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Your parents’ income doesn’t determine yours – unless you’re ultra rich or extremely poor

<div class="theconversation-article-body"><em><a href="https://theconversation.com/profiles/catherine-de-fontenay-5631">Catherine de Fontenay</a>, <a href="https://theconversation.com/institutions/the-university-of-melbourne-722">The University of Melbourne</a></em></p> <p>Australia is among the strongest global performers in terms of income mobility between the generations, according to a new <a href="https://www.pc.gov.au/research/completed/fairly-equal-mobility">Productivity Commission report</a>.</p> <p>The country’s long-term economic growth has led to each generation earning more than the last, on average.</p> <p>Our report finds 67% of the so-called <a href="https://www.businessinsider.com/xennials-born-between-millennials-and-gen-x-2017-11">“Xennial”</a> generation – those born in 1976–1982, on the cusp of the Millennial/Gen X divide – earn more than their parents did at a similar age.</p> <p>This is particularly true of those born into poorer families.</p> <hr /> <p><iframe id="NsmB3" class="tc-infographic-datawrapper" style="border: 0;" src="https://datawrapper.dwcdn.net/NsmB3/" width="100%" height="400px" frameborder="0" scrolling="no"></iframe></p> <hr /> <p>When we look at where people rank in an income distribution, the picture is a little less rosy. While children with parents at the bottom or top of the income scale are more likely to remain there, almost 15% of people with parents in the lowest income decile, remain there while just 6% move to the top.</p> <p>And those living in poverty - who often include renters, people from migrant backgrounds who don’t speak English at home and single parents - face some of the biggest barriers to improving their economic lot.</p> <p><a href="https://www.pc.gov.au/research/completed/fairly-equal-mobility">Fairly Equal? Economic mobility in Australia</a>, released on Thursday, measures intergenerational income mobility by examining the relationship between a person’s income and the eventual income of their children.</p> <h2>Measuring inequality</h2> <p>Most countries anxiously monitor income distribution and economic mobility amid concerns inequality may be increasing.</p> <p>And countries with high inequality tend to have low mobility: the rungs of the social ladder are far apart making it difficult to move up to the next level.</p> <p>If mobility is low, the consequences are serious. Low mobility is discouraging, unproductive and unstable. If young people have little chance of achieving their aspirations, their wellbeing is affected.</p> <p><a href="https://ideas.repec.org/p/cor/louvco/2023026.html">Social unrest is more likely</a>. And the abilities of young people from less affluent backgrounds are under-used. The next tech entrepreneur Steve Jobs may never be discovered, and many other opportunities are lost.</p> <p>In Australia we are used to thinking of ourselves as having inequality and mobility somewhere between Scandinavia and the US; but that comparison is not as comforting as it used to be, if inequality and mobility are worsening in the US.</p> <p>Our report considers people’s income mobility over the course of their lives, and across generations. If income mobility is low, people will struggle to recover from initial disadvantage, and those born into privilege will be financially secure.</p> <p>First we look at whether people move in the income distribution; there is a surprising amount of movement. And we look for evidence people can access opportunities throughout life, after setbacks.</p> <h2>Recovering from setbacks</h2> <p>There is not much evidence of recovery after a person experiences a severe illness or a job loss, perhaps because the causal factors are still at work.</p> <p>More encouragingly, the income of women who experience separation <a href="https://melbourneinstitute.unimelb.edu.au/__data/assets/pdf_file/0020/4815110/HILDA-User-Manual-Release-22.0.pdf">does increase</a>, eventually restoring the buying power of their household. This is in part due to well-targeted government support.</p> <p>For intergenerational mobility, we extended the dataset developed by <a href="https://www.aeaweb.org/articles?id=10.1257/jel.20211413">an analytical dataset</a> to measure the influence parents’ income had on the income their offspring were likely to earn.</p> <p>We found Australia’s intergenerational mobility is actually higher than the <a href="https://onlinelibrary.wiley.com/doi/10.1111/sjoe.12197">Scandinavian</a> countries, and second only to <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3662560">Switzerland</a> among comparable studies.</p> <hr /> <p><iframe id="5DFB9" class="tc-infographic-datawrapper" style="border: 0;" src="https://datawrapper.dwcdn.net/5DFB9/" width="100%" height="400px" frameborder="0" scrolling="no"></iframe></p> <hr /> <p>In all countries studied there was some link between parents’ income mobility and that of children, because parents pass on tastes, ambitions and abilities.</p> <p>And there was greater correlation between the incomes of mothers and daughters, and fathers and sons than with parents of the opposite gender, perhaps because of role model effects.</p> <hr /> <p><iframe id="BJ4hD" class="tc-infographic-datawrapper" style="border: 0;" src="https://datawrapper.dwcdn.net/BJ4hD/" width="100%" height="400px" frameborder="0" scrolling="no"></iframe></p> <hr /> <p>While Australia’s strong income mobility between generations is remarkable, it’s concerning there is less mobility among those at the very bottom and top of the income distribution scale.</p> <p>The fact children born into the poorest families were more likely to remain in the lowest deciles, while those born into the top earning families tended to remain in the top deciles, suggests privilege is often passed on.</p> <p>People who grew up in frequently poor households were <a href="https://melbourneinstitute.unimelb.edu.au/__data/assets/pdf_file/0009/3537441/HILDA-Statistical-report-2020.pdf">three time more likely</a> to be poor at age 26 to 32 than those who never experienced poverty.</p> <hr /> <p><iframe id="SxHBo" class="tc-infographic-datawrapper" style="border: 0;" src="https://datawrapper.dwcdn.net/SxHBo/" width="100%" height="400px" frameborder="0" scrolling="no"></iframe></p> <hr /> <p>And consistent with <a href="https://www.aihw.gov.au/getmedia/37c2c8b7-328c-41e1-bace-87ed7a551777/australias-welfare-chapter-2-summary-18sept2019.pdf.aspx">other studies</a> we found children whose family received government payments were twice as likely to receive support as adults, compared with those whose families received no help.</p> <h2>Movement in the middle</h2> <p>Taken together, these results suggest some segmentation of opportunities. In the middle of the income distribution, there are opportunities to get ahead, and individuals’ careers are not restricted by their families’ circumstances.</p> <p>At the bottom, things are a lot more “sticky”, and finding opportunities to permanently escape poverty is more difficult. Some of this boils down where people live, peers, school quality and local job options.</p> <p>Researchers <a href="https://www.aeaweb.org/articles?id=10.1257/jel.20211413">Deutscher and Mazumder</a> (2023) have shown regional economic conditions have a big impact on mobility, and we show remoteness limits movement out of poverty.</p> <p>Overall, the mobility picture is extremely good news for most Australians.</p> <p>But this should not blind us how difficult it is to move out of poverty, especially for those in remote areas. Identifying where mobility fails to deliver allows us to focus our policy response.<!-- 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/234158/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/catherine-de-fontenay-5631">Catherine de Fontenay</a>, Honorary Fellow, Department of Economics, <a href="https://theconversation.com/institutions/the-university-of-melbourne-722">The University of Melbourne</a></em></p> <p><em>Image credits: Shutterstock </em></p> <p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/your-parents-income-doesnt-determine-yours-unless-youre-ultra-rich-or-extremely-poor-234158">original article</a>.</em></p> </div>

Money & Banking

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"Arrogance personified": Rich lister slammed for "pointless" job advice

<p>An Aussie rich lister has gone viral for all the wrong reasons, after her "tone deaf" advice for young Aussies to get a job fell flat. </p> <p>Sarina Russo, who made her start on the property market, shared the importance of relying on yourself to achieve financial independence.</p> <p>Ms Russo, who is ranked 59th on Australia’s 2024 Rich Women list with an estimated net worth of $271 million, runs a business that provides government-funded entrepreneurship programs to create self-employment opportunities.</p> <p>Known for handing out unsolicited financial advice, Russo was filmed on sharing her opinions on young people holding down work. </p> <p>“Today I thought I would emphasise how important it is to have a job,” she said. “You know, I’ve been thinking about this. I’ve been an ambassador for being the ‘Job Queen’ for Australia and global for something like 45 years," she said.  </p> <p>“I just want to emphasise that if you have a job, you have dignity. You have a job, you have more respect and positive self esteem."</p> <p>“If you have a job, you become financially (in)dependent and absolutely empowered. You can become more, enjoy more, have more and see more."</p> <p>“So today, I’m going to say to you and say to myself ... let’s get a job, let’s get excited, let’s get that passion growing and I’ll see you at the top. Ciao for now.”</p> <p>Given the current state of the job market for young Aussies in the wake of increased reliance on AI, many were quick to slam Ms Russo's comments. </p> <p>Social media users said her comments were "hypocritical" and "arrogance personified" given that she made her fortune as a landlord and became a multimillionaire based off other people's employment. </p> <p>“Yes watch Sarina, dressed in designer funk wear, as she meanders through the extravagant but ultimately aimless alleyways of the wealthy yet pointless. With each step, she peels off essential life lessons, like “I’m the jobs Queen; Get a job!” Classic. So tone deaf” one person wrote on Twitter.</p> <p>“Standing outside the Westin Hotel telling people to get a job as if nobody’s thought of it. Last day of the comedy festival - no stars,” another wrote under her Instagram video.</p> <p>This is not the first time Ms Russo' controversial comments caused a stir, attracting controversy two years ago after posting a video of herself telling victims of the devastating Queensland floods that “it’s the time to exercise”.</p> <p>Ms Russo told the victims “fitness is everything” and to “just do it”.</p> <p>“We’re here overlooking the most beautiful city called Brisbane and sadly last week we had massive floods – once in a hundred year flooding, and it called massive devastation,” she said to the camera.</p> <p>“But you know, when things are going wrong and endorphins are low, this is the time you need to exercise.I really believe that fitness is everything.”</p> <p><em>Image credits: Instagram</em></p>

Money & Banking

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

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

Money & Banking

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Who’s taking COVID antivirals like Paxlovid? Hint: it helps if you’re rich

<p><em><a href="https://theconversation.com/profiles/nicole-allard-1349026">Nicole Allard</a>, <a href="https://theconversation.com/institutions/the-peter-doherty-institute-for-infection-and-immunity-2255">The Peter Doherty Institute for Infection and Immunity</a></em></p> <p>When it comes to COVID, people living in disadvantaged communities are hit with a triple whammy. First, they’re <a href="https://www.aihw.gov.au/reports-data/health-conditions-disability-deaths/covid-19/overview">more likely</a> to get infected, and when sick, are more likely to have serious disease. Second, they’re <a href="https://theconversation.com/first-covid-hit-disadvantaged-communities-harder-now-long-covid-delivers-them-a-further-blow-183908">more likely</a> to develop long COVID. Third, our <a href="https://www.mja.com.au/journal/2023/218/10/access-oral-covid-19-antivirals-community-are-eligibility-criteria-and-systems">recent research</a> suggests they’re less likely to get antivirals and when they do, it’s on average later.</p> <p>We’ve just <a href="https://www.mja.com.au/journal/2023/218/10/access-oral-covid-19-antivirals-community-are-eligibility-criteria-and-systems">published the data</a> to map how disadvantage is linked with access to COVID antiviral drugs you can take at home.</p> <p>Here’s why our findings matter and what we can do to level the playing field for this critical part of Australia’s COVID response.</p> <h2>What we did and what we found</h2> <p>Our team looked at Victorian and national prescribing data trends for the oral antiviral medications eligible Australians can take at home – Paxlovid (nirmatrelvir/ritonavir) and Lagevrio (molnupiravir).</p> <p>My health department colleagues linked data from the Pharmaceutical Benefits Scheme with information from the Victorian health department’s COVID surveillance database. They then matched levels of socioeconomic disadvantage by postcode, according to criteria from the Australian Bureau of Statistics.</p> <p>Their analysis showed people living in the most disadvantaged postcodes were 15% less likely to receive oral antivirals compared with those in the most advantaged postcodes.</p> <p>Those in the most disadvantaged postcodes were supplied with the antivirals on average a day later (three days versus two days) than those in the most advantaged postcodes.</p> <p>There are some limitations to our analysis. Not everyone who tests for COVID reports their positive result. And we suspect there may be more under-reporting of infections in disadvantaged areas.</p> <p>Nevertheless, our findings about the influence of disadvantage on antiviral supply are not surprising. In the United States, there have been <a href="https://www.cdc.gov/mmwr/volumes/71/wr/mm7125e1.htm?utm">similar results</a>.</p> <h2>Why has this happened?</h2> <p>We know <a href="https://www.health.gov.au/health-alerts/covid-19/treatments/eligibility">early access to antivirals</a>, within the first five days of symptoms starting, is important to reduce the chances of severe disease and hospitalisation in those at risk.</p> <p>So why are people in disadvantaged areas less likely to have access to COVID antivirals? The answers are multiple and complex.</p> <p>Some relate to <a href="https://link.springer.com/article/10.1007/s11069-019-03584-6/tables/1">disadvantage</a> that existed before the pandemic – for instance, poverty, homelessness, lower levels of English or formal education, and being less likely to have a regular GP.</p> <p>Some factors relate specifically to antivirals. For instance, to access antivirals, you first have to know they exist and whether you might be eligible, then know how to access them and when. There may be out-of-pocket costs to see a GP to be assessed, then there’s the cost of filling the prescription, even with a concession card.</p> <h2>How can we address this?</h2> <p>We have an opportunity to address this inequity, whether that’s by addressing social determinants of health more broadly, or specifically related to antivirals access.</p> <p>Equity depends on continuing to address the structural inequalities in our health system that create barriers to people accessing primary health services, and tailoring responses to communities.</p> <p>For instance, earlier in the pandemic we saw funding to house homeless people, provide COVID-related health care to non-English speaking communities, and for people isolated at home. These initiatives need to continue.</p> <p>Other countries have also recognised the need for more equitable access to COVID antivirals. Initiatives have included:</p> <ul> <li> <p>COVID medicine <a href="https://phlgroup.co.uk/our-services/cmdu/">delivery units</a> in the United Kingdom. These identify, triage and arrange for high-risk people to receive antivirals at home</p> </li> <li> <p><a href="https://covid19.govt.nz/testing-and-isolation/if-you-have-covid-19/medicines-to-treat-covid-19">pharmacists prescribing antivirals</a> in New Zealand, and</p> </li> <li> <p>“<a href="https://aspr.hhs.gov/TestToTreat/Pages/default.aspx#:%7E:text=To%20find%20a%20participating%20Test%20to%20Treat%20site%20near%20you%3A&amp;text=Call%20the%20Centers%20for%20Disease,more%20than%20150%20other%20languages.">test to treat</a>” services in the US. This is where people can get tested, assessed and access antivirals in one spot, in one visit.</p> </li> </ul> <h2>What needs to happen next?</h2> <p>As <a href="https://theconversation.com/were-in-another-covid-wave-but-its-not-like-the-others-206493">COVID waves continue</a>, we must focus on reducing deaths and hospitalisations. Antiviral treatments are part of our armour and equity must drive our response.</p> <p>Our ongoing COVID response should be designed with consumer input, supported by an adequately funded public health system and be data driven. Here’s what needs to happen next:</p> <ul> <li> <p>encourage a tired public to see COVID testing as an important first step to accessing antiviral treatment, and why they should consider treatment</p> </li> <li> <p>address the health care inequality in primary care (for instance, boosting timely access to a GP people can afford to visit) by increasing resourcing in areas where we know there are gaps</p> </li> <li> <p>provide culturally safe health care, delivered in community languages, co-designed with community input</p> </li> <li> <p>evaluate current and future antiviral medications</p> </li> <li> <p>communicate up-to-date information to the public and health professionals about antivirals, particularity GPs</p> </li> <li> <p>access more data on the coverage and equity of antiviral COVID treatments, to help direct us to the gaps in the health system that need to be plugged.</p> </li> </ul> <h2>Why this matters now</h2> <p>For many of us in the past year, COVID has become another “cold” we encounter and may not even bother testing. Yet, we continue to see <a href="https://www.health.gov.au/health-alerts/covid-19/weekly-reporting">deaths and hospitalisations</a> across the country.</p> <p>Serious COVID infections continue to affect our most vulnerable people. These include elderly people, especially those over 80, First Nations people, people living with a disability and people who are socioeconomically disadvantaged.</p> <p>We have a chance to ensure antivirals are used to reduce existing disparities in hospitalisation and death – not to make them worse.<!-- 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/207822/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/nicole-allard-1349026">Nicole Allard</a>, Post doctoral researcher and medical epidemiologist, <a href="https://theconversation.com/institutions/the-peter-doherty-institute-for-infection-and-immunity-2255">The Peter Doherty Institute for Infection and Immunity</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/whos-taking-covid-antivirals-like-paxlovid-hint-it-helps-if-youre-rich-207822">original article</a>.</em></p>

Caring

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Get-rich-quick schemes, pyramids and ponzis: five signs you’re being scammed

<p><a href="https://theconversation.com/profiles/bomikazi-zeka-680577">Bomikazi Ze<em>ka</em></a><em>, <a href="https://theconversation.com/institutions/university-of-canberra-865">University of Canberra</a> and <a href="https://theconversation.com/profiles/abdul-latif-alhassan-1390159">Abdul Latif Alhassan</a>, <a href="https://theconversation.com/institutions/university-of-cape-town-691">University of Cape Town</a></em></p> <p>Consumers are under a lot of financial strain. The <a href="https://www.weforum.org/agenda/2022/09/cost-of-living-crisis-global-impact/">World Economic Forum</a> reports that the cost-of-living crisis is affecting people across the globe. With food and fuel prices rising, it’s becoming increasingly difficult to keep financially afloat. On top of that, salaries <a href="https://www.wsj.com/articles/workers-pay-globally-hasnt-kept-up-with-inflation-e6df92d">aren’t keeping up with inflation</a>, making it more difficult to save and build wealth.</p> <p>It’s during such times of economic difficulty and uncertainty that fraudsters lure unsuspecting consumers into “<a href="https://www.sabric.co.za/">get-rich-quick</a>” schemes, offering <a href="https://www.sabric.co.za/stay-safe/ponzi-pyramid-schemes/">an avenue to make easy money</a> by investing in a “lucrative” financial opportunity.</p> <p>Nothing beats the prospect of making easy money, and every now and again there seems to be a “get-rich-quick” scheme circulating on WhatsApp or on social media that seems legitimate. But it’s not.</p> <p>Our research interests centre on financial systems in emerging economies, and we advocate for financial inclusion and empowering marginalised communities through financial literacy and financial planning. We use our academic platform to share our expertise on finance, including common financial traps people should steer clear of.</p> <p>“Get-rich-quick” schemes are one such trap. They’re also sometimes called ponzi or pyramid schemes. The schemes are a form of <a href="https://www.lawinsider.com/dictionary/financial-fraud">financial fraud</a>. The people running them take money through deception: the misrepresentation of information and identity. They promise financial benefits that don’t exist.</p> <p>You should avoid them because, more often than not, they are bogus and fraudulent business ventures.</p> <p>There have been some massive fraud schemes over the past 30 years. In the early 1990s, <a href="https://www.independent.co.uk/news/world/africa/mmm-global-russian-ponzi-scheme-from-1990s-reborn-and-now-spreading-like-wildfire-in-africa-a7333366.html">MMM Global</a> - one of the world’s largest and most notorious ponzi schemes - defrauded up to 40 million people, who lost an estimated $10 billion. Ponzi schemes have since resurfaced in different forms in <a href="https://www.iol.co.za/weekend-argus/news/ponzi-scheme-investigated-as-some-victims-lost-as-much-as-r200-000-c3c3633c-2abb-4dd4-b668-a5ea608deb41">South Africa</a>, <a href="https://guardian.ng/business-services/nigerians-lose-over-n911b-to-ponzi-schemes-related-fraud-in-23-years/">Nigeria</a>, <a href="https://www.voazimbabwe.com/a/zimbabwe-money-pyramids-ponzi-schemes/6305100.html">Zimbabwe</a>, <a href="https://allafrica.com/stories/202105170964.html">Kenya</a>, <a href="https://doi.org/10.1108/JFC-09-2020-0177">Ghana</a> and several other African countries.</p> <p>There are five tell-tale signs of a “get-rich-quick” scheme. Watch out for them.</p> <h2>The five tell-tale signs</h2> <p><strong>Firstly</strong>, they offer exaggerated and above-market returns within a short period of time, with the promise of little to no risk.</p> <p>There are two golden rules when it comes to investing. The first is that it takes time to make money. Amassing a small fortune within a short space of time should raise questions about the scheme.</p> <p>The second rule is: the higher the risk, the higher the return. In other words, no investment is risk free or can guarantee significant returns. There is always some risk involved. An investment that promises substantial returns tends to be quite risky, which repels most people with a low appetite for risk.</p> <p><strong>Secondly</strong>, new members are constantly recruited to join the scheme.</p> <p>Typically, such schemes are sustained by relying on the investments of new members to pay existing members. Once the number of existing members exceeds new members, the scheme goes “belly-up”. At best you lose out on the returns you were promised. At worst you lose all the money you’ve invested.</p> <p>When the scheme collapses, it is almost impossible to recover the money you’ve lost because you’ve technically given it to a stranger (remember, the definition of financial fraud encompasses the misrepresentation of identity).</p> <p><strong><strong>Thirdly</strong></strong>, there is urgency to join the scheme and no clarity on how the scheme works.</p> <p>This is a classic characteristic of a “get-rich-quick” scheme. There is usually no clear answer about the nature of the scheme, what it invests in, how it generates its returns or the credentials of the organisation.</p> <p>Legitimate investments are transparent and can provide investors with all the information they need to help them decide whether to invest. Unsurprisingly, a proper check of “get-rich-quick” schemes will unmask their fraudulent nature. This is why there’s always the urgency and coercion to make an immediate financial commitment under the guise of missing a once-in-a-lifetime opportunity to get rich.</p> <p><strong>Fourthly</strong>, the scheme is not registered with or regulated by any recognised authority.</p> <p>Regulatory authorities are important because they monitor the conduct of financial service providers and protect consumers by keeping their best interests in mind. The protection provided by financial regulators also instils confidence in financial systems.</p> <p>“Get-rich-quick” schemes are not registered and operate outside the framework of regulatory bodies. This makes investors more vulnerable to loss and makes it more difficult to seek legal recourse when the loss occurs.</p> <p>Legitimate investments in South Africa are offered by authorised financial service providers and regulated by the <a href="https://www.fsca.co.za/Pages/Default.aspx">Financial Sector Conduct Authority</a>. You can search for any authorised financial service provider on the authority’s <a href="https://www.fsca.co.za/Fais/Search_FSP.htm">website</a>.</p> <p><strong>Fifthly</strong>, they use the testimonies from existing members who’ve earned big bucks to promote the scheme.</p> <p>At the initial stages, the scheme tends to pay out to those who have invested early, and these members are encouraged to share the news of their wealth (which travels fast and far) to promote the scheme.</p> <p>But this is a tactic used to create the impression that you too can earn returns in the double digits. These schemes are both unsustainable and unethical as one person gets wealthy through someone else being deceived.</p> <h2>Too good to be true</h2> <p>It’s worth repeating that if it sounds too good to be true, then it probably is.</p> <p>Wealth comes from a sound investment strategy and decisions made over time. Any promise to “get rich quick” should be treated with the cynicism it deserves. It will ultimately reveal its fraudulent nature. Recognising the signs of “get-rich-quick” schemes can save you from unnecessary financial distress.</p> <p>It’s always a good idea to do your own investigation before committing your finances into any investment. You can find more information on the various types of scams through the <a href="https://www.sabric.co.za/">South African Banking Risk Information Centre</a>’s website and report them to the <a href="https://www.safps.org.za/Home/Contact">South African Fraud Prevention Service</a>.<!-- 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/205798/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/bomikazi-zeka-680577">Bomikazi Zeka</a>, Assistant Professor in Finance and Financial Planning, <a href="https://theconversation.com/institutions/university-of-canberra-865">University of Canberra</a> and <a href="https://theconversation.com/profiles/abdul-latif-alhassan-1390159">Abdul Latif Alhassan</a>, Associate Professor in Development Finance & Insurance, <a href="https://theconversation.com/institutions/university-of-cape-town-691">University of Cape Town</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/get-rich-quick-schemes-pyramids-and-ponzis-five-signs-youre-being-scammed-205798">original article</a></em>.</p>

Money & Banking

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The rich are pouring millions into life extension research – but does it have any ethical value?

<p>Sam Altman, the chief executive of OpenAI, <a href="https://www.technologyreview.com/2023/03/08/1069523/sam-altman-investment-180-million-retro-biosciences-longevity-death/">recently invested</a> US$180 million into Retro Biosciences – a company seeking to extend human lifespans by <a href="https://retro.bio/announcement/">ten healthy years</a>.</p> <p>One way it plans to achieve this is by “rejuvenating” blood. This idea is based on studies that found old mice <a href="https://www.science.org/content/article/young-blood-renews-old-mice">showed signs of reversed ageing</a> when given the blood of young mice.</p> <p>Altman isn’t the only Silicon Valley entrepreneur supporting life extension efforts. PayPal cofounder Peter Thiel, Amazon founder Jeff Bezos and Google cofounder Larry Page have <a href="https://www.theguardian.com/science/2022/feb/17/if-they-could-turn-back-time-how-tech-billionaires-are-trying-to-reverse-the-ageing-process">poured millions</a> into projects that could profoundly affect how we live our lives.</p> <p>The first question raised is scientific: could these technologies work? On this front the jury is still out, and there are grounds for both <a href="https://newseu.cgtn.com/news/2021-01-14/How-close-are-we-to-radical-life-extension-and-is-it-a-good-idea--X03UFbnMWs/index.html">optimism</a> and scepticism.</p> <p>The second question is just as important: even if lifespan extension is feasible, would it be ethical?</p> <p>We explain why some common ethical arguments against lifespan extension aren’t as solid as they might seem – and put forth another, somewhat overlooked explanation for why trying to live forever might not be worth it.</p> <h2>Is it worth it if you still die anyway?</h2> <p>One might argue lifespan extension merely pushes back the inevitable: that we will die. However, the problem with this view is that any life saved will only be saved temporarily.</p> <p>A lifespan extension of ten years is akin to saving a drowning swimmer, only for them to die in a traffic accident ten years later. Although we might be sad about their eventual death, we’d still be glad we saved them.</p> <p>The same is true of conventional medicine. If a doctor cures my pneumonia, I will eventually die of something else, but that doesn’t mean the doctor or I will regret my being saved.</p> <p>It’s also worth taking a longer view of where lifespan extension research could lead us. In the <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC423155/">most optimistic scenarios</a> put forth by experts, even modest short-term gains could help people add centuries to their life, since the benefits of each intervention could cascade. For example, each extra year of life would increase the likelihood of surviving until the next big breakthrough.</p> <h2>Is it worth it if immortality could get boring?</h2> <p><a href="https://www.sciencedirect.com/science/article/abs/pii/S0277953604004691">Many</a> <a href="https://www.sciencedirect.com/science/article/abs/pii/S0890406510000757">have argued</a> against lifespan extension on ethical grounds, saying they wouldn’t use these technologies. Why might somebody be opposed?</p> <p>One worry is that a very long life might be undesirable. Philosopher <a href="https://www.cambridge.org/core/books/abs/problems-of-the-self/makropulos-case-reflections-on-the-tedium-of-immortality/9180185912980E017EE675254B2F4169">Bernard Williams</a> said life is made valuable through the satisfaction of what he calls “categorical desires”: desires that give us reason to want to live.</p> <p>Williams expects these desires relate to major life projects, such as raising a child, or writing a novel. He worries that, given a long enough life, we will run out of such projects. If so, immortality would become tedious.</p> <p>It’s unclear whether Williams is right. <a href="https://www.tandfonline.com/doi/abs/10.1080/09672559.2012.713383">Some philosophers</a> point out human memories are fallible, and certain desires could resurface as we forget earlier experiences.</p> <p><a href="https://link.springer.com/article/10.1007/s10892-015-9203-8">Others</a> emphasise that our categorical desires evolve as our life experiences reshape our interests – and might continue to do so over the course of a very long life.</p> <p>In either case, our categorical desires, and hence our reason for living, would not be exhausted over a very long life.</p> <p>Even if immortality did get tedious, this wouldn’t count against modest lifespan extensions. Many would argue 80-something years isn’t enough time to explore one’s potential. Personally, we’d welcome another 20 or even 50 years to write a novel, or start a career as a DJ.</p> <h2>Is it worth it if poor people miss out?</h2> <p>Another worry regarding lifespan extension technologies is egalitarian.</p> <p>These technologies will be expensive; it seems unjust for Silicon Valley billionaires to celebrate their 150th birthdays while the rest of us mostly die in our 70s and 80s.</p> <p>This objection seems convincing. Most people welcome interventions that promote health equality, which is reflected in broader societal demands for universal healthcare.</p> <p>But there’s important nuance to consider here. Consider that universal healthcare systems promote equality by improving the situation of those who aren’t well off. On the other hand, preventing the development of lifespan extension technologies will worsen the situation of those who are well off.</p> <p>The ethical desirability of equality based on “<a href="https://onlinelibrary.wiley.com/doi/abs/10.1111/1467-9329.00041">levelling down</a>” is unclear. The poorest Australians are <a href="https://theconversation.com/the-poorest-australians-are-twice-as-likely-to-die-before-age-75-as-the-richest-and-the-gap-is-widening-139201">twice as likely</a> to die before age 75 than the richest. Yet few people would argue we should stop developing technologies to improve the health of those aged over 75.</p> <p>Moreover, the price of lifespan extension technologies would eventually likely come down.</p> <h2>The real problem</h2> <p>However, we think there’s one serious ethical objection that applies to extreme cases of life extension. If humans routinely lived very long lives, this could reduce how adaptable our populations are, and lead to social stagnation.</p> <p>Even modest increases in life expectancy would radically increase population size. To avoid overpopulation, we’d need to <a href="https://theconversation.com/thinking-of-having-a-baby-as-the-planet-collapses-first-ask-yourself-5-big-ethical-questions-196388">reduce birth rates</a>, which would drastically slow generational turnover.</p> <p>As one of us (Chris) has explored in previous <a href="https://academic.oup.com/jmp/article/40/6/696/2747126">research</a>, this could be incredibly harmful to societal progress, because it may:</p> <ol> <li>increase our vulnerability to extinction threats</li> <li>jeopardise individual wellbeing, and</li> <li>impede moral advancement.</li> </ol> <p>Many fields benefit from a regular influx of young minds coming in and building on the work of predecessors.</p> <p>Even if the brains of older scientists remained sharp, their “confirmation bias” – a tendency to seek and interpret information in ways that confirm one’s prior beliefs – could slow the uptake of new scientific theories.</p> <p>Moral beliefs are also prone to <a href="https://link.springer.com/article/10.1007/s10670-020-00252-1">confirmation bias</a>. In a world of extended lifespans, individuals whose moral views were set in their youth (perhaps more than 100 years ago) will remain in positions of power.</p> <p>It seems likely our society’s moral code is <a href="https://link.springer.com/article/10.1007/s10677-015-9567-7">badly mistaken</a> in at least some respects. After all, we think past societies were catastrophically mistaken in theirs, such as when they endorsed slavery, or rendered homosexuality illegal.</p> <p>Slowing generational turnover could delay the point at which we recognise and fix our own moral catastrophes, especially those we can’t yet see.</p> <p><em>Image credits: Getty Images</em></p> <p><em>This article originally appeared on <a href="https://theconversation.com/the-rich-are-pouring-millions-into-life-extension-research-but-does-it-have-any-ethical-value-201774" target="_blank" rel="noopener">The Conversation</a>. </em></p>

Caring

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Super has become a taxpayer-funded inheritance scheme for the rich. Here’s how to fix it – and save billions

<p>Australia’s A$3.3 trillion superannuation system is supposed to boost people’s retirement incomes. The government says as much in its <a href="https://treasury.gov.au/sites/default/files/2023-02/c2023-361383.pdf">proposed leglislated objective</a> for superannuation. The system is supported by billions of dollars of tax breaks each year, ostensibly to that end. </p> <p>But there’s just one problem – increasingly, much of what is saved is never spent.</p> <p>Our new report, <a href="https://grattan.edu.au/report/super-savings-practical-policies-for-fairer-superannuation-and-a-stronger-budget">Super savings: Practical policies for fairer superannuation and a stronger budget</a>, points out that without an overhaul, super tax breaks are set to do little more than boost the inheritances of Australians with well-off parents. </p> <p>Super contributions and super earnings are both taxed more lightly than other income. These tax breaks cost the budget about $45 billion (2% of Australia’s gross domestic product, or GDP) each year.</p> <p>Treasury predicts that figure will hit 3% of GDP by 2060, and that the cost of super tax breaks will overtake the cost of the age pension by as soon as 2036.</p> <p>Super tax breaks are also unfair: about two-thirds go to the top 20% of earners. </p> <p>This means the tax breaks provide the biggest boost to the super accounts of high earners, who will almost all have a comfortable retirement regardless, and who tend to save the same regardless of the tax rate imposed. </p> <p>The wealthiest 10% of Australians get a bigger boost to their retirement savings from super tax breaks than poorer Australians get from the age pension.</p> <p>But much of what is saved for retirement never actually gets spent in retirement. </p> <p>Earlier research by <a href="https://grattan.edu.au/news/balancing-act/">Grattan Institute</a> and the <a href="https://treasury.gov.au/sites/default/files/2021-02/p2020-100554-udcomplete-report.pdf">2020 Retirement Income Review</a> found that, for a variety of reasons, spending falls substantially during retirement. Retirees often end up leaving much of their nest egg untouched, bequeathing it to their children.</p> <p>This means billions of dollars in super tax breaks simply end up boosting the inheritances received by the children of well-off parents. It makes super a taxpayer-funded inheritance scheme. </p> <p>This problem is set to get worse. With the rate of compulsory superannuation legislated to rise from 10.5% of wages to 12% by 2025, future generations of retirees are set to retire with even larger nest eggs that they will never spend. </p> <p>Treasury projects that by 2059, one in every three dollars paid out of the super system will be a bequest, up from one in every five today.</p> <p>Big inheritances boost the jackpot from the birth lottery. They help richer children get richer. Among the Australians who received an inheritance over the past decade, the wealthiest fifth received on average <a href="https://grattan.edu.au/news/the-great-australian-nightmare/">three times</a> as much as the poorest fifth.</p> <p>To help reverse this, the government needs to rein in the super tax breaks.</p> <h2>How to make super fairer</h2> <p>The government’s policy, <a href="https://ministers.treasury.gov.au/ministers/jim-chalmers-2022/media-releases/superannuation-tax-breaks">announced in February</a>, of taxing the earnings on balances bigger than $3 million at 30%, instead of 15%, will help. </p> <p>But the threshold ought to be lowered to $2 million. Balances between $2 million and $3 million are very unlikely to be spent in retirement, so winding back tax breaks on earnings on balances bigger than $2 million would further wind back taxpayer-funded bequests. </p> <p>And there’s more. Currently, many wealthier Australians receive a larger tax break per dollar contributed to super than many low income earners. </p> <p>Yet low earners have more to be compensated for. Putting money into their super cuts their age pension in retirement, and they live shorter lives, meaning less time to enjoy their super in retirement.</p> <p>The pre-tax contributions of people earning more than $220,000 a year should be taxed at 35%, instead of the 30% charged to those earning more than $250,000 currently. That would still offer a 10% tax break on super contributions for high earners (given the top marginal rate of 45%) and at least a 15% break on the contributions of low and middle earners. </p> <p>And the annual pre-tax contributions cap should be lowered from $27,500 to $20,000. Contributions above this level tend to be made by people close to retirement with already-high balances.</p> <h2>Tax earnings in retirement the same as while working</h2> <p>On the earnings side, the tax-free earnings enjoyed by retirees on their first $1.7 million ($1.9 million from 1 July this year) of their super should go.</p> <p>Superannuation earnings in retirement should be taxed at 15%, the same as superannuation earnings before retirement. This would save the budget at least $5.3 billion a year, and much more in future, and make taxing super more simple.</p> <p>More than 70% of this revenue would come from the top 20% of retirees. The top 10% would pay an extra $7,000 to $7,500 a year on average, whereas the poorest half would no more than $200 more each.</p> <p>Both sides of politics say they agree that super shouldn’t be a taxpayer-funded inheritance scheme. But there’s a long way to go before that vision is reality.</p> <p><em>Image credits: Getty Images</em></p> <p><em>This article originally appeared on <a href="https://theconversation.com/super-has-become-a-taxpayer-funded-inheritance-scheme-for-the-rich-heres-how-to-fix-it-and-save-billions-202948" target="_blank" rel="noopener">The Conversation</a>. </em></p>

Retirement Income

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“It tastes like rich”: Hotel sells $32 coffee with gold sprinkles

<p dir="ltr">At the Emirates Palace in Abu Dhabi, you can treat yourself to a cappuccino for a whopping $32AUD, although you’re not <em>really</em> paying for the coffee alone. </p> <p dir="ltr">The cappuccino, which is found at the hotel’s Le Cafe by the Fountain comes with 23-karat gold sprinkled on top and it has been named the Emirates Palace Golden Cappuccino. </p> <p dir="ltr">The pricey cap is not the only item on the menu that is embellished with gold, with the hotel advertising a camel milk vanilla or chocolate ice cream with a 23-karat gold leaf for $29.</p> <p dir="ltr">In the mood for a cold drink? The Emirates Palace has got you covered with their Hawaiian Candy Colada, a mocktail topped with 23-karat gold flakes for $26. </p> <p dir="ltr">Tourists have shared videos on social media, with one showing a barista shaking a can of gold flakes over a row of cappuccinos, much like one would with the average cocoa powder topping. </p> <p dir="ltr">Another video posted by a worker shows her adding gold flakes with a spoon.</p> <p dir="ltr">One TikToker who got to try the luxurious coffee wrote, “The gold cappuccino was 8/10 but the vibes were 100/10.” </p> <p dir="ltr">One user wrote, “It tastes like rich.”</p> <p dir="ltr">Another agreed, writing “It tastes expensive.” </p> <p dir="ltr">A Canadian coffee content creator, Brodie Vissers, better known as The Nomad Barista online reviewed the hotel’s cappuccino on YouTube. </p> <p dir="ltr">“Our drinks have arrived, I’m a little bit nervous. It used to be 24-karat, now they’ve reduced it to 23-karat but it is still gold sprinkled on this coffee,” he said.</p> <p dir="ltr">“I don’t even know what to expect from this drink,” he said before trying the luxurious drink. </p> <p dir="ltr">“It’s actually not bad. Of course the foam on the latte is not like a perfect flat white or anything. It’s actually not as sweet as I expected. It’s got a nice balance to it. It’s an interesting drink.</p> <p dir="ltr">“We cannot forget about the dates. Having dates with coffee is a very traditional thing here in the Middle East.</p> <p dir="ltr">“Let’s see how that pairs with the latte. Wow, that is so good. I recommend it if you’re around. It’s a kind of unique opportunity here in (Emirates) Palace. What better place to drink coffee with gold on top.”</p> <p dir="ltr"><em>Image credit: Instagram </em></p>

Food & Wine

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Photographer reimagines the super-rich

<p>Indian photographer Gokul Pillai has shared his vision of “slumdog billionaires” with the world.</p> <p>Using Midjourney, an artificial intelligence program that pulls artists’ work from across the internet to generate AI ‘art’, Gokul has taken some of the world’s wealthiest and reimagined them in scenarios far from what they’re used to. </p> <p>The likes of Jeff Bezos, Donald Trump, Muskesh Ambani, Bill Gates, Warren Buffet, Mark Zuckerberg, and Elon Musk were reimagined by the photographer after his viewing of the award-winning film Slumdog Millionaire inspired him to consider them as their own ‘poor’ counterparts. </p> <p>“It was very coincidental,” he told <em>The Daily Mail</em>. “The movie is set in the slums of India and I wanted to recreate something based on that.</p> <p>“The word 'millionaire' in the movie title and juxtapositioning it with actual billionaires, that's how it started.”</p> <p>Gokul posted his series to Instagram with the title “Slumdog Millionaires”, and called on his followers to let him know if he’d forgotten to include anyone. </p> <p>His post quickly went viral, with comments rolling in from supporters who had praise and suggestions in store, and also those who weren’t thrilled about his use of an AI generator. </p> <p>“Just amazing,” wrote one follower, “they look real.”</p> <p>“This is epic,” said another, alongside a flame emoji. </p> <p>“What an insane concept,” one noted. </p> <p>“Wonderful series of images,” praised one more, to a chorus of agreement. </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-captioned="" data-instgrm-permalink="https://www.instagram.com/p/CqvxGHwyyf1/?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/p/CqvxGHwyyf1/?utm_source=ig_embed&amp;utm_campaign=loading" target="_blank" rel="noopener">A post shared by Gokul Pillai (@withgokul)</a></p> </div> </blockquote> <p>As Gokul confessed to <em>The Daily Mail</em>, he was delighted and “completely overwhelmed with the response” to his series, despite his idea that “it would be funny and [a] few might find it hilarious”. </p> <p>However, there were still those who believed Gokul - who has also shared his own photography to his account - could have approached it differently, without the use of AI, and made sure to point it out. </p> <p>“AI ‘artist’... that's funny,” one said. </p> <p>“Midjourney is honestly scary if you think about how evil people who desire to assassinate someone's character would use it,” another admitted, to an outpouring of likes. “As an artist it excites me but looking into the future it scares the c**p out of me.”</p> <p>As for how well Gokul felt he’d achieved his vision, he confessed that while it was hard to determine who had been the most popular, it was “probably Bill Gates”, and that his followers had decreed that Mukesh Ambani “looked the poorest.” </p> <p>And to those same supporters he gave his thanks, returning to his own post to write “thank you all for the great response on the post.. I totally appreciate the support.. thank you!!” </p> <p><em>Images: Instagram, Midjourney</em></p>

Art

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Who is the one Australian with over $500 million in superannuation!?

<p dir="ltr">New data from the ATO, compiled by the <em>Sydney Morning Herald</em>, has revealed that there are 27 Australians fortunate enough to have $100m in their superannuation savings. </p> <p dir="ltr">A graph circulating online announced that in 2019 over 300,000 Australians had over $1m in their superannuation funds, with a staggering 11,000 people reported to have over $5m. </p> <p dir="ltr">One individual noted that the figures, which were from 2019, were shocking but actually may be even larger in 2023, writing, “these are pre-pandemic numbers so I'd guess the top few numbers on this list have grown somewhat.”</p> <p dir="ltr">However, it isn’t mere jealousy from the average citizen that has prompted a flurry of online activity over the figures, but instead one small detail in the findings: one extravagantly wealthy Australian is sitting on a balance of more than $544m.</p> <p dir="ltr">And as with all things on social media, a discussion quickly broke out, with many speculating exactly whose name could be attached to the standout account. </p> <blockquote class="twitter-tweet"> <p dir="ltr" lang="en">I’d love to know</p> <p>Who is the ONE AUSTRALIAN with over $544 MILLION in super? <a href="https://t.co/DwHyQQqT0p">pic.twitter.com/DwHyQQqT0p</a></p> <p>— The Spence (@adambspencer) <a href="https://twitter.com/adambspencer/status/1629097148724953088?ref_src=twsrc%5Etfw">February 24, 2023</a></p></blockquote> <p dir="ltr">Mining magnate and Australia’s richest person Gina Rinehart’s name was thrown about, as well as that of Australia’s seventh richest, Clive Palmer. Kerry Stokes, Peter Dutton, Gerry Harvey, and everyone’s favourite “data error” were also strong contenders for the people of Twitter. </p> <p dir="ltr">And one cheeky commenter had their own guess to share, telling the others that “it’s Alan Joyce’s 9% employer contribution since he became Qantas CEO.”</p> <p dir="ltr">Another didn’t think it would be quite so easy, reminding everyone that “there are quite a few candidates. There are 49 billionaires in Australia according to Forbes.” </p> <p dir="ltr">Many in the comment section of the tweet were on board with the recent <a href="https://www.oversixty.com.au/finance/retirement-income/anthony-albanese-confirms-changes-to-superannuation">updates announced for superannuation funds</a>, with one writing of the $544m account holder, “one of 11128 people who could easily afford to pay a bit more tax.”</p> <p dir="ltr">“For most people,” said another, “even having $1m is an impossible dream.”</p> <p dir="ltr">“27 people have over $100 million in super. 1 person has $544 million. Last week I had to buy groceries with my credit card,” one wrote, before asking the question, “What happened to the lucky country?” </p> <p dir="ltr">Data suggests that the average superannuation balance for people aged between 60 and 64 is $157.925 ($178,800 for men and $137,050 for women), a sum that barely puts a dent in the savings of the super rich. </p> <p dir="ltr">“This information makes it clear that no one will lose an election over Super tax concession reform,” commented one individual with strong feelings on the matter, “the politicians who are defending this divisive tax minimisation are obviously the ones who fear losing large donations from the few in their voter base affected.”</p> <p dir="ltr"><em>Images: Getty </em></p>

Retirement Income

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

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

Money & Banking

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The new UK Prime Minister is richer than King Charles

<p>The new UK Prime Minister and his wife are richer than the royal family, making waves after featuring on the 2022 Rich List.</p> <p>Rishi Sunak and his wife Akshata Murty, who come from wealthy families and backgrounds, have an estimated fortune of £730 million ($A1.3 billion), according to the <a title="www.thetimes.co.uk" href="https://www.thetimes.co.uk/article/rishi-sunak-akshata-murty-net-worth-sunday-times-rich-list-86ls8n09h">Sunday Times </a><a title="www.thetimes.co.uk" href="https://www.thetimes.co.uk/article/rishi-sunak-akshata-murty-net-worth-sunday-times-rich-list-86ls8n09h">2022 Rich List</a>.</p> <p>The list placed them as the 222nd richest people in Britain. </p> <p>In comparison, the same list placed Queen Elizabeth II’s fortune at £370m ($A660m) before her death.</p> <p>King Charles III and Camilla, Queen Consort’s wealth is estimated to be between £300m ($A536m) and £350m ($A626m), according to The Guardian.</p> <p>Mr Sunak formerly worked as a hedge fund manager, while Ms Murty is the daughter of a tech giant who is known as one of the richest men in India.  </p> <p>She has a A$1.2 billion stake in her father's company, while also working as a fashion designer, and invests in start-ups through her private investment firm.</p> <p>The couple, both 42, met when they were studying at Stanford University and have two daughters together. </p> <p>They have a property portfolio of four homes worth an estimated £15m ($A26.7m), including a penthouse in Los Angeles. </p> <p>Mr Sunak won’t only be one, if not the, richest UK prime ministers in history, he will also be the first prime minister of colour and the youngest person to take office in more than 200 years.</p> <p>He takes over from Liz Truss, who he lost the leadership race to in September. She <a href="https://www.oversixty.com.au/news/news/revolving-door-of-chaos-uk-pm-quits-after-44-days-in-office" target="_blank" rel="noopener">resigned last week</a> after 44 days in office.</p> <p><em>Image credits: Getty Images</em></p>

Money & Banking

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Murdoch v Crikey highlights how Australia’s defamation laws protect the rich and powerful

<p>There is no better example of how Australia’s defamation laws enable the rich and powerful to intimidate their critics than Lachlan Murdoch suing Crikey.com over a comment piece concerning Fox News, Donald Trump and the Washington insurrection of January 6 2021.</p> <p>Crikey says it has <a href="https://www.crikey.com.au/2022/08/22/lachlan-murdoch-letters-crikey-why/" target="_blank" rel="noopener">published the correspondence</a> between its lawyers and Murdoch’s in order to show how media power is abused in Australia.</p> <p>The correspondence begins with a “concerns notice” Murdoch sent to Crikey, which is the essential first step in launching an action for defamation. In it, Murdoch claims that the <a href="https://www.crikey.com.au/2022/06/29/january-six-hearing-donald-trump-comfirmed-unhinged-traitor/" target="_blank" rel="noopener">Crikey commentary</a> by Bernard Keane, published on June 29 2022, conveyed 14 meanings that were defamatory of Murdoch.</p> <h2>Murdoch’s allegation and Crikey’s defence</h2> <p>According to Murdoch’s claims, Keane’s piece alleges that Lachlan Murdoch illegally conspired with Donald Trump to overturn the 2020 US presidential election result and incite an armed mob to march on the Capitol to prevent the result from being confirmed.</p> <p>Crikey has responded by disputing that these meanings are conveyed, saying they are “contrived and do not arise”. Crikey also argues that whatever it published could not possibly have done serious harm to Lachlan Murdoch’s reputation.</p> <p>In order to get an action for defamation off the ground, Murdoch, the plaintiff in this case, has to satisfy the court that serious reputational harm has been done. The court may well decide this is the case.</p> <p>Crikey says that given what much bigger media companies such as the Washington Post, the New York Times and the ABC (American Broadcasting Company) have already published about Murdoch’s Fox News and its propagation of the “Big Lie” that the 2020 presidential election had been stolen, what Crikey has published cannot further harm Murdoch’s reputation.</p> <h2>US vs Australian defamation protections</h2> <p>This brings us to the first way Australia’s defamation laws facilitate intimidatory action by the rich and powerful.</p> <p>Since those two big American newspapers have published similar material to that published by Crikey, the question naturally arises: why has Lachlan Murdoch not sued them? The answer is that in the United States, there is a “public figure” defence to defamation.</p> <p>In the US, Lachlan Murdoch would easily qualify as a public figure, being executive chairman and CEO of Fox Corporation. If he sued there, he would have to prove malice on the part of the newspapers. That means he would have to prove that the newspapers lied or were recklessly indifferent to the truth.</p> <p>No such defence is available to the media in Australia, despite decades of intermittent campaigning by the media that it is needed. The reasons these efforts have gone nowhere are twofold.</p> <p>First, Australian politicians are among the most avid users of defamation laws, and it would be unrealistic to expect they would change this convenient state of affairs. This has been illustrated recently by the <a href="https://www.theguardian.com/australia-news/2021/nov/05/friendlyjordies-%20defamation-case-jordan-shanks-apologises-to-john-barilaro-to-settle-claim" target="_blank" rel="noopener">successful defamation action</a> taken by the former deputy premier of NSW, John Barilaro, against an online satirist, Jordan Shanks, aka friendlyjordies.</p> <p>Second, the tradition of accountability in public life is weak in Australia and the tradition of secrecy is strong, as vividly demonstrated by Scott Morrison’s behaviour in the affair of the <a href="https://www.theguardian.com/australia-news/2022/aug/16/scott-morrison-five-more-secret-ministries-minister-portfolio-ministry-including-treasury-home-affairs" target="_blank" rel="noopener">multiple portfolios</a>.</p> <p>Another major factor in the chilling effect that the Australian defamation laws exert on the media is the extravagant damages the courts have awarded to plaintiffs that sue media companies, as well as the high cost of litigation. This has caused large media companies to settle cases even when they had an arguable prospect of defending themselves.</p> <p>A recent example was when the biography of the AFL player Eddie Betts was published, confirming what had happened at the now notorious training camp held by the Adelaide Crows in 2018. At the camp, Betts alleged he was targeted, abused and the camp “<a href="https://www.abc.net.au/news/2022-08-02/eddie-betts-autobiography-adelaide-crows-training-camp/101294046#:%7E:text=Former%20Adelaide%20star%20Eddie%20Betts,from%20the%20club's%20leadership%20group" target="_blank" rel="noopener">misused personal and sensitive information</a>.”</p> <p>However, when The Age broke the story initially, it was sued by the company that ran the camp. The newspaper <a href="https://www.theage.com.au/sport/afl/afl-players-betrayed-by-a-win-at-all-costs-culture-%2020220804-p5b78a.html" target="_blank" rel="noopener">issued an apology</a>, although it did not admit the story was wrong.</p> <p>The Age said its parent company, Nine Entertainment, had made a “business decision” to settle the case. In other words, it did not want to risk the costs and damages involved in contesting the suit.</p> <h2>Liabilities for online publication</h2> <p>A third main factor is the failure of the Morrison administration to bring to finality stage two of the defamation law reforms, which concern the liabilities and defences for online publication.</p> <p>Currently, anyone who publishes a website or a blog is liable for the comments made there by <a href="https://www.abc.net.au/news/2021-09-08/high-court-rules-on-media-responsibility-over-%20facebook-comments/100442626" target="_blank" rel="noopener">third parties</a>. Continuously moderating comment streams for potentially defamatory material is onerous and expensive at a time when media organisations have far fewer resources than they did in the pre-digital age.</p> <p>Against this backdrop, it is hardly surprising that Lachlan Murdoch feels he can use his immense wealth and power to intimidate and silence a relatively small outfit like Crikey.com. Behind him stand corporations with a market capitalisation of billions. Crikey says its company, Private Media, is valued at less than $20 million.</p> <h2>Murdoch’s demands</h2> <p>Murdoch wants Crikey to take down the story and issue an apology. In pursuit of his case, he has filed suit in the Federal Court.</p> <p>In defiance of Murdoch’s claim, Crikey has published his 2014 oration at the State Library of Victoria named in honour of his grandfather, Sir Keith Murdoch, as part of its <a href="https://www.crikey.com.au/2022/08/22/lachlan-murdoch-letters-crikey-why/" target="_blank" rel="noopener">publishing of the legal correspondence</a>:</p> <blockquote> <p>Censorship should be resisted in all its insidious forms. We should be vigilant of the gradual erosion of our freedom to know, to be informed and make reasoned decisions in our society and in our democracy. We must all take notice and, like Sir Keith, have the courage to act when those freedoms are threatened.</p> </blockquote> <p>Quite.</p> <p><strong>This article originally appeared on <a href="https://theconversation.com/murdoch-v-crikey-highlights-how-australias-defamation-laws-protect-the-rich-and-powerful-189228" target="_blank" rel="noopener">The Conversation</a>.</strong></p> <p><em>Image: Getty</em></p>

Legal

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Rich countries donating half their COVID vaccine supply would be a “win-win”

<p>The message emerging from expert dialogue on the trajectory of COVID is increasingly clear: this show won’t be over until the whole world is vaccinated. The appearance of <a href="https://cosmosmagazine.com/health/covid/omicron-update-170122/" target="_blank" rel="noreferrer noopener">Omicron</a> on the scene, with <a href="https://www.sbs.com.au/news/son-of-omicron-victoria-detects-a-handful-of-covid-19-sub-variant-cases/095ee479-723b-40a9-a2ca-77e90968d6e7" target="_blank" rel="noreferrer noopener">son-of-Omicron</a> (the BA.2 sub-variant) hot on its heels, has been a stark reminder that making it through one wave doesn’t mean we’ve weathered the storm – as long as there are under-vaccinated populations, this virus will continue to develop new variants that will sweep across the globe, making vaccine equity crucial to COVID defense.</p><p>Just how much should we prioritise vaccine sharing over increasing immunity within our own borders? A new <a href="https://doi.org/10.1038/s41562-022-01289-8" target="_blank" rel="noreferrer noopener">modelling study</a> published in <em>Nature Human Behaviour</em> has put firm figures to this tricky question, finding that if high-income countries were to donate up to 46% of their total vaccine supply to low- and middle-income countries, the benefits could include substantial decreases in global mortality and protection against further pandemic waves.</p><p>Using a mathematical model, the researchers projected the consequences of vaccine inequity over five years, against the backdrop of evolving strains of SARS-CoV-2 and global mobility.</p><p>The results showed that if we want to get on top of COVID, we’re going to have look beyond short-term immunity gains within our own borders and start playing a globally focused long-game.</p><p>The model indicated that increasing national vaccination rates through booster programs, such as the controversial <a href="https://cosmosmagazine.com/health/covid/fourth-covid-shot-wont-prevent-omicron-infection/" target="_blank" rel="noreferrer noopener">four-dose regime</a> being rolled out across Israel, does lead to faster declines in mortality in high-income countries in the first year. But these gains are swallowed up by an increasing vulnerability to infection in subsequent years as the global threat of newly emerging strains grows.</p><p>Conversely, modelling equitable vaccine allocation strategies showed a substantial curbing of the spread of new strains, providing greater benefits to both high-income and low- and middle-income countries.</p><p>Regardless of where individual countries stand on the ethics of tending to your own flock ahead of assisting disadvantaged global populations, this model makes it clear that allocating nearly half of high-income countries’ vaccine supplies is, over the longer-term, in their own interest.</p><p>Addressing vaccine equity is a practical but highly effective variant-suppression measure that could be achieved by immediate and more-generous vaccine donations to low- and middle-income countries, but convincing governments to reframe their national COVID strategies in this global light remains a challenge.</p><p>As of 31 December 2021, more than nine billion COVID-19 vaccination doses had been administered worldwide – but the distribution of these doses remains highly imbalanced. Over 70% of people in high-income countries are now fully vaccinated against COVID-19; in low-income countries, that number is 4%.</p><p>Organisations such as COVAX, which is co-led by <a href="https://www.gavi.org/" target="_blank" rel="noreferrer noopener" data-type="URL" data-id="https://www.gavi.org/">Gavi</a>, <a href="https://www.who.int/initiatives/act-accelerator/covax" target="_blank" rel="noreferrer noopener" data-type="URL" data-id="https://www.who.int/initiatives/act-accelerator/covax">the WHO</a>, and <a href="https://cepi.net/" target="_blank" rel="noreferrer noopener" data-type="URL" data-id="https://cepi.net/">CEPI</a>, are attempting to tackle the vaccine inequity problem, and announced in January that they had delivered their <a href="https://cosmosmagazine.com/health/covid/billionth-covax-dose/" target="_blank" rel="noreferrer noopener">billionth vaccine dose</a> – an admirable achievement, but well short of their 2 billion dose goal. The organisation cited hoarding and stockpiling by wealthy countries as a key roadblock to their progress. Many high-income countries have access to enough vaccines to vaccinate their populations several times over, leaving some low- and middle-income countries struggling to obtain sufficient supplies to vaccinate their populations even once.</p><p>But, as the current study makes clear, pandemics pay no heed to borders. Until there is international commitment to global vaccine equity, the waves will continue to crash in.</p><!-- Start of tracking content syndication. Please do not remove this section as it allows us to keep track of republished articles --><!-- End of tracking content syndication --><div id="contributors"><p><em><a href="https://cosmosmagazine.com/health/covid/combatting-vaccine-inequity-win-win/" target="_blank" rel="noopener">This article</a> was originally published on <a href="https://cosmosmagazine.com" target="_blank" rel="noopener">Cosmos Magazine</a> and was written by <a href="https://cosmosmagazine.com/contributor/jamie-priest" target="_blank" rel="noopener">Jamie Priest</a>. Jamie Priest is a science journalist at Cosmos. She has a Bachelor of Science in Marine Biology from the University of Adelaide.</em></p><p><em>Image: Getty Images</em></p></div>

Body

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Adele confirms boyfriend rumours

<p><span style="font-weight: 400;">After months of swirling rumours, popstar Adele <a rel="noopener" href="https://celebrity.nine.com.au/latest/adele-rich-paul-dating-relationship-confirmed-instagram-post/bee88561-7a28-4b83-b1a8-a4f03e2ac3c2" target="_blank">has confirmed</a> her relationship status on social media.</span></p> <p><span style="font-weight: 400;">Adele and sports agent Rich Paul were first spotted together in July while attending Game 4 of the NBA Finals, after Paul told the </span><em><span style="font-weight: 400;">New Yorker</span></em><span style="font-weight: 400;"> they were “hanging out” in May.</span></p> <p><span style="font-weight: 400;">Adele shared a trio of photos, with the first two showing off her stunning black and white gown, as well as a black-and-white selfie of herself with Paul.</span></p> <p><span style="font-weight: 400;">Keeping it short and sweet, Adele captioned the post with a single heart emoji.</span></p> <blockquote 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);" class="instagram-media" data-instgrm-captioned="" data-instgrm-permalink="https://www.instagram.com/p/CT_s4RMASgx/?utm_source=ig_embed&amp;utm_campaign=loading" data-instgrm-version="13"> <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> <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;" rel="noopener" href="https://www.instagram.com/p/CT_s4RMASgx/?utm_source=ig_embed&amp;utm_campaign=loading" target="_blank">A post shared by Adele (@adele)</a></p> </div> </blockquote> <p><span style="font-weight: 400;">According to </span><em><span style="font-weight: 400;">Forbes</span></em><span style="font-weight: 400;">, Paul is a sports superagent, as well as the founder and chief executive officer of Klutch Sports Group, the agency that represents Lebron James and other famed NBA players.</span></p> <p><span style="font-weight: 400;">Adele separated from former husband Simon Konecki in 2019, before finalising their divorce in March this year.</span></p> <p><span style="font-weight: 400;">They have one son together, nine-year-old Angelo.</span></p> <p><em><span style="font-weight: 400;">Image: adele / Instagram</span></em></p>

Relationships

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Rich feelings: better or worse?

<div> <div class="copy"> <p>It’s the age-old question: we all want money, but does it <a href="https://medium.com/@natalie.parletta/money-doesnt-bring-happiness-yet-we-keep-spending-ef0faf3047fb">make us happy</a>? Invariably, the answer is nuanced but some consistent themes have emerged.</p> <p>Researchers have pooled data on the relationship between money and emotions from more than 1.6 million people across 162 countries and found that wealthier people feel more positive “self-regard emotions” such as confidence, pride and determination.</p> <p>People with lower incomes, on the other hand, had more negative emotions towards themselves such as anxiety, sadness and shame, reports the study <a href="https://doi.org/10.1037/emo0000933">published</a> in the journal <em>Emotion</em>. </p> <p>Perhaps not surprisingly, having a greater sense of control mediated those feelings – in other words, people with more wealth and higher positive self-regard also felt more in control of their life’s direction and ability to surmount obstacles. </p> <p>These results held true across high-income and developing countries.</p> <p>But wait – there’s more to it.</p> <p>When it comes to feelings people have towards others – such as love, anger, gratitude and compassion – the findings aren’t so clear-cut: there wasn’t a consistent link between these emotions and income. </p> <p>“Having more money doesn’t necessarily make a person more compassionate and grateful, and greater wealth may not contribute to building a more caring and tolerant society,” says lead author Eddie Tong, from the National University of Singapore.</p> <p>Happiness and other global emotions also had no consistent relationship with income across countries, so the jury is still out on that one – clearly other factors are at play.</p> <p>It’s important to note that the study, based on five large data sets, is correlational – although notably, longitudinal analyses of US data showed that income predicted self-regard emotions over time.</p> <p>The relationships were relatively small so the true picture is more complex. But the authors note that “some small effects may accumulate into practically significant effects in real life over time.</p> <p>“The findings here may thus have substantial real-world relevance, at both individual and societal levels.”</p> <img id="cosmos-post-tracker" style="opacity: 0; height: 1px!important; width: 1px!important; border: 0!important; position: absolute!important; z-index: -1!important;" src="https://syndication.cosmosmagazine.com/?id=141200&amp;title=Rich+feelings%3A+better+or+worse%3F" alt="" width="1" height="1" /></div> <div id="contributors"> <p>This article was originally published on <a rel="noopener" href="https://cosmosmagazine.com/health/body-and-mind/rich-feelings-better-or-worse/" target="_blank">cosmosmagazine.com</a> and was written by Natalie Parletta. </p> </div> </div>

Money & Banking

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Unclaimed riches: FIVE lottery winners in the past five weeks yet to come forward

<p>Sydney residents are being urged to check any unclaimed lotto tickets as an $11million winning ticket remains at large. </p> <p>One lucky Aussie purchased the ticket for Tuesday's Oz Lotto draw at a a Newsagency in the south Sydney suburb of Rosebery, and have yet to claim their winnings.</p> <p>The ticket holder managed to nab the <span>only division one winning entry in draw 1435, securing themselves the entire jackpot prize of $11,002,697.57.</span></p> <p><span>However, the ticket purchase wasn't registered to a player card, so lottery officials have no way of contacting them. </span></p> <p class="css-1316j2p-StyledParagraph e4e0a020">Rosebery North Newsagency manager Min Chai said the win was “so exciting for us and our community”.</p> <p><span>“It’s incredible to see one of our customers walk away with such a massive prize,” he added.</span></p> <p><span>Lauren Cooney, a spokesperson for Lotto Australia, has urged all customers who bought a ticket from the store to check their tickets as soon as possible. </span></p> <p><span>She also </span>said, <span>“We’re certainly hoping to hear from Sydney’s latest multi-millionaire very soon.”</span></p> <p><span>The draw’s winning numbers were 35, 15, 44, 5, 18, 32 and 38, while the supplementary numbers were 42 and 16.</span></p> <p><span>This large unclaimed prize is the fifth winning ticket that remains at large this week. </span></p> <p><span>Other prizes still to be claimed range between $700,000 and $2million, as Sydney-siders are urged to check any tickets that are not registered to player cards. </span></p> <p><span>The suburbs the tickets were purchased in are West Ryde, Mount Hutton, Randwick, Werrington and the $11million ticket from Rosebery.</span></p> <p><em>Image credit: Shutterstock</em></p>

Money & Banking

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“The powerful and rich are not exempt”: Prince Andrew sued over alleged sexual assault

<p><span style="font-weight: 400;">TRIGGER WARNING: SEXUAL ASSAULT</span></p> <p><span style="font-weight: 400;">Australian-American Virginia Giuffre, one of Jeffrey Epstein’s longtime accusers, has sued Prince Andrew, saying he sexually assaulted her when she was 17.</span></p> <p><span style="font-weight: 400;">Ms Giuffre’s lawyers filed the lawsuit in Manhattan federal court on Monday.</span></p> <p><span style="font-weight: 400;">In a statement, Ms Guiffre said the lawsuit, where she alleges she was trafficked to him and sexually abused by him, was brought under the Child Victims Act.</span></p> <p><span style="font-weight: 400;">Under the act, victims of childhood sexual abuse can file a lawsuit up to the age of 55 against a person or institution that may have been involved.</span></p> <p><span style="font-weight: 400;">“I am holding Prince Andrew accountable for what he did to me,” she said.</span></p> <p><span style="font-weight: 400;">“The powerful and rich are not exempt from being held responsible for their actions.</span></p> <p><span style="font-weight: 400;">“I hope that other victims will see that it is possible not to live in silence and fear, but to reclaim one’s life by speaking out and demanding justice.</span></p> <p><span style="font-weight: 400;">“I did not come to this decision lightly,” she continued.</span></p> <p><img style="width: 400px; height:500px;" src="https://oversixtydev.blob.core.windows.net/media/7843011/82482731_153388842942400_6058970600144240907_n.jpg" alt="" data-udi="umb://media/ef68d67ff30c4f0f91e5656b1a98dbf1" /></p> <p><em><span style="font-weight: 400;">Image: Virginia Guiffre / Instagram</span></em></p> <p><span style="font-weight: 400;">“As a mother and a wife, my family comes first - and I know that this action will subject me to further attacks by Prince Andrew and his surrogates - but I knew if I did not pursue this action, I would be letting them and victims everywhere down.”</span></p> <p><span style="font-weight: 400;">In a previous interview with </span><em><span style="font-weight: 400;">BBC Newsnight </span></em><span style="font-weight: 400;">in 2019, Prince Andrew said he had never had sex with Ms Guiffre.</span></p> <p><span style="font-weight: 400;">“It didn’t happen,” he said.</span></p> <p><span style="font-weight: 400;">He continued to say he had “no recollection” of ever meeting her and that there were “a number of things that are wrong” about her account of the encounter that allegedly occurred in 2001.</span></p> <p><span style="font-weight: 400;">“I can absolutely categorically tell you it never happened,” Andrew said.</span></p> <p><span style="font-weight: 400;">According to the allegations, Prince Andrew abused Ms Guiffre multiple times while she was under the age of 18.</span></p> <p><span style="font-weight: 400;">On one occasion that allegedly occurred in Ghislaine Maxwell’s home in London, Guiffre was allegedly forced by Epstein, Maxwell, and Prince Andrew to have sexual intercourse with the prince against her will.</span></p> <p><span style="font-weight: 400;">The lawsuit also claims that on a separate occasion, Prince Andrew allegedly sexually abused Guiffre at Epstein’s New York home, where Maxwell forced Guiffre and another victim to sit on Andrew’s lap while he touched her.</span></p> <p><span style="font-weight: 400;">Additionally, the lawsuit alleges that Andrew sexually abused the plaintiff on Epstein’s private island in the US Virgin Islands.</span></p> <p><span style="font-weight: 400;">During each incident, Epstein, Maxwell, and/or Prince Andrew gave her “express or implied threats” to engage in the sexual acts with the prince, according to the lawsuit.</span></p> <p><img style="width: 500px; height:331.54296875px;" src="https://oversixtydev.blob.core.windows.net/media/7843012/gettyimages-1192977806.jpg" alt="" data-udi="umb://media/d29f2f9760cf45bd9be04d6525fdfc5f" /></p> <p><em><span style="font-weight: 400;">Melania Trump, Prince Andrew, Gwendolyn Beck, and Jeffrey Epstein. Image: Getty</span></em></p> <p><span style="font-weight: 400;">Ms Maxwell, 59, has pleaded not guilty to sex trafficking charges, and will face trial at Manhattan federal court in November.</span></p> <p><span style="font-weight: 400;">Epstein died at the age of 66 while in federal jail in Manhattan in August 2019, one month after his arrest for sex trafficking charges.</span></p> <p><span style="font-weight: 400;">Manhattan prosecutors have formally requested to speak with Prince Andrew as part of their continuing probe into Epstein and his encounters with women and teenage girls.</span></p> <p><span style="font-weight: 400;">Ms Guiffre’s action comes as a fund set up to pay Epstein’s victims announced that it had largely completed its work on Monday, after agreeing to provide $US 125 million ($AUD 170 million) to more than 135 individuals.</span></p> <p><span style="font-weight: 400;">The Epstein Victims Compensation Program, administered by Jordana Feldman, was designed as an alternative to lawsuits, which could take years to result in a payout.</span></p> <p><span style="font-weight: 400;">Ms Feldman said 92 percent of 150 eligible applicants have accepted the payments offered by the fund, which were financed with money from Epstein’s estate.</span></p>

Legal

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13 things rich people never waste their money on

<p><strong>Impulse buys</strong></p> <p><span>Sure, it might be enticing to snag the cashmere sweater in the store window or the newest car on the lot. But making a purchase on a whim is something you will never see a wealthy person do. “If you buy things you do not need,” billionaire investor Warren Buffet told Forbes, “soon you will have to sell things you need.” It doesn’t mean millionaires don’t buy lavish items, they just put thought into them and their bottom line before swiping their credit card. Here are 13 nearly effortless ways to be more thrifty.</span></p> <p><strong>Extreme inheritances</strong></p> <p><span>It’s fantasy to think we can all leave a mountain of money to our children and grandchildren, so they don’t have to budget as we did. But large inheritances are something rich people don’t use their money for. Why? Well, Bill Gates and Mark Zuckerberg both said they want their children to find their way rather than relying on a handout, according to CNBC. Instead, both billionaires are giving significant portions of their fortunes to charity to help those who need it most.</span></p> <p><strong>TV channels and video games</strong></p> <p><span>Rich people didn’t amass their fortune sitting around staring at a screen all day. That’s why they don’t waste money on jumbo TV packages or the latest video games. According to 2015 data from Nielsen, adults in households with annual incomes below $25,000 spent considerably more time consuming media (through TV, video games, or radio), compared to adults in households with annual incomes over $75,000. “We expected high-income households to own more devices, but we did not anticipate that low-income consumers of all devices had greater usage,” says Glenn Enoch, Nielson’s SVP of Audience Insights. Thomas Corley, the author of Rich Habits: The Daily Success Habits Of Wealthy Individuals found that 67 per cent of “rich” people say that they don’t watch TV.</span></p> <p><strong>Luxury brands</strong></p> <p><span>Millionaires can afford the latest fashions from the top designers, but that doesn’t mean they’re spending their hard-earned money on high-end apparel. In fact, the founder of IKEA, Ingvar Kamprad, told Newsweek that he doesn’t wear anything that is not from a flea market to “set a good example,” and Bill Gates told Time that he still wears a $10 watch despite being able to afford a closet full of Rolexes.</span></p> <p><strong>An over-priced home</strong></p> <p><span>Although their home-buying budget is considerably higher, rich people still look for deals. They want to feel like they’re getting the most value for their dollar and not like they’re getting ripped off. Yes, they might be spending millions, but they’re going to try to bargain with the list price like anyone else. Some wealthy individuals even go so far as not to purchase an extravagant home at all. According to U.S. News and World Report, Warren Buffett may be the third-richest man in the world, but he still lives in the home he bought in 1958 for $31,500.</span></p> <p><strong>Buying instead of renting</strong></p> <p><span>Some rich folks are going so far as to not even deal with the hassle of buying a home. Many are opting to rent, according to Extra’s Mansions and Millionaires host Michael Corbett. “Renting is more popular than ever, even among the wealthy,” he told huffingtonpost.com. “While it once made sense for people who could afford it to buy a home and flip it after two years, and the market has improved moderately this year, we’re hardly in a boom.”</span></p> <p><strong>Pricey grooming</strong></p> <p><span>Everyone needs a trim once in a while, but some famous rich people don’t think it warrants whipping out the wallet. John Caudwell, businessman and billionaire cuts his own hair, according to TIME, and IKEA founder, Ingvar Kamprad told Newsweek that he’s had his hair cut when he is in developing countries as a way of giving back.</span></p> <p><strong>Multiple credit cards</strong></p> <p><span>It’s understandable that a wealthy person might not want to walk around with a ton of cash in their wallet. But don’t think for a second that their wallet is filled with a credit card from every bank. Tom Corley, author of the best-selling book Rich Habits: The Daily Habits of Successful People, told U.S. News and World Report: Only 8 per cent of rich people use more than one card. Meanwhile, 77 per cent of poor people have multiple credit cards. With more cards, there are more fees to keep track of, more finance charges to accrue, and generally more opportunity to buy things you don’t need.</span></p> <p><strong>Late fees</strong></p> <p><span>No one likes to pay pesky late fees when they miss a bill or payment, especially rich people. That’s why they’re diligent about setting up auto-pay on all their accounts, from mortgages and car payments to credit cards and insurance, according to David Bach, author of Smart Women Finish Rich. As he told Learnvest, “late fees can add up to a fortune.”</span></p> <p><strong>Things that don't last</strong></p> <p><span>Even if rich people have the money to replace an item that wears out or breaks, they still don’t want to waste their money that way. “Wealthy people understand that the cheapest route isn’t always the most valuable,” Peter Bush, a wealth management expert, told Learnvest. “They can take the long view and consider how what they pay today compares with the worth over time.”</span></p> <p><strong>Stuff over experiences</strong></p> <p><span>Research has shown that money and material things can generate only so much happiness. Instead, it’s meaningful experiences that lead to a truly fulfilling life. According to Jaime Tardy, author of The Eventual Millionaire, the wealthy choose once-in-a-lifetime experiences over new gadgets. As Tardy told The Week, she knows several millionaires that have old iPhones rather than the newest model.</span></p> <p><strong>Retirement</strong></p> <p><span>Now, look: No one is going to advise you against investing money in your superannuation savings. But for rich people, retirement isn’t a focus mostly because self-made billionaires don’t plan to retire, according to CNBC. A 2010 study from Barclay’s Wealth, published on CNBC, revealed that 54 per cent of millionaires want to work right through their retirement years, and 60 per cent of people with a net worth of $15 million plan to work “no matter what their age.”</span></p> <p><strong>Gambling</strong></p> <p><span>Of course, rich people don’t need to play the lottery since they’ve already struck it rich. But they are still against wasting their money on gambling. Warren Buffet has bashed the whole idea, saying it’s the government preying on its citizens. “A government shouldn’t make it easy for people to take their social security cheques and [waste them pulling] a handle,” he has said. He also put a slot machine in his home to show his children that when he gave them their allowance, they would fall into temptation and end up spending it all in one day.</span></p> <p><em><span style="font-weight: 400;">Written by <span>Jordi Lippe-McGraw</span></span><span style="font-weight: 400;">. This article first appeared in </span><a rel="noopener" href="https://www.readersdigest.com.au/food-home-garden/money/13-things-rich-people-never-waste-their-money-on" target="_blank"><span style="font-weight: 400;">Reader’s Digest</span></a><span style="font-weight: 400;">. Find more of what you love from the world’s best-loved magazine, </span><a href="https://readersdigest.innovations.com.au/c/readersdigestemailsubscribe?utm_source=over60&amp;utm_medium=articles&amp;utm_campaign=RDSUB&amp;keycode=WRA93V"><span style="font-weight: 400;">here’s our best subscription offer</span></a><span style="font-weight: 400;">.</span></em></p>

Retirement Income

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Rare home with rich WWII history hits market

<p><span>A historic home that was once used as the headquarters of the US central Bureau has hit the market, becoming one of the rarest properties available.</span><br /><br /><span>Nyrambla, a stunning, antique hillside estate built in 1885 at 21 Henry Street, Ascot, was owned by Brisbane socialite Andree Daws.</span><br /><br /><span>Mrs Daws, who was married to acclaimed artist Lawrence Daws, Kemp the historic property in pristine condition until she died in August.</span><br /><br /><span>The home was first bought by Mrs Daws’s grandfather George Willoughby Whatmore in the 1920s.</span><br /><br /><span>It eventually was converted into flats after he died in 1929.</span><br /><br /><span>Computers were set up in Nyrambla’s garage, are were used to crack enemy codes during the war.</span><br /><br /><span>Remarkably enough, in April 1943 these computers intercepted and decoded a Japanese signal that lead to the ambush and death of Admiral Yamamoto, who oversaw the attack on Pearl Harbour.</span><br /><br /><span>The bureau stayed in situ at Nyrambla until 1945.</span><br /><br /><span>Mrs Daws married Lawrence, her fifth husband, in 2013 and went on to turn a part of Nyrambla into an art studio for him.</span><br /><br /><span>His works hang in public collections around the world, including at the National Gallery of Australia, Tate Gallery inLondon and Scottish National Gallery of Modern Art in Edinburgh.</span><br /><br /><span>Some of his paintings also adorned the stunning coloured walls of Nyrambla.</span><br /><br /><span>The home is being sold through expressions of interest.</span></p>

Real Estate

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