Welcome to Visitor 11,000

Visitor 11,000 arrived last night. They came to the site via a Google search of Australian web pages looking for information on the population of Sydney in 2015.

Well, we do have some of that, although this blog's focus is a little different. We want to reduce Sydney's population.

Welcome. I hope that you come back!

The Cluelessness of Harvard

Tim Noah sent me to:

Super-active students are over-scheduled | Harvard Magazine Mar-Apr 2015

The article is, to me, horrifying, in that it suggests that Harvard has, with respect to undergraduates, completely lost its liberal arts roots (I am sure the Ph.D. programs in Arts and Sciences are another matter). But two passages in particular bother me. The first is from Admissions Dean Fitzsimmons:

"....but there’s no question that this place has many more people from the bottom quarter and bottom half of the American income distribution. Now, about a quarter of the class comes from families earning less than $80,000 per year.”

But median household income in the US is $50,000 per year; at $80,000, a household is somewhere in the second highest quintile (and about the same distance to the top of the quintile as the bottom). A more accurate statement, then, is that 75 percent of Harvard students come from the top 25 percent of the income distribution, which is better than 90 and 10, but is still hardly an indicator that Harvard is an engine of social mobility. For that, one needs to turn to places like that Cal State schools.

Even more annoying is

Harvard may or may not be the greatest university in America,” says Howard Gardner, “but it is clearly the greatest one in the world” in that it’s known from Malaysia to Chile to Sri Lanka, whereas references to Yale, Stanford, and Princeton draw only blank stares even in western Europe.

I want to know where in Western Europe Yale, Stanford and Princeton draw blank stares. Hell, in most places I go, people have even heard of the University of Southern California.

Harvard has so much wealth and such extraordinary faculty and students, it survives its insularity. But to see such insularity put on display in its own alumni magazine...

Hunter Valley - Minimbah House

Photo: Minimbah House

I am indebted to ABC Newcastle for drawing my attention to the re-opening of Minimbah House.

Minimbah House was built between 1875 and 1877 in the late Victorian era. This exquisite mansion was designed by Benjamin Backhouse for wealthy pastoralist Duncan Forbes Mackay on land issued in 1823 to John Cobb.

The mansion is so large that it takes up over an acre, and boasts some amazing inclusions, which have stood the test of time.The grand staircase staircase is made from Australian cedar and rosewood carved in Germany that leads to a landing characterised by columns and arches. It is magnificent with the detail in the carvings and is very ornate.

The stained glass windows are all in original condition and the tiles are from Italy, beautiful antique furniture pieces specifically designed for this home surround you throughout, and the massive marble baths and fireplaces are an absolute feature of the home.

Now the grand house has been revived as Minimbah Country House & Spa.

Alison Edwards as General Manager is an enthusiast.

"You can lose yourself in this home for hours and hours just trying to discover every secret compartment and feature," Ms Edwards says.

"The first time I came out here I went back to being five years old; you have visions of princesses and ponies and all the most beautiful afternoon teas and things like that."

Ms Edwards went on.

"At this stage, we're opening a boutique hotel which will have eight bedrooms on the top floor," she says.

"On the ground floor we're going to have a bar, a games room and conference facilities, and we will specialise in weddings and functions as the grounds really do lend themselves to a beautiful wedding setting."

Contact Details

Minimbah Country House & Spa119 Minimbah Drive, Whittingham NSW 2330
Phone: 02 6571 4002
Fax: 02 6572 4002
Email: alison@minimbahhouse.com.au

From Success to Significance - How to Create a Structured Living Legacy

There is growing interest in producing written records, especially as our personal and financial affairs become more complicated. These personal legacies can include a range of documents from the more formal Memorandum of Wishes (or ethical will) to the less formal but more detailed Family Legacy Plan which records a comprehensive range of important personal details.

To create a structured living legacy you need to address all 3 legacy elements and become involved in building the legacy as soon as possible, including passing on family stories that were responsible for forming individual and family values, improve family communication, plan for the future, align your values with your community giving and where possible, involve other family members. It's never too soon to give back and it's never too soon or too late to begin to live a life of significance.

Here are the components to consider when building your living legacy.

The Financial Legacy 

How do we prepare baby boomers and their children to manage their inheritances responsibly?

Implement wealth retention strategies 

· Investment plan (save and invest in superannuation, shares, real estate) 

· Retirement plan (seek expert advice to minimise CGT on sale of assets, utilise superannuation most effectively) 

· Life and income protection insurance 

· Current will, power of attorney, trusts (bloodline, testamentary, superannuation) 

· Succession plan (to ensure business survival and continuity)