A recent study has shown that money can actually buy you happiness – that is, up to a point.

In Tuesday’s edition of Proceedings of National Academy of Sciences US researchers report that people’s emotional well-being (i.e. happiness) increases along with their income up to $US75,000 (roughly $AU82,000).

Angus Deaton, an economist at the Centre for Health & Wellbeing at Princeton University, says for people making less than that figure:

“Stuff is so in your face it’s hard to be happy. It interferes with your enjoyment”.

Deaton, along with Daniel Kahneman, a Nobel Prize winning psychologist, reviewed surveys of 450,000 Americans which were conducted between 2008 – 09 for the Gallup-Healthways Well-Being Index. These surveys included questions on people’s day-to-day happiness as well as their overall life satisfaction. The research conducted by these two gentlemen is supported by the Gallup Organisation and the National Institute on Aging.

It was found that happiness increased as income rose, but Deaton noted that the effect levelled out at the $US75,000 mark. Above this point although happiness may have levelled out their overall sense of success or well-being continued to rise along with their earnings.

“Giving people more income beyond 75K is not going to do much for their daily mood … but it is going to make them feel they have a better life”, said Deaton in an interview.

Not unexpectedly, someone who moves from a job with an annual salary of $US100,000 to a job paying double that at $US200,000 realises an improved sense of self. However, Deaton notes that this doesn’t necessarily mean that they are happier in their day-to-day life. These results were similar for other measures too – For example, people really were happier on weekend but their overall deeper sense of well-being didn’t change.

Kahneman & Deaton have said they undertook this study to learn more about economic growth & policy as some have questioned the value of growth to individuals.

Deaton said they were far from definitively resolving that question, but has added:

“Working on this paper has brought me a lot of emotional well-being. As an economist I tend to think money is good for you, and am pleased to find some evidence for that.”

Overall, the researchers said:

“As in other studies of well-being, we found that most people were quite happy and satisfied with their lives.”

Comparing their life-satisfaction results for the research with those of other countries, the researchers said the United States ranked ninth behind the Scandinavian countries, Canada, the Netherlands, Switzerland and New Zealand.

I found this an interesting bit of research, as I have always had a suspicion that money can aid happiness… to a point. But is that because we live in a materialistic world where we think we need more money to buy ourselves happiness? To buy the newest stuff, the best car and the biggest house? Or is it more due to the rising cost of living & that element of life? I think it would be hard to argue against the notion that money does take away a fair bit of worry and help smooth the road.

Do you agree? Can money buy happiness?

But have you ever thought about which countries have the biggest gold reserves and which countries are producing the gold? Jump to the infographic below and scroll on down to get to some interesting facts and factoids about the glistening substance.

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Some Insights into the data on our infographic:

All Gold Ever Mined – The total amount of gold ever mined is estimated to be worth around US$5 trillion.

How Gold is Used – You might have though (like me) that most of the gold in the world stored in bank vaults and lock-boxes? Actually, 78 % of the worlds’ gold is made into jewelery. Other industries, mostly electronics, medical, and dental, require about 12%. The remaining 10% of the yearly gold supply is used in financial transactions.

Producers and Owners – The starkest contrast is South Africa: number 27 on the list of nations that own the most gold list despite producing the most gold in the world per year from its mines.

Gold production in the United States – The State of Nevada has the world’s lowest cost and most profitable gold mines. The mines average output is about 7 million ounces per year.

The Fed’s Vault – The Federal Reserve Bank of New York has the largest accumulation of monetary gold. The vault is 25 meters (80 feet) underground and holds $147 billion worth of gold bullion.

Current gold price trading on Wall Street:

If the value of gold on the New York stock market is anything to go by then you can see how much its been a safe haven for investors:

And now for some facts and factoids about gold:

Gold Discovery – The first discovery of gold in the USA was an 8 kg nugget of gold found by the son of a farmer. He and his father were using this stone as the support for a door until the local jeweller noticed it. And the owner sold this stone for $3.5. Finally the farmer understood this piece was very valuable and opened the first gold-mine in the country.

Largest Gold Nugget Ever Found – The largest gold nugget ever found was in Australia in 1869. It was named “Welcome Stranger,” It weighed 78 kilograms. After it was melted down 71 Kg of pure gold was left.

The US Gold Drain – When the American dollar was first pushed as the world de-facto currency it was backed by gold. One ounce of gold was worth $35. After 25 years of the American’s continual printing of money however, $35 was no longer worth an ounce of gold. In actual fact one ounce of gold was worth $105. As a result foreign countries, beginning with France in the late 1960’s, started to buy gold at $35 until the United States Government stopped selling its gold, thus removing gold backing from its dollar.

Private Gold Ownership Banned in the USA – Private ownership of gold was banned in the United States for 41 years. It lasted from 1933 to 1974.

Gold Refined and Rare – If all the gold that had been refined in the world was put into a cube, its sides would be roughly 20 metres long but would only weigh 1/10 of the Washington Monument.

Gold Nugget – Gold nuggets are actually quite rare. A gold nugget can sell for up to 4 times the worth of the amount of gold in it.

Gold Leaf – Gold leaf is commonly 0.18 microns (seven millionths of an inch) thick. It’s so thin that a stack of 7,055 sheets would be no thicker than a dime.

Largest Gold Nugget Still in Nugget Form – The ‘Hand of Faith’, is the largest gold nugget still in existence. It weighs 27 Kg (60 pounds) and is currently on display at the Golden Nugget hotel and casino in Las Vegas.

Gold and Medicine – Thousands of rheumatoid arthritis victims have chemically liquefied gold injected into their muscles. It is said that the treatment is successful in seven out of ten cases.

The Heaviness of Gold – Gold is so heavy that one cubic foot of it weighs half a ton.

The Malleability of Gold – A single ounce of gold can be drawn into a wire 60 miles long.

Gold in Water – The worlds’ largest stock pile of gold is actually in the oceans. For every cubic mile of sea water there is 25 tons of gold! That’s a total of about 10 billion tons of gold in the oceans; unfortunately, there’s no known way to recover it economically.

Artificial Creation of Gold – Gold can be transmitted from platinum by nuclear reaction. But, because of the rarity of platinum, it is far too costly.

Gold in Space – The visors of astronauts’ space helmets receive a coating of gold so thin (0.00005 millimeters, or 0.000002 inches) that it is partially transparent. The astronauts can see through it, but even this thin layer reduces glare and heat from sunlight.

Gold in the Bible – You may be interested to know that gold is mentioned 417 times in the Bible. And, the last book of the New Testament, the Book of Revelation states that in the New Heavens and New Earth the streets will made from pure gold!

What do you think? Do you own any gold stocks?

So … what is in it for me ? The best quote I heard surrounding this election is from a close friend who asked: would the real federal election please stand up?

There has been a lot of hearsay which has surrounded this election along with both major parties becoming a little bit too entrenched in slagging the other one off. Both have been quick to point out the others shortfalls but have almost seemed afraid to go out with a strong statement of policies or what they stand for. The third largest party down under, The Greens, have not had such a problem and have been upfront on where their party stands from the start. This may just be a liberty provided to them as they’re not in the front running to win outright and the other parties have “more” to lose, but still I know I am not alone in wondering what everyone really stands for and what the next couple of years will mean for me, my family and Australia as a whole.

Claims by Liberals is that under Labor the cost of living has gone through the roof – rent up by 16%, water up by 29%, electricity up by 34% and that the debt for Australia increases by $100,000,000 daily. These facts may be true but are they simply scare-tactics or was this compounded by the GFC which we recently went through? Claims by Labor is that Liberals are going to slash healthcare funding, remove investment from our schools and more which will in effect take Australia backwards.

So, as Australia goes to the polls RIGHT NOW it is time to make up your mind before you vote today.

Labour – Moving Australia Forward

Yes, during the GFC while jobs were lost around the world and economies crashed, Australia was kept out of recession. It is acknowledged that Australia has the lowest debt than of any major advanced economy in the world and experienced the highest growth / lowest unemployment at the time many economies were going the other way.

Labor’s plan promises that it will deliver stronger economy to create jobs, support business, protect rights at work and provide quality health & education services – to provide a sustainable Australia.

This will be through the following actions:

• Permanent tax cuts for small business
• Provision of a national broadband network
• Boost retirement spending
• Build GP Super clinics & provide training for more Doctors & nurses
• Computers into schools
• Expand trade training centres (into high schools)

(policies – http://www.alp.org.au/agenda/)

But this is the question: do you think Labor will move Australia forward or backwards or will Australia & our economy stay put? Can they pull it off?

Liberals – Stand Up For Australia. Stand Up For Action

The Action Contract from Liberal party consists of four elements which they see as doing the right thing:

• End wasteful spending
• Pay back labor’s debt
• Stop new taxes
• Stop the boats

Commentary on Economic Management From the liberal website (http://www.liberal.org.au/Issues/Economy.aspx):

“Tony Abbott and the Liberals stand for real action to end wasteful spending and real action to grow our economy. Labor, on the other hand, has turned a $20 billion surplus into record debt and has no plan to pay it back. We will continue to fight for Australian families who are paying the price for Labor’s record debt with higher interest rates and rising living costs.”

Liberals top priority is “to restore Australia’s finances” through higher productivity across four main elements – Debt reduction, stopping the waste, tax reduction & boosting participation & productivity. To review the “Strong plan for Australia – action contract” yourself – go to: (http://www.liberal.org.au/Policies.aspx?gclid=CM77lZr8xqMCFQZBbgodexjlvQ)

But do you think these guys are really standing up for action or do they not have a leg to stand on?

Greens

In 2009 the Greens “Saved Australia from recession” through supporting and improving the proposed stimulus plan which created thousands of jobs. This party consider themselves the most progressive party in Australia and at the heart of their policies is economic responsibility through the creation of a more sustainable economy.

Greens are the fastest growing party in Australia & there is a very strong possibility they the Greens will have more of a voice in Government in 2010 than ever before. So it is well worth being across their policies. Here are what their election policies are:

• Universal basic dental care
• $350million per year for mental health
• Invest in public education
• Give asylum seekers a fair go
• Climate Change – Carbon tax for polluters & creation of clean green jobs
• Forests – End their destruction & protect them for the future generations

(More details on their policies – http://greens.org.au/content/policy-initiatives-2010)

It’s been reported that last election there was 500,000 Donkey votes cast – i.e. blank votes for those like me who wasn’t familiar with the terminology!

Whatever your political alliance, please do vote. This is a freedom many take for granted but plenty of people around the world are still fighting for their right to have their voices heard.

Q: What are your thoughts? Confused over who to go for? Will you be voting on Saturday? Want to add anything I’ve missed out?

With the arrival of Richard Branson into Australia today comes the launch of a market-leading high interest savings account named the Virgin Saver. Granted, this high interest rate only lasts for 4 months after which it reverts to 5.35% which is well behind the UBank Usaver.

Plus there’s the launch of two new Virgin credit cards to the market, one a money-saving no annual fee credit card and the other, a frequent flyer credit card linked to Branson’s Virgin airlines (except Virgin America).

I’m loving all of the attention being given to savings accounts because of the launch. Saving is something Australians need to do a lot of if we are ever to get out of debt and save for a house deposit.

If you compare Australia to other countries for the best rates on online savings accounts (where you can withdraw your money at any time) you’ll discover that Australia is really well placed for savers. Look at the what your savings would get if you were in the USA, Canada, UK, New Zealand right now:

• Australia: 6.75% p.a.
• New Zealand: 3.75% p.a.
• United Kingdom: 2.75% p.a.
• Canada: 2.10% p.a.
• United States: 1.40% p.a.

Do you have a high interest savings account? What are you saving up for?

‘How an Economy Grows and Why It Crashes’ by Peter D. Schiff and his brother Andrew J. Schiff is a book that I thoroughly enjoyed reading. I read it while driving to the snow at Perisher (south of Sydney). To be honest, it was a great way to kill a few of the 8 long hours of driving when I was cramped up in the car.

Although I originally read it for no other reason than to pass the time, I would recommend it to anyone who has an interest in the economy and is wondering why the US economy crashed as dramatically as it did. Oh, and there’s many lessons for those of us who live outside the US as well. It was an easy read, light hearted and at some points even humorous, something I didn’t expect from a book on economics.

Haven’t You Heard Enough About Recession and Financial Crisis?

Yes, but not like this. Peter Schiff is President and Chief Global Strategist of Euro Pacific Capital Inc. and is a candidate to become a US Senator in 2010. He, on numerous occasions, predicted the GFC on live television and was laughed at. He is the co-author of ‘How An Economy Grows And Why It Crashes’ as well as ‘Crash Proof 2.0’.

Over the last two years the media has focused on the recovery from the GFC and not the causes. This book focuses on the cause and the solution of the economic downturn. It shows how the government’s solution will put the US (and all the nations that follow the US) in the same position as before the crash because the same types of economists who failed to see the storm on the horizon are still at the helm.

This is why reading this book opened my eyes to the fact that the fundamental principles that the American government’s economic strategy is based on is so blatantly wrong.

Peter Schiff’s inspiration and base for writing the book actually comes from a book that his father, Irwin Schiff, wrote entitled, ‘How An Economy Grows And Why It Doesn’t.’ So, thirty years later the book was revised and updated to address the current economic woes, while still holding on to the same principles of the original book.

Something Fishy in our Economies?

The book approaches the subject of the American economy crash through the use of analogy. The story is told of three men on an island that have to catch one fish a day, using only their hands to survive. The story then progresses to an island so complex that it has a government with numerous institutions and a trade deficit.

When I first started reading the book I thought that the authors could have jumped in at a more advanced level but as I continued I realised that the simplistic opening few chapters were necessary to illustrate the fundamental principles that an economy is based on. I’d hazard to guess that most people wouldn’t have a clue how economies work. So it meant that I, a reader with only a basic knowledge of how an economy works, could understand the more complex principles that were to come, as well as appreciate the unfortunate mistakes that numerous governments are making.

I thought that this book was excellent; I would have no problem recommending it to my friends and family. This book has opened my eyes to the massive blunders evident in economic policies that I previously would have supported. I encourage you to read it too.

Have you read this book also? What do you think about the US economy?

Listen to the full half-hour interview by the Money Hacker blog with professional surfer and surf film maker, Johnny Abegg about money, getting into credit card debt, life as a pro surfer and what he’s doing now. We asked:

• What were the toughest problems faced in the WQS and how were they overcome?
• Was it liberating to travel and avoid staying in hotels?
• Were there any valuable life lessons?
• What was the most expensive item to end up on credit card?
• How much credit card debt did you end up with and how’s it tracking along now?
• Has going into massive credit card debt changed you?
• Would you do it all again, even if it meant going into debt?

* MP3 link after the jump.

Listen to the full interview MP3 (28 mins):

Right click and ’save as’ to save to your computer.

More about Johnny and On Credit DVD

Here’s a quote and clip from his On Credit blog where you can buy his DVD:

“On Credit is the story of aspiring pro surfer Johnny Abegg, Who in pursuit of a lifelong dream, has clocked up a $21,000 debt, spread over 4 credit cards. $3000 is all that’s left on credit and you’re faced with a 5-month journey, competing on an international surfing circuit, travelling to places known and unknown, facing adversity at every turn.”

Would you go into debt to chase your dreams? Leave your comments:

I was recently out to eat at a restaurant in downtown New York City that inspired this piece. While the name of the establishment will remain nameless, I’ve noticed this particular restaurant’s downfall becoming a trend, sweeping across both Manhattan and the nation as a whole. The issue that I’ve experienced is with the pricing and quality of wine lists that are completely out of line with the pricing and offerings from a kitchen. The following description of incongruity between food and wine is not unique to restaurants. This same principal should be applied when preparing a meal at home…

My friend and I showed up for dinner decked out in our finest jeans, t-shirts and sneakers. A casual spot, we were led to our table by an unkempt, disheveled looking teenager and presented menus and a wine list. For food, we had an assortment of gourmet dishes to choose from, including a “chicken cutlet sandwich” and a “cheeseburger with sweet fries”. Nope, these were not kids menus.

After a quick dinner menu perusal, I flipped open the wine list. With over 150 wines by the bottle and 20 wines by the glass, there was a major French influence to the list. The least expensive by the glass pour was a Loire Valley Saumur – priced at $11 per glass. By the bottle there were verticals of Dom Perignon and Opus One. Suddenly I asked myself, “should I be wearing a collared shirt?”

You wouldn’t serve Beluga Caviar with Lay’s potato chips for scooping, would you?

For that very same reason, you shouldn’t serve a bottle of 1990 Dom Perignon alongside Popcorn. The two may complement each other. In fact, the two might even enhance one another. Like your Uncle Charlie who always seems to have a gas-attack when company is around; it’s funny, it might even work in the right situation, but it’s just plain inappropriate… read the rest on Cork’d

Do we have a treat for you! Meet Johnny Abegg. We’ve interviewed this Australian surfer and film maker from Byron Bay for the readers of the Money Hacker blog.

Johnny is a surfer and film maker who competed on the WQS (World Qualifying Tour) just a few years ago pursuing his dream of joining the likes of Kelly Slater, Andy Irons, Mick Fanning and Joel Parkinson on the elite ASP Dream Tour. For those who don’t know, surfers on the ASP Dream Tour travel and surf around the world here in Australia, France, South Africa, South East Asia, South America, California and Hawaii. Its intense and the journey to the top is a hard and often fruitless slog.

On route to achieving his goal, Johnny booked 35 flights and competed in 15 surfing events across the world. The thing is this, without backing from sponsors he paid for the whole thing on credit cards racking up an enormous bill. Watch out for the upcoming interview on the Money Hacker blog next week as we ask Johnny about his experience, how much debt he got into and whether he’d do it all again.

Whether you’re only starting to dream of your next holiday or in the final stages of planning your adventure, it’s worth bearing in mind hot-spots for pickpockets & tips to keep your belongings out of harm’s way.

According to a survey conducted by TripAdvisor.com, pickpockets are often the biggest nuisance for tourists, particularly in the major European cities. Out of 1260 people surveyed, 12% said that they had been pickpocketed. Not a big problem?

Amelie Hurst, a spokeswoman for the site says:

“Pickpocketing is a true art, and while thieves can strike anywhere, home or abroad, tourist hot-spots often yield far richer-pickings. The combination of an awe-struck traveller and a bag bulging with local currency, not to mention passports, cameras and credit cards, is an appealing prospect for any light-fingered thief.”

Both travellers & editors contributing to TripAdvisor voted for the cities that they believed were most likely going to see tourists get their bags pinched and here are the ten cited as the worst:

1. Barcelona, Spain

The second largest city in Spain takes out the top spot as the most likely place to get your belongings pickpocketed.The most famous street in Barcelona, Las Ramblas (also called La Rambla), was voted the ‘perfect place to get your purse poached.’ One reviewer even compared Barcelona’s pickpocketing to soccer - a generally practised & accepted sport.

2. Rome, Italy

Italy is famous for food, wine, art, architecture & the Renaissance. While Rome, its capital & largest city, is sadly also famous for pickpocketing.Watch out for pickpocketers around the Trevi Fountain or the Pantheon, where thieves may nab your camera with a ‘quick snip of scissors’ or ‘clever handiwork with a zipper.’Travellers beware: 5 of Rome’s top 10 most popular attractions* are busy, outdoor attractions.So, when in Rome… look after your stuff!

3. Prague, Czech Republic

In 1993, after the split of Czechoslovakia, Prague became the capital city of the new Czech Republic. Prague’s an Eastern European tourist magnet with many treats. Sadly, the locals also have plenty of tricks up their sleeves.The famously beautiful Charles Bridge is lined with baroque statues and presents fine views of Prague Castle, the Vltava River & many more of Prague’s famous attractions. TripAdvisor focuses on Charles Bridge as a particular pickpocket favourite – so be careful when taking a romantic stroll along the bridge from the Old Town to the Lesser Town. Travellers beware: 6 of Prague’s top 10 most popular attractions* are busy, outdoor attractions.

4. Madrid, Spain

Spain’s capital city located in the heart of the peninsula and right in the centre of the Castillian plain takes out the 4th spot on the hit list. El Rastro flea markets as well as the crowded Metro have pickpocket networks, so be wary while browsing for those souvenirs & travelling around the city. Visitors should also be wary while taking in culture at one of the many museums in Madrid, where thieves may prey on distracted tourists.

5. Paris, France

Even the City of Love is not safe from this list.Paris, also known as La Ville-Lumière, the City Of Light, has a dark side. Its nickname originates from its fame as a centre of education and ideas during the ‘Age of Enlightenment’, and later to its early adoption of street lighting.The Paris region receives approx. 45 million tourists annually, 60% of whom are foreign visitors and unfortunately many fall prey to pickpocketing. Whether catching a cruise on the Seine, looking down on Paris from the top of the Eiffel Tower or walking under the Arc de Triomphe keep a close eye on your belongings. Travellers should be especially cautious on the Metro system.

6. Florence, Italy

Ah beautiful renaissance Florence. The great Leonardo da Vinci, Michelangelo Buonarroti, Donatello & Raphael (not to be confused with those ninja turtles!) called this fine city home. With the amazing calibre of artists hailing from this city, there is an abundance of beauty to admire & culture to take in.Travel +Leisure Magazine voted Florence as the more desirable city to visit in the world and it’s not hard to imagine why. However, make sure you keep an eye on your desirables too.TripAdvisor says: “When admiring Michelangelo’s David, or its replica in busy Piazza della Signoria, be alert that others may have their attention on your wallet.”

7. Buenos Aires, Argentina

Buenos Aires, a seductive port city stretches south-to-north along the Rio de la Plata. The capital & second largest city in Argentina has been a gateway to the country for centuries. Its architecture is an eclectic mix of Spanish, French & Italian elements, and it’s been said some areas even resemble Barcelona, Paris & Madrid! Famous for the Tango, Eva Peron & much more, this city was voted second most desirable city to visit after Florence, Italy.However, if while sightseeing you find you are suddenly covered in ‘bird droppings’ (most likely mustard) and a ‘friendly’ local (most likely a thief) happens to be standing by with napkins to help you clean up, be warned, they’re after your stuff.Travellers beware: 5 of Buenos Aires’s top 10 most popular attractions* are busy, outdoor attractions.

8. Amsterdam, Netherlands

Amsterdam, Holland’s largest city, has over 1million push bikes but only 700,000 Amsterdammers! Well, they do have 15,000km of bicycle lanes in Holland to take them for a spin on.Whether visiting Amsterdam to take in some culture at one of museums (they do boast more museums per square foot than anywhere else in the world!), visit one of the thousand original and still working windmills, take a lazy bike ride along the canal or just to party, it’s worth bearing the following advice in mind.”Don’t be too taken in by the canals and the friendly, laid-back atmosphere – pickpocketers have been known to take advantage,” say traveller advisers.

9. Athens, Greece

Greece’s capital is named after one of the most important goddesses in Greek mythology, Anthea – the goddess of wisdom, war, the arts, industry, justice and skill.Many historical personalities were born in this city and even more lived & worked here. Socrates wandered the streets, discussing philosophical questions with people he met. Demosthenes preached against the Macedonians and both Plato & Aristotle taught here.The first place you should visit when in Athens is of course the Parthenon on the Acropolis or the sacred rock as the Greeks call it. Standing up there you can practically feel the magnificence of ancient Greece and breathe in history. However, make sure you keep your bag close to your chest as this area was listed as a hot-spot. Travellers beware: 5 of Athens’s top 10 most popular attractions* are busy, outdoor attractions.

10. Hanoi, Vietnam

Ha Noi means within the river and was the name given to the capital by King Minh Mang back in 1831. Situated on the right bank of the Red River the city is known for its European-style public squares and tree-lined boulevards. With over 600 temples, pagodas, monuments and colonial architecture it’s a beautiful and very unique place to visit.The tangled streets of the Old Quarter are a favourite stomping ground for tourists and backpackers alike. The 36 Pho Phuong (Streets) now function as an outdoor shopping mall and as such does attract thieves.Travellers beware: 5 of Hanoi’s top 10 most popular attractions* are busy, outdoor attractions.

Whether or not you’re travelling to any of the cities listed above, don’t fret, TripAdvisor has also released their top 5 tips to keep your belongings out of harm’s way & more importantly out of the hands of the sneaky pickpocketers.

Top 5 tips to avoid being pickpocketed:

1. Never keep your wallet or valuables in your rear pocket, even if it buttons – it’s by far the easiest target.
2. Beware of the distraction tactic. Dropping something near you, squirting something on you, or simply jostling you. Be on guard when in crowds, and secure your belongings.
3. Pickpockets often work in pairs or groups and it’s not just the usual suspects. Be cautious with any strangers—sometimes people who don’t look like they’d be a threat, such as children or the elderly, can be part of larger operations.
4. Stay alert in confined spaces and near passageways. Try to avoid standing near the doorways of trains as groups of pickpockets can rush at you when the doors open.
5. Before you set off on a trip, pare down the contents of your purse or wallet as the smaller the bulge, the less likely pickpockets are to covet it.

“Not always a basic ‘lift-and-run’ operation, expert pickpocketing can sometimes involve more complicated scams,” said Christine Petersen, chief marketing officer for TripAdvisor. “Travellers need to be aware of all kinds of tricks meant to distract them from their belongings while enjoying popular world attractions.”

So the key thing is to keep your wits about you, and you should be rewarded with keeping hold of your valuables.

I’ve visited several of the top 10 cities (Barcelona & Paris to name my faves) and consider myself lucky as I didn’t get pickpocketed & neither did any of the people I was travelling with.

Have you been pickpocketed? Do you agree or disagree with the list? Did TripAdvisor miss any tips?

In Ancient Egyptian times it was known as ‘the tears of Horus’, in Roman mythology the inspirer of ritual madness and ecstasy, Dionysus was hailed as it’s god, and in Medieval times, like mead and ale, it was safer to drink than water. Yes, wine has been around for millennia, and our appreciation of the fine beverage has changed little over the years.

However, while most of us are content with an average tipple and an odd flourish on an expensive bottle or two, other’s tastes, and hefty bank balances, allow them to indulge in something most of us can only yearn for – their very own wine collection. And then, of that fortunate lot there are those who exist for nothing more than to make us truly envious, by having a fully-stocked home wine cellar. Read on to discover how the other half live…

1. Paul B Smith’s 8,000 sq ft Cellar

Image: Thomas McDonald

Paul B Smith of Connecticut, New England have created every wine collector’s fantasy; an 8,000 square-foot cellar that houses over 65,000 bottles of wine. Expanded from the humble beginnings of a collection of bottles in a tiny cellar in 1978, Smith’s wine collection has grown to such an extent that it now needs numerous rooms with double-height ceilings to accommodate it.

Smith believes his passion for wine carries through to relationships and some that he has made through collecting wine are almost as important to him as the wines. “Something happens to people that love wine,” he said.” You really discover camaraderie. It’s like sharing love in a glass.”

His late wife Carol – who died in 2002 – once asked him: “If you never buy another bottle of wine in your life, and you drink a bottle each night with dinner, how long will it take you to drink all you have?” Smith replied, “I don’t know, 25 or 30 years?” Carol’s answer was, “Nope, 119 years.” That’s a lot of wine!

Mr Smith’s collection continues to grow and from once thinking he was running out of space to house all his wine, he has now developed four further rooms to accommodate his passion.

2. The Spiral Cellar

Images: Spiral Cellars

Don’t have a voluminous basement with gothic arches below your house? No worries. Here’s the perfect wine cellar for you – the Spiral Cellar. Invented in 1978 by a man called George Harnois, these compact home wine cellars can be constructed under almost any home within a week. Made of concrete, the cellar is 2 metres wide and can be 2, 2.5 or 3 metres deep, depending on the space available below the house – and the size of your wine collection. The 3 metre deep vault can hold up to 1,600 bottles.

The installation of the wine cellar couldn’t be simpler. The team come along and dig a hole wherever you choose in your house, excavate the dirt and insert the wine vault. It is entered via a trap door in the floor leading to a spiral staircase that showcases the wine around the outer edges. As the design is internal and below ground, no planning permission is required. It can also be provided in kit form, so if you’re feeling fit you can install yourself!

3. Paul Wyatt Cellars

Images: Paul Wyatt Designs

Check out these amazing home wine cellars created by specialist wine cellar designer Paul Wyatt. He has been in business for over 20 years, developing his cellars to perfection. A love of fine food and wine, accompanied with a background in engineering, led Paul to seek a solution for long-term wine storage, and the eventual development of his custom-made wine cellar company.

A number of factors need to be taken into consideration when building and designing a home wine cellar – the temperature needs to be kept at a constant 52 to 58 degrees F, humidity above 50%, there must be as little natural light as possible, natural ventilation and minimum vibration. As well as considering the budget and capacity available, it doesn’t make it as easy as it looks. The detailed list of parts, assembly and special products needed means the creation can take weeks to produce, even if the cellar is tiny.

Wyatt Designs use only the finest materials with a variety of high-grade woods including, Clear Heart Kiln-Dried Redwood, Peruvian Walnut, Australian Jarrah and African Mahogany, to craft their cellars. Each piece of wood is hand-selected, machined and hand-finished to perfection, producing quite a result.

4. Michael and Lori Feldstein’s Eco Cellar

Image: New Jersey Monthly

Feldstein and his wife Lori hired an architect to design a cellar in their Princeton home in New Jersey. Their aim was to have a cellar that could house 2,500 bottles of wine. “We like to have nice wines, and a variety of wines that suit our meals. We like to entertain, so you can have one bottle of this, and one bottle of that. We wanted not just a variety, but also a significant quantity of each”, says Feldstein. They also wanted the design to be sustainable and as eco-friendly as possible, which is in stark contrast to many other wine buff’s cellars that are often made of some of the most expensive and hard to obtain woods possible.

The wine cellar is located under their breakfast bar and has five angled walls with a tasting table in the middle. Since the walls are in direct contact with outside, the room is naturally chilled, and requires little energy to maintain its 50 to 55 degree year-round temperature. The wine room draws its power from solar panels on the roof, while the ceiling is made from cork – a sound-absorbing, rapidly renewable resource. For lighting they chose an elongated light with an amber lens, creating a warm ambiance, and the wine racks are made of redwood.

5. North Fork Wine Cellars

Images: North Fork Wine Cellar Designs

North Fork Wine Cellar Designs utilise the newest wine racking system and plate glass walls to create a super modern feel, or with the wide selection of wood available and imported stone they can create an Old World style that harkens back to days of yore.

Concentrating on the Long Island, New York City, Westchester and New Jersey areas, North Fork Designs offer a few variations on the home wine cellar and will create to suit the wine connoisseur’s unique design sensibilities. The four main designs they offer are: the newest metal wine racking system with plate glass walls, the classic wooden wine cellar, the Tuscan style, using imported stone and brick hundreds of years old, or a unique wine cave made out of stone powder from the Comblanchien Quarries in Burgundy, France – perfect for storing that Old World wine collection.

6. Amalthea Cellars

Images: New Jersey Wines and Amalthea Cellars

Amalthea founder Louis Caracciolo’s love of wine began when he was a young boy making wine in the cellar of his grandfather’s home. Caracciolo says, “I came on the scene with an unlit torch and my grandfather passed the flame.” His love of winemaking grew from those early days.

In 1972, he bought the farm in New Jersey where Amalthea is located and further developed the family’s passion for wine. Now the once tiny farm that stored his first collection of bottles is a thriving winery, where Caracciolo tends personally to his wines and cellars, passing on the flame through wine tasting and appreciation events.

He often advocates that wine is an art, saying, “The wine does not make itself … the wine-maker must follow the form of the wine as it emerges and dances with what the wine needs as it needs it.” No doubt, he loves his wine.

7. Walk-In Wine Vault

Image: BarCigarsandBrew

If a run-of-the-mill wine cellar isn’t for you, this rather bizarre construction may be, and it will only set you back a mere $35,000.00. And best of all, you can buy it online, right now. We’re not entirely sure who it will appeal to, maybe dads who don’t want their delinquent teenagers quaffing all their prized possessions, or the alcoholic mom who needs a quiet space to get away from it all, but it must be there for someone. And, the best news? With minor carpentry and electrical skills, you can assemble it all by yourself. Just watch you don’t get stuck in there. Then again, it wouldn’t be a terrible way to pass the time!

Sources: 1, 2, 3, 4