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"Worth it": Insane amount woman spends to clone dead cat

<p>Kelly Anderson from Texas, US was devastated when she lost her "soulmate" cat Chai more than four years ago. </p> <p>Not long after, in what she calls "fate", Anderson decided to clone her beloved pet, a process which cost her a whopping $USD25,000 ($AUD38,000).</p> <p>"It was just one of those moments where I had been talking about cloning a few weeks before and fate kicked in," she told <em>Weekend Today</em>.</p> <p>"I remembered the conversation and decided to clone."</p> <p>The process took about four years, which is roughly twice the average time it takes to clone a pet. </p> <p>"It was not money that I had come easily to me but it was a very important process for me to do," she said.</p> <p>"It was 100 per cent worth it. The process saved my life."</p> <p>Anderson added that Belle, the successfully cloned cat, has grown to be as "bold, bossy, sassy" as Chai, and their personalities have become more alike. </p> <p>Despite the similarities, Anderson said that she doesn't set any expectations on Belle to be Chai's replacement. </p> <p>"I would still say she's very much her own cat and I treat her that way. I always try to treat them as individuals.</p> <p>"I never wanted to put expectations on Belle to be Chai. But I would say that they're very similar in a lot of ways."</p> <p><span style="font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen, Ubuntu, Cantarell, 'Open Sans', 'Helvetica Neue', sans-serif;">According to</span><span style="font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen, Ubuntu, Cantarell, 'Open Sans', 'Helvetica Neue', sans-serif;"> </span><em><a href="https://www.bbc.com/news/business-60924936" target="_blank" rel="noopener">BBC</a>, </em>the process itself involves extracting DNA from the pet to be cloned, then injecting that into a donor egg that has had its genetic material removed. The egg then grows into an embryo before being implanted into a surrogate mother, who then gives birth to the kitten. </p> <p>Pet cloning has become an increasingly popular practice, , despite how controversial and expensive it is, with celebrities like Barbra Streisand and Simon Cowell using the process to clone their own beloved pets. </p> <p>Anderson, who decided to document her story on social media added that people have mixed reactions to the process. </p> <p>"I think there's people who are fascinated and don't even realise that we're cloning animals ... so a lot of people are learning about cloning," she said. </p> <p>"But a lot of people also have opinions. So it's a mixed bag."</p> <p><em>Images: Weekend Today</em></p> <p> </p>

Money & Banking

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It’s not just about accumulating super. Australians need to learn how to spend their retirement savings

<p><em><a href="https://theconversation.com/profiles/marc-olynyk-1493791">Marc Olynyk</a>, <a href="https://theconversation.com/institutions/deakin-university-757">Deakin University</a></em></p> <p>Australia’s superannuation and retirement income system is complex and difficult to navigate.</p> <p>Retirees need to make decisions on numerous issues where they have less than full information and understanding, both financial and non-financial. They also require access to retirement products to help them manage and balance income needs against longevity risk.</p> <p>Recognising these issues, the government released a <a href="https://treasury.gov.au/consultation/c2023-441613">discussion paper</a> this month seeking views on three key issues:</p> <ol> <li> <p>helping super fund members navigate the retirement income system</p> </li> <li> <p>supporting superannuation funds to deliver better services</p> </li> <li> <p>making retirement income products more accessible.</p> </li> </ol> <p>Australia has one of the largest and most sophisticated pension systems in the world. Valued at more than <a href="https://www.apra.gov.au/quarterly-superannuation-statistics">A$3.5 trillion</a> as at September 2023, and is the <a href="https://www.thinkingaheadinstitute.org/research-papers/global-pension-assets-study-2023/">5th largest pension scheme</a> in terms of asset size.</p> <p>It is also the <a href="https://www.mercer.com/insights/investments/market-outlook-and-trends/mercer-cfa-global-pension-index/">5th most highly rated retirement income system</a> internationally behind the Netherlands, Iceland, Denmark and Israel.</p> <h2>What is wrong with the super system?</h2> <p>But while the super system ranks highly in terms of integrity and sustainability, the numbers are not as flattering when it comes to “adequacy”.</p> <p>Adequacy is the level of income available to retirees depending on their different circumstances. According to a recent <a href="https://www.mercer.com/insights/investments/market-outlook-and-trends/mercer-cfa-global-pension-index/">study</a>, Australia is ranked 20th out of 47 worldwide on the adequacy index.</p> <p><a href="https://www.investmentmagazine.com.au/2023/02/purpose-of-super-law-to-herald-tax-reform/">Reform</a> in the <em>pre-retirement</em> phase of Australia’s retirement income scheme is ongoing and designed to support accumulating wealth for retirement.</p> <p>These ongoing reforms have been designed to make superannuation easier to understand and to reduce much of the decision making required. They’ve been needed because of an apparent lack of skills, interest and financial literacy among Australians.</p> <p>While the message that we need to save to be comfortable in retirement is getting through, the lack of information about how to manage these savings once we retire means many retirees are left to navigate the complex system as best they can.</p> <p>Given the complexity and volatility of Australia’s financial system, it’s hardly surprising many of the decisions made by retirees don’t produce the best financial results. For example, more than <a href="https://treasury.gov.au/consultation/c2023-441613">84%</a> of retirement savings are held in account-based pensions which, if not properly managed, can run out. This is despite government and community awareness that outliving your savings is a real possibility.</p> <p>About 50% of retirees currently withdraw at the minimum pension rate, which means many people experience a lower standard of living than what would normally be expected with the super they have accumulated. This can result in wealth not being used and instead being passed on to the next generation.</p> <h2>Help is needed now because the retiree sector is booming</h2> <p>Over the next decade there is going to be a big increase in the number of people retiring and transitioning from the accumulation phase of their super to the pension phase. It’s estimated <a href="https://treasury.gov.au/consultation/c2023-441613">2.5 million</a> Australians will move to the retirement phase in this period.</p> <p>Following the 2014 <a href="https://treasury.gov.au/publication/c2014-fsi-final-report">Financial System Inquiry</a>, the government introduced the <a href="http://www5.austlii.edu.au/au/legis/cth/consol_act/sia1993473/s52.html">Retirement Income Covenant</a> in 2022 to force super fund trustees to develop a strategy that would provide better retirement outcomes for their members.</p> <p>The strategy is based on retirees maximising their expected retirement income, managing expected risks to their retirement income and having flexible access to super funds during their retirement.</p> <p>A 2022-23 review conducted by <a href="https://asic.gov.au/regulatory-resources/find-a-document/reports/rep-766-implementation-of-the-retirement-income-covenant-findings-from-the-apra-and-asic-thematic-review/">Australian Prudential Regulation Authority and the Australian Securities and Investments Commission</a> found while trustees were providing more help to retirees, overall there was a lack of progress and urgency among trustees to improve retirement outcomes.</p> <h2>How the system could be improved</h2> <p>Several proposals have been put forward to improve the experiences and decision-making of retirees. These have included:</p> <ul> <li> <p>improved support from and education by superannuation fund trustees</p> </li> <li> <p>changing how people view their super savings from an accumulation of wealth to a system that enables drawdown of retirement savings over time to fund expenses.</p> </li> <li> <p>providing an automatic rollover of retirement savings into an income-stream instead of allowing a lump sum withdrawal on retirement</p> </li> <li> <p>expanding existing income products (that are starting to be offered by several financial institutions) which combine providing investment choice with a pension for life</p> </li> <li> <p>setting up a MyRetire product that would run parallel to <a href="https://treasury.gov.au/programs-and-initiatives-superannuation/mysuper">MySuper</a> and provide a simple and cost-effective retirement income system for less engaged members. MySuper only applies to the accumulation phase. Once a member starts an income stream in retirement, their MySuper account ceases</p> </li> <li> <p>improving access to financial planning advice which is shown to play a significant role in preparing Australians for retirement.</p> </li> </ul> <p>The government, superannuation industry and the community all have a greater role to play in improving the financial outcomes and experiences of retirees.</p> <p>With Australia’s ageing population, the need to better support retirees to achieve a dignified retirement is becoming more urgent.</p> <p>All Australians expect and deserve a financially secure retirement.<!-- 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/219217/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><a href="https://theconversation.com/profiles/marc-olynyk-1493791"><em>Marc Olynyk</em></a><em>, Director of Financial Planning, Deakin Business School, <a href="https://theconversation.com/institutions/deakin-university-757">Deakin 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/its-not-just-about-accumulating-super-australians-need-to-learn-how-to-spend-their-retirement-savings-219217">original article</a>.</em></p>

Retirement Income

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Trying to spend less on food? Following the dietary guidelines might save you $160 a fortnight

<p><em><a href="https://theconversation.com/profiles/emily-burch-438717">Emily Burch</a>, <a href="https://theconversation.com/institutions/southern-cross-university-1160">Southern Cross University</a> and <a href="https://theconversation.com/profiles/lauren-ball-14718">Lauren Ball</a>, <a href="https://theconversation.com/institutions/the-university-of-queensland-805">The University of Queensland</a></em></p> <p>A rise in the <a href="https://www.aph.gov.au/About_Parliament/Parliamentary_departments/Parliamentary_Library/pubs/BriefingBook47p/CostOfLiving#:%7E:text=Consumer%20Price%20Index%20over%20time,but%205.1%25%20in%20the%20second">cost of living</a> has led many households to look for ways to save money.</p> <p>New research suggests maintaining a healthy diet, in line with the <a href="https://www.eatforhealth.gov.au/guidelines/guidelines">Australian Dietary Guidelines</a>, is cheaper than an unhealthy diet and <a href="https://southwesthealthcare.com.au/wp-content/uploads/SWH-HP-Healthy-Diets-ASAP-Protocol-Warrnambool-Report-2023.pdf">could save A$160</a> off a family of four’s fortnightly shopping bill.</p> <p>Poor diet is the most common preventable risk factor contributing to chronic disease in <a href="https://www.thelancet.com/journals/lancet/article/PIIS0140-6736(20)30752-2/fulltext">Australia</a>. So improving your diet can also be an important way to reduce the chance of developing chronic disease.</p> <h2>First, what are the dietary guidelines?</h2> <p>The guidelines provide information on the quantity and types of foods most Australians should consume to promote overall health and wellbeing.</p> <p>Recommendations include eating a wide variety of nutritious foods from the main five food groups:</p> <ul> <li>vegetables and legumes</li> <li>fruit</li> <li>grains</li> <li>lean meats and meat alternatives such as tofu, nuts and legumes</li> <li>dairy products.</li> </ul> <p>The guidelines recommend limiting our intake of foods high in saturated fat, added salt, added sugars and alcohol.</p> <h2>What are Australians eating?</h2> <p>Fewer than <a href="https://www.abs.gov.au/statistics/health/health-conditions-and-risks/dietary-behaviour/latest-release">7%</a> of Australians eat sufficient vegetables, in line with the Australian Dietary Guidelines. In fact, Australians have an average healthy diet score of <a href="https://www.csiro.au/-/media/News-releases/2023/Total-Wellbeing-Diet-Health-Score/Diet-score-2023-Report_September.pdf">55 out of 100</a> – barely passing.</p> <p>Foods that aren’t part of a food group are known as “discretionary” items, which includes alcohol, cakes, biscuits, chocolate and confectionery and most takeaway foods. Because they’re typically high in kilojoules, saturated fat, sodium and added sugars, the Australian Dietary Guidelines recommend they only be eaten occasionally and in small amounts (ideally zero serves).</p> <p>For many households, discretionary items make up a big portion of their grocery shop. Australians consume an average of <a href="https://www.csiro.au/-/media/News-releases/2023/Total-Wellbeing-Diet-Health-Score/Diet-score-2023-Report_September.pdf">28 serves</a> of discretionary choices per week (equal to 28 doughnuts, 28 slices of cake, or 28 cans of soft drink or beer). This is an increase of ten serves since 2015.</p> <p>One recent <a href="https://link.springer.com/article/10.1186/s12966-022-01389-8">study</a> estimated 55% of Australians’ total energy intake was from discretionary items.</p> <h2>What did the researchers find?</h2> <p>Researchers from the Health Promotion Team at South West Healthcare <a href="https://southwesthealthcare.com.au/wp-content/uploads/SWH-HP-Healthy-Diets-ASAP-Protocol-Warrnambool-Report-2023.pdf">recently</a> visited four local supermarkets and takeaway stores in Warrnambool, Victoria, and purchased two baskets of groceries.</p> <p>One basket met the Australian Dietary Guidelines (basket one), the other aligned with the typical dietary intake of Australians (basket two).</p> <p>They compared prices between the two and found basket one would cost approximately $167 less per fortnight for a family of four at the most affordable supermarket. That’s equal to $4,342 a year.</p> <p>Basket one was sufficient to supply a family of four for a fortnight, and aligned with the Australian Dietary Guidelines. It cost $724 and included:</p> <ol> <li>fruit and vegetables (made up 31% of the fortnightly shop)</li> <li>grains and cereals (oats, cornflakes, bread, rice, pasta, Weet-bix)</li> <li>lean meats and alternatives (mince, steak, chicken, tuna, eggs, nuts)</li> <li>milk, yoghurt and cheese</li> <li>oils and spreads (olive oil).</li> </ol> <p>Basket two reflected the current average Australian fortnightly shop for a family of four.</p> <p>In the project, the team spent over half of the fortnightly shop on processed and packaged foods, of which 21% was spent on take-away. This is based on actual dietary intake of the general population reported in the 2011-2012 <a href="https://www.abs.gov.au/statistics/health/health-conditions-and-risks/australian-health-survey-nutrition-first-results-foods-and-nutrients/latest-release#:%7E:text=Food%20consumption,across%20the%20major%20food%20groups.">Australian Health Survey</a>.</p> <p>Basket two cost $891 and included:</p> <ol> <li>fruit and vegetables (made up 13% of the fortnightly shop)</li> <li>grains and cereals (oats, cornflakes, bread, rice, pasta, Weet-bix)</li> <li>lean meats and alternatives (mince, steak, chicken, tuna, eggs, nuts)</li> <li>milk, yogurt and cheese</li> <li>oils and spreads (olive oil, butter)</li> <li>drinks (soft drink, fruit juice)</li> <li>desserts and snacks (muffins, sweet biscuits, chocolate, ice cream, potato chips, muesli bars)</li> <li>processed meats (sausages, ham)</li> <li>convenience meals</li> <li>fast food (pizza, meat pie, hamburger, fish and chips)</li> <li>alcohol (beer, wine).</li> </ol> <h2>But a healthy basket is still unaffordable for many</h2> <p>While this piece of work, and other <a href="https://www.mdpi.com/1660-4601/15/11/2469">research</a>, suggests a healthy diet is less expensive than an unhealthy diet, affordability is still a challenge for many families.</p> <p>The Warrnambool research found basket one (which aligned with guidelines) was still costly, requiring approximately 25% of a median household income.</p> <p>This is unaffordable for many. For a household reliant on welfare, basket one would require allocating 26%-38% of their income. This highlights how the rising cost of living crisis is affecting those already facing financial difficulties.</p> <p>Around 3.7 <a href="https://reports.foodbank.org.au/foodbank-hunger-report-2023/">million</a> Australian households did not have access to enough food to meet their basic needs at some point in the last 12 months.</p> <p>Policy action is needed from the Australian government to make recommended diets more affordable for low socioeconomic groups. This means lowering the costs of healthy foods and ensuring household incomes are sufficient.</p> <h2>What else can you do to cut your spending?</h2> <p>To help reduce food costs and support your health, reducing discretionary foods could be a good idea.</p> <p>Other ways to reduce your grocery bill and keep your food healthy and fresh include:</p> <ul> <li> <p>planning for some meatless meals each week. Pulses (beans, lentils and legumes) are nutritious and cheap (a can is <a href="https://coles.com.au/product/coles-chick-peas-420g-8075852?uztq=46abcbb7e16253b0cdc3e6c5bbe6a3f0&amp;cid=col_cpc_Generic%7cColesSupermarkets%7cPLA%7cCatchAll%7cAustralia%7cBroad&amp;s_kwcid=AL!12693!3!675842378376!!!g!326304616489!&amp;gad_source=1&amp;gclid=CjwKCAjwkY2qBhBDEiwAoQXK5SceYhU2VtKepNLXWN218GH8Cp8Vs9cnYynCBwRqQPaW3UYNX2SVIBoC_6EQAvD_BwE&amp;gclsrc=aw.ds">less than $1.50</a>. Here are some great pulse recipes to <a href="https://nomoneynotime.com.au/healthy-easy-recipes/filter/keywords--vegetarian/p2">try</a></p> </li> <li> <p>checking the specials and buy in bulk (to store or freeze) when items are cheaper</p> </li> <li> <p>making big batches of meals and freezing them. Single-serve portions can help save time for lunches at work, saving on takeaway</p> </li> <li> <p>Australian supermarkets are <a href="https://www.theguardian.com/australia-news/datablog/2023/jul/27/cost-of-living-grocery-store-price-rises-cheapest-fresh-produce-australia-woolworths-coles#:%7E:text=The%20results%20showed%20independent%20and,best%20place%20for%20affordable%20groceries">almost never</a> the cheapest place for fresh produce, so shop around for farmers markets or smaller local grocery shops</p> </li> <li> <p>buying generic brands when possible, as they are <a href="https://www.cambridge.org/core/journals/public-health-nutrition/article/streamlined-datagathering-techniques-to-estimate-the-price-and-affordability-of-healthy-and-unhealthy-diets-under-different-pricing-scenarios/872EA6396533166E0C6FA94C809D9CAC#r">notably cheaper</a>. Supermarkets usually <a href="https://theconversation.com/the-science-that-makes-us-spend-more-in-supermarkets-and-feel-good-while-we-do-it-23857">promote</a> the items they want you to buy at eye-level, so check the shelves above and below for cheaper alternatives.<!-- 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/216749/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> </li> </ul> <p><em><a href="https://theconversation.com/profiles/emily-burch-438717">Emily Burch</a>, Dietitian &amp; Academic, <a href="https://theconversation.com/institutions/southern-cross-university-1160">Southern Cross University</a> and <a href="https://theconversation.com/profiles/lauren-ball-14718">Lauren Ball</a>, Professor of Community Health and Wellbeing, <a href="https://theconversation.com/institutions/the-university-of-queensland-805">The University of Queensland</a></em></p> <p><em>Image credits: Getty </em><em>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/trying-to-spend-less-on-food-following-the-dietary-guidelines-might-save-you-160-a-fortnight-216749">original article</a>.</em></p>

Food & Wine

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How to spend time wisely – what young people can learn from retirees

<p><em><a href="https://theconversation.com/profiles/boroka-bo-1371004">Boróka Bó</a>, <a href="https://theconversation.com/institutions/university-of-essex-1291">University of Essex</a></em></p> <p>For many young people, retirement is a blip on the radar, if not a total unknown. This is particularly true during our cost of living crisis, when investing and contributing more to your pension might fall down the priority list behind paying rent.</p> <p>Despite this, more and more young people are starting to think about retirement in <a href="https://www.forbes.com/advisor/retirement/the-forbes-guide-to-fire/">earlier ages</a>, with many focusing on their future quality of life and financial independence after they leave work.</p> <p>This can sometimes come at the expense of their wellbeing while they are still working, spending extremely frugally and focusing on the “hustle”, instead of enjoying the freedom and good times that could also characterise young adulthood.</p> <p>For my <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8681690/">new research</a>, I interviewed over 200 people and surveyed hundreds more to understand how they balance time and money. I focused on people going through major life transitions: recent retirees and new parents, and people preparing for those moments. While we expect retirees to have all the time in the world, I found that in reality, retirees are often pressed for time.</p> <p>Over a quarter of them feel <a href="https://link.springer.com/content/pdf/10.1007/s11205-015-1029-z.pdf">time poor</a>, with not enough hours left in the day for all they need to do. This is regardless of the amount of money they have. Although wealthy retirees generally have more control over their schedules, both rich and poor retirees are impacted by time poverty in older ages.</p> <p>It’s never too late (or too early) to start making the most of your time and living a better life. Here are some important lessons learned from my retirees’ journeys.</p> <h2>Don’t chase money, let money chase you</h2> <p>One of the biggest regrets among my <a href="https://betterdwelling.com/city/toronto/heres-torontos-richest-and-poorest-neighbourhoods-interactive/">less privileged</a> research participants was their inability to get as much education as they wanted when younger. Some left university or college early to support their families, or because they could not afford to continue. But all regretted not getting as much education as they needed to be competitive in the labour force later on.</p> <p>To make enough money, pick something and follow through: whether university or skilled technical trades, get good at something. Then, the money will follow.</p> <h2>Worry about how you feel – not how you look</h2> <p>When youth wanes, you are left with how you feel. In retirement, will you be in pain thanks to spending your life in hard labour or nonstop work? My interviewees made clear that when you prioritise making money over health – whether by necessity or by choice – you pay for this by having to give up your precious time in retirement.</p> <p>Some of my new retirees’ health recovery efforts included spending extra time with medical providers, and spending money and time on commuting to appointments. Women were doubly disadvantaged here as, unlike men, they continued to face societal pressures to look younger than their age.</p> <p>To avoid having to <a href="https://academic.oup.com/gerontologist/article/57/5/910/2632069?login=false">spend extra</a> time and money on health recovery in later life, focus on health preservation in earlier life. Sometimes you may need to to prioritise your own wellbeing above the needs of your employer, for example by taking time off for your physical or mental health.</p> <p>While this is a luxury currently not afforded to all, movements like “quiet quitting” are beginning to start a public conversation on this topic.</p> <h2>Make your time count by sharing it with others</h2> <p>We can “buy” time by exchanging money for tasks we do not wish to do. Consuming items can also have <a href="https://www.jstor.org/stable/pdf/24737120.pdf?addFooter=false">time costs</a>, as both shopping and learning to use new items takes time. Thanks to my retirees, I now also know that we can get more out of time when we share it with others.</p> <p>Time is what social scientists would call a “<a href="https://sociologicalscience.com/time-network-good/">network good</a>”. In other words, how we value time depends on the number of other people we can share our time with.</p> <p>All of my retired participants spoke of the need to build strong, healthy relationships while younger, to have friends we can share life with when older. Shared time leads to <a href="https://sociologicalscience.com/time-network-good/">greater emotional wellbeing</a> and happiness.</p> <h2>Identify your passions early</h2> <p>While nearly all of my retirees spent a considerable amount of time financially planning for retirement, almost as many regretted not planning ahead when it comes to cultivating hobbies and interests. This was particularly pressing for my wealthy retirees, as they faced a drop in their social status and loss of work friends when they retired.</p> <p>Starting new hobbies and interests once retired – out of necessity – can feel like extra work. Pursuing passions is <a href="https://www.tandfonline.com/doi/abs/10.1080/07053436.1995.10715491?casa_token=Puyxz2akU2oAAAAA:Gl6qIREhdxqfcm5fo0cJ6_5DLLjTCuEVPF7Da2JDyxVHNwbeq6N-9Hbc0nMLiKn-cO1fZfd8cKRi">necessary for wellbeing</a>, but this should be done before retirement, while it is purely for fun.</p> <h2>Time is love</h2> <p>Repeatedly, my interview participants gently reminded me that giving your time to another person is the biggest act of kindness we can do. This is because once you give your time away, you can never get it back.</p> <p>Be mindful of this as you give your time, to your friends, employers, acquaintances or to social media companies. Thanks to my participants, I now often ask myself: Does this company or organisation love me? Generally, the answer is no, at which point I also know they do not deserve much of my time.</p> <p>At the same time, when a friend, trusted mentor, teacher or stranger donates their precious time to me, I am aware that my appreciation and kindness can only ever partially repay them.</p> <p>My retired participants show that it is important to remain grateful for the time we share with each other while on this Earth. When the daily grind gets you down, remind yourself that time is love.<!-- 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/189340/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><a href="https://theconversation.com/profiles/boroka-bo-1371004"><em>Boróka Bó</em></a><em>, Assistant professor in sociology, <a href="https://theconversation.com/institutions/university-of-essex-1291">University of Essex</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/how-to-spend-time-wisely-what-young-people-can-learn-from-retirees-189340">original article</a>.</em></p>

Money & Banking

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Dying husband and wife spend their final days holding hands

<p>A married couple have spent their final days holding hands in hospital, after their beds were pushed next to each other so they could be side-by-side as they both passed away. </p> <p>The couple from Tennessee, Tommy and Virginia Stevens, both 91, were both admitted to the Vanderbilt hospital for unrelated medical issues. </p> <p>Tommy, who was suffering with Alzheimer’s disease, had been struck down with aspiration pneumonia and sepsis, and was transferred to the hospital's palliative care unit. </p> <p>The same morning, Virginia suffered a fall as she sustained six broken ribs, a spinal fracture, and a hip injury, and was admitted to the hospital's trauma unit. </p> <p>As Tommy and Virginia's family were struggling to split time between the two wards, hospital staff were able to pull strings for the longtime lovebirds to be roomed side-by-side.</p> <p>Virginia was moved into a room near Tommy’s in the Palliative Care Unit, and her hospital bed was scooted against his so she could comfort him as his health continued to get worse, the hospital said.</p> <p>“He was awake when she came in,” their daughter Karen Kreager said.</p> <p>“His eyes were open. He wasn’t communicating a lot — just in small whispers. But he knew that she was there and that she was going to be right beside him. They haven’t stopped holding hands the whole time. She won’t let go of him.” </p> <p>“It reminds me of why we do this work,” Mohana Karlekar, MD, medical director of VUMC’s adult Palliative Care Program told local news station <em><a href="https://www.wsmv.com/2023/09/19/she-wont-let-go-him-vanderbilt-helps-hospitalized-wife-comfort-dying-husband/" target="_blank" rel="noopener">WSMV</a></em>.</p> <p>“We take care of people — husbands, wives, mothers, fathers — not patients. We brought this family together during one of their most difficult times with little effort on our part. It involved a call, seeing an extra patient that day and some conversations.”</p> <p>“From the time we brought Mrs. Stevens over, she held her husband’s hand and fussed in a very loving way with him,” Karlekar said.</p> <p>“She was able to tell me Monday that she was at peace with what was going on, and she wanted to be there until the end.”</p> <p>Tommy died on September 8th, just a day before the couple’s 69th anniversary, and Virginia died a few days later on September 17th.</p> <p><em>Image credits: Vanderbilt University Medical Center and The Stevens Family</em></p>

Caring

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Medical Research Future Fund has $20 billion to spend. Here’s how we prioritise who gets what

<p><em><a href="https://theconversation.com/profiles/adrian-barnett-853">Adrian Barnett</a>, <a href="https://theconversation.com/institutions/queensland-university-of-technology-847">Queensland University of Technology</a> and <a href="https://theconversation.com/profiles/philip-clarke-1149967">Philip Clarke</a>, <a href="https://theconversation.com/institutions/university-of-oxford-1260">University of Oxford</a></em></p> <p>The <a href="https://www.health.gov.au/our-work/medical-research-future-fund">Medical Research Future Fund</a> (MRFF) is a A$20 billion fund to support Australian health and medical research. It was set up in 2015 to deliver practical benefits from medical research and innovation to as many Australians as possible.</p> <p>Unlike the other research funding agencies, such the National Health and Medical Research Council (NHMRC), most of the MRFF funding is priority-driven. It seeks to fund research in particular areas or topics rather than using open calls when researchers propose their own ideas for funding.</p> <p>As the <a href="https://www.smh.com.au/politics/federal/not-how-you-run-a-1b-scheme-science-fund-backers-lead-chorus-for-reform-20230619-p5dhni.html">Nine newspapers</a> outlined this week, researchers have criticised the previous Coalition government’s allocation of MRFF funds. There is widespread consensus the former health minister had <a href="https://www.theage.com.au/politics/federal/a-centre-never-built-and-a-hospital-that-missed-out-the-coalition-s-unusual-20b-research-fund-20230619-p5dhng.html">too much influence</a> in the allocation of funds, and there was limited and sometimes no competition when funding was directly allocated to one research group.</p> <p>The current Health Minister, Mark Butler, has instituted a <a href="https://www.innovationaus.com/billion-dollar-medical-research-grants-process-under-review/">review</a>. So how should the big decisions about how to spend the MRFF be made in the future to maximise its value and achieve its aims?</p> <h2>Assess gaps in evidence</h2> <p>Research priorities for the MRFF are set by the <a href="https://www.health.gov.au/committees-and-groups/australian-medical-research-advisory-board-amrab?language=und">Australian Medical Research Advisory Board</a>, which widely consults with the research sector.</p> <p>However, most researchers and institutions will simply argue more funding is needed for their own research. If the board seeks to satisfy such lobbying, it will produce fragmented funding that aligns poorly with the health needs of Australians.</p> <p>A better approach would be to systematically assemble evidence about what is known and the key evidence gaps. Here, the board would benefit from what is known as a “<a href="https://pubmed.ncbi.nlm.nih.gov/15484602/">value of information</a>” framework for decision-making.</p> <p>This framework systematically attempts to quantify the most valuable information that will reduce the uncertainty for health and medical decision-making. In other words, it would pinpoint which information we need to allow us to better make health and medical decisions.</p> <p>There have been <a href="https://pubmed.ncbi.nlm.nih.gov/30288400/">attempts</a> to use this method in Australia to help inform how we prioritise hospital-based research. However, we now need to apply such an approach more broadly.</p> <h2>Seek public input</h2> <p>A structured framework for engaging with the public is also missing in Australia. The public’s perspective on research prioritisation has often been overlooked, but as the ultimate consumers of research, they need to be heard.</p> <p>Research is a highly complex and specialised endeavour, so we can’t expect the public to create sensible priorities alone.</p> <p>One approach used overseas has been developed by the <a href="https://www.jla.nihr.ac.uk/">James Lind Alliance</a>, a group in the United Kingdom that combines the public’s views with researchers to create agreed-on priorities for research.</p> <p>This is done using an intensive process of question setting and discussion. Priorities are checked for feasibility and novelty, so there is no funding for research that’s impossible or already done.</p> <p>The priorities from the James Lind Alliance process can be surprising. The top priority in the area of <a href="https://www.jla.nihr.ac.uk/priority-setting-partnerships/irritable-bowel-syndrome/top-10-priorities.htm">irritable bowel syndrome</a>, for example, is to discover if it’s one condition or many, while the second priority is to work on bowel urgency (a sudden urgent need to go to the toilet).</p> <p>While such everyday questions can struggle to get funding in traditional systems that often focus on novelty, funding research in these two priority areas could lead to the most benefits for people with irritable bowel syndrome.</p> <h2>Consider our comparative advantages</h2> <p>Australia is a relatively small player globally. To date, the MRFF has allocated around <a href="https://www.health.gov.au/resources/publications/medical-research-future-fund-mrff-grant-recipients?language=und">$2.6 billion</a>, just over 5% of what the United States allocates through the National Institute of Health funding in a <a href="https://www.who.int/observatories/global-observatory-on-health-research-and-development/monitoring/investments-on-grants-for-biomedical-research-by-funder-type-of-grant-health-category-and-recipient">single year</a>.</p> <p>A single research grant, even if it involves a few million dollars of funding, is unlikely to lead to a medical breakthrough. Instead, the MRFF should prioritise areas where Australia has a comparative advantage.</p> <p>This could involve building on past success (such as the research that led to the HPV, or human papillomavirus, vaccine to prevent cervical cancer), or where Australian researchers can play a critical role globally.</p> <p>However, there is an area where Australian researchers have an absolute advantage: using research to improve our own health system.</p> <p>A prime example would be finding ways to improve dental care access in Australia. For example, a randomised trial of different ways of providing insurance and dental services, similar to the <a href="https://www.rand.org/health-care/projects/hie.html">RAND Health Insurance Experiment</a> conducted in the United States in the 1970s.</p> <p>This could provide the evidence needed to design a sustainable dental scheme to complement Medicare. Now that is something the MRFF should consider as a funding priority.<!-- 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/209977/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/adrian-barnett-853">Adrian Barnett</a>, Professor of Statistics, <a href="https://theconversation.com/institutions/queensland-university-of-technology-847">Queensland University of Technology</a> and <a href="https://theconversation.com/profiles/philip-clarke-1149967">Philip Clarke</a>, Professor of Health Economics, <a href="https://theconversation.com/institutions/university-of-oxford-1260">University of Oxford</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/medical-research-future-fund-has-20-billion-to-spend-heres-how-we-prioritise-who-gets-what-209977">original article</a>.</em></p>

Money & Banking

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The cost of living is biting. Here’s how to spend less on meat and dairy

<p><em><a href="https://theconversation.com/profiles/clare-collins-7316">Clare Collins</a>, <a href="https://theconversation.com/institutions/university-of-newcastle-1060">University of Newcastle</a></em></p> <p>The cost of groceries has risen substantially <a href="https://www.abs.gov.au/statistics/economy/price-indexes-and-inflation/monthly-consumer-price-index-indicator/may-2023">over the last year</a>. Food and non-alcoholic drinks rose by 7.9% in the year to May, with biggest increases in dairy products (15.1%), breads and cereals (12.8%) and processed foods (11.5%).</p> <p>Meat costs rose by 3.8%, but the absolute increase was high, with a kilo of fillet steak costing up to A$60 for a kilogram.</p> <p>Australians spend around <a href="https://www.abs.gov.au/AUSSTATS/abs@.nsf/Lookup/6530.0Main+Features12009-10?OpenDocument">15% of their weekly food budget</a> on meat and half that (7.4%) on dairy products.</p> <p>About <a href="https://www.finder.com.au/cost-of-living-report">43% of householders</a> say grocery prices are a cause of financial stress, with half trying to reduce spending.</p> <p>So how can you save money on meat and dairy products without skimping on nutrients?</p> <h2>Meat</h2> <p><a href="https://www.eatforhealth.gov.au/food-essentials/five-food-groups/lean-meat-and-poultry-fish-eggs-tofu-nuts-and-seeds-and">Meat</a> is a good source of protein, iron, zinc and vitamin B12.</p> <p>Recommendations are for a maximum of three serves of cooked lean red meat a week. This includes beef, lamb, veal, pork, or kangaroo, with a serve being 65g cooked, which equates to 90–100g raw. This means purchasing 270–300g per person per week.</p> <p>Check prices online and weekly specials. Less expensive cuts include oyster blade, chuck or rump steak ($22–$25 per kilogram). They can be tougher, making them better for casseroles or slow cook recipes, like this <a href="https://nomoneynotime.com.au/healthy-easy-recipes/clares-slow-cooked-beef-stroganoff">beef stroganoff</a>.</p> <p>One exception is mince because higher star, lower fat, more expensive products shrink less during cooking compared to regular mince, which shrinks by 25–30%.</p> <p>Extend casserole and mince dishes by adding vegetarian protein sources, such as dried or canned beans and legumes.</p> <p>A 400g can of red kidney beans costs about $1.50 and contains 240g of cooked beans, equivalent to 1.6 standard serves. Add a can of any type of legume (black, adzuki, cannelloni, butter, chickpeas, four-bean mix, brown lentils) or use dried versions that don’t need pre-soaking like dried red lentils at about $5 per kilogram.</p> <p>This <a href="https://www.glnc.org.au/resource/legumes-nutrition/">adds nutrients</a> including protein, B vitamins, iron, zinc, calcium, magnesium and dietary fibre.</p> <h2>Dairy</h2> <p>Dairy products are important sources of protein, calcium, magnesium, zinc, potassium and vitamins A, B2 and B12. <a href="https://www.eatforhealth.gov.au/food-essentials/how-much-do-we-need-each-day/recommended-number-serves-adults">Australian recommendations</a> are for two to three serves a day for adults and four serves for women over 50. One serve is <a href="https://www.eatforhealth.gov.au/food-essentials/how-much-do-we-need-each-day/serve-sizes">equivalent to</a> a cup of milk or 40g cheese.</p> <p>Fresh milk costs between $1.50 and $3.00 per litre depending on type and brand, while UHT milk is cheaper, about $1.60 per litre. It’s even cheaper to buy powdered milk ($10 per kilogram pack, which makes ten litres), equating to $1 per litre.</p> <p>Making yoghurt at home costs about $5–6 per kilogram using a powder mix and yoghurt maker ($25). Once set, divide into smaller tubs yourself. Use as a substitute for cream or sour cream.</p> <p>Fresh yoghurt varies from $11–$18 per kilogram, with individual serves and flavoured varieties more expensive (but not always). Compare per kilogram or per 100g prices and check for specials.</p> <p>Cheese prices vary a lot so compare prices per kilogram. As a guide, block cheese is cheaper than pre-sliced or grated cheese. Home brand products are cheaper than branded ones. Mature cheeses are more expensive and processed cheese least expensive. But, if you cut block cheese really thick you end up using more. Block cheese ranges from $15 to $30 a kilogram, while packets of pre-sliced cheese vary from $18 to over $30.</p> <p>Pre-grated cheeses range from $14 to $30 per kilo, with most around $20, and processed cheese varies from $10 to $15. Extend grated cheese by mixing with grated carrot (about $2 a kilogram) and use as a topper for tacos, wraps, pasta and pizza. Use processed cheese slices for toasted sandwiches. Most recipes work adding less cheese than specified.</p> <p>A high-calcium alternative to cheese in sandwiches is canned salmon, but at $15–$30 per kilogram ($6–$7 per 210g can) you add variety but may not save money.</p> <h2>3 tips to save on your food bills</h2> <p><strong>1. Have a household food budget</strong></p> <p>Ensure everyone is on the same page about <a href="https://nomoneynotime.com.au/hacks-myths-faqs/how-to-save-money-at-the-supermarket">saving money on food and drinks</a>.</p> <p><a href="https://www.suncorpgroup.com.au/news/features/food-for-thought-australians-spend-272-billion-on-food-annually">About 50% of household food dollars</a> are spent on takeaway, eating out, coffee, alcohol, food-delivery services and extras, so have a budget for <a href="https://www.eatforhealth.gov.au/food-essentials/discretionary-food-and-drink-choices">discretionary</a> food items. This is where you can make big savings.</p> <p>Your household might need an incentive to stick to the budget, like voting on which “discretionary” items food dollars get spent on.</p> <p><strong>2. Have a rough weekly meal plan</strong></p> <p>Use your meal plan to write a grocery list. Check <a href="https://nomoneynotime.com.au/hacks-myths-faqs/ingredient-swaps-to-limit-supermarket-trips-during-lockdown">what you already have</a> in the pantry, fridge and freezer.</p> <p>If you’re not sure where to start, look at ours at <a href="https://nomoneynotime.com.au">No Money No Time</a>, <a href="https://nomoneynotime.com.au/hacks-myths-faqs/take-our-nmnt-2-week-food-budget-challenge-and-eat-for-55-a-week">either for one person</a> or a <a href="https://nomoneynotime.com.au/ebooks-meal-plans-more/feeding-a-growing-family-on-a-budget-meal-plan-1">family with young children</a>.</p> <p><strong>3. Avoid food waste</strong></p> <p>Australians <a href="https://www.ozharvest.org/food-waste-facts/">waste 7.6 million tonnes of food</a> each year yet 70% is edible. Before heading to the shops, check your <a href="https://nomoneynotime.com.au/hacks-myths-faqs/creating-kitchen-space-for-christmas-and-preventing-food-waste-too">fridge</a>.</p> <p>Turn <a href="https://nomoneynotime.com.au/hacks-myths-faqs/managing-kitchen-stock-and-using-leftovers-to-minimise-food-waste">leftovers</a> into tomorrow’s lunch or dinner. When clearing the dinner table, pack leftovers straight into lunch containers so it’s grab and go in the morning (or freeze for days you’re too busy to cook).</p> <p><em>Use our resources at <a href="https://nomoneynotime.com.au/hacks-myths-faqs?search=budget">No Money No Time</a> for ideas on how to help your food dollars go further. If you need food help right now, the <a href="https://askizzy.org.au/">Ask Izzy</a> website can locate services in your area.<!-- 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/206703/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 --></em></p> <p><em><a href="https://theconversation.com/profiles/clare-collins-7316">Clare Collins</a>, Laureate Professor in Nutrition and Dietetics, <a href="https://theconversation.com/institutions/university-of-newcastle-1060">University of Newcastle</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/the-cost-of-living-is-biting-heres-how-to-spend-less-on-meat-and-dairy-206703">original article</a>.</em></p>

Food & Wine

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"Gross exaggeration": Sporting officials slam Dan Andrew's Comm Games spending

<p>Dan Andrews has been the subject of a blistering attack by sporting officials just hours after announcing the 2026 Commonwealth Games would not go ahead. </p> <p>The Victorian premier broke the news in a press conference on Tuesday, saying the <a href="https://oversixty.com.au/finance/money-banking/i-m-not-here-to-apologise-dan-andrews-fires-up-as-comm-games-is-scrapped" target="_blank" rel="noopener">event has been cancelled</a> due to ongoing funding issues. </p> <p>He shared that the event, which was due to be held in numerous regional Victorian towns and was first expected to cost $2.6 billion, would now blow the budget out to a whopping $7 billion. </p> <p>However, following Andrews' announcement, Commonwealthh Games Australia Executive Officer Craig Phillips said the premier's cost update doesn't add up, with the $7 billion figure being a "gross exaggeration". </p> <p>“Beyond disappointing for us,” he said on Tuesday. </p> <p>“It’s a comprehensive let-down for the athletes, the excited host communities, First Nations Australians who were going to be at the heart of the Games and which millions of fans that would have embraced the sixth home Games in Australia.”</p> <p>Phillips also accused Andrews of telling misinformation surrounding the process in which the government put its hand up to host the event. </p> <p>After being confirmed to host in April 2022, planning documents showed the intentions were to establish hubs in Geelong, Bendigo, Ballarat and Gippsland, each with an athlete’s village.</p> <p>Shepparton was also planned to host events, and the MCG would have hosted the opening ceremony.</p> <p>In a statement released on Tuesday afternoon, Phillips made bombshell claims government officials ignored advice to save costs by moving events to existing stadiums and facilities in Melbourne. </p> <p>Phillips also said Commonwealth Games Australia was not notified about the changed budgetary estimates until the government had already made its decision.</p> <p>He said, “The detailed budgetary implications announced today have not been sighted or discussed with the CGF or CGA ahead of being notified of the Government’s decision." </p> <p>“The stated costs overrun, in our opinion, are a gross exaggeration and not reflective of the operational costs presented to the Victoria 2026 Organising Committee board as recently as June."</p> <p>“Beyond this, the Victorian Government wilfully ignored recommendations to move events to purpose-built stadia in Melbourne and in fact remained wedded to proceeding with expensive temporary venues in regional Victoria."</p> <p>Many were up in arms over the Games being cancelled, including Victorian opposition senator Anne Ruston, who has called on prime minister Anthony Albanese to “take responsibility” for Victoria’s decision to cancel the Commonwealth Games, arguing it has dented Australia’s international reputation.</p> <p>“I say to the prime minister: Australia’s reputation has been damaged today and you should be very worried about the damage this does to Australia’s international reputation,” Ruston said. </p> <p>“This is a terrible decision for Australia but it is also very disingenuous and I think as we dig into the decision this morning, which we will do through our Senate inquiry, you will see that the Victorian government is hiding its incompetence behind a smokescreen of saying this is a budget blowout.”</p> <p><em>Image credits: Getty Images</em></p> <p> </p>

Legal

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Holidays you’d be happy to spend your life savings on

<p>There’s nothing better than an amazing travel adventure that makes you stop, look at the world around and you have life-altering “ah-ha” moments. These are the holidays that dreams are made of. You’ve worked hard your whole life – go on, you deserve it.</p> <p><strong>Swim with sea turtles in the Galapagos Islands</strong></p> <p>Step right into your own nature documentary with a visit to the home of Darwin’s evolution theory. Get up close to wildlife that simply doesn’t exist anywhere else- Blue-footed boobies, giant tortoises and marine iguanas to name just a few.</p> <p>You can choose to live on board a cruise, or join an island-hopping cruise where you sleep in small hotels and hostels on different islands.</p> <p>Swim or snorkel with sea turtles and sea lions, hike volcanic craters or just kick back and snap away on your camera.</p> <p>If you really want to push the boat out (pun intended!) you could add another adventure. Explore Ecuador, where cruises to the Galapagos Islands depart from, or hop over to Peru and see the Machu Picchu. If trekking isn’t your thing, take a guided tour where you stay in a lodge each night, or board the Orient Express at Cusco to tick off another bucket list item!</p> <p>For more information visit the Over60 Global Journeys South America section <a href="http://oversixty.globaljourneys.com.au/coach_tours/south_america/index.php" target="_blank" rel="noopener"><span style="text-decoration: underline;"><strong>here</strong></span></a>.</p> <p><strong>Expedition cruise to Antarctica</strong></p> <p>It might be the coldest, windiest, emptiest, driest continent on earth, but an expedition cruise to Antarctica is one of the hottest destinations for a once-in-a-lifetime adventure.</p> <p>If spectacular iceberg formations and abundant wildlife such as whales, seals and penguins appeal to you, then this has to go on your bucket list.</p> <p>You can choose a cruise that retraces the footsteps of Scott and Shackleton, or one that offers activities for keen kayakers, photographers or wildlife enthusiasts.</p> <p>Most cruises depart from South America, so why not extend your holiday while you’re there and travel around South America too? We’re sold.</p> <p>For more information visit G Adventures <a href="http://www.gadventures.com.au" target="_blank" rel="noopener"><span style="text-decoration: underline;"><strong>here</strong></span></a>. </p> <p><strong>Track the ‘Big Five’ in Africa</strong></p> <p>Tanzania is well-established as one of the best wildlife-viewing destinations in the world, but when you head out on a private jeep safari at dawn from your luxury lodge, you’ll feel like there are just the incredible animals, and you.</p> <p>Tick off the big five: lions, elephants, buffalo, leopards and rhinos as you watch the sun come up over the Serengeti plain, one of the 10 natural travel wonders of the world.</p> <p>Include a stop-over at Kenya and visit a Masai village, or for the extremely adventurous, Mount Kilimanjaro isn’t far away. Finish your trip with some R&R time on Zanzibar, an island full of Arabian influence and stunning beaches just off the coast of Tanzania.</p> <p>For more information visit the Over60 Global Journeys Africa section <a href="http://oversixty.globaljourneys.com.au/coach_tours/africa/index.php" target="_blank" rel="noopener"><span style="text-decoration: underline;"><strong>here</strong></span></a>. </p> <p><strong>Grand Canyon and the Rockies</strong></p> <p>One of the seven natural wonders of the world, the Grand Canyon is North America’s must-see destination. Zoom over the parched red rock formations in a light aircraft or helicopter, or trek down to the bottom on horseback or on foot.</p> <p>Then fly to Colorado to start a tour of the incredible Rocky Mountains. Stay on a ranch in cowboy country and pretend you’re in a spaghetti western, spot bears, elk and bison in Yellowstone National Park and get a taste of what the pioneers first discovered when they started moving westwards. Keep heading north on one of the most spectacular journeys in the world through Glacier, Banff and Jasper National Parks, and finish your trip in stunning Vancouver.</p> <p>For more information visit the Over60 Global Journeys USA section <a href="http://oversixty.globaljourneys.com.au/coach_tours/usa/index.php" target="_blank" rel="noopener"><span style="text-decoration: underline;"><strong>here</strong></span></a>. </p> <p>Prices vary depending on the level of luxury and length of trip.</p> <p><em>Image credit: Getty / Shutterstock</em></p>

International Travel

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Aussies want their parents to spend their nest egg

<p dir="ltr">New research has found that most Australians would rather see their parents and grandparents spend their retirement savings than receive an inheritance. </p> <p dir="ltr">In the last 20 years, inheritances in Australia have totaled almost $1.4 trillion, averaging out to about $67 billion a year.</p> <p dir="ltr">The average inheritance is approximately $125,000 and goes to a recipient of about 50 years of age. </p> <p dir="ltr">The new report from CompliSpace has suggested a shift in attitudes for how Aussies think about inheritances, while also helping to bridge the aged care funding shortfall, which is set to increase. </p> <p dir="ltr">It is estimated that the Australian government spends approximately $24 billion each year on aged care, which is less than half of the global average. </p> <p dir="ltr">Melbourne woman Louise Lucas shared her attitudes on her parents spending their nest egg, telling <a href="https://www.9news.com.au/national/inheritance-values-changing-parents-urged-to-spend-not-leave-to-kids/3764f9cd-5287-4520-948a-e6de08ce2d1d">9news.com.au</a> she was “heartily all for” her parents leaving her nothing in their will, as long as they had a comfortable retirement. </p> <p dir="ltr">"I'm a mortgage broker and I've met a lot of retired people who are just hanging on and not living very well," she said.</p> <p dir="ltr">Louise went on to say that while it is better for older people to spend their money during their retirement years to live comfortably and stay active, it would also give the economy a boost. </p> <p dir="ltr">"Money's for experiences, you'd like to think, not things," she said.</p> <p dir="ltr">"If you've got more than $100,000 in the bank when you die, you've wasted your time and money."</p> <p dir="ltr"><em>Image credits: Getty Images</em></p>

Retirement Income

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Meet the woman preparing to spend three years at sea

<p dir="ltr">When Sharon Lane heard about a once in a lifetime trip offered by a cruising company for a three-year voyage around the world, she began dreaming of her life on board. </p> <p dir="ltr">The 75-year-old cruising fanatic, a retired teacher from California, is no stranger to all-or-nothing travel experiences. </p> <p dir="ltr">She has frequented Europe with her students, taught foreign languages, and in the 1990s, she up and left to spend two years in South Africa. </p> <p dir="ltr">While looking for her next adventure, Sharon discovered an incredible voyage with Life at Sea Cruises. </p> <p dir="ltr">The company is selling places on board the <a href="https://oversixty.com.au/travel/cruising/world-first-three-year-cruise-revealed">MV Gemini</a>, which sets sail from Istanbul on November 1st 2023 on an epic three-year global journey that will take in most of the planet's prime cruising destinations.</p> <p dir="ltr">The MV Gemini will stop at 375 ports over its three-year voyage, with 208 of these including overnight stays. The ship will stop everywhere from India to China to the Maldives to Australia, with some multi-night stopovers.</p> <p dir="ltr">A recent convert to the world of cruising as she has gotten older, Lane said one of her favourite sensations is the calming feeling of being adrift at sea. </p> <p dir="ltr">"I actually prefer the ocean days, when we're just sailing through or powering through the oceans, it just thrills me," Lane tells <a href="https://edition.cnn.com/travel/article/cruise-ship-three-years-mv-gemini-passenger-perspective/index.html">CNN Travel</a>.</p> <p dir="ltr">After hearing about the voyage from a friend, Sharon immediately started her planning and budgeting. </p> <p dir="ltr">"By midnight that night, I had done enough research that I booked a room," she says.</p> <p dir="ltr">The cheapest rooms on the MV Gemini cost around $US30,000 ($45,000) per year, including a discount for solo travellers. </p> <p dir="ltr">Since booking her ticket, Lane is busy working out the details before her embankment date in November. </p> <p dir="ltr">She is selling most of her possessions, giving up her rental lease and preparing for a long stint at sea.</p> <p dir="ltr">"The logistics are crazy," says Lane. "It's a leap of faith, but I know there will be a place here when I get back. Or maybe I'll end up living in another country. I don't know, the sky's the limit."</p> <p dir="ltr">While she is getting rid of most of her belongings, she is determined to bring along a few family photos for the journey, particularly a favourite picture of her now-adult grandsons back when they were kids and she took them on a whale-watching trip.</p> <p dir="ltr">"I have that laminated and I'll take magnets and I'll stick it to my door for two reasons," says Lane. "One, I get to see their faces every time I go in, which is always fun, and the other reason is it makes it really easy to know which door is yours, because you've got your grandsons smiling back."</p> <p dir="ltr">Lane hopes her epic journey might inspire others to take a risk and push themselves out of their comfort zone, as she still regrets the years she spent in midlife putting off travelling and doesn’t want others to hold the same regrets. </p> <p dir="ltr">"I think I was always waiting for the perfect time to go when everything is right in life, when money is right, when appointments are right, when other people want to go," she says.</p> <p dir="ltr">"Don't stay home," she encourages. "Home may be where the heart is, home may be where you hang your hat – hang your hat, and then get on the boat, get on the plane, get in the car, go somewhere."</p> <p dir="ltr"><em>Image credits: CNN Travel </em></p>

Cruising

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5 magical destinations to spend Christmas

<p>Here are the five best places to spend Christmas around the world. If you can’t be home for Christmas this year, one of these locations would do nicely!</p> <p><strong>1. Niseko, Japan</strong></p> <p>For a guaranteed white Christmas without the 24-hour flight to get there, Niseko should be on your Christmas list. The resort, on the northern island of Hokkaido, is considered the powder capital of the world and you’ll get fresh snow virtually every day. Even if you’re not a skier, you can soak up the Japanese onsen culture, dine at the Michelin star restaurants and indulge in a little après ski.</p> <p><strong>2. Bruges, Belgium</strong></p> <p>Europe’s best-preserved medieval city oozes charm from every cobblestone. Walk through the snow-dusted streets, inhaling the scent of praline and warm waffles, stopping in at one of the many chocolatiers to warm up with a cup of hot chocolate. A small ice rink and Christmas market take over the central square, creating one of travel’s most snappable moments.</p> <p><strong>3. Rio de Janeiro, Brazil</strong></p> <p>Aussies are so accustomed to a warm holiday season that a trip to the snow might be too much to handle. So head straight across the Pacific to South America and the buzzing beachside beauty of Rio. Brazil is the world’s largest Catholic nation, so Christmas is a big deal. The world’s largest floating Christmas tree sits in the harbour, bedecked with thousands of twinkling lights, and the whole city is in a festive mood.</p> <p style="text-align: center;"> <iframe src="https://www.youtube.com/embed/ahytoTd8vHo" width="560" height="315" frameborder="0" allowfullscreen="allowfullscreen"></iframe></p> <p><strong>4. Salzburg, Austria</strong></p> <p>One of Europe’s great Christmas market hubs, the markets here date back to the 15<sup>th</sup> century. The main market runs for the month before Christmas and sits right in front of the grand Cathedral of Salzburg. Other markets are dotted around the city, like the Advent Market in Hellburn that has an oversized advent calendar as the centerpiece.</p> <p><strong>5. Rome, Italy</strong></p> <p>Midnight mass inside St Peter’s Basilica in the Vatican is a one of a kind Christmas experience that you will never forget. An enormous tree is set up in the middle of St Peter’s Square and there’s also a television screen broadcasting the mass inside if you can’t get a seat. The Christmas season lasts for a full month in Italy, so you will be able to participate in a number of religious ceremonies leading up to the day.</p> <p><em>Image: Getty Images</em></p>

International Travel

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How the royal family will spend their first Christmas without the Queen

<p>A royal insider has revealed how King Charles and his family will spend their first Christmas without the Queen. </p> <p>This festive season will be the first for the family since the death of Queen Elizabeth in September. </p> <p>Buckingham Palace has confirmed that King Charles III will continue the tradition of hosting Christmas at Sandringham, the Queen’s Norfolk estate, with his wife, Queen Consort Camilla.</p> <p>Sandringham is also the location of Prince William and Princess Catherine’s second home, Anmer Hall.</p> <p>Royal expert Emily Nash told <a href="https://www.hellomagazine.com/royalty/20221128158211/inside-royal-family-first-christmas-without-queen/" target="_blank" rel="noopener">HELLO! magazine</a> that some traditions will remain the same for the royals, but other things will feel very different without the Queen's presence. </p> <p>“This is going to be a very poignant Christmas for the King and his family, as their first without the late Queen in their midst,” Nash said.</p> <p>“But it’s also a chance for them to all come together and share their memories and continue family traditions in the place she loved so much.”</p> <p>December is set to be a historic month for King Charles, who will record his first Christmas message for the public as the reigning monarch, to be broadcast on December 15th.</p> <p>“I’m sure he will reflect on his mother’s remarkable reign and the outpouring of love and support for him following her sad death,” Nash said.</p> <p>“I think the royal family will want to honour all the traditions they associate with Christmas at Sandringham - exchanging gifts on Christmas Eve and walking to St Mary Magdalene for the Christmas Day service, but there’s no doubt it will be an emotional time for them without their matriarch.”</p> <p><em>Image credits: Getty Images</em></p>

Family & Pets

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Why you should beware spending rewards and BNPL programs

<p>Malware is software designed to disrupt and destroy, and there are plenty of ‘wolf in sheep’s clothing’ financial programs doing just that to people’s financial futures. Some that come to mind are programs (yes, they’re called ‘programs’) that make it easier to spend and / or reward and incentivise spending, and harder to make good financial decisions. When you get tricked into spending, or spending more than you otherwise would, you transfer your wealth to someone else. The more wealth you consume, the less you have for later on. Let’s consider two marketing malware culprits to avoid wherever possible.</p> <p><strong>Rewards Programs</strong></p> <p>Beware programs that trick you into thinking that spending is good.</p> <p>Consider Flybuys for example. It is a rewards program where you generally receive one Flybuys point for every dollar spend. Therefore, to earn 1 000 000 Flybuys points, you need to spend $1 000 000. What if I told you that the cash value of one Flybuys point is 0.5 cents? That would mean to earn 1 000 000 Flybuys points you’d have to spend $1 000 000, yet that $1 000 000 is really only ‘worth’ $5000. They’ve actually created a system where you think you’re being rewarded on a one-for-one basis (i.e. one dollar spent equals one point) when really you’re being rewarded at the rate of half of one cent for every dollar spent.</p> <p>Additionally, when it comes time to redeem your points, the products you can ‘purchase’ are valued at top dollar, rather than at any discounted price you might be able to find if you shopped around.</p> <p><strong>Buy Now Pay Later (BNPL)</strong></p> <p>Back in the day, department stores offered something called lay-by. This was where you could grab a product off the shelf, take it to the store’s lay-by counter and enter an arrangement with them to pay it off over two or three instalments. Once you’d made the final payment, the product was yours to own and take home. Lay-by was a great option for people who couldn’t access or didn’t want to use credit cards. There were no upfront fees associated with lay-by, and there was certainly no interest charged. </p> <p>Lay-by has been reborn and rebadged as BNPL; you pay by instalments, and you can take the product with you immediately. You won’t pay any fees provided you make the required instalments in full and on time. If you don’t, then you’ll be slugged with establishment fees, late fees, account-keeping fees and payment processing fees.</p> <p>The danger is that BNPL is easier to access than traditional debt options such as credit cards because BNPL is not technically credit since providers don’t charge interest. But BNPL is consumer debt with instant gratification, and that makes it credit in my book.</p> <p>Afterpay is one of the biggest BNPL providers on the planet. It advertises that it is a ‘free service’, provided you pay on time. If you don’t,  their late fee is $10 per missed payment, plus an additional $7 if the payment is still outstanding after a week. It doesn’t sound like a lot, but if you had bought something that only cost $20 and forgot to make a $5 instalment, then the $10 fee is 200 per cent of the missed payment. Ouch! Don’t forget that the fee is per missed payment. If there were other purchases made, then the fee would compound.</p> <p>Late fees, however small, can quickly cascade into a significant sum of money, potentially many times more than the instalment due or even the price of the item purchased. Plus, there are other consequences of missed payments—black marks on credit records, difficulties borrowing for other debt such as a home loan, and the possibility of additional fees as debts are passed over to debt collectors.</p> <p>BNPL organisations profit from users who fail to meet their repayment obligations, and so part and parcel of running a successful business and growing profits would involve them doing well when their customers do poorly. You can’t expect corporate behemoths to do the right thing by you if it’s the wrong thing by them. The best you can do is gain the skills and awareness you need to know when you’re being played. Marketing malware disrupts your ability to accumulate wealth by tricking you into believing you are getting a better deal than is the case. Ideally, you’d avoid using it at all, but if it’s too late for that, then you need to clean up your code as soon as you can.</p> <p>Being rewarded for spending money you haven’t yet earned is a toxic combination that will poison your efforts to attract and keep a fortune that counts.  Make sure you are a good shepherd of your financial flock by being vigilant in keeping an eye out for marketing malware wolves, and not falling for their enticing yet financially disempowering charms. </p> <p><strong>Edited extract from Steve McKnight’s <em>Money Magnet: How to Attract and Keep a Fortune that Counts</em> (Wiley $32.95), now available at all leading retailers. Visit www.moneymagnet.au</strong></p> <p><em>Image: Getty Images</em></p>

Money & Banking

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Spending too much money? Tempted by sales? These ways to ‘hack’ your psychology can help

<p>It’s late November, which means the holiday sales period has well and truly begun. If you haven’t already seen your spending go up, the possibility is looming.</p> <p>And you probably have some concerns about spending your money wisely. Furthermore, shopping can be a harrowing experience, and our attitudes towards money are tied up in all kinds of feelings.</p> <p>Based on psychology, here are three tips to improve the way you spend your hard-earned cash this holiday season.</p> <p><strong>Before the purchase – patience is your friend</strong></p> <p>One of the amazing features of the human mind is that we can mentally time travel: we can imagine what the future is going to <em>feel</em> like. Scientists call this “<a href="https://doi.org/10.1016/S0065-2601(03)01006-2" target="_blank" rel="noopener">affective forecasting</a>”.</p> <p>Thinking about a future trip – imagining the warm sun, the sand between your toes, finding yourself smiling – is an example of such mental time travel.</p> <p>However, it turns out <a href="https://www.bauer.uh.edu/vpatrick/docs/Looking%20Through%20the%20Crystal%20Ball.pdf" target="_blank" rel="noopener">we’re not very good at affective forecasting</a>. We get wrong not only the emotions we will experience, but also their intensity and duration. Lottery winners are a classic example – contrary to expectations, <a href="https://doi.org/10.1037//0022-3514.36.8.917" target="_blank" rel="noopener">many are not happy</a>, or not happy for long.</p> <p>More importantly, you can derive happiness from just <em>anticipating</em> future experiences. For example, one study measured the happiness of 974 people going on a trip compared with 556 people not going on a trip. As you might expect, the vacationers were relatively happier – <a href="https://doi.org/10.1007%2Fs11482-009-9091-9" target="_blank" rel="noopener">but only before the trip</a>.</p> <p>So, how can we take advantage of our capacity to mentally time travel?</p> <p><strong>Tip #1: Pay now, consume later.</strong> These days, fuelled by the rise of “buy now, pay later” options, we get to consume what we want immediately. However, this instant gratification deprives us of a key source of happiness: anticipation. A better strategy is to commit to buy something and then wait a little before actually consuming it.</p> <p><strong>At the point of purchase – notice you’re paying</strong></p> <p>An inevitability of every purchase is spending money. This represents a cost, both in terms of the monetary value but also the opportunity to buy other things.</p> <p>Costs are a form of loss, and <a href="https://doi.org/10.1037/0003-066X.39.4.341" target="_blank" rel="noopener">we don’t like losing things</a>. For that reason, it psychologically hurts to spend money. Scientists call this the “<a href="https://doi.org/10.1287/mksc.17.1.4" target="_blank" rel="noopener">pain of paying</a>”.</p> <p>According to <a href="https://doi.org/10.1111/1467-8721.00151" target="_blank" rel="noopener">one theory of shopping</a>, we decide to buy after making a mental calculation: is the anticipated pleasure of consuming higher than the anticipated pain of buying?</p> <p><a href="https://doi.org/10.1016%2Fj.neuron.2006.11.010" target="_blank" rel="noopener">This calculus</a> is even represented in the brain. For example, <a href="http://dx.doi.org/10.2139/ssrn.2901808" target="_blank" rel="noopener">one study</a> looking at people’s brains with fMRI while they purchased food found neural activity in areas linked to higher-order, affective pain processing, which correlated with how high the price was.</p> <p>How did you pay for your last meal? Did you have to dig into your wallet or purse trying to extract the appropriate combination of notes and coins? Maybe you simply pulled out a plastic card and swiped it on the reader? Or perhaps you absentmindedly touched your smartphone to the machine.</p> <figure class="align-center "><em><img src="https://images.theconversation.com/files/496420/original/file-20221121-14-8dpx7o.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/496420/original/file-20221121-14-8dpx7o.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=600&amp;h=400&amp;fit=crop&amp;dpr=1 600w, https://images.theconversation.com/files/496420/original/file-20221121-14-8dpx7o.jpg?ixlib=rb-1.1.0&amp;q=30&amp;auto=format&amp;w=600&amp;h=400&amp;fit=crop&amp;dpr=2 1200w, https://images.theconversation.com/files/496420/original/file-20221121-14-8dpx7o.jpg?ixlib=rb-1.1.0&amp;q=15&amp;auto=format&amp;w=600&amp;h=400&amp;fit=crop&amp;dpr=3 1800w, https://images.theconversation.com/files/496420/original/file-20221121-14-8dpx7o.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;h=503&amp;fit=crop&amp;dpr=1 754w, https://images.theconversation.com/files/496420/original/file-20221121-14-8dpx7o.jpg?ixlib=rb-1.1.0&amp;q=30&amp;auto=format&amp;w=754&amp;h=503&amp;fit=crop&amp;dpr=2 1508w, https://images.theconversation.com/files/496420/original/file-20221121-14-8dpx7o.jpg?ixlib=rb-1.1.0&amp;q=15&amp;auto=format&amp;w=754&amp;h=503&amp;fit=crop&amp;dpr=3 2262w" alt="A person holding up their smartphone to a contactless payment system" /></em><figcaption><em><span class="caption">‘Tapping’ with your phone greatly reduces the pain of paying.</span> <span class="attribution"><a class="source" href="https://unsplash.com/photos/k24rOBJ2D_0" target="_blank" rel="noopener">naipo.de/Unsplash</a></span></em></figcaption></figure> <p>It turns out your method of payment changes how much pain you feel. In <a href="https://doi.org/10.1093/jcr/ucv056" target="_blank" rel="noopener">one study</a>, researchers asked some university employees if they would like to buy a mug at a discounted price. Half were only allowed to pay in cash, whereas the other half had to use a debit or credit card.</p> <p>Those who paid in cash self-reported more pain of paying. So, how can you use this to your advantage?</p> <p><strong>Tip #2: Ramp up the pain.</strong> If you’re worried about overspending this holiday period, ramp up the pain of paying. You can do this by using cash or receiving a notification each time money leaves your account.</p> <p><strong>After the purchase – stop chasing rainbows</strong></p> <p>A fundamental feature of human beings is that we are adaptive – we easily get used to the new normal. This applies to our purchases, too. Scientists call it “<a href="https://www.cmu.edu/dietrich/sds/docs/loewenstein/HedonicAdaptation.pdf" target="_blank" rel="noopener">hedonic adaptation</a>”: over time, consumption of the same thing brings decreasing happiness.</p> <p>Remember the day you got your smartphone? You may have felt joy as you caressed the smooth aluminium back and watched light glint off the unblemished glass. Now look at your phone. What happened to the joy?</p> <p>It’s normal to experience hedonic adaptation. However, one problem is that we don’t anticipate it.</p> <p>Remember affective forecasting? Since <a href="https://doi.org/10.2307/3150499" target="_blank" rel="noopener">satisfaction is a function of expectations relative to performance</a>, when we fail to adjust our expectations in light of the inevitable hedonic adaptation, we end up dissatisfied.</p> <p>The second problem with hedonic adaptation is that the obvious solution appears to be buying something new. Maybe you need a new smartphone to replace your slightly scratched-up old one? If this is your thinking, you’ve just hopped onto the <a href="https://doi.org/10.1037/0003-066X.61.4.305" target="_blank" rel="noopener">hedonic treadmill</a>.</p> <p>Now the only way to maintain your happiness is to spend more and more money to get better and better versions of everything. So, how can you get off this treadmill?</p> <p><strong>Tip #3: Buy experiences, not things</strong>. It turns out <a href="https://doi.org/10.1093/jcr/ucaa047" target="_blank" rel="noopener">people end up happier when they buy experiences rather than things</a>. For example, <a href="https://doi.org/10.1007/s12232-010-0093-6" target="_blank" rel="noopener">a study</a> that tracked how older adults spent their money found that only one category of spending was related to happiness: leisure purchases, such as going on trips, seeing a movie at the cinema, and cheering at sporting events.</p> <p>One reason for this is that <a href="https://doi.org/10.1086/597049" target="_blank" rel="noopener">we adapt to purchases of experiences more slowly</a> than purchases of material things.</p> <p>So, the next time you’re tossing up between buying tickets to a festival or getting the latest gadget, pick up your scratched-up smartphone and pre-purchase some festival tickets for you and your friends.<!-- 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/194821/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>Writen by Adrian R. Camilleri. Republished with permission from <a href="https://theconversation.com/spending-too-much-money-tempted-by-sales-these-ways-to-hack-your-psychology-can-help-194821" target="_blank" rel="noopener">The Conversation</a>.</em></p> <p><em>Image: Getty Images</em></p>

Money & Banking

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How to spend time wisely – what young people can learn from retirees

<p>For many young people, retirement is a blip on the radar, if not a total unknown. This is particularly true during our cost of living crisis, when investing and contributing more to your pension might fall down the priority list behind paying rent.</p> <p>Despite this, more and more young people are starting to think about retirement in <a href="https://www.forbes.com/advisor/retirement/the-forbes-guide-to-fire/" target="_blank" rel="noopener">earlier ages</a>, with many focusing on their future quality of life and financial independence after they leave work.</p> <p>This can sometimes come at the expense of their wellbeing while they are still working, spending extremely frugally and focusing on the “hustle”, instead of enjoying the freedom and good times that could also characterise young adulthood.</p> <p>For my <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8681690/" target="_blank" rel="noopener">new research</a>, I interviewed over 200 people and surveyed hundreds more to understand how they balance time and money. I focused on people going through major life transitions: recent retirees and new parents, and people preparing for those moments. While we expect retirees to have all the time in the world, I found that in reality, retirees are often pressed for time.</p> <p>Over a quarter of them feel <a href="https://link.springer.com/content/pdf/10.1007/s11205-015-1029-z.pdf" target="_blank" rel="noopener">time poor</a>, with not enough hours left in the day for all they need to do. This is regardless of the amount of money they have. Although wealthy retirees generally have more control over their schedules, both rich and poor retirees are impacted by time poverty in older ages.</p> <p>It’s never too late (or too early) to start making the most of your time and living a better life. Here are some important lessons learned from my retirees’ journeys.</p> <h2>Don’t chase money, let money chase you</h2> <p>One of the biggest regrets among my <a href="https://betterdwelling.com/city/toronto/heres-torontos-richest-and-poorest-neighbourhoods-interactive/" target="_blank" rel="noopener">less privileged</a> research participants was their inability to get as much education as they wanted when younger. Some left university or college early to support their families, or because they could not afford to continue. But all regretted not getting as much education as they needed to be competitive in the labour force later on.</p> <p>To make enough money, pick something and follow through: whether university or skilled technical trades, get good at something. Then, the money will follow.</p> <h2>Worry about how you feel – not how you look</h2> <p>When youth wanes, you are left with how you feel. In retirement, will you be in pain thanks to spending your life in hard labour or nonstop work? My interviewees made clear that when you prioritise making money over health – whether by necessity or by choice – you pay for this by having to give up your precious time in retirement.</p> <p>Some of my new retirees’ health recovery efforts included spending extra time with medical providers, and spending money and time on commuting to appointments. Women were doubly disadvantaged here as, unlike men, they continued to face societal pressures to look younger than their age.</p> <p>To avoid having to <a href="https://academic.oup.com/gerontologist/article/57/5/910/2632069?login=false" target="_blank" rel="noopener">spend extra</a> time and money on health recovery in later life, focus on health preservation in earlier life. Sometimes you may need to to prioritise your own wellbeing above the needs of your employer, for example by taking time off for your physical or mental health.</p> <p>While this is a luxury currently not afforded to all, movements like “quiet quitting” are beginning to start a public conversation on this topic.</p> <h2>Make your time count by sharing it with others</h2> <p>We can “buy” time by exchanging money for tasks we do not wish to do. Consuming items can also have <a href="https://www.jstor.org/stable/pdf/24737120.pdf?addFooter=false" target="_blank" rel="noopener">time costs</a>, as both shopping and learning to use new items takes time. Thanks to my retirees, I now also know that we can get more out of time when we share it with others.</p> <p>Time is what social scientists would call a “<a href="https://sociologicalscience.com/time-network-good/" target="_blank" rel="noopener">network good</a>”. In other words, how we value time depends on the number of other people we can share our time with.</p> <p>All of my retired participants spoke of the need to build strong, healthy relationships while younger, to have friends we can share life with when older. Shared time leads to <a href="https://sociologicalscience.com/time-network-good/" target="_blank" rel="noopener">greater emotional wellbeing</a> and happiness.</p> <h2>Identify your passions early</h2> <p>While nearly all of my retirees spent a considerable amount of time financially planning for retirement, almost as many regretted not planning ahead when it comes to cultivating hobbies and interests. This was particularly pressing for my wealthy retirees, as they faced a drop in their social status and loss of work friends when they retired.</p> <p>Starting new hobbies and interests once retired – out of necessity – can feel like extra work. Pursuing passions is <a href="https://www.tandfonline.com/doi/abs/10.1080/07053436.1995.10715491?casa_token=Puyxz2akU2oAAAAA:Gl6qIREhdxqfcm5fo0cJ6_5DLLjTCuEVPF7Da2JDyxVHNwbeq6N-9Hbc0nMLiKn-cO1fZfd8cKRi" target="_blank" rel="noopener">necessary for wellbeing</a>, but this should be done before retirement, while it is purely for fun.</p> <figure></figure> <h2>Time is love</h2> <p>Repeatedly, my interview participants gently reminded me that giving your time to another person is the biggest act of kindness we can do. This is because once you give your time away, you can never get it back.</p> <p>Be mindful of this as you give your time, to your friends, employers, acquaintances or to social media companies. Thanks to my participants, I now often ask myself: Does this company or organisation love me? Generally, the answer is no, at which point I also know they do not deserve much of my time.</p> <p>At the same time, when a friend, trusted mentor, teacher or stranger donates their precious time to me, I am aware that my appreciation and kindness can only ever partially repay them.</p> <p>My retired participants show that it is important to remain grateful for the time we share with each other while on this Earth. When the daily grind gets you down, remind yourself that time is love.</p> <p><strong>This article originally appeared on <a href="https://theconversation.com/how-to-spend-time-wisely-what-young-people-can-learn-from-retirees-189340" target="_blank" rel="noopener">The Conversation</a>.</strong></p> <p><em>Image: Shutterstock</em></p>

Relationships

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Artist spends two years covering his home in doodles

<p>A UK artist has spent two years covering his multi-million dollar mansion in his distinctive style of drawings. </p> <p>Sam Cox, who is lovingly known as Mr Doodle, worked his way through 900 litres of emulsion, 401 cans of spray paint, 286 bottles of drawing paint, and 2,296 pens to transform his home into a work of art.</p> <p>Sam has spent the last two years plastering the walls of his six-bedroom, neo-Georgian mansion that he bought for $2.3million (AUD) in Kent, England, with the signature black-and-white drawings that earned him his name. </p> <p>The 28-year-old artist said it has always been his lifelong dream to buy a house to transform into a "doodle-verse".</p> <p>Sam's adventurous project began in the main bedroom - which he decorated with "dream" themed drawings - and the 2,000-tile en-suite bathroom, which has a sea theme.</p> <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-permalink="https://www.instagram.com/reel/CjLla7wA0zI/?utm_source=ig_embed&amp;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/reel/CjLla7wA0zI/?utm_source=ig_embed&amp;utm_campaign=loading" target="_blank" rel="noopener">A post shared by Mr Doodle (@mrdoodle)</a></p> </div> </blockquote> <p>The first stage took a gruelling two months to complete, but Mr Cox was determined to finish it on his own.</p> <p>He said, "It's the longest project I've done. I wanted to say I'd done it all myself."</p> <p>Sam has left no surface untouched, with every wall and ceiling and all amenities, including the television, stovetop and bath, covered in monochromatic doodles.</p> <p>Despite admitting he did not plan any of his drawings, Mr Cox has given every room its own theme.</p> <p>For example, the hallway is covered with Noah's Ark creations, while the stairs are decorated with Heaven and Hell drawings.</p> <p>He said, "I had a rough idea of the theme but the individual doodles are spontaneous."</p> <p>"My main inspiration still goes back to when I was kid watching Tom and Jerry, Wacky Races and SpongeBob SquarePants, and video games like Crash Bandicoot. I always wanted to draw characters for video games."</p> <p>While already thinking about his next project, Sam said he would be hesitant to let go of the doodle mansion. </p> <p>He said, "I'm unlikely to be persuaded to move, even if it was amazing money."</p> <p>"I'd feel sad leaving this house, because it's my first one."</p> <p><em>Image credits: Instagram </em></p>

Real Estate

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Gladys spends big on Kyle’s newborn gifts

<p>Radio host and new dad Kyle Sandliands has been inundated with well wishes and gifts since he and his fiancée Tegan Kynaston <a href="https://oversixty.com.au/lifestyle/family-pets/first-look-at-kyle-s-baby-boy" target="_blank" rel="noopener">welcomed their son Otto</a> into the world last week. </p> <p>One gift, however, came from a very unlikely source: Former NSW Premier Gladys Berejiklian.</p> <p>Kyle brought in the "nicely wrapped" gift to the KIIS FM studio to open it live on air with his co-host Jackie O, who guessed its contents saying, "To me it seems like it's going to be an outfit from Seed."</p> <p>They unwrapped the gift and gushed over how "cute" the bib, onesie and "little trousers" were.</p> <p>Jackie went on to say, "She would have gone out and picked that herself you know."</p> <p>Kyle added, "That's so lovely and unnecessary, but that shows what a truly lovely person Gladys Berejiklian is."</p> <p>It didn't take long before Jackie decided to investigate about the cost of the gifts, after discovering the former NSW premier had put liquid paper on the tags to conceal the price.</p> <p>The obstacle didn't stop Kyle, who asked for a five cent piece, and suggested Jackie could "scratch" off the dried substance. </p> <p>She did so, saying, "The bib was $20 - this is so mean. This is actually the tackiest thing I've ever done."</p> <p>Kyle joked, "She's gone to the effort of liquid papering it out and here's Jackie doing a scratch and sniff."</p> <p>Jackie then revealed the onesie cost $30 before Kyle decided "this is very inappropriate", to which she laughed and said she agreed "but I'm doing it anyway".</p> <p>With the pants sitting at $24.95, the whole gift rounded out to just over $75, including the card which read, "Dearest Kyle and Tegan, I am over the moon for you with the arrival of baby Otto. You will be amazing parents, love Gladys Berejiklian and Arthur."</p> <p><em>Image credits: Getty Images / Instagram</em></p>

Family & Pets

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This single spending habit could threaten your savings

<p dir="ltr">As inflation rates hit record highs - at 7.75 percent for Australia and 7.3 percent for New Zealand - many are finding their savings are taking a hit under the soaring cost of living.</p> <p dir="ltr">But it isn’t just rising fuel and food prices you need to worry about, according to ANZ Plus team member Danielle Curry.</p> <p dir="ltr">In fact, there’s one commonly forgotten expense that’s making staying on top of our finances even trickier: phone apps.</p> <p dir="ltr">Apps like Uber Eats, Afterpay services, and those for your favourite stores, along with “must-have” shopping trends are making it so that mobile apps are driving our desire to spend money easily and beyond our means.</p> <p dir="ltr">According to new research from ANZ Plus, over recent years Aussies have consistently “overspent” the most on eating out and takeaway, with 53 percent noting that their top expenses were food-related.</p> <p dir="ltr">“There’s this real immediacy of spending that is becoming very normal for Australians,” Ms Curry told <em><a href="https://www.news.com.au/finance/money/budgeting/out-of-control-the-spending-habit-threatening-your-savings/news-story/f38d98db818c8f01191a4069106eb6af" target="_blank" rel="noopener">news.com.au</a></em>.</p> <p dir="ltr">“And especially during the pandemic, we saw a lot of restaurants convert to home delivery services so people were still ‘eating out’ but just a bit differently.”</p> <p dir="ltr">A noticeable surge in online shopping and subscribing to streaming services also coincided with thousands starting to work from home during pandemic-induced lockdowns, accounting for Aussies’ overspending by 35 percent and 19 percent respectively.</p> <p dir="ltr">“And with the advent of things like buy now, pay later services it has really allowed that real immediacy of spending,” Ms Curry added.</p> <p dir="ltr">“Twenty years ago you couldn’t order something from Amazon and have it arrive the next day … so if you’re not tracking your expenses, are you really sure exactly how much you’re spending on things like Amazon?”</p> <p dir="ltr">Ms Curry said one of the most concerning findings from the research was that a third of Ausies struggle to manage their finances, with 1.5 million of those surveyed admitting they “don’t feel in control of their money at all”.</p> <p dir="ltr">Though data from Westpac suggests that the average Australian has around $22,000 in savings, big savers that skew the data means that a more realistic figure is closer to $3500.</p> <p dir="ltr">In response to skyrocketing electricity bills and other living expenses, many have chosen to cut down on “unnecessary expenses” and try to save any way they can.</p> <p dir="ltr">Ms Curry said that even though most are trying to make ends meet, poor budgeting skills could leave many blindsided.</p> <p dir="ltr">“We know that a lot of people don’t feel in control and it’s because they don’t have the knowledge about their own finances,” she said.</p> <p dir="ltr">“But the first thing to understand is that it’s going to be different for every single Australian … and it’s important that everyone understands their own situation.</p> <p dir="ltr">“(It’s different) for some who might be financially struggling to make ends meet has to make choices between food and the electricity bill versus someone who is financially comfortable and is quite able to make a luxury purchase.”</p> <p dir="ltr">But, there are some ways we can take back control of our finances, such as tagging and categorising your spending through your banking app.</p> <p dir="ltr">This can help you identify “unnecessary” or passive purchases that can be stopped, such as forgotten subscriptions.</p> <p dir="ltr">“Everyone is at a different stage in their lives and make custom everyday expenses,” Ms Perez said. </p> <p dir="ltr">“(But) once we can really understand what we’re doing with that money we can see if there are trade-offs … to find that extra five dollars to add towards our savings.”</p> <p dir="ltr">Digital budgeting apps and tracking tools, including those offered in banking apps can also help you set up savings goals, a budget, and a savings buffer based on your financial situation.</p> <p dir="ltr">“Using these kinds of nifty features that we’ve got around expense categorisation and setting up savings goals, really help push your finances to the next level,” Ms Curry said.</p> <p><span id="docs-internal-guid-587d039a-7fff-d6bb-bc0c-b218a9d62332"></span></p> <p dir="ltr"><em>Image: Getty Images</em></p>

Money & Banking

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