Retirement, once considered a natural and well-deserved phase of life, is undergoing a transformation in both perception and reality. Traditionally, retirement was associated with relaxation, leisure, and the fulfillment of lifelong dreams.…
Wine is one of the most popular alcoholic beverages in the world. Some countries that are famous for wine such as Italy, France, Spain, and the United States. There are so many types and brands of wine that you can find in shops that are licensed to sell wine. It is clear that the price of a wine is determined by many things such as how it is made, where it is made, history, taste, and also age. So the price is also very diverse, some are cheap and some are expensive. Curious about what wines get the price tag as the most expensive wine in the world? Check out this list!
1. Romanée Conti 1945 – 558,000 USD
As always, the older the age of a wine, it will have an impact on the taste and price. It feels more delicious and stronger, the price will also go up. Romanee Conti is a prime example of a number of expensive old wines. The price makes this wine as the most expensive wine in the world.
Made in 1945 as the name implies, this wine is now worth 558,000 USD per bottle. Actually, the price increase of this wine is also influenced by the vineyard. In 1946, the vineyard that Romanee Conti is made of was damaged by pests. Because it is difficult to restore the function of the fields, production is hampered while prices are increasingly soaring.
2. Domaine Leroy Musigny Grand Cru – 551,314 USD
There was one important female figure behind Domaine Leroy. Domaine Leroy is a world famous wine brand. Its founder was Madame Lalou Bize Leroy in 1988. This woman became the legal owner of Domaine d’Auvenay and Domaine Leroy. Wine Domaine Leroy is famous for its red color and top class taste.
Musigny Grand Cru is one of Domaine Leroy’s creations that is in great demand by many people. Due to the higher demand from production, the price of this wine continues to rise. Originating in France, this burgundy wine is now priced at 551,314 USD. If you look for this red wine in external e-commerce, this wine gets a high rating and there are no disappointing comments from the reviewers.
3. Screaming Eagle Cabernet 1992 – 500,000 USD
The moment a wine can be sold at a high price, one of which is at an auction. People will bid for wine at a high price at auction. But of course not just any wine can enter the auction and sell at a high price. Screaming Eagle Cabernet 1992 is not an ordinary wine, as this wine sold for 500,000 USD.
This wine was sold at a fantastic price at an auction in 2000. For 18 years, this wine has held the record for the most expensive wine. Screaming Eagle Cabernet 1992 is one of the rare wines. Produced in limited quantities from a small vineyard in America, Napa’s Oakville.
4. Château Mouton-Rothschild 1945 – 310,000 USD
Wine fans must be familiar with the Rothschild family. The Rothschild family has been recognized as one of the world’s largest wine-producing families originating from Frankfurt. This family owns a large vineyard which they use for winemaking. One of the wines produced by the Rothschild family is the 1945 Chateau Mouton-Rothschild.
Chateau Mouton-Rothschild 1945 is considered the best wine of its time. An auction held in 1997, managed to sell this wine for 310,000 USD. The V symbol on the bottle of the 1945 Chateau Mouton-Rothschild is not without meaning. The V signifies the victory of World War II for Great Britain, the United States, and the Soviet Union.
5. 1947 Château Cheval Blanc – 304,000 USD
Originating from France, 1947 Chateau Cheval Blanc became one of the world’s wines that managed to enter the Premier Grand Cru Classe A ranking. Some wine experts consider this wine to be the best wine from Bordeaux. In 2010, this wine was sold at a fantastic price, 304,000 USD.
1947 Chateau Cheval Blanc has an alcohol content of 14.4%. The composition is made of 50 Cabernet Franc and 50% Merlot. French wine writer Michel Dovaz highly appreciates this wine. Ownership of the 1947 Cheval Blanc was held by the Fourcaud-Laussac Family from the early 19th century until 1998. Bernard Arnauld, CEO of LVMH acquired it along with Belgian tycoon Baron Albert-Frere.
6. 1907 Heidsieck – 275,000 USD
A story in the past can determine the price of a wine. This happened to wine with the 1907 Heidsieck label. An expensive wine produced in 1907 is known to have a limited number of bottles. For the record, this wine has gone through World War I which occurred in 1914 to 1918.
According to the history, there was a ship carrying thousands of bottles of 1907 Heidsieck wine. The ship sank due to torpedo fire. Luckily the thousands of bottles can still last for decades. In 1997, as many as 2000 bottles of wine were rescued from a shipwreck under the sea. Maybe people are hesitant to try the taste of the wine, but the history of the wine cannot be forgotten.
7. Chateau Lafite 1869 – 230,000 USD
The Rothschild family is known as one of the families that created fine and expensive wines in the 18th century. They have produced and sold a lot of wine. Because those who buy it are mostly from important people from the king and also the president, they get the nickname as “King’s Wine”. It is also known that the 3rd president of the United States, Thomas Jefferson highly appreciated the wines made by the Rothschild Family.
Some of the wines created by the Rothschild family are owned by Thomas Jefferson, one of which is the Chateau Lafite 1869. It was sold for around 8,000 USD, the price then went up because this wine was included in an auction. This wine was sold at Sotheby’s Auction in Hong Kong at 230,000 USD.
8. Chateau Margaux 1787 – 225,000 USD
Chateau Lafite 1787 is not the only winery or winery associated with Thomas Jefferson. There is another wine that is also associated with the third president of the United States, namely the 1787 Chateau Margaux. It is known that Thomas Jefferson owned this wine and kept it well in his wine cellar.
By Thomas Jefferson, this wine is served as a drink when there is an important meal. There is a wine expert named William Sokolin who is known to have bought this wine at a price of 225,000 USD. Unfortunately, a waiter accidentally broke the wine bottle. Indeed, there is insurance to cover the loss, but unfortunately the expensive wine cannot be enjoyed.
9. Ampoule from Penfolds – 168,000 USD
Australia has a well-known wine-making company called Penfolds. This wine producer was founded in Adelaide in 1844. Its founder was Christopher Rawson Penfold. His background is a British doctor who moved to Australia and married Mary Penfold. Penfold is one of the oldest wine producers in Australia.
One of the wines that Penfolds managed to produce is Ampoule from Penfolds. The bottle is quite unique and different from most wine bottles in general. For one bottle of Ampoule can be obtained by spending 168,000 USD. Buying an Ampoule will not only give you one of the best wines in Australia but you will also gain an unforgettable history about Penfolds itself.
10. 1787 Château Lafite – 160,000 USD
Don’t judge a book by its cover, that’s a quote that has been around for years. You can use these quotes when you see a wine. Even though the bottle shape of a wine looks dull and unattractive, the most important thing is the content. Chateau Lafite has a bottle shape that is no longer attractive due to its old age.
What do you expect from a bottle of wine that is over 200 years old? It must have been out of shape. But, the most important thing about Chateau Lafite 1787 is its contents. This one wine is very famous not only for its taste but this wine has the initials “ThJ” on the bottle. It is believed that these initials stand for Thomas Jefferson who was the former president of the United States.
It is known that the publisher of Forbes magazine, Malcolm Forbes, had bought this expensive wine in 1985.
There is one financial psychological bias that often appears, and we do it in managing our personal finances, which is called as mental accounting. Mental accounting basically about the way we divide our money allocation from our income and treat them differently based on their respective roles.
This is a practical example. Often after receiving a paycheck, someone immediately does some kind of distribution of the allocation of money. For example, some are for paying installments, some are for living expenses, some are for future investment funds, some are for emergency funds (emergency funds), and some are for fun and leisure.
What is Mental Accounting Trap?
Now the process of dividing money into their respective roles is called “mental accounting” or mentally dividing our paychecks or income into various accounts that have different roles. In other words, this is a budgeting process: or allocating our salary, and then compiling a budget allocation according to the money we receive.
The problems that arise in the mental accounting or personal budgeting process are as follows: mentally we then treat the money differently according to their respective roles.
For example, we will tend to treat emergency fund budgets more carefully, because these funds are used for unexpected purposes. On the other hand, we will tend to be more generous, in using the money included in the budget allocation for fun and leisure.
Mental accounting incidents also arise, for example when someone receives a bonus. Some people will usually be more generous in using the money from this bonus, for example to buy various consumer goods. Why does he tend to spend more money on this bonus? Because he considers this bonus money as “free money” or a kind of windfall.
Likewise, if someone, for example, receives a monetary prize, then he will tend to use this money more generously, compared to the money he receives from his hard work base salary. He will consider his paycheck as something that must be carefully guarded because of the results of his tired work so far. While the prize money is like a windfall that he is free to use splurge and consumptively.
All the descriptions above illustrate the mental accounting trap. Mentally, we treat money differently depending on its role or where it comes from. And economically mathematically, this attitude is actually an irrational attitude.
The Irrational Attitude of Monetary Treatment
Why is it not a rational attitude? Let’s take $500 as the sample.
Mathematically economically, the value of $500 is the SAME AMOUNT, and our treatment of this $500 should be the same. However, mental accounting makes us sometimes treat the same amount of money differently.
As described above, we will consider and treat $500 as a reserve/emergency fund in a much more careful way, compared to $500 that we allocate for fun.
Likewise, our treatment of $500 from our basic salary, will be very different from the treatment when we receive $500 as part of a bonus.
That shouldn’t be the case. Because wherever it comes from, or for whatever the allocation, the money we spend will be the same amount. Whether it comes from salary or bonuses, gifts, a sum of $500 is still worth $500. And because of that, our treatment of this $500 should be the same. Don’t be influenced by mental accounting traps.
The Consequence
But in reality this is not the case. In our daily life, we are often trapped in this mental accounting. And the consequences are sometimes unfavorable.
For example: because mentally accounting we consider a bonus of $500 as a kind of “extra sustenance”, then we will tend to be more generous in using it (eg to buy the latest cellphones often); even though rationally the funds might be more profitable if they bought investment products for the future.
Or another example. Someone, for example, has made a budget allocation for lifestyle costs (eating, traveling and various other lifestyles). And because of the influence of mental accounting, this person will tend to spend all these funds quickly “without guilt”.
Even though the funds that he spends are the same value, whether they are used for lifestyle needs, to pay debt installments, to save, or for daily living expenses. However, people’s treatment and feelings towards the same amount of money will be very different depending on the role or function assigned to the money.
All the examples above are called mental accounting traps.
The History of Mental Accounting
The concept of mental accounting itself was first formulated by Professor Richard Thaller, an expert in behavioral economics from the University of Chicago. His research on mental accounting traps became one of the contributions to why he later won the Nobel Prize in Economics in 2017.
When he gave his Nobel Prize speech in Oslo, Norway, and received a prize money, he joked a little and said: “I hope I can use this prize money wisely, don’t think of this money as “free money” and make me trapped in mental accounting.”
From all the descriptions above, it can be said that mental accounting is the calculation of the role of the division of money in our mental thoughts. The result of this thought then makes our treatment of money different.
The meaning of $500 can be completely different in our minds, depending on where the money comes from, and what we will use the money for.
In fact, mental accounting is not always negative and traps our financial behavior unfavorably. If we are smart, then in fact we can actually take advantage of the mental power of accounting for positive benefits for our personal financial management.
This means that instead of trying to eliminate mental accounting bias from the contents of our minds, we actually try to use it for positive gains for ourselves.
Some people complained why their brain abilities feel slower, or even stuck. Like a cellphone that is full of burdens and its performance is getting slower, human brain can experience the same way. It’s like the brain felt more and more tired from the full load.
Why did it happen? Why is our brain getting tired and feeling more and more sluggish?
One of the causes is what is known as “Decision Fatigue”. This is a term that refers to a condition when our brain or mind experiences acute fatigue because there are too many things to decide.
Decision Fatigue
Decision fatigue occurs because there are too many decisions that we have to think about and choose.
What’s surprising is decisions that tire our brains don’t have to be large-scale ones. Even small decisions that seem trivial, in fact over time can also make our brains full of burdens.
The following are examples of small decisions that can also make us experience decision fatigue:
- What are you going to eat this afternoon?
- Tomorrow what do you want to wear at the invitation?
- Where should you go home from work?
- When do I have to start doing this work?
- When should I reply to this email
- There are many choices of food, I’m confused which one to choose.
- I’m going to the office tomorrow, what should I wear?
- When should I start exercising diligently?
- Etc.
The Root Cause of Decision Fatigue
Even various small decisions like the one above, if it’s been repeated every day, it will make us experience decision fatigue and make our brain tired.
Especially if there are also various medium and large scale decisions that we also have to choose and decide, for example:
- What investment product should I buy?
- When should I start saving to buy a house?
- Do I need to change jobs?
These various decisions, both those that are small in scale and seem trivial but annoying, to various medium and large scale decisions, will make us easy to experience decision fatigue. When this condition occurs, our brains feel more and more sluggish. Because like a cell phone, the load is full, while the memory is limited.
When there are too many decisions to think about, and ultimately make us experience decision fatigue, then our brain performance becomes increasingly suboptimal.
Overcome The Decision Fatigue
Then what is the solution so that we can avoid the trap of decision fatigue? Here are three practical steps that are worth following.
Solution #1: Create Behavioral Automation
One easy solution to avoiding decision fatigue is to create “automation” in our daily behavioral choices. Examples of simple but powerful automation include: asking a catering provider to prepare a weekly lunch menu; and we just have to eat it (so every afternoon we don’t need to be confused about where to eat lunch). Or we ask people at home to prepare lunch for a whole week, and we just have to eat it when lunch arrives.
Another example of automation hack is: wearing the same clothes every day when going to the office. This is what Steve Jobs, Mark Zuckerberg and Barack Obama did. When asked why, their answer is good: our brain capacity is too important to think about what clothes to wear to the office every day.
Another example of automation, for example, is to auto-debit investments. With this automation, we no longer need to think about how much to save and invest every month. Because the process has been automated by the investment auto-debit feature (this feature is now provided by many big banks).
The bottom line is: create automation for the daily and weekly decisions that we need to make. With automation, our brains no longer need to think when the decision comes. We can save the burden of our minds; and there is no need to throw it away for the recurring petty things.
Solution #2: Create a Habit to Save Thoughts
Studies on neurology (the science of the brain’s nerves) show that one of the strengths of the habit is: it can significantly reduce the load of thoughts in our brains.
Why? Because when a behavior becomes a habit, our brain doesn’t need to think much anymore. Because automatically or reflexively, the behavior will be done according to habit.
For example, your habit of taking a shower in the morning and brushing your teeth. Every morning, you automatically know when to take a shower and brush your teeth. You don’t have to think long to do it, because everything has become a habit that you reflexively do.
Well, the burden on your brain will be lighter if you have a variety of good behaviors that turn into habits.
For example: a person who has a habit of exercising every morning, he no longer needs to think a lot to do it. He doesn’t need to use his brain capacity to think: when should I start exercising, for how long, what kind of exercise should I do, and so on. When a good behavior has become a habit, then small things like that don’t need to be rethought. And just at this point, the burden on our minds becomes significantly reduced.
That is the power of the power of habit. By making various positive behaviors a habit, we will be able to avoid the tiring decision fatigue trap.
Solution #3: Don’t Bother Other’s, Mind Your Own Things
Not infrequently in our daily life at the office or in our personal lives, there is so much information that disturbs our minds. Maybe this information comes from information in our chat group or from online media and social media that we see.
Often a variety of information that makes us think. Then unknowingly, we become involved in the decision making process related to the various information (eg we participate in deciding who is right, or judging which party is more wrong, etc).
Well, over time conditions like this also often make us trapped in decision fatigue. The process of getting involved in thinking about other people’s business really drains our mind’s energy and brain capacity. We seem to waste our mental energy on things that are not useful at all.
We must be able to do the three solutions above so that our brains are not getting slower and slower.
Do you always feel like buying something that is trending? Or do you want to follow the celebrity style that is on the hype? This phenomenon is known as the bandwagon effect. Although it is generally harmless, this behavior can have a bad impact on your life.
What is Bandwagon Effect?
Bandwagon effect is a term to describe a phenomenon where a person tends to follow a trend, ranging from lifestyle, behavior, way of dressing, way of speaking, or content on social media.
In other words, bandwagon effect is a term for people who like to follow trends.
In the world of psychology, the bandwagon effect is included in cognitive bias, which is a condition when thinking is influenced by something that many people often do. This can sometimes trigger errors in thinking and making decisions.
Examples of bandwagon effect behavior are following the diet patterns that are being followed by celebrities, following the dress models of influencers, or creating social media content that is currently being discussed.
Causes of the Bandwagon Effect
There are several factors that can make someone behave in a bandwagon:
1. Group Thinking
A person’s behavior can be formed from his/her environment. The existence of norms or pressures given by the people around them can trigger a person to be entangled in the bandwagon effect.
So, when a person does not behave or style according to his environment, it can make it difficult for them to socialize. Because of this pressure, they are forced to adapt around it.
In addition, the trend carried out by many people can also make someone become “talk less” and want to join in. For example, the trend of creating prank content that is currently in demand on social media, makes other people join in producing and uploading similar content for the sake of popularity.
2. Desire to be Accepted in a Group
Feelings of wanting to be accepted or recognized in a group can be one of the causes of the bandwagon effect. For example, the people in the group own clothes with a certain brand. This can allow you to also buy similar clothing brands so that you can fit in and be accepted into the group.
3. Fear of Being Ostracized
There are still some people who look weird and ostracize (bully) people who don’t follow the trend. Well, sometimes, someone does the bandwagon effect so as not to receive unpleasant treatment or so as not to be ostracized.
Understanding The Impact of Bandwagon Effect
At first glance, there’s nothing wrong with joining in, right? It has also become common for humans to imitate a trend, whether intentionally or not. However, the bandwagon effect can be a disadvantage if you are not selective in choosing which trend to follow.
An example of a trend that is not worth emulating is a challenge that can hurt and endanger oneself just to get a large number of viewers. The trend of revealing personal data on social media is also not worth emulating, because it can provoke criminal acts, also known as social engineering.
Another example is that you are in a group that believes there is no need for a COVID-19 vaccination. So, so as not to be seen as different, you also refuse to get vaccinated. In fact, undergoing the COVID-19 vaccine is important to protect yourself from infection with this virus.
Turn it to The Positive Way
But, on the other hand, the bandwagon effect can also have a positive impact. For example, if you are in an environment of friends who like to exercise. This can encourage you to do regular exercise. Of course, this can be good for your health.
The bandwagon effect can be good or bad, depending on how you react to it and what kind of environment you are in.
Remember, don’t let your identity be lost and neglect your safety just because you want to exist and feel accepted. Do something positive so that it can be good for you.
If you still have questions about the bandwagon effect or find it difficult to control your follow-up behavior, try consulting a psychologist or psychiatrist to get the right solution to your problem.
A business or organization must recognize the importance of training and development programs for employees if they want to achieve a business success.
These trainings are not only offering opportunities for employees to improve their skills, but also for employers to increase employee productivity and enhance company culture and outcome.
The Employee Training Reduce The Company’s Turnover Rate
A 2020 study in America shows how important of having regular employee training to the corporate profits. According to the report, the voluntary turnover rate of employees at American companies causes business losses of more than $630 billion dollars per year.
According to the survey, employees who get the opportunity to learn, develop and progress are more likely to stay with the company. This is because it help them to not feel stuck at their current role.
Employee development is an ongoing effort to strengthen performance through approaches such as coaching, training sessions and leadership mentoring.
Training is a special event that teaches new information or skills, which is frequently given to new or newly promoted employees.
Training and Development Improving Employee Performance
Employee development and training programs are very important to improve employee performance in your organization.
In fact, a 2019 report published in The International Journal of Business and Management Research shows that 90% of employees surveyed agree or strongly agree that training and development programs improve their job performance.
Companies can offer various types of online and offline training and development opportunities for employees.
They can also use in-house training, third-party training or off-site activities to provide these opportunities. The following are some types of training and development for employees:
- Management Training
- Sales Training
- New Employee Training
- Mentoring Program
- Apprenticeship
Training and Development Increase Employee Productivity
We can see the importance of employee training and development on work productivity within the organization. It shape the employees who have attended effective training to work more efficiently.
To evaluate the effectiveness of the training program, the organization/company can take the following steps:
- Measuring performance results – evaluating work results to determine the level of improvement
- Provide pre- and post-training assessments – ask employees to share what they expected from the training program and whether the training program met those expectations
- Data Mining – study data such as viewing employee time spent on courses or employee dropout rates during courses to gain insight into how employees engage in training content.
- Conduct polls and tests – polls and competitions in training can measure employee knowledge and engagement.
Improve Task Management
Training and development programs can assist employees in managing tasks individually and as a team. By relying on a better understanding of the process and clear goals.
Because employees are experienced in the skills needed for their jobs, it takes less time to find a way to do a task.
Encouraging Continuous Improvement
Technological change is so rapid that it requires regular skill upgrading, this is why training programs for employees are needed.
The existence of employee training and development encourages employees to innovate and is willing to take risks in improving work processes with less assistance from supervisors.
Cultivating Faith
Not only employees who have attended training and development programs will be more confident in their knowledge and abilities, but their managers too. This self-confidence fosters a sense of enthusiasm and responsibility for the results of their performance.
Clarifying Hope
Training programs can help companies explain to employees the company’s expectations for them. This effort promotes a performance-based culture where employees set achievable goals based on well-defined organizational principles.
Increase Employee Engagement
This training program will provide opportunities for employees to know that employers are willing to support their employees throughout their careers. So this can also help the company to reduce the employee turnover rate in the company.
Committed to Employment Development and Promotion
Companies that provide opportunities for their employees to participate in training and development will increase employee motivation and job satisfaction and open up opportunities for advancement and promotion. The Work Institute reports that in 2019 as many as 20% of employees were turned over due to lack of career development opportunities.
Cultivate a Sense of Self-Esteem and Prevent Stagnation
Opportunity is a key driver in retaining employees. With this in mind, the Society for Human Resource Management (SHRM) says that companies should train managers to keep employees motivated, engaged and feeling valued.
This training program can also help prevent burnout in employees who have mastered their initial assignments.
Training and Development Helps Improve Company Culture
Improving corporate culture is another benefit of providing training programs for employees.
In Chris Dyer’s 2018 book, The Power of Company Culture, he explains that training and development opportunities align with the attributes he calls the main pillars of a strong corporate culture:
- Transparency – communicating about company details such as employee feedback and financial status
- Positivity – accept the challenges of the company’s details by building on the strengths of the organization
- Measurement – collecting, measuring, and evaluating information.
- Recognition – praise and reward good work
- Uniqueness – advancing the company’s unique qualities
- Listening – encourage active listening that leads to action.
- Mistakes – fostering an environment where employees learn from mistakes.
Reduces The Need For Constant Supervision
Training programs can increase the competence of employees in their work. This improved task management and teamwork helps reduce the need for close supervision.
Increase Employee Morale
Mastery of the task will give a sense of accomplishment. Providing training opportunities will enable employees to excel which gives them a sense of self-worth and boosts morale.
Provide Avenues For Improvement
The training program provides a clear path for employees to learn and progress. Learning that meets the specific needs of current or future roles can help employees set their own path for success.
To provide effective training to company employees, you can use the LMS Learning Management System.
Final Thought
What do you think of the importance of employee training program in an organization?
While the data has shown the significant benefits from it, it is definitely a good investment.