans from a concert celebrating the World Cup beginning the next day.</span> <span class="attribution">(AP Photo/Srdjan Nedeljkovic)</span></figcaption></figure> <p><strong>Exposes the cracks</strong></p> <p>The current approach to hosting a World Cup puts unique and focused pressures on urban systems and infrastructure. In the process, it exposes the already existing cracks in the system and exacerbates existing inequalities.</p> <p>The World Cup did not create the labour system and working conditions of temporary migrant workers in Doha. However, both the magnitude and speed of construction to meet hosting needs undoubtedly ramped up the exploitation of the system, leading to <a href="https://www.theguardian.com/global-development/2021/feb/23/revealed-migrant-worker-deaths-qatar-fifa-world-cup-2022">thousands of worker deaths</a>.</p> <p>We need to reframe how a world-class city is defined to one that is more liveable, sustainable and just. This will inspire future host cities to pursue this status in a manner that does not increase policing and exacerbate inequalities.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/195069/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /></p> <p><em>Writen by David Roberts. Republished with permission from <a href="https://theconversation.com/when-hosting-mega-events-like-fifa-cities-market-themselves-at-the-expense-of-the-most-vulnerable-195069" target="_blank" rel="noopener">The Conversation</a>.</em></p> <p><em>Image: Getty Images</em></p>

Real Estate

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Five expensive (but avoidable) financial mistakes

<p>The road to financial freedom can have many potholes but knowing how to avoid them is simple if you know what to do. Here’s some tips on what to look out for.</p> <p>When it comes to your retirement, planning is crucial. The first step, however, is understanding how to make the most of your financial position by avoiding the mistakes many people make when it comes to planning for the future.</p> <p>Here’s a few tips from wealth management firm BT Financial Group on how to avoid the speed bumps you may find along your financial journey.</p> <p><strong>Too little too late</strong><br />The government has deliberately set up the superannuation system to favour those who start early and stay on track. Those who leave it to the last minute often do so at their own peril. Start as soon as possible and map out your road to financial freedom.</p> <p><strong>Pay unnecessary taxes</strong><br />There are many simple, legal ways to make sure you’re not paying more tax than you need. Check with your financial planner or accountant if you’re making the most of the tax incentives offered by the government.</p> <p><strong>Fall for investment fads</strong><br />This probably poses the greatest single danger to your prosperity. Technology stocks in the late 1990s and speculative miners in the late 2000s were very tempting when they were rising fast. Your best weapon against this temptation is to develop a disciplined investment plan and stick with it.</p> <p><strong>It won’t happen to me</strong><br />Wealth management is just as much about protecting your assets as it is about building wealth. Make sure you have a “Plan B” to pay off your house and look after your family if you were to die or be permanently unable to work. Your ability to earn money is actually your most valuable asset, so it’s vital to protect that asset with income protection insurance.</p> <p><strong>Fail to plan</strong><br />As the old adage goes, “if you fail to plan, you plan to fail”. If you can articulate your goals and visualise what achieving those goals looks like, you are well on your way to achieving them. Write down your three most important goals and keep them in a safe place to review at least once a year.</p>

Money & Banking

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Climate change: the fairest way to tax carbon is to make air travel more expensive

<p>Despite the fact that poorer people generally <a href="https://doi.org/10.1017/sus.2020.12">have lower emissions</a>, taxes on the carbon dioxide (CO₂) our activities emit tend to affect people on low incomes <a href="https://iopscience.iop.org/article/10.1088/1748-9326/ac2cb1">more</a> than richer people. Having less money means you can ill afford a switch to an untaxed alternative, like an electric car, or pay for carbon-saving measures like home insulation. You are also more likely to struggle to use less of an essential good like petrol or gas for heating, even if the price goes up.</p> <p>Carbon taxes on energy that people use in their homes – for heating, cooking or watching TV – charge consumers for the emissions per kilowatt-hour (kWh) of electricity, gas or oil used. Economists would say that these kinds of carbon taxes are <a href="https://doi.org/10.1088/1748-9326/ac2cb1">regressive</a>, because using energy to heat and power your home is a necessity and poorer people will use a much higher share of their income to pay for these things – and the taxes – than richer people.</p> <p>While total emissions have been <a href="https://www.nature.com/articles/s41558-019-0419-7">falling</a> in several rich countries over the last few years, emissions from cars and other means of transport are <a href="https://doi.org/10.1088/1748-9326/abee4e">growing</a>. The rise in air travel emissions has been especially rapid: a roughly <a href="https://doi.org/10.1016/j.atmosenv.2020.117834">sevenfold increase</a> between 1960 and 2018 globally. </p> <p>What’s more, the fuels for heating and powering homes or driving cars are taxed, but the fuel airlines use is exempt due to <a href="https://theconversation.com/how-a-1940s-treaty-set-airlines-on-a-path-to-high-emissions-and-low-regulation-148818">an international agreement</a> from 1944.</p> <p>And although Europeans generally <a href="https://www.sciencedirect.com/science/article/pii/S095937801831238X?via%3Dihub">disapprove</a> of carbon taxes, <a href="https://www.tandfonline.com/doi/full/10.1080/09669582.2022.2115050">our study</a> has revealed one type which could prove popular. In the first analysis of its kind to consider the effect on different income bands, we found that carbon taxes on air travel – what we describe as luxury emissions – nearly always affect the rich more.</p> <h2>Tax burdens from air travel</h2> <p>Our research examined how the burden from four different taxes on air travel would fall across income groups in the UK. It shows that all of these taxes are progressive: they burden richer people more than poorer people as a proportion of income. This is because people on higher incomes are <a href="https://doi.org/10.1016/j.tbs.2021.05.008">much more likely to fly</a>, and fly more often.</p> <p>Air travel taxes that apply to passengers could be levied on the emissions of each passenger per flight. People could also be taxed according to the distance they travel, or their seat class. An aeroplane’s economy class occupies the least space per person, while business- and first-class passengers take up more room and so are responsible for more emissions than the average passenger. </p> <p>A person could also be taxed for the number of flights they take. A <a href="https://afreeride.org/">frequent flyer levy</a> would exempt the first return flight a person takes in a year, but would tax subsequent flights at an increasing rate. We found that taxes that take both flight emissions and the number of flights per passenger into account distribute the tax burden fairest.</p> <p>The reason for this is that frequent air travel (all flights after the first return flight) is even more unequally distributed in society: the top 10% of emitters are responsible for 60.8% of flight emissions but for 83.7% of emissions from frequent flights.</p> <p>Who else except the wealthy is likely to be affected by taxes on air travel? We found that, in the UK, university graduates, employed people, young and middle-aged adults, residents of London, as well as first- and second-generation migrants are also more likely to fly than their counterparts, regardless of income. </p> <p>Our results showed that recent migrants with friends and family abroad are relatively likely to fly often, even when on a low income. So allowances or extra support for recent migrants could make the design of such taxes fairer.</p> <p>Overall, taxes on air travel are far more socially just than taxes on necessities such as home energy use and could curb luxury emissions in a way that nurtures broad support for more sweeping decarbonisation measures such as those designed to limit car travel, like <a href="https://www.nature.com/articles/s41560-022-01057-y">expanding bus and cycling lanes</a>.</p> <p>So why do politicians and others claim, as former UK treasury minister Robert Jenrick did in 2019, that air travel taxes <a href="https://www.thesun.co.uk/news/8128492/labour-holiday-tax-family-break/">disproportionately hit the poor</a>? It’s possible that they underestimate how little people in low-income groups actually fly, perhaps due to their typically middle- and upper-class backgrounds. </p> <p>A less charitable interpretation is that they have ulterior motives for opposing such taxes. Social scientists claim that exaggerating or misrepresenting the social justice consequences of environmental policy is one of the most common <a href="https://theconversation.com/climate-denial-hasnt-gone-away-heres-how-to-spot-arguments-for-delaying-climate-action-141991">arguments </a>used to stall vital action on climate change.</p> <p><em>Image credits: Getty Images </em></p> <p><em>This article originally appeared on <a href="https://theconversation.com/climate-change-the-fairest-way-to-tax-carbon-is-to-make-air-travel-more-expensive-191632" target="_blank" rel="noopener">The Conversation</a>.</em></p>

Travel Tips

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15 simple fashion upgrades that make you look expensive

<p><strong>Tiny tweaks, big results</strong></p> <p>If you’ve ever wished that you could be one of those people who always looks on-trend and incredibly put together, we’ve got some news for you: you can – and you can do it on a budget. And thank goodness for that, because life is expensive enough as it is without having to overhaul your entire wardrobe every season! </p> <p>The key to looking like you spent a fortune without bankrupting yourself is to shop smart. By knowing some clever style tricks, mixing the right pieces, and investing in a few well-made staples, you can completely transform and elevate your look.</p> <p><strong>Opt for better fabrics</strong></p> <p>You don’t need to plunk down all your spare cash on designer labels – as long as your fabrics are mostly natural and high quality. Nailing the perfect business-casual look, going-out ensemble, or weekend wear comes down to using better fabrics in chic ways, says Ashley Michelle Miller, a celebrity wardrobe stylist who works with everyone from major talk-show hosts to regular women in need of wardrobe refreshing. </p> <p>“It’s all about organic and true fabrics,” she explains. “Cashmere is the way to go, and while those fabrics need a little more love and care with handwashing and dry-cleaning, they can make all the difference and last so much longer than synthetic versions.”</p> <p><strong>Wear dark denim</strong></p> <p>Whether you’re into trendy cut-off hems, boyfriend fits, or slim and tapered ankles, stylists say that a sophisticated dark wash can take you from a runway-worthy day to a night out with friends. The key is choosing the right size and a high-quality dark wash that won’t soon fade.</p> <p><strong>Stock your closet with one great blazer</strong></p> <p>“It’s time to take inventory of your life,” says Miller. “Where do you spend most of your time? That’s where you need to invest your wardrobe budget, in items that make you look your best.” </p> <p>She suggests finely tailored basics like a black blazer with expensive-seeming details.  “Details matter, so a flattering cut with higher-end buttons and fabrics are ways to set you apart.”</p> <p><strong>Mix textures and patterns</strong></p> <p>“Mastering the art of mixing textures and patterns is one of the keys to looking expensive on any budget,” says Bernadette Vajda, an internationally acclaimed model and professional image consultant. </p> <p>“Pair natural silk with other rich fabrics in the same colour scheme like denim or cashmere. Wearing the same colour scheme in different textures will elevate any look.”</p> <p><strong>Splurge on a strong black coat</strong></p> <p>“Invest in classic, high-quality outerwear in timeless black or camel colourways,” shares Vajda. “It will last you decades. Classic styles never expire and will carry you through every decade – warm.”</p> <p><strong>Accentuate your shape</strong></p> <p>“People tend to gravitate toward black or oversized garments to disguise their insecurities,” explains Vajda. “But the key to looking chic is making sure your clothes fit your curves. Don’t hide them or try to cover them up or even try to camouflage. Wear clothes that you’re comfortable in that accentuate your body properly.”</p> <p><strong>Choose undergarments you feel confident in</strong></p> <p>It turns out that the most important layers when making an outfit seem expensive are the bottom and top ones. Underpinnings and coats both pave the way to the most put-together looks. </p> <p>Vajda tells her clients to invest in good, trustworthy shapewear they’ll feel comfortable wearing beneath their favourite pants, dresses and skirts. The goal is to present a smooth silhouette and highlight your body’s natural shape.</p> <p><strong>Buy a well-fitting bra</strong></p> <p>Both Miller and Vajda agree that a supportive bra is necessary for any outfit to deliver an expensive-seeming appearance. If you’re bulging, wearing the wrong size, or not investing in the right cup style for your assets, even the best cashmere can look cheap.</p> <p><strong>Add a colourful dress to your wardrobe</strong></p> <p>That little black dress you already have is great, and Miller suggests making it look expensive with the right shoes, jewellery and beauty routine. But it’s equally important to have a colourful dress in your wardrobe, too. </p> <p>“If evening engagements are a regular thing, you need a little coloured dress – an upgraded riff on everyone’s favourite LBD,” she says. “Getting a solid-coloured dress in a shade that complements your skin tone is a power move. You’ll stand out from the rest and look radiant.”</p> <p><strong>Buy great-quality shoes</strong></p> <p>“Always spend a little more money on quality shoes, as your feet take you everywhere,” explains Vajda. “Do not cheap out on shoes. They are the ‘sole’ of your entire look.” Puns aside, she suggests investing in real leather and handmade shoes that offer trend-forward styling in a last-for-years shape.</p> <p><strong>Care for your shoes properly</strong></p> <p>Take care of the shoes you invest in by cleaning, polishing and hydrating their materials each season so they can keep you walking tall in your most treasured outfits for years to come. Try a protector spray for leather, suede and fabric shoes of all kinds. Stylists suggest using it on your favourite bags, as well.</p> <p><strong>Accessorise with an authentic bag</strong></p> <p>Both stylists stress that bags constructed from high-quality natural materials like leather and canvas are immediate style statements that shouldn’t be squandered. Vajda won’t let her clients sport knock-offs, either. “A good handbag is worth a thousand words, so don’t buy fake,” she says. </p> <p>“Save toward a quality bag that will go from day to night.” And quality doesn’t mean logos. Instead, focus on the way the bag is constructed and if you’ll be able to wear it throughout the day and with a variety of looks.</p> <p><strong>Don't neglect your hair</strong></p> <p>If your hairstyle is on-trend, don’t forget to rock it as a part of your look. You can play up your style with accessories like clips, hats and hair ties, but unforgettable shine and tamed fly-aways are the hallmarks of good hair in any era.</p> <p><strong>Elevate even the simplest basics with details</strong></p> <p>Think there’s no way to make run-of-the-mill weekend sweatshirts look more expensive? Think again. Finer details like specialty linings, prints and unique stitching can make all the difference.</p> <p><strong>Focus on radiant skin and understated makeup</strong></p> <p>Don’t forget to play up your natural features and highlight glowing, radiant skin. “Natural beauty is always in style, and you’ll look expensive just showcasing a well-rested version of your own skin,” says Vajda. “Wear makeup that shows off your own beauty, and don’t go overboard with trends.”</p> <p><em>Image credits: Getty Images</em></p> <p><em>This article originally appeared on <a href="https://www.readersdigest.co.nz/culture/15-simple-fashion-upgrades-that-make-you-look-expensive?pages=1" target="_blank" rel="noopener">Reader's Digest</a>.  </em></p>

Beauty & Style

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The economics of ridiculously expensive art

<p>What would possess someone to buy Leonardo da Vinci’s Salvator Mundi for <a href="https://www.nytimes.com/2017/11/15/arts/design/leonardo-da-vinci-salvator-mundi-christies-auction.html">US$450 million</a>? You might think it’s an investment - after all it was previously sold <a href="https://news.artnet.com/market/timeline-salvator-mundi-went-45-to-450-million-59-years-1150661">for just US$10,000</a> in 2005. </p> <p>From an economic point of view, art can be an investment. Although the research shows art investing has mixed results. Art also has what economists refer to as “<a href="https://www.amazon.com/Beyond-Price-Economics-Institute-Political/dp/0521183006">psychic benefits</a>”. It is something to be enjoyed, experienced or flaunted, and this may be the key to the high price paid for Salvator Mundi. </p> <h2>Art as an investment</h2> <p>As an investment, art’s performance varies wildly, depending on a number of factors. For instance, artworks associated with movements that are currently fashionable will outperform other types of art.</p> <p><a href="https://theconversation.com/au/topics/contemporary-art-1519">Contemporary art</a> is <a href="http://www.artagencypartners.com/market-analysis/impressionist-and-modern-2/">currently outperforming</a> <a href="https://theconversation.com/au/topics/impressionism-29990">impressionist art</a>, for example. The strong demand for contemporary art coupled with limited supply has resulted in some previously overlooked artists, such as <a href="http://www.haring.com/">Keith Haring</a>, being embraced by collectors.</p> <p>But it is typically the works of leading artists that are in hot demand.</p> <p><a href="https://news.artnet.com/market/25-artists-account-nearly-50-percent-postwar-contemporary-auction-sales-1077026">Recent analysis</a> found that just 25 artists (including <a href="http://basquiat.com/">Jean-Michel Basquiat</a>, <a href="https://www.warhol.org/andy-warhols-life/">Andy Warhol</a> and <a href="https://www.gerhard-richter.com/en/">Gerhard Richter</a>) account for US$1.2 billion of the US$2.7 billion in worldwide art auction sales for contemporary art sold at auction this year.</p> <p>Only two women, <a href="http://www.artnet.com/artists/agnes-martin/">Agnes Martin</a> and <a href="http://yayoi-kusama.jp/">Yayoi Kusama</a>, made it onto the top 25 contemporary artists list. This is indicative of issues around <a href="https://theconversation.com/the-gender-pay-gap-is-wider-in-the-arts-than-in-other-industries-87080">gender representation in the arts</a> and the processes by which artists careers and reputations are established.</p> <p>Academic studies of art as an investment have mixed results. For instance, <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=563587">research</a> of the Canadian art market found that the returns are lower than investing in the stock market. However, the study identifies other benefits to having art in your portfolio, such as it being more diversified.</p> <p>But <a href="http://www.emeraldinsight.com/doi/abs/10.1108/10309610810891346">research</a> based on around 35,000 paintings by leading Australian artists show the financial returns average between 4% and 15%. Returns for paintings by leading Australian artists including <a href="http://www.australia.gov.au/about-australia/australian-story/brett-whiteley">Brett Whiteley</a> and <a href="http://www.artnet.com/artists/jeffrey-smart/biography">Jeffrey Smart</a> exceed stock market returns. The study also found that oil and watercolour paintings, as well as those sold by certain auction houses, had higher prices.</p> <p>So-called “masterpieces”, such as those by Leonardo da Vinci, actually <a href="https://www.deepdyve.com/lp/american-economic-association/art-as-an-investment-and-the-underperformance-of-masterpieces-p7UeNVweF6">perform worse</a> financially than the art market as a whole. </p> <p>However, because art also provides benefits through consumption (prestige, decoration etc.), it is different to shares and bonds. The returns may be lower, but art is still attractive to invest in.</p> <p>The Australian art market reflects what has happened in the global market for contemporary art. For instance the five highest priced Australian works sold in 2017 <a href="https://www.aasd.com.au/index.cfm/annual-auction-totals/">account for almost 10%</a> of the total value of all works sold. </p> <p>And while the recent sale of Earth Creation 1 by the late Indigenous artist Emily Kame Kngwarreye has not attracted the attention of the Leonardo sale, its <a href="http://thenewdaily.com.au/entertainment/arts/2017/11/17/emily-kame-kngwarreye-aboriginal-art-record-auction/">price of $A2.1 million</a> is nearly double what it sold for at auction a decade earlier.</p> <h2>Art for consumption</h2> <p>The aesthetic pleasure of art, a feeling of being challenged or inspired, is subjective and <a href="https://www.sciencedirect.com/science/article/pii/B9780444537768000040">difficult to measure</a>. But that doesn’t mean the consumption of art doesn’t add to its value. </p> <p><a href="https://www.amazon.co.uk/Beyond-Price-Economics-Institute-Political/dp/0521183006">Economists</a> use the terms “psychic returns” or “psychic benefits” to describe the benefits of consuming art. This is broken down into three main areas. </p> <p>One area is the satisfaction of supporting the arts and artists. This motivation is especially important for those who donate their collections to museums or otherwise support the arts. While this motivation is important it is not directly related to auction prices. </p> <p>Then there’s the psychic benefit comes from the “functional” (or decorative) benefits of art that is used to adorn spaces. This is generally the closest to the artists intention when they create the work in the first place. </p> <p>There’s also the prestige that comes from possessing art - especially as it is used to display good taste, wealth and power. For instance, entrances and foyers of offices often display large striking works of modern or contemporary art. </p> <p>This is what <a href="https://www.aeaweb.org/articles?id=10.1257/aer.99.4.1653">economists</a> call “conspicuous consumption”. As people become wealthier, their demand for high-end art increases. Indeed, art has a long tradition of being used as a statement of power, including by the church.</p> <p>What drives the art market, especially at the upper echelons, is a curious mix of investment and consumption, fuelled by a limited supply.</p> <p>The work of famous artists provides a signal of quality and assurance to the market and so their work is coveted by the rich and powerful. The uniqueness and rareness of these pieces not only spurs demand, but restricts supply, creating a perfect storm to drive prices up. </p> <p>Although, even this doesn’t entirely explain the high price paid for Leonardo’s Salvator Mundi. <a href="https://news.artnet.com/market/the-gray-market-salvator-mundi-sale-1117208">Analysis</a> of the sale suggests the market campaign by the auction house was significant in achieving such a high price.</p> <p>But aside from its trade value, art can have cultural value and social significance that do not neatly translate to market prices. So while Leonardo’s Salvator Mundisold for US$450 million, non-tradable masterpieces such as Michaelangelo’s ceiling of the Sistine Chapel aren’t worthless. They’re “<a href="https://www.amazon.com/Beyond-Price-Economics-Institute-Political/dp/0521183006">beyond price</a>”.</p> <p><em>Image credits: Getty Images</em></p> <p><em>This article originally appeared on <a href="https://theconversation.com/the-economics-of-ridiculously-expensive-art-87668" target="_blank" rel="noopener">The Conversation</a>. </em></p>

Art

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Inside the world’s most expensive Airbnb

<p dir="ltr">If you are in the market for the most luxurious holiday experience you could possibly imagine, then look no further than Casa Tau. </p> <p dir="ltr">The resort is located on the white sandy beaches of Mexico, and will set you back $20,750AUD per night, or $234,800 per week. </p> <p dir="ltr">The luxe villa has recently been revealed as the world’s most expensive Airbnb, with an extraordinary list of amenities to justify the hefty price tag. </p> <p dir="ltr">According to the <a href="https://www.airbnb.com.au/luxury/listing/30417501?source_impression_id=p3_1646011614_0Fvm46BCI%2BOjEwCp&amp;guests=11&amp;adults=11&amp;check_in=2022-06-26&amp;check_out=2022-07-03">online listing</a>, the resort boasts 12 bedrooms and 12 bathrooms across the main villa and two adjoining guest houses. </p> <p dir="ltr">On top of all the regular hotel luxuries such as coffee machines, full kitchen, smart TVs and many more, Casa Tau comes with a heated infinity pool, spa, a full serviced bar, a stone pizza oven and beach volleyball area. </p> <p dir="ltr">The extraordinary price of Casa Tau also includes 8 housekeeping staff, 2 chefs, 8 butlers and 2 concierges to make sure your every need is met during your stay. </p> <p dir="ltr">The villa has private beach access to the picturesque Mexican ocean and all the adjoining beach clubs and golf courses. </p> <p dir="ltr">Built in December 2018, the villa is on the exclusive Punta Mita 600-hectare peninsula on the southwest coast of Mexico, which is a popular holiday destination for many celebrities. </p> <p dir="ltr">With all these high-end finishes and opulent amenities, it’s no wonder this slice of paradise comes at such a steep cost. </p> <p dir="ltr"><em>Image credits: Airbnb</em></p>

International Travel

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How to travel minus the expense of accommodation

<p dir="ltr">Believe it or not, according to news.com.au. there’s a happy band of holiday-makers who travel far and wide and rarely pay for their accommodation.</p> <p dir="ltr">The costs of a week-long holiday in New Zealand, even staying in an Airbnb or locally-owned house, can quickly add up. Yet one Australian couple Christopher Ojala and Andrew Redfern have done it three times, all without paying a cent for accommodation.</p> <p dir="ltr">The Aussies are house-sitters, who have travelled across New Zealand, the US, the UK and Mexico, all by way of caring for strangers’ homes.</p> <p dir="ltr">“House-sitting gives you a completely different perspective, compared to going somewhere as just a tourist,” says Mr Ojala, who also manages the 17,000-strong Facebook group ‘House sitting worldwide’.</p> <p dir="ltr">“You get to see new places from a local’s perspective.”</p> <p dir="ltr">Most house sits aren't about the houses at all, rather, they're pet-sits in someone else's home. </p> <p dir="ltr">As it's a win-win situation for both parties and money rarely changes hands.</p> <p dir="ltr">Instead, it's a system built on trust between strangers which is also why the house-sitting community thrives in New Zealand, in particular.</p> <p dir="ltr">“In New Zealand, people trust other people much more than in a lot of other countries,” says Mr Ojala.</p> <p dir="ltr">“It's no big deal for people to have strangers in their homes. Whereas in the US, you almost have to go through multiple police checks just to be eligible to be considered.”</p> <p dir="ltr">In addition to sharing their homes, they're also eager to introduce guests to other facets of their lives, so they're able to truly live like a local.</p> <p dir="ltr">Still, house-sitting's biggest sell might be its affordability — but it's not just an activity for the broke backpacker set.</p> <p dir="ltr">According to Nick Fuad, founder of Kiwi House Sitters, roughly 25% of house-sitters on the platform are over the age of 60.</p> <p dir="ltr">It's also a budget-friendly vacation option for families, particularly during holiday periods when campgrounds are booked-out and hotels charge peak seasonal rates. </p> <p dir="ltr">Originally from Canada, Ms Mcallister met her future partner when she was house-sitting on the South Island.</p> <p dir="ltr">Since moving to Dunedin and settling down, she hasn't given up her favourite way to explore the country. Now, she takes her partner and his 6-year-old son along on her adventures.</p> <p dir="ltr">"It's a beautiful way to be able to travel," Ms Mcallister says.</p> <p dir="ltr">The couple regularly house sit in Queenstown and Wānaka and have even done a beachside house sit during school holidays in their home city.</p> <p dir="ltr">For her partner's son, the location doesn't matter.</p> <p dir="ltr">"He just thinks it's somewhere different. There are different toys and it makes it a fun kind of holiday," she says.</p> <p dir="ltr">Ultimately, caring for other people's pets is a serious commitment and house sitting isn't for everyone.</p> <p dir="ltr">But those who do it, tend to love it so much that they almost don't want anyone else to know about it.</p> <p dir="ltr">"My partner, is like, 'You shouldn't be telling anyone about this," says Ms Mcallister, laughing.</p> <p dir="ltr">It's a secret she wants to share, though: "House-sitting can open up doors for world travel that you would have never imagined."</p> <p dir="ltr">How to get started as a house-sitter in New Zealand</p> <p dir="ltr">House-sitting positions are typically advertised on platforms such as TrustedHousesitters.com, HouseCarers.com, but KiwiHouseSitters.co.nz is by far the most active house sitting site in New Zealand.</p> <p dir="ltr">Regardless of what platform you choose, expect to pay around $NZ85 to $NZ150 per year.</p> <p dir="ltr">If you're not willing to pony up the membership fee, gigs are also posted on the House Sitting New Zealand Facebook group.</p> <p dir="ltr">Once you've found a potential house, set up a virtual or in-person meeting with the homeowners and their pets.</p> <p dir="ltr">At the very minimum, speak on the phone so that both parties have the opportunity to ask any questions.</p> <p dir="ltr">"Do your homework before you just jump in," advises Mr Ojala.</p> <p dir="ltr">Don't have any experience? Don't worry.</p> <p dir="ltr">In lieu of house-sitting references, offer to supply personal or professional referees or a police clearance.</p> <p dir="ltr">Even without references, your services will be sought-after if you plan to house sit over a school holiday period.</p> <p dir="ltr">A quick scan of KiwiHouse sitters.co.nz reveals upcoming holiday sits ranging from a three-week stay in the Mackenzie region at a sprawling country home with an in-ground pool, to a little closer to home, where there's a five-day sit at an artist's house in Titirangi, complete with use of kayaks.</p> <p dir="ltr">Remember: Love of animals is a must "House sitting" is a bit of a misnomer, it should really be called "pet-sitting".</p> <p dir="ltr">Very rarely will you see a posting for homes without animals, although the level of time you'll devote to taking care of pets can vary.</p> <p dir="ltr">Be sure to ask homeowners about daily routines and responsibilities, as well as how long they're comfortable for their pets to be left alone.</p> <p dir="ltr">If you envision long days spent at the beach or in nearby art galleries, bypass the horses and dogs, and look for a cat instead.</p> <p><em>Image: Getty </em></p>

Travel Tips

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Five ways to make your home look more expensive

<p><span style="font-weight: 400;">Giving your home a makeover can allow you to bring some more style into your spaces. </span></p> <p><span style="font-weight: 400;">But, you don’t have to blow your budget to do so, and you can even make your home look more expensive than it actually is by focusing on a few key areas and features.</span></p> <p><span style="font-weight: 400;">Here are five savvy ways of styling your home without spending a fortune.</span></p> <p><strong>1. Add moulding and panelling</strong></p> <p><span style="font-weight: 400;">To make your plain walls look more interesting, adding some simple moulding and panelling is a good place to start.</span></p> <p><span style="font-weight: 400;">“It doesn’t even have to be gaudy, Victorian-style moulding,” interior designer Erica Leigh Reiner told </span><em><a rel="noopener" href="https://www.bhg.com.au/how-to-make-your-home-look-more-expensive" target="_blank"><span style="font-weight: 400;">Better Homes &amp; Gardens</span></a></em><span style="font-weight: 400;">. “A simple and single-shape, single-depth piece of moulding will do the trick.”</span></p> <p><img style="width: 500px; height: 370.3703703703704px;" src="https://oversixtydev.blob.core.windows.net/media/7847127/271606902_682735532889169_2810610314939665686_n.jpg" alt="" data-udi="umb://media/1ca6262c5ffb4ca3b5e78be27d15ae8c" /></p> <p><em><span style="font-weight: 400;">Image: @thehouseoutfit (</span><a rel="noopener" href="https://www.instagram.com/p/CYoUKoOMrQP/?hl=en" target="_blank"><span style="font-weight: 400;">Instagram</span></a><span style="font-weight: 400;">)</span></em></p> <p><strong>2. Upgrade old and cheap fixtures</strong></p> <p><span style="font-weight: 400;">If your knobs, drawer pulls and handles are looking a bit weathered or cheap, you can swap them out for designer finishes in handmade leather, ceramic, or metal to upgrade the look of your kitchen, bathrooms, and any other spaces.</span></p> <p><span style="font-weight: 400;">However, it’s best to ensure your fixtures match throughout the house and avoid going overboard on items that </span><a rel="noopener" href="https://oversixty.co.nz/property/home-hints-tips/five-home-improvements-that-won-t-add-value" target="_blank"><span style="font-weight: 400;">aren’t worth the investment</span></a><span style="font-weight: 400;">, such as marble tiles.</span></p> <p><strong>3. Replace statement walls with neutral tones</strong></p> <p><span style="font-weight: 400;">Looking to sell? Swapping bold statement walls with classic colours such as beige, grey, white, and off-white might not be your personal preference, but they can be much more enticing for potential buyers.</span></p> <p><strong>4. Add a ‘statement’ piece</strong></p> <p><span style="font-weight: 400;">Though it might seem counterintuitive, splurging on one or two ‘hero’ items can take your home interiors to the next level.</span></p> <p><span style="font-weight: 400;">Whether it’s a grand dining room table, designer-style rug or statement chandelier, you can also avoid spending more than you’re comfortable with by employing some savvy shopping and staying on the lookout for a good deal.</span></p> <p><img style="width: 500px; height: 500px;" src="https://oversixtydev.blob.core.windows.net/media/7847126/272263502_337278494929674_7011070049886039940_n.jpg" alt="" data-udi="umb://media/d5ac2e1b083c484a8833efe2a78d96ae" /></p> <p><em><span style="font-weight: 400;">Adding a statement piece or custom furniture can help you easily upgrade your look. Image: @myoldpub (</span><a rel="noopener" href="https://www.instagram.com/p/CZBjK2aqL7Q/?hl=en" target="_blank"><span style="font-weight: 400;">Instagram</span></a><span style="font-weight: 400;">)</span></em></p> <p><strong>5. Add some art or custom fittings</strong></p> <p><span style="font-weight: 400;">If panelling won’t do the trick for your bare walls, you can still upgrade your look just by hanging a piece of statement art.</span></p> <p><span style="font-weight: 400;">“Make sure the art you select is the right size and scale for the wall you’re decorating, and remember you don’t need artwork on every wall,” Keysha Jillian, lead interior designer and owner of K. Jillian Designs, said.</span></p> <p><span style="font-weight: 400;">To save even more money and exercise some of your creativity, Jillian suggested even making your own art.</span></p> <p><span style="font-weight: 400;">Or you can fill a space with a built-in structure, such as floor-to-ceiling bookshelves. Billy bookcases from Ikea, plus some height extensions, can do the job perfectly and can be worth the investment.</span></p> <p><em><span style="font-weight: 400;">Image: @paperministry (</span><a rel="noopener" href="https://www.instagram.com/p/CYa3ex_sbfI/?hl=en" target="_blank"><span style="font-weight: 400;">Instagram</span></a><span style="font-weight: 400;">)</span></em></p>

Home Hints & Tips

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Is this the world's most expensive advent calendar?

<p><em>Image: TikTok</em></p> <p>Chanel have released a luxury advent calendar that has received significant backlash from customers, who claim it is not worth the $1140 price tag.</p> <p>In a video posted on TikTok, influencer Elise Harmon filmed herself unboxing the pricey calendar and revealed the underwhelming contents.</p> <p>The Chanel website purports that each day of the calendar either “contains a full-size fragrance or makeup product, miniature, or other surprise marked with Gabrielle Chanel’s lucky number.”</p> <p>Those willing to fork out the cash for the calendar can purchase it from select Chanel Beauty Boutiques.</p> <p>Harmon can be seen inspecting the calendar to see if it's “worth the hype” but is significantly disappointed when she opens the first item to see a packet of stickers.</p> <p>As she continues to open the calendar, she seems to be somewhat satisfied with a small bottle of Chanel hand cream.</p> <p>The video went viral after racking up over 11 million views and more than 1.7 million likes.</p> <p>Users were quick to share their outrage at the overpriced calendar, with one user writing, “The audacity of the stickers.”</p> <p>Another wrote, “$825USD was spent on the packaging and $25USD for everything….”</p> <p>As the video gained more traction, users in the comments begged Harmon to do another unboxing video, with one user writing, “More please, this is a joke.”</p> <p>In a follow-up video, Harmon posted another clip of her unboxing day 8. She holds up the box and says, “Day 8 was really calling my name.”</p> <p>In a bitter twist, she reveals that the contents were just a tiny dust bag that says “Chanel” on it.</p> <p>“Chanel should be embarrassed” one user responded.</p>

Money & Banking

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Why happiness is becoming more expensive and out of reach for many Australians

<p>One of the most well-known findings in the economic study of happiness is that, on average, happiness increases with income, but <a href="https://www.theguardian.com/money/2016/jan/07/can-money-buy-happiness">at a certain point diminishing returns set in</a>.</p> <p>In other words, money can only buy a fixed level of happiness, after which extra income and wealth doesn’t make much difference. Presumably after this point, happiness depends on other things, such as <a href="https://blogs.lse.ac.uk/behaviouralscience/2016/01/04/does-money-buy-happiness-it-depends-on-the-context/">health, leisure time, quality of friendships and close family</a>.</p> <p>Our new study, published in October, found the income level required to be happy in Australia <a href="https://www.sciencedirect.com/science/article/pii/S235282732100224X">has been increasing and moving out of reach of most Australians</a>.</p> <p>The happiness of increasing numbers of Australians has become more dependent on income than ever this millennium.</p> <h2>Happiness increases with income, to a point</h2> <p>Nobel prize winning psychologist Daniel Kahneman first described the change point where extra income begins to matter less for happiness. He found this change point <a href="https://www.pnas.org/content/107/38/16489.short">in the United States was US$75,000</a> in 2008.</p> <p>This was substantially more than the US median income of $52,000 in the same year.</p> <p>The difference revealed an unacknowledged inequity in the distribution of well-being in the US economy. The happiness of the poorest majority of the US population (<a href="https://dqydj.com/household-income-by-year/">68%</a>) was tied to marginal changes in income, while that of a richer minority (32%) wasn’t.</p> <p>But what about fairer, more egalitarian countries with a strong middle-class, like Australia? Since the start of the millennium, Australia has enjoyed a <a href="https://www.pc.gov.au/research/completed/rising-inequality">growing household real income and stable levels of income inequality</a>, better than the US and on <a href="https://data.oecd.org/inequality/income-inequality.htm">par with the OECD average</a>.</p> <p>And the average level of <a href="https://www.oecdbetterlifeindex.org/topics/life-satisfaction/">life-satisfaction</a> in Australia has been reliably higher than the OECD average, as well as the US.</p> <p>In terms of real income, income inequality and overall life satisfaction, Australia has a stable and solid record.</p> <p>However, life satisfaction isn’t the same as happiness.</p> <h2>What did we study?</h2> <p>We used data from the influential Household, Income and Labour Dynamics in Australia (HILDA) <a href="https://melbourneinstitute.unimelb.edu.au/hilda">survey</a>, provided by the Melbourne Institute.</p> <p>This data show Australia’s average happiness has been declining since 2009.</p> <p>The annual HILDA survey asks Australians to recall how often they felt happy, joyful, sad, tired or depressed in the last month, in each year since 2001.</p> <p>The frequency of these feelings is quite different from a single rating of how satisfied you are with your life.</p> <p>In <a href="https://www.sciencedirect.com/science/article/pii/S235282732100224X">our study</a>, we combined each person’s frequencies into a single <em>happiness score</em> to see how it changed between 2001 and 2019 in relation to household income.</p> <p>When people were asked to consider how often they experienced different emotions in the past month, rather than how satisfied they are with their life in general, the average happiness score peaked in 2009 and has declined every year since 2012.</p> <p><img src="https://images.theconversation.com/files/429661/original/file-20211101-19-1akyflf.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="" /> <span class="caption">Household income and life satisfaction have been stable in Australia since 2009, while happiness has been decreasing.</span> <span class="attribution"><span class="source">HILDA survey</span></span></p> <h2>What did we find?</h2> <p>The change point at which the happiness of most Australians no longer strongly depends on income has almost doubled from A$43,000 to A$74,000.</p> <p>At the same time, the median income has lingered at less than A$50,000 per year since 2009.</p> <p>The number of Australians on an income below this change point has increased from around 60% to 74%.</p> <p>These changes have taken place after adjusting for inflation and cost-of-living increases.</p> <p><img src="https://images.theconversation.com/files/430696/original/file-20211108-10121-109l8gj.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="" /> <span class="caption">Average happiness has declined as the population below the income change point has increased.</span> <span class="attribution"><span class="source">HILDA survey</span></span></p> <h2>So what does this trend over time mean?</h2> <p>Our work shows someone living in the average Australian household earning A$50,000 in 2001 and the equivalent amount in 2019 (adjusted for inflation) has become much less happy over the past two decades.</p> <p>On the other hand, the happiness of people living in a wealthier household (for example, $80,000 per household) has been largely preserved.</p> <p>Over the first two decades of this millennium, more and more Australians’ happiness has become dependent on their income, despite high life satisfaction ratings and stable income inequality across households.</p> <p>These measures of economic well-being and equity, typically published by economic wonks and government policy-makers, aren’t revealing potentially important changes in the underlying marginal return on income across the Australian economy.</p> <p>Income by itself doesn’t explain a large proportion of the variance in happiness, only around 5% (ranging between 1.6% to 14.8% in our study). But it’s still concerning because across the entire population these small changes can be expected to accumulate.</p> <p>Australians’ happiness is becoming more sensitive to income as the change point has increased. At the same time, incomes are stagnating and happiness levels are declining, which is likely to drive further inequities in well-being between the rich and poor in Australia.</p> <p>As Australia heads into a post-COVID world and deals with the economic after-effects of the pandemic, our government and its advisers need to pay attention to more than GDP and growth, and ask whether the distribution of well-being and happiness is improving for everyone.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;" src="https://counter.theconversation.com/content/170877/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><span><a href="https://theconversation.com/profiles/richard-morris-1123613">Richard Morris</a>, Research scientist, <em><a href="https://theconversation.com/institutions/university-of-sydney-841">University of Sydney</a></em> and <a href="https://theconversation.com/profiles/nick-glozier-94435">Nick Glozier</a>, Professor of Psychological Medicine, BMRI &amp; Disciplne of Psychiatry, <em><a href="https://theconversation.com/institutions/university-of-sydney-841">University of Sydney</a></em></span></p> <p>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/why-happiness-is-becoming-more-expensive-and-out-of-reach-for-many-australians-170877">original article</a>.</p> <p><em>Image: Shuttershock</em></p>

Retirement Income