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How to turn your handy skills into material wealth

If you’re looking for an opportunity to be your own boss, minus all of the uncertainties that come with starting a business from scratch, a <a href="https://www.hireahubby.co.nz/franchise/" target="_blank" rel="noopener">Hire A Hubby franchise</a> offers the perfect chance for you to take charge of your time, your future, and do what you love while building a successful business. This is no flash-in-the-pan start-up venture either; with more than 25 years of experience, the recognition and solid reputation already cemented by Hire A Hubby provide a valuable head start, making it far easier for you to connect with clients and build lasting relationships in your local community and beyond. Combining a proven business model refined and perfected over the years with all of the experience and insights of a solid Franchise Support Team, the risks commonly associated with entrepreneurship are virtually eliminated. Not only will you be stepping into a well-established brand that has earned the trust of customers nationwide, you’ll also be saying goodbye to the daily grind and hello to work-life harmony. One of the standout features of a Hire A Hubby franchise is the diverse range of services it offers. From general maintenance to renovations and repairs, franchisees have the opportunity to cater to a wide spectrum of customer needs. This versatility means you will not only attract a broader clientele, but also ensures a steady stream of business throughout the year, contributing to your long-term success. With New Zealand's property market experiencing a strong, continuous upward trend, there’s an equally strong demand for home maintenance and improvement services. What better way to position yourself to capitalise on this expanding market than with a Hire A Hubby franchise? As homeowners and businesses continue to place property upkeep front and centre, you’ll find yourself in a lucrative position to meet those needs – while contributing to the overall well-being of your community. And there’s no need to go it alone. Since success in any venture is most often the result of proper guidance and support, you’ll also benefit from Hire A Hubby’s comprehensive training programs, designed to equip you with all the necessary skills and knowledge to run a successful business. Backed by ongoing help from the Franchise Support Team, you’ll be able to stay well ahead of any industry trends and challenges standing in the way of success. <iframe title="YouTube video player" src="https://www.youtube.com/embed/uNvVOK5UgPk?si=rbZkgdrP5fzmZ1m4" width="560" height="315" frameborder="0" data-mce-fragment="1"></iframe> But how best to get your name out there? Hire A Hubby understands all too well that visibility is key in any competitive marketplace. That’s why you’ll be able to tap into the collective strength of a national advertising and marketing campaign to not only boosts local visibility, but do wonders for your credibility at the same time, leading to new customers, new experiences and even greater success. The flexibility that comes with owning a Hire A Hubby franchise can’t help but add a serious dose of satisfaction to your lifestyle. You're not just running a business; you're crafting a life that allows you to balance work and play. That freedom to set your schedule means more time for the things you love. Speaking of which – as the proud owner of a Hire A Hubby franchise, you're not just fixing homes; you're also spreading joy one repair at a time. Whether it's a leaky roof or a wonky shelf, your expertise becomes a beacon of happiness for your clients. Imagine the pleasure of seeing a problem solved and the smiles on your customers' faces? These are priceless rewards that we all know come with the handyman territory. In the world of Hire A Hubby, happy customers aren’t just a metric; they are the real currency of success. That’s because satisfied clients are not just repeat clients; they are ambassadors for your brand, sharing their positive experiences and spreading the joy of your services. <img class="alignnone size-full wp-image-13682" src="https://oversixtydev.blob.core.windows.net/media/2024/01/HireAHubby01_060.jpg" alt="" width="1280" height="720" /> Owning and running a Hire A Hubby franchise means building a community of satisfied customers who appreciate not just your skills but the positive energy you bring to their homes. In the end, Hire A Hubby isn't just a brand; it's a positive force in the world of home maintenance and improvement. Becoming a part of that means contributing to a brand that is known for its reliability, professionalism and, most importantly, its ability to bring smiles to the faces of homeowners across New Zealand. So put on that tool belt, square your shoulders and get ready to join The Everything Experts! For more information on how to transform your handy skills into easy material wealth, head to <a href="https://www.hireahubby.co.nz/franchise/" target="_blank" rel="noopener">www.hireahubby.co.nz/franchise</a> Images: Supplied. This is a sponsored article produced in partnership with Hire A Hubby.

Home & Garden

"Proud to pay more": The billionaires who want to pay more tax

Over 250 millionaires and billionaires have issued an <a href="https://proudtopaymore.org/" target="_blank" rel="noopener">open letter</a> to global leaders encouraging them to implement wealth taxes to combat the cost-of-living crisis. This comes just as a report by the Oxfam Charity revealed that the global wealth of billionaires have only grown in the last three years despite inflation. The open letter, signed by super-rich individuals from 17 countries, includes signatories like Abigail Disney, the grand-niece of Walt Disney, Succession actor Brian Cox, and American philanthropist and Rockefeller family heir Valerie Rockefeller. They said that they would be "proud to pay more taxes" in order to address the inequality. "Elected leaders must tax us, the super rich," the letter read. "This will not fundamentally alter our standard of living, nor deprive our children, nor harm our nations' economic growth. "But it will turn extreme and unproductive private wealth into an investment for our common democratic future." Austrian heir Marlene Engelhorn is also among the voices demanding that they pay more in taxes. "I've inherited a fortune and therefore power, without having done anything for it. And the state doesn't even want taxes on it," Engelhorn, who inherited millions from her family who founded chemical giant BASF, said. The letter was released just as global leaders gather in Davos, Switzerland for the World Economic Forum. Abigail Disney, whose net-worth is measured at more than $100 million, said that lawmakers need to come together to make a meaningful economic and social change. "There's too much at stake for us all to wait for the ultra rich to grow a conscience and voluntarily change their ways," she said. "For that reason, lawmakers must step in and tax extreme wealth, along with the variety of environmentally destructive habits of the world's richest." A recent <a href="https://static1.squarespace.com/static/63fe48c7e864f3729e4f9287/t/6596bfb943707b56d11f1296/1704378297933/G20+Survey+of+those+with+More+than+%241+million+on+Attitudes+to+Extreme+Wealth+and+Taxing+the+Super+Rich.pdf" target="_blank" rel="noopener">survey</a> of almost 2400 millionaires found that 74 per cent of them supported the introduction of a wealth tax to fund improved public services and deal with the cost-of-living crisis. The open letter also said that one-off donations and philanthropy "cannot redress the current colossal imbalance" of societal wealth. "We need our governments and our leaders to lead," the letter said. "The true measure of a society can be found, not just in how it treats its most vulnerable, but in what it asks of its wealthiest members." Images: Getty

Money & Banking

Bees have appeared on coins for millennia, hinting at an age-old link between sweetness and value

<a href="https://theconversation.com/profiles/adrian-dyer-387798">Adrian Dyer</a>, <a href="https://theconversation.com/institutions/monash-university-1065">Monash University</a> In 2022, the Royal Australian Mint issued a $2 coin decorated with honeybees. Around 2,400 years earlier, a mint in the kingdom of Macedon had the same idea, creating a silver obol coin with a bee stamped on one side. Over the centuries between these two events, currency demonstrating a symbolic link between honey and money is surprisingly common. In a recent study in <a href="https://s3.ap-southeast-2.amazonaws.com/assets.mmxgroup.com.au/ACR/Bee+Article.pdf">Australian Coin Review</a>, I trace the bee through numismatic history – and suggest a scientific reason why our brains might naturally draw a connection between the melliferous insects and the abstract idea of value. <figure class="align-center "><img src="https://images.theconversation.com/files/536400/original/file-20230709-15-2u5ywn.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=754&fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/536400/original/file-20230709-15-2u5ywn.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=600&h=600&fit=crop&dpr=1 600w, https://images.theconversation.com/files/536400/original/file-20230709-15-2u5ywn.jpg?ixlib=rb-1.1.0&q=30&auto=format&w=600&h=600&fit=crop&dpr=2 1200w, https://images.theconversation.com/files/536400/original/file-20230709-15-2u5ywn.jpg?ixlib=rb-1.1.0&q=15&auto=format&w=600&h=600&fit=crop&dpr=3 1800w, https://images.theconversation.com/files/536400/original/file-20230709-15-2u5ywn.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=754&h=754&fit=crop&dpr=1 754w, https://images.theconversation.com/files/536400/original/file-20230709-15-2u5ywn.jpg?ixlib=rb-1.1.0&q=30&auto=format&w=754&h=754&fit=crop&dpr=2 1508w, https://images.theconversation.com/files/536400/original/file-20230709-15-2u5ywn.jpg?ixlib=rb-1.1.0&q=15&auto=format&w=754&h=754&fit=crop&dpr=3 2262w" alt="" /><figcaption>A Royal Australian Mint 2022 two-dollar coin representing 200 years since the introduction of the honeybee to Australia.</figcaption></figure> <h2>What is currency and why is it important?</h2> Money is a store of value, and can act as a medium of exchange for goods or services. Currency is a physical manifestation of money, so coins are a durable representation of value. Coins have had central role in many communities to enable efficient trade since ancient times. Their durability makes them important time capsules. Ancient Malta was famous for its honey. The modern 3 Mils coin (<a href="https://en.numista.com/catalogue/pieces1775.html">1972-81</a>) celebrates this history with images of a bee and honeycomb. According to the information card issued with the coin set, <blockquote> A bee and honeycomb are shown on the 3 Mils coin, symbolising the fact that honey was used as currency in Ancient Malta. </blockquote> <figure class="align-center "><img src="https://images.theconversation.com/files/536403/original/file-20230709-23-drk2lj.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=754&fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/536403/original/file-20230709-23-drk2lj.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=600&h=582&fit=crop&dpr=1 600w, https://images.theconversation.com/files/536403/original/file-20230709-23-drk2lj.jpg?ixlib=rb-1.1.0&q=30&auto=format&w=600&h=582&fit=crop&dpr=2 1200w, https://images.theconversation.com/files/536403/original/file-20230709-23-drk2lj.jpg?ixlib=rb-1.1.0&q=15&auto=format&w=600&h=582&fit=crop&dpr=3 1800w, https://images.theconversation.com/files/536403/original/file-20230709-23-drk2lj.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=754&h=732&fit=crop&dpr=1 754w, https://images.theconversation.com/files/536403/original/file-20230709-23-drk2lj.jpg?ixlib=rb-1.1.0&q=30&auto=format&w=754&h=732&fit=crop&dpr=2 1508w, https://images.theconversation.com/files/536403/original/file-20230709-23-drk2lj.jpg?ixlib=rb-1.1.0&q=15&auto=format&w=754&h=732&fit=crop&dpr=3 2262w" alt="" /><figcaption>A circulating 3 Mils coin from Malta showing a honeybee on honeycomb.</figcaption></figure> In ancient Greece, bees were used on some of the earliest coins made in Europe. A silver Greek obol coin minted in Macedon between 412 BCE and 350 BCE, now housed in the British Museum, shows a bee on one side of the coin. <figure class="align-center "><img src="https://images.theconversation.com/files/536411/original/file-20230709-182252-v4evxr.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=754&fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/536411/original/file-20230709-182252-v4evxr.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=600&h=293&fit=crop&dpr=1 600w, https://images.theconversation.com/files/536411/original/file-20230709-182252-v4evxr.jpg?ixlib=rb-1.1.0&q=30&auto=format&w=600&h=293&fit=crop&dpr=2 1200w, https://images.theconversation.com/files/536411/original/file-20230709-182252-v4evxr.jpg?ixlib=rb-1.1.0&q=15&auto=format&w=600&h=293&fit=crop&dpr=3 1800w, https://images.theconversation.com/files/536411/original/file-20230709-182252-v4evxr.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=754&h=368&fit=crop&dpr=1 754w, https://images.theconversation.com/files/536411/original/file-20230709-182252-v4evxr.jpg?ixlib=rb-1.1.0&q=30&auto=format&w=754&h=368&fit=crop&dpr=2 1508w, https://images.theconversation.com/files/536411/original/file-20230709-182252-v4evxr.jpg?ixlib=rb-1.1.0&q=15&auto=format&w=754&h=368&fit=crop&dpr=3 2262w" alt="" /><figcaption>An ancient obol from Macedon, dated between 412 BCE and 350 BCE, shows a bee one side.</figcaption></figure> Bees also feature on coins minted elsewhere in the ancient Greek world, such as a bronze coin minted in Ephesus dated between 202 BCE and 133 BCE. <figure class="align-center "><img src="https://images.theconversation.com/files/536407/original/file-20230709-27-a2jvo3.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=754&fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/536407/original/file-20230709-27-a2jvo3.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=600&h=546&fit=crop&dpr=1 600w, https://images.theconversation.com/files/536407/original/file-20230709-27-a2jvo3.jpg?ixlib=rb-1.1.0&q=30&auto=format&w=600&h=546&fit=crop&dpr=2 1200w, https://images.theconversation.com/files/536407/original/file-20230709-27-a2jvo3.jpg?ixlib=rb-1.1.0&q=15&auto=format&w=600&h=546&fit=crop&dpr=3 1800w, https://images.theconversation.com/files/536407/original/file-20230709-27-a2jvo3.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=754&h=686&fit=crop&dpr=1 754w, https://images.theconversation.com/files/536407/original/file-20230709-27-a2jvo3.jpg?ixlib=rb-1.1.0&q=30&auto=format&w=754&h=686&fit=crop&dpr=2 1508w, https://images.theconversation.com/files/536407/original/file-20230709-27-a2jvo3.jpg?ixlib=rb-1.1.0&q=15&auto=format&w=754&h=686&fit=crop&dpr=3 2262w" alt="" /><figcaption>A bronze coin minted in Ephesus, dated between 202BCE and 133BCE, featuring a honeybee.</figcaption></figure> The use of bees on ancient coins extended for many centuries including widely circulated bronze coins, and new varieties <a href="https://coinweek.com/bee-all-that-you-can-bee-honeybees-on-ancient-coins/">continue to be discovered</a>. <h2>Why we might like bees on coins</h2> Why have bees appeared so often on coins? One approach to this question comes from the field of neuro-aesthetics, which seeks to understand our tastes by understanding the basic brain processes that underpin aesthetic appreciation. From this perspective, it seems likely the sweet taste of honey – which indicates the large amount of sugar it delivers – promotes positive neural activity <a href="https://brill.com/view/journals/artp/10/1/article-p1_2.xml">associated with bees and honey</a>. Indeed, primatologist Jane Goodall once proposed that obtaining high-calorie nutrition from bee honey may have been <a href="https://www.sciencedirect.com/science/article/abs/pii/S0066185668800032">an important step</a> in the cognitive development of primates. Our brain may thus be pre-adapted to liking bees due to their association with the sweet taste of honey. Early usage of bees on coins may have been a functional illustration of the link between a known value (honey) and a new form of currency: coins as money. <h2>The bee on modern coins</h2> <figure class="align-center "><img src="https://images.theconversation.com/files/536393/original/file-20230709-17-jywq3f.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=754&fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/536393/original/file-20230709-17-jywq3f.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=600&h=588&fit=crop&dpr=1 600w, https://images.theconversation.com/files/536393/original/file-20230709-17-jywq3f.jpg?ixlib=rb-1.1.0&q=30&auto=format&w=600&h=588&fit=crop&dpr=2 1200w, https://images.theconversation.com/files/536393/original/file-20230709-17-jywq3f.jpg?ixlib=rb-1.1.0&q=15&auto=format&w=600&h=588&fit=crop&dpr=3 1800w, https://images.theconversation.com/files/536393/original/file-20230709-17-jywq3f.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=754&h=738&fit=crop&dpr=1 754w, https://images.theconversation.com/files/536393/original/file-20230709-17-jywq3f.jpg?ixlib=rb-1.1.0&q=30&auto=format&w=754&h=738&fit=crop&dpr=2 1508w, https://images.theconversation.com/files/536393/original/file-20230709-17-jywq3f.jpg?ixlib=rb-1.1.0&q=15&auto=format&w=754&h=738&fit=crop&dpr=3 2262w" alt="" /><figcaption>A 1920 Italian bronze ten-centesimi coin featuring featuring an Italian honeybee on a flower.</figcaption></figure> The use of bees as a design feature has persisted from ancient to modern times. A honeybee visiting a flower is shown on a series of ten-centesimi bronze coins issued in Italy from <a href="https://en.numista.com/catalogue/pieces1960.html">1919 to 1937</a>. (As an aside, the world’s last stock of pure Italian honeybees is found in Australia, on Kangaroo Island, which was declared a sanctuary for Ligurian bees by an <a href="https://www.legislation.sa.gov.au/home/historical-numbered-as-made-acts/1885/0342-Lingurian-Bees-Act-No-342-of-48-and-49-Vic,-1885.pdf">act of parliament</a> in 1885.) <figure class="align-center "><img src="https://images.theconversation.com/files/536416/original/file-20230709-15-60yst8.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=754&fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/536416/original/file-20230709-15-60yst8.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=600&h=586&fit=crop&dpr=1 600w, https://images.theconversation.com/files/536416/original/file-20230709-15-60yst8.jpg?ixlib=rb-1.1.0&q=30&auto=format&w=600&h=586&fit=crop&dpr=2 1200w, https://images.theconversation.com/files/536416/original/file-20230709-15-60yst8.jpg?ixlib=rb-1.1.0&q=15&auto=format&w=600&h=586&fit=crop&dpr=3 1800w, https://images.theconversation.com/files/536416/original/file-20230709-15-60yst8.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=754&h=737&fit=crop&dpr=1 754w, https://images.theconversation.com/files/536416/original/file-20230709-15-60yst8.jpg?ixlib=rb-1.1.0&q=30&auto=format&w=754&h=737&fit=crop&dpr=2 1508w, https://images.theconversation.com/files/536416/original/file-20230709-15-60yst8.jpg?ixlib=rb-1.1.0&q=15&auto=format&w=754&h=737&fit=crop&dpr=3 2262w" alt="" /><figcaption>A coin from Tonga showing 20 honeybees emerging from a hive.</figcaption></figure> More recently, a 20-seniti coin from the Pacific nation of Tonga shows 20 honeybees flying out of a hive. This coin was part of a series initiated by the Food and Agriculture Organization of the United Nations to promote sustainable agricultural and cultural development around the world. Bees are relevant here because their pollinating efforts contribute to about one-third of the food required to feed the world, with a value in excess of <a href="https://zenodo.org/record/2616458">US$200 billion per year</a>, and they are threatened by climate change and other environmental factors. <h2>Bees on coins, today and tomorrow</h2> Public awareness of bees and environmental sustainability may well be factors in the current interest in bee coins. The diversity of countries using bees as a design feature over the entire history of coins suggests people have valued the relationship with bees as essential to our own prosperity for a long time. In Australia, the 2022 honeybee $2 coin is part of a series developed by the <a href="https://www.ramint.gov.au/about-mint">Royal Australian Mint</a>. In 2019, the Perth Mint in Western Australia also released coins and stamps celebrating native bees. <figure class="align-center "><img src="https://images.theconversation.com/files/536405/original/file-20230709-15-iditcb.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=754&fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/536405/original/file-20230709-15-iditcb.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=600&h=373&fit=crop&dpr=1 600w, https://images.theconversation.com/files/536405/original/file-20230709-15-iditcb.jpg?ixlib=rb-1.1.0&q=30&auto=format&w=600&h=373&fit=crop&dpr=2 1200w, https://images.theconversation.com/files/536405/original/file-20230709-15-iditcb.jpg?ixlib=rb-1.1.0&q=15&auto=format&w=600&h=373&fit=crop&dpr=3 1800w, https://images.theconversation.com/files/536405/original/file-20230709-15-iditcb.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=754&h=469&fit=crop&dpr=1 754w, https://images.theconversation.com/files/536405/original/file-20230709-15-iditcb.jpg?ixlib=rb-1.1.0&q=30&auto=format&w=754&h=469&fit=crop&dpr=2 1508w, https://images.theconversation.com/files/536405/original/file-20230709-15-iditcb.jpg?ixlib=rb-1.1.0&q=15&auto=format&w=754&h=469&fit=crop&dpr=3 2262w" alt="" /><figcaption>Australian native bee coin and stamps released in 2019 by the Perth Mint.</figcaption></figure> Despite the decline of cash, bee coins still appear to be going strong. The buzzing companions of human society are likely to be an important subject for coin design for as long as coins continue to be used.<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/208912/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/adrian-dyer-387798">Adrian Dyer</a>, Associate Professor, <a href="https://theconversation.com/institutions/monash-university-1065">Monash University</a> Image credits: Australian Royal Mint / NZ Post Collectables 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/bees-have-appeared-on-coins-for-millennia-hinting-at-an-age-old-link-between-sweetness-and-value-208912">original article</a>.

Money & Banking

Readers Respond: What is the most egregious display of wealth you've ever seen?

We asked our readers what they thought were the most extravagant and outrageous displays of wealth that they’ve seen and honestly, we couldn’t believe some of the answers. Melanie Gibbons- My ex showing up in a BMW sports car when he owed 46k in child support and I hadn't received a cent for 2 years... his parents also showing up in their porsche 4wd and demanding I pay them petrol money to see their granddaughter because I moved 90mins away from them. Anita Thornton- Nearly fifty years ago, in my role as a teacher, I went to a School Council dinner. One mother had a copious amount of jewellery on, over the top! Richard Norman Ewing- A man and his wife arriving at a WA country airstrip in an American registered Grumman Gulfstream G650 business jet. Two pilots and two cabin attendants, all the way from the USA. (They stopped in Sydney for customs). What a way to travel. Jim Davies- A person with a huge collection of Vincent motorcycles. Moyra Rocchio- We were staying at "The Minna House. In Cairo , The day we arrived a Sheik was having a wedding reception (we were told ) what appeared to be several other wives who were dripping in gold and jewels, arrived by Limo. Bev Traveller Chad- The Crown Jewels, London Tower. Sam Siney- The Vatican… never seen anything like it. Cathy Pitman- European castles Image: Getty

Money & Banking

How to make your money count

How you use your money will be how you’re remembered. For some, the amount of money or wealth they accumulate is the score by which their success is measured. More wealth equals more success. Yet shrouds don’t have pockets, and dead is dead. In order to make your money count, it has to be used, not hoarded. Others use their wealth to purchase a more comfortable ride through life. That’s certainly possible, yet materialism is like fame: addictive and at the same time self-deprecating; there will always someone else who is richer than you and has more toys than you. The quest for more is insatiable. Instead of being defined by the wealth you’ve accumulated and have stored, why not be defined by the wealth you’ve accumulated and have deployed? The 3C’s of Significance The secret to making your money count is a process I call ‘the three Cs of significance’: care, cause and context. Identifying a care and resourcing a cause that supports it will add a context to your money that transcends dollars and cents. The 3C’s are a way of adding significance to your wealth and giving meaning to your life. Let’s look at each of the 3Cs. Care Everyone has at least one care etched on their hearts at birth or engraved on their hearts from life experience. If you were to shut out the ‘busy-ness’ of life and listen to the quiet voice of your soul or engage your self-awareness by looking for issues that trigger an above-average or disproportionate emotional response, you’ll likely identify what you care most about. Possibilities include social justice issues, animal welfare, the environment, politics, gender and social equality, faith, health, nutrition, sport … the list is just about endless. Furthermore, there are niches within niches. For instance, animal welfare might be your thing, and within that, you might be particularly concerned with the wellbeing of koalas, and more specifically, orphaned koalas in south-east Queensland. The ‘thing’ you care about may be a burning passion or just a glowing ember. It may also change over time. For the moment, all that’s important is that you identify something you care about. Does something come to mind? If it helps as an illustration, cancer became an unexpected care that was recently etched on my heart. Prior to being diagnosed with skin cancer, I was aware but not particularly concerned about cancer, but that all changed when a spot on my face turned sinister. Now I had something to care about! Cause Once you have a care in mind, the next step is to find a cause – a person, program, charity or organisation that is doing work that relates to the matter(s) you care about, and offer to become a partner in, or sponsor of, that work by making a financial contribution. The secret to knowing the cause is to stop thinking ‘me’ and start thinking ‘we’. Sometimes the things we care about seem too big, complex or challenging to do anything meaningful about. Or we assume our resources are insignificant compared to the scale of the problem. When we are overwhelmed, the temptation is to feel defeated, to conclude ‘why bother’, and use our time and energy to solve survival problems closer to home. Don’t be put off by what you can’t do—be empowered by what you can. It’s very unlikely you’ll be the only person in the world who cares about the issue on your heart, and you may find an already established ‘cause’ you could partner with to be the change you hope to see. If you’re interested, the Peter McCallum Cancer Centre was a ‘cause’ I found that related to my ‘care’. Context The cares you advance based on the causes you support will provide a context for your money that transcends dollars and cents. Your wealth gains meaning based on the means it provides for the causes you care about. Your life will count because your money counts, and the significance you generate will make you feel more significant. But how will you create the context for your dollars? Will you give time or money or both? And how frequently will you give? Time or money? Many people giving small amounts is just as effective as a few people giving large amounts. You can only give from what you have. If you have money, give money. If you have time (including expertise), give time. If you have both, give both. There’s usually a lack of ‘resource-ers’ over ‘resources’; that is, a shortage of people who can pay for the labour and materials needed to resource the care. Frequent or infrequent giving? Experience has taught me that it is better to give less, more often, than more, less often. Most charitable organisations would rather have guaranteed financial supply over several years, than unreliable and infrequent one-off donations. Why? Because with guaranteed funding they can create, administer and execute programs they know they’ll be able to resource and fund through to completion. Here’s a final suggestion: rather than giving from capital, give repeatedly from the recurrent income your invested capital generates. Giving capital is something you do once. Investing the capital and giving the income is something you can do forever. For example, say you had $50000 to donate. One option would be to donate it in one lump sum. Another option is to invest it and donate the annual income. Assuming you achieved an after-tax return of 8 per cent per annum, then after 12.5 years of giving you will have given the same amount (i.e. $50,000), except the second option would allow you to keep giving and supporting causes you care about for years and years to come—a magic pudding that gives and gives and never runs out! Some people like to count their money. Others like to make their money count. How will you be remembered – for the way you counted your money, or the way you made your money count? If you don’t like the answer, be sure to do something about it while you still can. The secret to making your money count is to put it to use by supporting causes that do good work in fields you care about. Edited extract from Steve McKnight’s Money Magnet: How to Attract and Keep a Fortune that Counts (Wiley $32.95), now available at all leading retailers or online at www.moneymagnet.au Image: Getty Images

Money & Banking

Who wants to be a billionaire? Thankfully for the planet, most people don’t

Reality check: most people don’t actually want to be billionaires. A <a href="https://dx.doi.org/10.1038/s41893-022-00902-y" target="_blank" rel="noreferrer noopener">new study</a> is challenging the long-held economic belief that it’s in human nature to have unlimited wants, finding this widely held assumption only applies to a minority of people. In a survey of nearly 8,000 people from 33 countries across six continents, social psychologists asked people how much money they wanted to accrue in their “absolutely ideal life”. They found that in 86% of countries most people thought they could achieve the ideal life with US$10 million (AUD$14.3 million) or less, and in some countries the ideal was as little as US$1 million (AUD$1.4 million), across their entire lives. To put that into context, the current richest person in the world, Elon Musk, has a net worth of more than US$200 billion – that’s enough for 200,000 people to achieve their perceived ideal lives. The push to continually increase individual wealth and pursue unending economic growth has had dire environmental consequences for the planet, with resource use and <a href="https://cosmosmagazine.com/earth/earth-sciences/global-pollution-mapped-for-good-and-bad/" target="_blank" rel="noreferrer noopener">pollution</a> increasing alongside wealth. But these findings, published in Nature Sustainability, challenge the idea that approaches relying on limiting wealth and growth to achieve sustainability are against human ideals and aspirations. “The findings are a stark reminder that the majority view is not necessarily reflected in policies that allow the accumulation of excessive amounts of wealth by a small number of individuals,” explains co-author Dr Renata Bongiorno, a social psychologist at the University of Exeter and Bath Spa University in the UK. “If most people are striving for wealth that is limited, policies that support people’s more limited wants, such as a wealth tax to fund sustainability initiatives, might be more popular than is often portrayed.” <h2>Would you want to win a billion in the lottery?</h2> The researchers specifically asked people to imagine their absolutely ideal life, and then consider how much money would want in that life. Participants made a choice of their preferred prize in a hypothetical lottery, choosing from US$10,000, US$100,000, US$1 million, US$10 million, US$100 million, US$1 billion, US$10 billion or US$100 billion. It was emphasised that the odds of winning each lottery were identical. The researchers hypothesised that people with insatiable wants – those who cannot conceive of a point where their wants would be fully satiated, so they will always aspire to accumulate more/better goods – would choose the maximum of US$100 billion over all the lesser (limited) amounts. But while people with unlimited wants were identified in every country surveyed, they were always in the minority. They tended to be younger people and city-dwellers, who placed more value on success, power and independence. They were also more common in countries with greater acceptance of inequality, and in countries that are more collectivistic – that focus more on group than individual responsibilities and outcomes. “The ideology of unlimited wants, when portrayed as human nature, can create social pressure for people to buy more than they actually want,” says lead researcher Dr Paul Bain, from the Department of Psychology at the University of Bath, UK. “Discovering that most people’s ideal lives are actually quite moderate could make it socially easier for people to behave in ways that are more aligned with what makes them genuinely happy and to support stronger policies to help safeguard the planet.” Image credits: Getty Images <img id="cosmos-post-tracker" style="opacity: 0; height: 1px!important; width: 1px!important; border: 0!important; position: absolute!important; z-index: -1!important;" src="https://syndication.cosmosmagazine.com/?id=195370&title=Who+wants+to+be+a+billionaire%3F+Thankfully+for+the+planet%2C+most+people+don%E2%80%99t" width="1" height="1" /> <div id="contributors"> This article was originally published on <a href="https://cosmosmagazine.com/news/who-wants-to-be-a-billionaire/" target="_blank" rel="noopener">cosmosmagazine.com</a> and was written by Imma Perfetto. </div>

Retirement Income

Five expensive (but avoidable) financial mistakes

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. 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. 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. Too little too late 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. Pay unnecessary taxes 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. Fall for investment fads 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. It won’t happen to me 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. Fail to plan 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.

Money & Banking

Top 5 tips to be financially healthy, wealthy and wise

Financial health, wealth and wisdom aren’t exclusive to the billionaires of the world – every Aussie can use these tips to live happier and more secure lives. The old saying goes ‘Early to bed and early to rise, makes a man healthy, wealthy, and wise.’ I believe this refers to more than just sleeping habits and speaks to the importance of a good routine and planning ahead. ith that in mind, here are some tips to ensure you and your bank balance remain on good terms: 1. Build strong foundations There are five financial foundations I recommend which form the building blocks for a strong relationship with money: <ul> <li>Emergency fund</li> <li>Spending and investment plan (more in-depth than a budget)</li> <li>Superannuation</li> <li>Adequate insurance cover</li> <li>Estate planning</li> </ul> Having these foundations in place allows you to build wealth to enjoy a good lifestyle, protect you and your family against any unexpected disaster or loss of income, and plan for a comfortable retirement. The earlier you put them in place, the more time you have for them to work in your favour (think back to your schooldays about the benefits of compound interest!) 2. Take charge – it’s YOUR money Do you know your current superannuation balance? The interest rate on your mortgage? How much you spent last month? Many people don’t – often because they leave the finances up to their significant other. It’s a risky move. What if your partner invests unwisely? Develops a gambling addiction? You split up? Sadly, many people have faced financial ruin simply because they wrongly believed their partner had everything hunky-dory. It’s important to be actively involved in your finances – know where your money comes from and where it goes. Don’t just leave it up to someone else, no matter how much you may love them. 3. Avoid runaway debt Unpaid bills, late tax returns, missed Afterpay instalments and credit card repayments – they all accrue interest and can quickly snowball until you’re buried under an avalanche of debt. Find ways of managing repayments that work for you. That could be: <ul> <li>Setting reminders in your phone and/or on your fridge to pay bills by their due date. </li> <li>Using a mortgage offset account to reduce your payable interest.</li> <li>Paying with cash/debit rather than credit/buy-now-pay-later (convenience typically costs more than transparency).</li> </ul> If you’re struggling, tackle your most expensive debts first (those with the highest interest rates). You may also be better off consolidating your debts into one, such as your mortgage – to pay less interest overall and to cut the number of repayments to keep track. 4. Don’t ‘set and forget’ Your income, expenses, debts and taxes all change as your life and circumstances change, meaning they should be reviewed regularly. Update your spending and investment plan whenever you change jobs, move house, expand your family, get a payrise etc. Scrutinise your expenses to cut wasteful spending – like that gym membership or TV subscription you no longer use. Examine ways to reduce your taxable income throughout the year, such as extra contributions to your super and keeping records for allowable deductions. Beware the ‘loyalty tax’ – banks, utilities and insurers typically offer better deals for new customers than existing ones. If you don’t review those at least once a year, or simply pay the renewal without comparing, you’re probably paying more than you need to. (If you do switch providers, double check that you are getting a like-for-like service – read the fine print carefully.) 5. Look after yourself ‘What does self-care have to do with money – apart from costing lots?’ I hear you ask. My response is – who can really afford to be sick given how fast healthcare costs keep rising! Not to mention lost earnings and other impacts. Looking after yourself – physically and mentally – means you’re less likely to need to pay for medical care, treatments and medications. Plus, you’ll need less sick or unpaid leave from work. And you’ll reduce your chances of a debilitating condition which could cut short your ability to earn a living, such as a stroke or heart attack. Then there’s the benefits of better cognitive function – making smarter decisions about money and better productivity at work (increasing your prospects for promotions and higher incomes). Invest in self-development too. Learning new skills and gaining extra qualifications aren’t just good for mental health but help you earn a higher income. Hence looking after yourself means lower costs AND higher income. What’s not to love about that?! Helen Baker is a licensed Australian financial adviser and author of the new book, On Your Own Two Feet: The Essential Guide to Financial Independence for all Women (Ventura Press, $32.99). Helen is among the 1% of financial planners who hold a master’s degree in the field. Proceeds from book sales are donated to charities supporting disadvantaged women and children. Find out more at <a href="http://www.onyourowntwofeet.com.au/">www.onyourowntwofeet.com.au</a> Image: Getty Images

Money & Banking

Natural spaces linked to better health – especially for poorer areas

We know wealth is a huge decider of public health, with people in wealthier neighbourhoods enjoying longer life expectancy. Now a new study has suggested that natural spaces can reduce this inequality. Published in the Journal of Epidemiology of Community Health, the research suggests that the amount of green and blue space in an area lengthens the lifespans of people under 65: and, critically, narrows the lifespan gap between richer and poorer areas. Fighting for green space is nothing new to many people, like those in places like Adelaide, Perth and Canberra, but this new understanding will add weight to their arguments that it needs to be retained. The researchers took data from the 2016 Scottish Burden of Disease study, which tracks health in the Scottish population at a local level. Examining data from people aged under 65, the researchers tracked “years of life lost”, or YLL, to get an idea of the chance of premature death. The researchers then used the Ordnance Survey Mastermap to examine area of natural space or private garden. This included woodland, marshes, open water, natural and semi natural grassland (such as grass on sports pitches, roadside verges, and farmland), agriculture, and bare rocky ground or sand and soil. Comparing these two showed that areas with the highest income deprivation had smallest amount of natural space and gardens, as well as the worst health. But, even when wealth was controlled for, natural spaces were still linked with improved health. Every 10% increase in natural space was associated with a 7% fall in premature deaths. Because the study is observational, the researchers can’t show that natural spaces are causing better health: even though income has been taken into account, there may be other factors at play. But, since this result is similar to other studies which have found a beneficial effect of nature, the researchers are hopeful that natural spaces have an “equigenic” effect: they can help to equalise the effects of wealth inequality. “An increased amount of natural/green spaces within local areas has the potential to reduce the disparity in YLL between the most and least income deprived areas,” write the researchers in their paper. An accompanying editorial points out that we still don’t fully understand why natural spaces are good for our health. “Why is green space beneficial? An obvious explanation is that interaction with the natural environment drove our evolution; thus, we prefer biologically diverse environments and derive mental benefits from them,” write the editorial authors, who weren’t involved with the research. “Physical activity, facilitated by green space, is an established contributor to better health,” they add. They also suggest that more time in green space improves the diversity of our microbiome and immunity, but advocate for more research in the area. This article originally appeared on <a href="https://cosmosmagazine.com/health/natural-space-health-inequality/" target="_blank" rel="noopener">cosmosmagazine.com</a> and was written by Ellen Phiddian. Image: Shutterstock

Body

"Health is wealth": How Warnie's son has dealt with the loss of his father

Jackson Warne has candidly opened up about his struggles with grief following the death of his cricketer father. Shane Warne, 52, died of natural causes on March 4 in a luxury villa on the Thailand holiday island of Koh Samui. Almost seven months later, Jackson said that he “could’ve easily gone down hill” after losing his dad, but decided on taking the high road. “I could’ve drank a lot of alcohol, gambled too much, quit the gym, ate shit food and not socialise. Be miserable,” he wrote in his Instagram post. “But I didn’t. “I didn’t because I used this trauma as energy for life. I surrounded myself with good people, went to the gym EVERY DAY, drank water, swam, laughed a lot and was consistent. 1 day at a time.” <blockquote class="instagram-media" style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" data-instgrm-captioned="" data-instgrm-permalink="https://www.instagram.com/p/Cjw_211LfaM/?utm_source=ig_embed&utm_campaign=loading" data-instgrm-version="14"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"> </div> </div> </div> <div style="padding: 19% 0;"> </div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"> </div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <div style="padding: 12.5% 0;"> </div> <div style="display: flex; flex-direction: row; margin-bottom: 14px; align-items: center;"> <div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(0px) translateY(7px);"> </div> <div style="background-color: #f4f4f4; height: 12.5px; transform: rotate(-45deg) translateX(3px) translateY(1px); width: 12.5px; flex-grow: 0; margin-right: 14px; margin-left: 2px;"> </div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(9px) translateY(-18px);"> </div> </div> <div style="margin-left: 8px;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 20px; width: 20px;"> </div> <div style="width: 0; height: 0; border-top: 2px solid transparent; border-left: 6px solid #f4f4f4; border-bottom: 2px solid transparent; transform: translateX(16px) translateY(-4px) rotate(30deg);"> </div> </div> <div style="margin-left: auto;"> <div style="width: 0px; border-top: 8px solid #F4F4F4; border-right: 8px solid transparent; transform: translateY(16px);"> </div> <div style="background-color: #f4f4f4; flex-grow: 0; height: 12px; width: 16px; transform: translateY(-4px);"> </div> <div style="width: 0; height: 0; border-top: 8px solid #F4F4F4; border-left: 8px solid transparent; transform: translateY(-4px) translateX(8px);"> </div> </div> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center; margin-bottom: 24px;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 224px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 144px;"> </div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" href="https://www.instagram.com/p/Cjw_211LfaM/?utm_source=ig_embed&utm_campaign=loading" target="_blank" rel="noopener">A post shared by Jackson Warne (@jacksonwarne18)</a> </div> </blockquote> Jackson confessed that he is now the happiest and healthiest he’s ever been because of the support he’s been receiving. “I can now say because of this I am the happiest and healthiest I’ve been. Health is wealth. “It cost’s $0 to exercise, laugh, drink water and go outside. If you do this I promise you’ll be the happiest and healthiest you can be. “To everyone who is still messaging me and supports me every single day, It doesn’t go unnoticed and I appreciate it. Thank you.” Images: Instagram

Caring

7 savvy ways to grow your wealth

You don’t need to start with a fortune to grow wealth – but you do need good foundations on which to build. From where you get investment ideas to how you manage your taxes, it is the little things that add up to quickly grow wealth. Lay the groundwork with these easy-to-implement tips: 1. Start early The longer your investments have to grow, the more wealth you should accumulate. That’s thanks to a combination of value growth over time and the compound effect of reinvesting profits and dividends. So start investing now. Additionally, good habits formed early are more likely to become ingrained. 2. Create a savings and investments plan I hate the word ‘budget’ – it’s the financial equivalent of a diet. A savings and investments plan both sounds nicer and is more encompassing. This plan gives you visibility over your incomings and outgoings, your assets, and liabilities. Then you can determine if debts are being paid down as fast as possible and whether any surplus funds are being invested prudently. 3. Have an emergency fund This might seem counter-intuitive – squirrel money away that you could be used to invest and grow your wealth. But having available cash should disaster unexpectedly strike – such as redundancy, illness, even another pandemic – means you won’t have to sell assets to make ends meet. Forced sales may generate below fair value for a quick result or occur at a low point in the investment cycle. Plus, that asset and its growth potential are gone for good. 4. Reduce your tax bill No one likes paying taxes. Surprisingly, though, many people pay more than they need to. Avoid under-declaring your deductions: good record-keeping will help you claim your rightful deductions, such as for donations, investment expenses, business costs, and even financial advice fees. Embrace legitimate tax breaks: for instance, spousal super contributions and certain investment structures (like family trusts) can be used to cut your income tax or get taxed at a lower rate. Look at the calendar: Which financial year you sell an asset or claim a benefit can affect your tax liability. 5. Invest wisely A gung-ho approach to investing can be a costly mistake, so invest wisely. If something seems too good to be true, it probably is. Only invest what you can afford to lose – while the aim is for investments to grow in value, you shouldn’t be left destitute if things go pear-shaped. Have a clear exit strategy – know when and how you will sell to maximise your returns, keep costs down and minimise your tax on the profits. 6. Get good advice Your father, sister, friend, or hairdresser may mean well, but unless they are qualified to give advice, you could be making a mistake. Money matters are complicated and most people simply don’t know what they need to know. Plus, everyone’s circumstances are different – so what worked for dad, Julie, Tom, or Bev might not be beneficial for you. Just as you want medical advice from a doctor, seek advice about money from those qualified and registered to give it: your financial adviser, tax accountant, estates solicitor, and mortgage or insurance broker. Chances are the cost of that advice is far less than you stand to lose through an avoidable mistake. 7. Invest in you You are an asset that, when in tip top condition, can deliver a solid return on investment. Invest in education and training: gaining extra qualifications and skills allows you to boost your earning potential. Invest in your wellbeing: Good mental health equals wiser decision-making, better productivity, and hence more room to grow your income. Invest in your health: Good health means lower healthcare costs, fewer lost work hours and cheaper life and disability insurances. Not to mention a longer lifespan allows you to enjoy the fruits of your wealth-building efforts! Helen Baker is a licensed Australian financial adviser and author of the new book, On Your Own Two Feet: The Essential Guide to Financial Independence for all Women (Ventura Press, $32.99). Helen is among the 1% of financial planners who hold a master’s degree in the field. Proceeds from book sales are donated to charities supporting disadvantaged women and children. Find out more at www.onyourowntwofeet.com.au Image: Shutterstock

Money & Banking

The better you are at math, the more money seems to influence your satisfaction

Your grade school math teacher probably told you that being good at math would be very important to your grownup self. But maybe the younger you didn’t believe that at the time. A lot of research, though, has shown that <a rel="noopener" href="https://theconversation.com/people-who-are-bad-with-numbers-often-find-it-harder-to-make-ends-meet-even-if-they-are-not-poor-172272" target="_blank">your teacher was right</a>. We are two researchers who study decision-making and how it relates to wealth and happiness. In a study published in November 2021, we found that, in general, people who are better at math <a rel="noopener" href="https://doi.org/10.1371/journal.pone.0259331" target="_blank">make more money and are more satisfied with their lives</a> than people who aren’t as mathematically talented. But being good at math seems to be a double-edged sword. Although math-proficient people are very satisfied when they have high incomes, they are more dissatisfied, compared to those who aren’t as good at math, when they don’t make a lot of money. Many researchers have suggested that more money only increases <a rel="noopener" href="https://qz.com/1503207/a-nobel-prize-winning-psychologist-defines-happiness-versus-satisfaction/" target="_blank">life satisfaction and happiness</a> up to a certain point. Our research modifies this idea by showing that satisfaction derived from income relates strongly to how good a person is at math. <a href="https://images.theconversation.com/files/441600/original/file-20220119-27-1kh4idi.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=1000&fit=clip"><img src="https://images.theconversation.com/files/441600/original/file-20220119-27-1kh4idi.jpg?ixlib=rb-1.1.0&q=45&auto=format&w=754&fit=clip" alt="A person holding a pencil above a sheet of paper." /></a> Nearly 6,000 people responded to a survey that asked about math skills, income and life satisfaction. <a rel="noopener" href="https://www.gettyimages.com/detail/photo/student-taking-math-quiz-cropped-royalty-free-image/97612935?adppopup=true" target="_blank" class="source">PhotoAlto/Odilon Dimier via Getty Images</a> A math and happiness test We investigated the relationship between math ability, income and life satisfaction, using surveys sent to 5,748 diverse Americans as part of the <a rel="noopener" href="https://uasdata.usc.edu/index.php" target="_blank">Understanding America Study</a>. The study included two questions and one test relevant to our research. One question asked participants about their household yearly income. Another one asked respondents to rate how satisfied they are with their lives on a scale of zero to 10. Finally, people answered eight math questions that varied in difficulty to get a sense of their math skills. For example, one of the moderately difficult questions was: “Jerry received both the 15th highest and the 15th lowest mark in the class. How many students are in the class?” The correct answer is 29 students. We then combined the results to see how they all related to one another. Math skills and income also are tied to <a rel="noopener" href="https://theconversation.com/money-buys-even-more-happiness-than-it-used-to-141766" target="_blank">level of education,</a> so, in our analyses, we controlled for education, verbal intelligence, personality traits and other demographics. Connecting math skills to income and satisfaction On average, the better a person was at math, the <a rel="noopener" href="https://doi.org/10.1371/journal.pone.0259331" target="_blank">more money they made</a>. For every one additional right answer on the eight-question math test, people reported an average of $4,062 more in annual income. Imagine you have two people with the same level of education, one of whom answered none of the math questions correctly and the other answered all of them correctly. Our research predicts that the person who answered all of the questions correctly will earn about $30,000 more each year. The survey also showed that people who are better at math were, on average, also more satisfied with their lives than those with lower math ability. This finding agrees with <a rel="noopener" href="https://doi.org/10.1257/0002828041464551" target="_blank">a lot of other research</a> and suggests that income influences life satisfaction. But prior research has shown that the relationship between income and satisfaction is not as straightforward as “more money equals greater happiness.” It turns out that how satisfied a person is with their income often depends on how they feel it <a rel="noopener" href="https://doi.org/10.1177/0956797610362671" target="_blank">compares to other people’s incomes</a>. Other research has also shown that people who are better at math tend to make <a rel="noopener" href="https://doi.org/10.1093/oso/9780190861094.001.0001" target="_blank">more numerical comparisons</a> in general than those who are worse at math. This led our team to suspect that math-proficient people would compare incomes more, too. Our results seem to show just that. <a href="https://images.theconversation.com/files/439268/original/file-20220104-15-15r038f.png?ixlib=rb-1.1.0&q=45&auto=format&w=1000&fit=clip"><img src="https://images.theconversation.com/files/439268/original/file-20220104-15-15r038f.png?ixlib=rb-1.1.0&q=45&auto=format&w=754&fit=clip" alt="A graph correlating math skills to life satisfaction and income." /></a> This chart shows that people who scored highest on the math test (red line) appear to be happiest when they make a lot of money (top right of graph), but also the least satisfied when they make less money (bottom left of graph). Different color lines correspond to the number of math questions answered correctly. Ellen Peters, Pär Bjälkebring, <a rel="noopener" href="http://creativecommons.org/licenses/by-nd/4.0/" target="_blank" class="license">CC BY-ND</a> Simply put, the better a person was at math, the <a rel="noopener" href="https://doi.org/10.1371/journal.pone.0259331" target="_blank">more they cared about how much money they make</a>. People who are better at math had the highest life satisfaction when they had high incomes. But deriving satisfaction from income goes both ways. These people also had the lowest life satisfaction when they had lower incomes. Among people who aren’t as good at math, income didn’t relate to satisfaction nearly as much. Thus, the same income was valued differently depending on a person’s math skills. Money does buy happiness for some An often-quoted fact – backed up by research – says that once a person makes around $95,000 a year, <a rel="noopener" href="https://doi.org/10.1038/s41562-017-0277-0" target="_blank">earning more money doesn’t dramatically increase satisfaction</a>. This concept is called <a rel="noopener" href="https://www.nature.com/articles/s41562-017-0277-0?mod=article_inline" target="_blank">income satiation</a>. Our research challenges that blanket statement. Interestingly, the people who are best at math did not seem to show income satiation. They were more and more satisfied with more income, and there didn’t appear to be an upper limit. This did not hold true for people who weren’t as talented at math. The least math-proficient group gained more satisfaction from income only until about $50,000. After that, earning more money made little difference. For some, money does seem to buy happiness. While more work needs to be done to really understand why, we think it may be because math-oriented people compare numbers – including incomes – to make sense of the world. And maybe that’s not always a great thing. In comparison, those who are worse at math appear to derive life satisfaction from sources other than income. So if you are feeling dissatisfied with your income, maybe seeing beyond the numbers will be a winning strategy for you.<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/173720/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a rel="noopener" href="https://theconversation.com/profiles/par-bjalkebring-1289840" target="_blank">Pär Bjälkebring</a>, Assistant Professor of Psychology, <a rel="noopener" href="https://theconversation.com/institutions/university-of-gothenburg-1351" target="_blank">University of Gothenburg</a> and <a rel="noopener" href="https://theconversation.com/profiles/ellen-peters-812268" target="_blank">Ellen Peters</a>, Director, Center for Science Communication Research, <a rel="noopener" href="https://theconversation.com/institutions/university-of-oregon-811" target="_blank">University of Oregon</a> This article is republished from <a rel="noopener" href="https://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a rel="noopener" href="https://theconversation.com/the-better-you-are-at-math-the-more-money-seems-to-influence-your-satisfaction-173720" target="_blank">original article</a>. Image: Getty Images

Money & Banking

5 personal finance tips you were never taught – but need to know

We asked half a dozen personal finance experts money-saving and wealth-creating tips that most people are never taught. Take a day to think about large purchases to avoid impulse buys “Delaying your purchases for a day gives you time to think about whether or not you really need the items, and it curbs regrettable impulse buys,” advises Marc Diana, CEO of MoneyTips. “Sale items may be an exception to this rule, but even then, question how badly you need the item compared to saving or investing the money you would use to purchase it. When times are tough, and you’re cutting expenses, would you rather have a rarely worn $300 pair of shoes or $300 cash?” Budgets are freeing, not constricting Says financial educator Tiffany Aliche, “Keeping a budget allows you to say yes to your goals in a strategic way. If you have a budget, you can save for the holiday, house or car you want to get. You can look at it as ‘No dining out,’ but I see it as ‘Yes to a trip to Paris.’ A budget is not a NO plan, but a YES plan with actual steps towards achieving your goals.” Budget with the 50/20/30 rule Lynn Toomey, co-founder of Your Retirement Advisor, suggests following this easy budgeting rule: Use 50 per cent of your income for non-discretionary necessities like food, rent/house payment, utilities, and transportation. Put aside 20 per cent of your income for an emergency fund (three to six months’ salary is a good target), retirement, savings, and to pay off any debts. Use 30 per cent of your income for discretionary (non-essential) spending such as entertainment, holidays and gifts. Penny-pinching is not the road to wealth Spending less doesn’t mean you’ll have more. Saving is a good way to stabilise your finances, but you still need to invest. “Pretend there are two islands,” advises Aliche, who is also known as The Budgetnista: “Financially Stuck Island and Wealthy Island.” She says that your savings can be like a car – you can’t drive off Financially Stuck Island without a bridge. Investing is the bridge to financial success. “To get from one island to another, you need to get in your savings car and drive it over your investment bridge.” Financial advisors aren’t only for wealthy people Millions of people have trillions invested in stocks, bonds, mutual funds and other stock exchange investments, but just because you can easily make trades yourself doesn’t mean you should. “Why not do what you do best to earn money and let a trained professional invest it for you?” asks Brian Saranovitz, president of Your Retirement Advisor. “A recent Vanguard Investments study indicated that integrating proper retirement strategies can add as much as 3 per cent efficient return to a retirement portfolio.” Adds Aliche, “You need to purposefully seek out knowledge. If you break a leg, you know that you need to go to a doctor. With personal finance, people have got the notion that they could just fix it themselves. When it comes to investing, don’t be afraid to seek professional help.” Written by Jeff Hoyt. This article first appeared in <a rel="noopener" href="https://www.readersdigest.co.nz/food-home-garden/money/14-personal-finance-tips-you-were-never-taught-but-need-to-know" target="_blank">Reader’s Digest</a>. For more of what you love from the world’s best-loved magazine, <a rel="noopener" href="http://readersdigest.innovations.co.nz/c/readersdigestemailsubscribe?utm_source=over60&utm_medium=articles&utm_campaign=RDSUB&keycode=WRA87V" target="_blank">here’s our best subscription offer.</a> Image: Getty Images

Money & Banking

Just TWO PERCENT of Elon Musk’s wealth could solve world hunger

The director of the United Nations’ World Food Program has called on billionaires to “step up now, on a one-time basis” to solve world hunger, claiming it would require only a fraction of their wealth. In an interview with CNN, David Beasley specifically mentioned Jeff Bezos and Elon Musk, the world’s richest men, in his appeal. “$USD 6 ($AUD 7.9 or $NZD 8.36) billion to help 42 million people that are literally going to die if we don’t reach them. It’s not complicated,” he <a rel="noopener" href="https://7news.com.au/news/world/just-two-per-cent-of-elon-musks-wealth-could-solve-world-hunger-according-to-un-food-scarcity-organisation-c-4345980" target="_blank">said</a>. With Mr Musk’s net worth totalling almost $USD 289 ($AUD 384 or $NZD 402) billion according to Bloomberg, the sum Mr Beasley is asking for would equate to just two percent of his fortune. <blockquote class="twitter-tweet"> $36 billion in one day - <a href="https://twitter.com/elonmusk?ref_src=twsrc%5Etfw">@elonmusk</a>'s net worth increase due to a <a href="https://twitter.com/Tesla?ref_src=twsrc%5Etfw">@Tesla</a> / <a href="https://twitter.com/Hertz?ref_src=twsrc%5Etfw">@Hertz</a> deal. Congratulations, Elon! 1/6 of your one day increase would save 42 million lives that are knocking on famine's door. Unprecedented crisis. Unprecedented wealth. Help!! <a href="https://t.co/n4hfpl5NRE">https://t.co/n4hfpl5NRE</a> — David Beasley (@WFPChief) <a href="https://twitter.com/WFPChief/status/1453681782742818824?ref_src=twsrc%5Etfw">October 28, 2021</a></blockquote> Mr Beasley has also taken to social media to call out the billionaires. “Congratulations, Elon!” Mr Beasley wrote on Twitter after Mr Musk’s wealth increased by $29 billion in a single day. “1/6 of your one day increase would save 42 million lives that are knocking on famine’s door. Unprecedented crisis. Unprecedented wealth. Help!” <blockquote class="twitter-tweet"> Congratulations to <a href="https://twitter.com/elonmusk?ref_src=twsrc%5Etfw">@elonmusk</a> for passing up <a href="https://twitter.com/JeffBezos?ref_src=twsrc%5Etfw">@JeffBezos</a> as the world’s richest person - worth a whopping $221B! 🥇 Elon, to celebrate I’m offering you a once in a lifetime opportunity: help us save 42M people from starvation for just $6.6B!! Offer expires SOON.. and lives do too. — David Beasley (@WFPChief) <a href="https://twitter.com/WFPChief/status/1450388737444257797?ref_src=twsrc%5Etfw">October 19, 2021</a></blockquote> Mr Beasley went on to say that many nations are “knocking on famine’s door”, due to a “perfect storm” of crises including climate change and the COVID-19 pandemic. “For example, take the United States and the region in Central America, the Dry Corridor, Guatemala, Honduras, El Salvador and Nicaragua - just down in that area alone,” Mr Beasley said. “We’re feeding a lot of people down there and the climate is just changing with hurricanes and flash flooding; it’s just devastating.” According to a World Food Program (WFP) report released earlier in the week, 22.8 million people in Afghanistan - almost half the population - are facing an acute hunger crisis. Meanwhile, the WFP estimates that 5.2 million people in Ethiopia urgently need food assistance. Mr Beasley said humanitarian organisations such as the WFP have also struggled to deliver supplies to people in the region due to ongoing conflicts between Prime Minister Abiy Ahmed and the Tigray People’s Liberation Front. “I don’t know where they’re getting the food from,” he said. “We’re out of fuel. We’re out of cash, in terms of paying our people and we are running out of money and we can’t get our trucks in.” The struggle to feed millions around the world comes as both Mr Bezos and Mr Musk make continued investments in private space travel, which has been criticised by environmentally-minded individuals such as Prince William. Image: @elonmusk / Instagram

Money & Banking

The 3 important factors for happiness

The <a href="https://worldhappiness.report/ed/2019/#read">2019 World Happiness Report (WHR)</a> is out and the results are in: There are three important factors that help you find happiness. These factors are relationships, money and health. Dr Michael Mosley has learned to obtain these the hard way. He shared his thoughts with the <a href="https://www.smh.com.au/lifestyle/health-and-wellness/money-does-make-you-happy-but-only-to-a-point-20190624-p520q5.html">Sydney Morning Herald</a>. “Lots of factors make you happy,” Mosley told the 1300 audience members at the Happiness and Its Causes conference. "But the three most important things... are relationships, money and health.” According to the WHR, money matters for happiness, but only to a specific point. “How much do you think you need to be relatively happy? The minimum? Turns out to be $50,000. The maximum, the point at which you get satiated where actually having more money won’t make you more happy? That turns out to be $90,000... beyond that point you don’t get a lot happier,” Mosley explained. “Another measure of happiness is when you feel you’ve 'made it'. That turns out to be much higher... about $140,000... to have bragging rights.” As he made his way through his life, Mosley discovered that money alone didn’t make him happy. He quickly met his wife at medical school and realised she filled a void in his life. “She filled an enormous emotional void in my life,” he said. Needing close and emotionally fulfilling relationships was something he didn’t realise he needed until he met her. “That was something I didn’t know until I met Clare.” The WHR has quantified the impact that relationships have on people that asked a simple question of 1.4 million people in 150 different countries. “If you were in trouble, do you have relatives or friends that can help you, whether you need them or not?” “This is the greatest single predictor of whether or not someone reports they are happy or not,” Mosley said. He finished the talk by giving his guide to a healthy life. “My guide to a happy life? Prioritise your relationships, eat a Mediterranean-style diet, fast sometimes – it’s surprisingly enjoyable, keep a waist less than half your height... try and do something that gets your heart rate up three times a week, meditate most mornings... and be grateful for people that make you happy.”

Money & Banking

Kate or Meghan: Who is the wealthiest duchess in the royal family?

It’s easy to think the Duchess of Sussex would be wealthier than the Duchess of Cambridge considering her long resume in a successful acting career. Before she tied the knot with Prince Harry, Duchess Meghan made millions playing the role of Rachel Zane on the US TV drama Suits, that was popular in Australia. Upon joining the royal family, she left her beloved role. In the past, the Duchess of Sussex could be seen sporting designer gear from top to bottom and her long spanning career earned her a net worth of US$7 million. However, it turns out Kate Middleton may have more independent wealth than Duchess Meghan with a whopping $9 million in a personal fortune. Even though the Duchess of Cambridge has never had a full-time job, the majority of her wealth comes from her parents’ mail order party business which is worth a whopping $54 million. A sum of wealth is also contributed by her paternal grandfather which was set up before he died. Wealth-X estimates the royal Duchess has amassed a net worth of $9 million, $2 million more than Duchess Meghan. Carole and Michael Middleton, the parents of Duchess Kate, were wealthy before they started their successful party business, as Kate – along with her siblings Pippa and James – were sent to expensive private schools that cost tens of thousands of pounds each year. The royal’s parents have also invested in property throughout the Bucklebury area of Berkshire in the UK, and own stakes in racehorses that earn them even more money – money that will one day go on to be received by the Duchess and her siblings. Both the Duchess’ expenses are all paid for by the palace – from housing, to clothing, travel and other various expenses – and it is reported the Cambridge family rack up a bill that's estimated to be around $5 million a year. Prince William’s wealth is also pretty hefty with a staggering $19 million following an inheritance after his his mother, Princess Diana, passed away. Although the Duchess of Cambridge has never had a full-time job, she did work for her parents' business taking photos for party paraphernalia and editing catalogues in her youth. She was also an assistant accessories buyer for a clothing chain Jigsaw. Although it is difficult to pinpoint how much money each Duchess has earned throughout their years before marrying into the royal family, it is safe to assume both would be set for life without their titles.

Money & Banking

Helping your adult kids to be financially savvy

It is human nature for parents to want to provide for their children but at some point, the “help” you may be giving them could actually be more of a hindrance to them gaining their own financial independence. Cash handouts to pay for mobile phone costs, car servicing, and health insurance may be insulating your adult children from the realities of financial life — stunting their financial literacy and growth. Your financial future is at stake The flip side of the nest not being empty is that your retirement lifestyle could be at risk. If you are 50 or older, now is the time to be setting yourself up for the future and making the most of every discretionary dollar for the development of your nest egg. If you are operating the “bank of mum and dad” for your kids instead of building your retirement, it could mean you need to work longer or compromise your retired lifestyle. Helping them become financially savvy So, what can you do to help your kids get a grip on their situation and gain financial responsibility? The short answer to this question is “plenty”! You can give your children the financial wherewithal to build their financial maturity and growth, through positive encouragement and tangible education on the financial life skills they will need. This doesn’t mean you should suddenly “cut them off”, but it does mean you need to begin a serious discussion with them about the costs of maintaining their lifestyle and determine a timeline for passing over responsibility to them. Budgeting is the foundation The harsh realities of needing to budget income and spend judiciously cannot be avoided if your children are to stand on their own two feet. If you have been putting food on the table and a roof over their head, chances are their income has been directed toward spending on their own entertainment and enjoyment. Giving them an understanding of budgeting is critical for them to gain a broader view of what it takes to survive and prosper financially. Fortunately, there are plenty of budgeting tools available online or through banks, which you can encourage them to use and help them to complete. This will give them an understanding of the scope and scale of spending required to live independently, as well as an appreciation of the differences between essential living expenses (such as food, utilities, communication, transport, and rent) and discretionary spending (such as eating out, entertainment, gaming, and hobbies). Developing responsible habits An extension of the budgeting process is to educate them on the vital importance of saving regularly from their income. Start with a simple rule of saving a set percentage of everything they earn. This can then be developed into goal-oriented saving for various objectives they consider important and worth sacrificing for. If you do want to provide some form of financial support, rather than giving random handouts toward immediate needs, perhaps you can offer to match their savings dollar for dollar in support of something worthwhile, such as a home deposit, rental bond, or a business venture. This gives real incentive to form solid saving habits that will benefit them throughout their life. Educating on credit is also essential. With the accessibility of credit cards and financing offers on major purchases, it is easy for them to quickly rack up personal debts that can demoralise them and distort their financial priorities. Analysing a month’s spending may point out where their income is being squandered or wasted, and will help you identify how they can save and achieve major purchases through their own income, rather than by resorting to credit. Creating wealth slowly In a society that is focused on instant gratification, easy credit, and an expectation of getting what you want right away, your children may view the concept of creating financial independence as something that can only happen through outrageous luck or taking huge risks for quick gain. Therefore, one of the most vital lessons you can pass on is the value and importance of creating wealth slowly. Real financial independence is not the result of a lottery win or riding the back of an investment boom — rather it is the result of forming sound investment practices such as: <ul> <li>Allocating a certain proportion of your regular savings toward longterm wealth creation plans</li> <li>Utilising available tools that accelerate wealth, such as superannuation tax incentives</li> <li>Diversifying investments beyond bank term deposits and into a variety of asset classes that relate to your investment time horizons</li> <li>Planning for contingencies (such as sudden loss of income or emergency expenses) by establishing an emergency savings plan and personal insurance protection plans</li> <li>Seeking the advice of a financial adviser to coordinate all of the above, and to develop a lifelong plan and strategy for wealth creation.</li> </ul> Start the conversation now Delaying the steps outlined here may result in an ongoing cycle of dependence that will only become harder to break if it isn’t addressed. Begin the conversation with your children now, and ease them toward financial responsibility with some positive encouragement and agreed goals on budgeting, spending, debt management, saving, and investing. What ideas have you found useful for encouraging adult kids to take on financial independence? Share your thoughts below. Written by Bridges. Republished with permission of <a href="https://www.wyza.com.au/articles/money/financial-planning/helping-your-adult-kids-to-be-financially-savvy.aspx">Wyza.com.au.</a>

Money & Banking

New method for purchasing flights set to be based on your wealth

Airlines are already able to use online data to vary the prices of a flight based on when a passenger books and how many searches they have done. Now, companies could customise their flight prices even more through a model called “dynamic pricing”, reported <a href="https://www.thesun.co.uk/travel/5693140/airlines-could-price-your-plane-ticket-based-on-how-rich-you-are-using-dynamic-pricing/" target="_blank">The Sun</a>. Dynamic pricing is used when an airline gleans personal information through internet cookies and customer account details to find out how much they earn, how old they are and the likelihood that they are taking a business trip. Airlines could even give a more expensive fare to customers who they think are richer, while those earning less could be given unique offers to entice them to book. John McBride, director of product management for PROs, a software provider for airlines such as Emirates and Lufthansa, said several airlines are now implementing this model. “A handful of large carriers [will] move toward dynamic pricing [in 2018],” he told <a href="http://www.travelweekly.com/Travel-News/Airline-News/Airlines-inching-closer-to-dynamic-pricing" target="_blank">Travel Weekly</a>. It is unconfirmed whether any Australian airlines will use this system. The Airline Tariff Publishing Company (ATPCO) is used by British Airways and KLM as a guide to price their fares, reported <a href="https://www.telegraph.co.uk/travel/news/dynamic-fare-pricing-airline-ticket-personalisation/" target="_blank">The Telegraph.</a> In 2015, ATPCO wrote a report on dynamic pricing, predicting that airlines would be price based on “who is asking”. Passengers may soon find that a search engine is offering a more expensive fare if it thinks you have a high-paying job. However, as it is early days for dynamic pricing, many are questioning if the system is legal or if it actually falls into discrimination. Richard Taylor from the UK’s Civil Aviation Authority told the Telegraph, “If a passenger believes this pricing model is discriminatory in some way, or breaches EU law, they would need to challenge it in a court of law. “A legal ruling would then ensue and be the basis for any follow-up enforcement action. “Passengers need to be made fully aware of what they are getting for their money.” Lufthansa told Sun Online Travel, “The Lufthansa Group takes data protection very seriously. Our fares are not calculated based on personal customer data.” What do you think of dynamic pricing? Share your thoughts in the comments below.

Travel Tips

How Camilla's wealth has skyrocketed since marrying Prince Charles

While Camilla, the Duchess of Cornwall, comes from a wealthy family – having grown up in a beautiful $2 million country estate during her childhood years – her wealth has skyrocketed since marrying Prince Charles in April 2005 and being part of the royal family. New reports suggest the Duchess is worth an estimated $5 million now, while Prince Charles has amassed a fortune of $210 million. Camilla, who is a patron of a number of charities, including Arthritis Research UK, The Poppy Factory and St. John’s Hospital, also spends much of her time by Charles’s side, accompanying him on official royal visits and engagements. And you’ll be surprised to know that Prince Charles and Camilla agreed not to sign a pre-nuptial agreement before they said “I do” almost 13 years ago – which many deemed a somewhat risky move, considering Princess Diana received $28 million when she divorced Charles in 1996. “There is no pre-nup. [Prince Charles] is adamant that the marriage has to be based from the start on trust and good faith,” a royal insider told The Telegraph at the time. It’s believed much of Prince Charles’ wealth is derived from his organic food company, Duchy Originals, which he founded in 1990. But he doesn’t keep his fortune all to himself. Business Insider reported in 2015 that the next in line to the throne forks out over $6 million in allowances to his wife Camilla and sons Prince William and Prince Harry each year. If you think Charles and Camilla are well off, you might want to take a seat once you find out how much money the Queen has. Forbes has reported that Queen Elizabeth II has an estimated net worth of $500 million, thanks to a huge property portfolio.

Money & Banking

World’s richest woman dies aged 94

French L’Oréal heiress Liliane Bettencourt, the richest woman (and 14th richest person) in the world, has passed away at the age of 94. The main shareholder of the popular make-up company – and head of a philanthropic foundation – Bettencourt had an estimated personal fortune of $49 billion (Forbes). Sadly, the tycoon’s old age was shrouded in legal drama and mental illness. She was declared unfit to run her affairs in 2011, after it was discovered she had been suffering dementia and Alzheimer’s disease for five years. She left the board of L’Oréal in 2012 and was rarely seen in public since, but Bettencourt still made headlines regularly as members of her entourage were accused of exploiting the ageing heiress’ failing health. Many were charged, and even her only daughter Francoise Bettencourt-Meyers and former French President Nicolas Sarkozy were dragged into the bitter proceedings. In May 2015, eight were convicted of taking advantage of Bettencourt, three of whom were given suspended prison sentences. With almost 90,000 employees in 140 countries, L’Oréal is one of the world’s largest beauty companies, owning Maybelline New York, The Body Shop, and marketing luxury products under brands including Lancôme, Ralph Lauren and Giorgio Armani.

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"Proud to pay more": The billionaires who want to pay more tax

Bees have appeared on coins for millennia, hinting at an age-old link between sweetness and value