How to Handle Making More—or Less—Money Than Your Friends
Kanebridge News
    HOUSE MEDIAN ASKING PRICES AND WEEKLY CHANGE     Sydney $1,627,086 (-0.52%)       Melbourne $991,016 (+0.02%)       Brisbane $1,008,247 (+0.57%)       Adelaide $881,757 (-1.94%)       Perth $857,431 (+0.47%)       Hobart $728,683 (+0.15%)       Darwin $650,080 (-2.29%)       Canberra $1,042,488 (+1.17%)       National $1,052,954 (-0.17%)                UNIT MEDIAN ASKING PRICES AND WEEKLY CHANGE     Sydney $754,033 (-0.54%)       Melbourne $493,897 (-0.18%)       Brisbane $575,927 (+2.34%)       Adelaide $460,725 (+2.82%)       Perth $451,917 (+0.14%)       Hobart $507,207 (+0.52%)       Darwin $359,807 (+0.61%)       Canberra $486,447 (-2.01%)       National $534,000 (+0.26%)                HOUSES FOR SALE AND WEEKLY CHANGE     Sydney 10,472 (+43)       Melbourne 14,783 (-132)       Brisbane 7,948 (+15)       Adelaide 2,170 (+81)       Perth 5,836 (+49)       Hobart 1,243 (+2)       Darwin 251 (+7)       Canberra 967 (-21)       National 43,670 (+44)                UNITS FOR SALE AND WEEKLY CHANGE     Sydney 8,699 (+113)       Melbourne 8,259 (+38)       Brisbane 1,637 (+2)       Adelaide 386 (+14)       Perth 1,480 (-37)       Hobart 204 (+6)       Darwin 409 (+5)       Canberra 1,034 (+6)       National 22,108 (+147)                HOUSE MEDIAN ASKING RENTS AND WEEKLY CHANGE     Sydney $820 ($0)       Melbourne $600 ($0)       Brisbane $640 (-$10)       Adelaide $610 (+$10)       Perth $680 ($0)       Hobart $550 ($0)       Darwin $740 (-$10)       Canberra $680 ($0)       National $675 (-$2)                UNIT MEDIAN ASKING RENTS AND WEEKLY CHANGE     Sydney $760 ($0)       Melbourne $595 ($0)       Brisbane $630 (-$10)       Adelaide $500 ($0)       Perth $625 (+$5)       Hobart $460 (+$10)       Darwin $535 (-$5)       Canberra $550 ($0)       National $595 (-$1)                HOUSES FOR RENT AND WEEKLY CHANGE     Sydney 6,053 (+221)       Melbourne 6,376 (+263)       Brisbane 4,431 (+5)       Adelaide 1,566 (+60)       Perth 2,666 (-61)       Hobart 431 (0)       Darwin 102 (+7)       Canberra 621 (+19)       National 22,246 (+514)                UNITS FOR RENT AND WEEKLY CHANGE     Sydney 10,306 (+260)       Melbourne 6,173 (+102)       Brisbane 2,248 (-24)       Adelaide 399 (+26)       Perth 754 (+14)       Hobart 148 (+5)       Darwin 145 (+9)       Canberra 785 (+39)       National 20,958 (+431)                HOUSE ANNUAL GROSS YIELDS AND TREND       Sydney 2.62% (↑)        Melbourne 3.15% (↓)       Brisbane 3.30% (↓)     Adelaide 3.60% (↑)        Perth 4.12% (↓)       Hobart 3.92% (↓)     Darwin 5.92% (↑)        Canberra 3.39% (↓)       National 3.33% (↓)            UNIT ANNUAL GROSS YIELDS AND TREND       Sydney 5.24% (↑)      Melbourne 6.26% (↑)        Brisbane 5.69% (↓)       Adelaide 5.64% (↓)     Perth 7.19% (↑)      Hobart 4.72% (↑)        Darwin 7.73% (↓)     Canberra 5.88% (↑)        National 5.79% (↓)            HOUSE RENTAL VACANCY RATES AND TREND       Sydney 0.8% (↑)      Melbourne 0.7% (↑)      Brisbane 0.7% (↑)      Adelaide 0.4% (↑)      Perth 0.4% (↑)      Hobart 0.9% (↑)      Darwin 0.8% (↑)      Canberra 1.0% (↑)      National 0.7% (↑)             UNIT RENTAL VACANCY RATES AND TREND       Sydney 0.9% (↑)      Melbourne 1.1% (↑)      Brisbane 1.0% (↑)      Adelaide 0.5% (↑)      Perth 0.5% (↑)      Hobart 1.4% (↑)      Darwin 1.7% (↑)      Canberra 1.4% (↑)      National 1.1% (↑)             AVERAGE DAYS TO SELL HOUSES AND TREND         Sydney 28.7 (↓)       Melbourne 30.2 (↓)       Brisbane 30.7 (↓)     Adelaide 25.9 (↑)        Perth 35.8 (↓)       Hobart 37.6 (↓)     Darwin 37.0 (↑)      Canberra 28.5 (↑)      National 31.8 (↑)             AVERAGE DAYS TO SELL UNITS AND TREND         Sydney 29.2 (↓)     Melbourne 30.4 (↑)        Brisbane 29.5 (↓)     Adelaide 26.3 (↑)        Perth 36.6 (↓)       Hobart 29.7 (↓)       Darwin 45.0 (↓)     Canberra 39.6 (↑)        National 33.3 (↓)           
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How to Handle Making More—or Less—Money Than Your Friends

By JULIA CARPENTER
Fri, Feb 9, 2024 8:55amGrey Clock 4 min

Over the past year, I’ve watched as one friend lost a job, another scored a life-changing bonus, two took huge pay cuts and yet another sold a home at a large profit. As for me, my financial life sort of stayed the same. But what did all this mean for my friendships?  An individual change in someone’s financial situation can have ripple effects throughout our greater social groups and wider peer networks, researchers and therapists say. One person’s financial loss and another’s sudden windfall can affect the ways in which we stay connected with our friends, and fights about money can lead to personal money problems or even friend breakups.

“The perception is ‘Oh, we’re on the same path,’ and as you get older, that’s not the case,” says Blake Blankenbecler , a financial therapist and friendship educator. “There is space to talk about it with your friends. But can it be cringy to talk about? Yes. Is it important to talk about? Yes.”

Humans typically gravitate toward people who are similar to us in some way, and we cling to that sense of similarity as the friendship grows and changes, says Rebecca Adams , professor of social work at the University of North Carolina-Greensboro. Individual privileges like family money, inherited wealth and more don’t always mean that perception is accurate, of course; but at the onset of a friendship, this sameness breeds closeness.

A growing divide

When we meet in college (as I met the folks now making up one of my oldest and dearest friend groups) or deskside at a job (how I bonded with two of my newer besties) we perceive ourselves to be on equal financial footing with the people we hold close. We chased down bargain-store deals and planned ad hoc dinner parties of rent-week leftovers. During an internship in New York, my best friend and I crammed together in the world’s tiniest sublet, subsisting off Trader Joe’s coupons and our dreams for the future.  But more than a decade removed from those days, our financial lives have branched in all sorts of different directions. As we grow—or not—in our respective careers, these gaps in income and wealth will only widen, says Rhaina Cohen , a podcast producer and author of the coming book on friendship, “The Other Significant Others.” But we’re also loathe to change our behaviour or discuss how these individual ups and downs will affect the glue holding the friend group together.

“In my early mid-20s, people were pretty open about what they could and couldn’t afford, and things being expensive, but I think as people have risen up the career ladder, there is less conversation about that,” Cohen says. “The awkwardness of acknowledging that people are in really different places keeps people from having those conversations. But as we get older, these divides are more likely to crop up.”

Opening up the conversation

More often than not, the friend who’s suffered a financial setback feels the burden of communicating their new needs to the group—but doing so can be much, much harder to put in practice.  Ashley Appelman , a 36-year-old living in Washington, D.C., took a significant pay cut after making a big career transition a few years back. At the time, her social calendar stayed packed with numerous friends’ weddings and bachelorette parties. Rather than bow out of these commitments or suggest cheaper alternatives, she decided that putting flights on her credit card and forgoing her savings goals was worth avoiding awkward conversations and pitiful glances.

“You don’t want to disappoint people,” she says. “I have given into so many things where I didn’t really have the budget, and I just did it.”

In her four decades of financial advising, Eileen Freiburger , managing director of the Garrett Planning Network, says she has often seen people’s behaviour change after a big money move in either direction. The friend in a lower-paying job finds themselves spending far outside their means, or the pal with more in the bank feels guilty after picking the expensive restaurant for dinner.

“Who you surround yourself with and your own value system will actively impact the next stages of how you handle your money,” Freiburger says. “Are you picking up those tabs because suddenly you can? Are you trying to spend with the Joneses?”

From her perspective, she has seen immense value in holding on to people who can ground you in your original values system, the rules you lived by before these “life happens” moments rocked your financial life. Sometimes, these people are the old friends from before; other times, they’re new friends you make after.

Finding the path forward

Financial advisers and friendship educators agree: Whichever side of the financial divide you now find yourself, the way forward for many true friendships is having more open, honest conversations about money and how it affects our relationships.  These don’t have to be scary or stilted discussions, Cohen says, and they don’t have to happen in overtly formal, intimidating settings.

She recommends using a real-life example to open up a bigger conversation. For instance, if you’re buying tickets to an event, ask your friend how much money they plan to spend and why. That, in turn, can kick off a much deeper conversation about your relative finances. Cohen recommends a thoughtful line that struck me as especially empathetic and easy: “What would be helpful from me to make sure we’re on the same page about what we do together and how we spend money?’”

“There is so much that goes unsaid in friendship,” she says. “What I would want people to do is talk, to have open conversations with their friends about big transitions and big differences.”

Personally, I’ve been the friend in both positions: the richer friend and the definitely-not-rich one.  I recently passed on a luxe vacation with one set of dear friends. I agonised over the decision, fantasising about suddenly finding a great flight deal or stumbling upon a can’t-miss hotel deal. After enough hours staring at travel booking sites, though, I knew my budget just couldn’t stomach it. And even though my friends understood—and of course they did! They’re good friends for a reason!—I had to hype myself up to send the “Hey guys, I’ve been thinking about our trip…” text.

Admitting I had to back out felt like a tiny failure, like I wasn’t as committed to the friendship as I had been in years past.  But when another pal recently took a large pay cut as she pursued a more demanding—and lower-paying—career, I found myself on the other side of the table. After a handful of conversations about her reduced salary and inflexible schedule, I remembered my own struggle to send that text. I took the initiative to bring up the new discrepancy, suggesting we move our usual dinner-and-drinks hangouts to a lower-key TV night in.  Six months later, I have to say: Both of our budgets are happier for it.



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New York Watch Auctions Record Uptick in Sales in the Face of Market Slowdown
By LAURIE KAHLE
Mon, Jun 24, 2024 4 min

Luxury watch collectors showed ongoing strong demand for Patek Philippe, growing interest in modern watches and a preference for larger case sizes and leather straps at the June watch sales in New York, according to an analysis of the major auctions.

Independent and neo-vintage categories, meanwhile, experienced declines in total sales and average prices, said the report from  EveryWatch, a global online platform for watch information. Overall, the New York auctions achieved total sales of US$52.27 million, a 9.87% increase from the previous year, on the sale of 470 lots, reflecting a 37% increase in volume. Unsold rates ticked down a few points to 5.31%, according to the platform’s analysis.

EveryWatch gathered data from official auction results for sales held in New York from June 5 to 10 at Christie’s, Phillips, and Sotheby’s. Limited to watch sales exclusively, each auction’s data was reviewed and compiled for several categories, including total lots, sales and sold rates, highest prices achieved, performance against estimates, sales trends in case materials and sizes as well as dial colors, and more. The resulting analysis provides a detailed overview of market trends and performance.

The Charles Frodsham Pocket watch sold at Phillips for $433,400.

“We still see a strong thirst for rare, interesting, and exceptional watches, modern and vintage alike, despite a little slow down in the market overall,” says Paul Altieri, founder and CEO of the California-based pre-owned online watch dealer BobsWatches.com, in an email. “The results show that there is still a lot of money floating around out there in the economy looking for quality assets.”

Patek Philippe came out on top with more than US$17.68 million on the sale of 122 lots. It also claimed the top lot: Sylvester Stallone’s Patek Philippe GrandMaster Chime 6300G-010, still in the sealed factory packaging, which sold at Sotheby’s for US$5.4 million, much to the dismay of the brand’s president, Thierry Stern . The London-based industry news website WatchPro estimates the flip made the actor as much as US$2 million in just a few years.

At Christie’s, the top lot was a Richard Mille Limited Edition RM56-02 AO Tourbillon Sapphire
Richard Mille

“As we have seen before and again in the recent Sotheby’s sale, provenance can really drive prices higher than market value with regards to the Sylvester Stallone Panerai watches and his standard Patek Philippe Nautilus 5711/1a offered,” Altieri says.

Patek Philippe claimed half of the top 10 lots, while Rolex and Richard Mille claimed two each, and Philippe Dufour claimed the No. 3 slot with a 1999 Duality, which sold at Phillips for about US$2.1 million.

“In-line with EveryWatch’s observation of the market’s strong preference for strap watches, the top lot of our auction was a Philippe Dufour Duality,” says Paul Boutros, Phillips’ deputy chairman and head of watches, Americas, in an email. “The only known example with two dials and hand sets, and presented on a leather strap, it achieved a result of over US$2 million—well above its high estimate of US$1.6 million.”

In all, four watches surpassed the US$1 million mark, down from seven in 2023. At Christie’s, the top lot was a Richard Mille Limited Edition RM56-02 AO Tourbillon Sapphire, the most expensive watch sold at Christie’s in New York. That sale also saw a Richard Mille Limited Edition RM52-01 CA-FQ Tourbillon Skull Model go for US$1.26 million to an online buyer.

Rolex expert Altieri was surprised one of the brand’s timepieces did not crack the US$1 million threshold but notes that a rare Rolex Daytona 6239 in yellow gold with a “Paul Newman John Player Special” dial came close at US$952,500 in the Phillips sale.

The Crown did rank second in terms of brand clout, achieving sales of US$8.95 million with 110 lots. However, both Patek Philippe and Rolex experienced a sales decline by 8.55% and 2.46%, respectively. The independent brand Richard Mille, with US$6.71 million in sales, marked a 912% increase from the previous year with 15 lots, up from 5 lots in 2023.

The results underscored recent reports of prices falling on the secondary market for specific coveted models from Rolex, Patek Philippe, and Audemars Piguet. The summary points out that five top models produced high sales but with a fall in average prices.

The Rolex Daytona topped the list with 42 appearances, averaging US$132,053, a 41% average price decrease. Patek Philippe’s Nautilus, with two of the top five watches, made 26 appearances with an average price of US$111,198, a 26% average price decrease. Patek Philippe’s Perpetual Calendar followed with 23 appearances and a US$231,877 average price, signifying a fall of 43%, and Audemars Piguet’s Royal Oak had 22 appearances and an average price of US$105,673, a 10% decrease. The Rolex Day Date is the only watch in the top five that tracks an increase in average price, which at US$72,459 clocked a 92% increase over last year.

In terms of categories, modern watches (2005 and newer) led the market with US$30 million in total sales from 226 lots, representing a 53.54% increase in sales and a 3.78% increase in average sales price over 2023. Vintage watches (pre-1985) logged a modest 6.22% increase in total sales and an 89.89% increase in total lots to 169.

However, the average price was down across vintage, independent, and neo-vintage (1990-2005) watches. Independent brands saw sales fall 24.10% to US$8.47 million and average prices falling 42.17%, while neo-vintage watches experienced the largest decline in sales and lots, with total sales falling 44.7% to US$8.25 million, and average sales price falling 35.73% to US$111,000.

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