Gold Farming Causes Virtual Inflation

Previously, in a post entitled Video Game Sweatshops, I wrote about how Chinese companies were employing people to "mine for gold" online for games like World of Warcraft. This virtual gold would then be sold to players who were willing to pay real money to advance their characters in the game.

Recently, I read an interesting post in ZachStocks about how this gold farming is causing "virtual inflation".

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CNET Top 10 Tech Lists - the aftermath of the dot-com boom

The top 10 dot-com flops.

Top 10 tech of 1995.

Top 10 tech we miss.






Praveen's book and blogs:

Stock Trading Riches

Unix Simplicity

My Simple Trading System

Math and Logic Play

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Opening A Scottrade Account

In my book, I recommend trading with Scottrade, because I have been trading online with them for years.

The service is reliable, and they only charge $7 / trade.

If you want to open an account with them, you can use referral code ZNTJ5666 and get three free trades.



Praveen's book and blogs:

Stock Trading Riches

Unix Simplicity

My Simple Trading System

Math and Logic Play

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Great Ron Paul Site

I watched some of the videos.  Ron Paul makes a lot of sense and would make a great president.

http://whoisronpaul.name/



Praveen's book and blogs:

Stock Trading Riches

Unix Simplicity

My Simple Trading System

Math and Logic Play

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My Book Cracked the top 100,000

My book reached 81,012 on the Amazon.com best seller list!


Praveen's book and blogs:

Stock Trading Riches

Unix Simplicity

My Simple Trading System

Math and Logic Play

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Free USPS Boxes and Pickup for Ebay Sellers

If you sell things on ebay, it looks like you can get the USPS to deliver empty boxes free to you, print labels and postage online, and have the package picked up from your house.

http://pages.ebay.com/usps/shippingitems/carrierpickup.html


Praveen's book and blogs:

Stock Trading Riches

Unix Simplicity

My Simple Trading System

Math and Logic Play

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Power of Press Releases

I spent $80 with PRWeb to send out the press release about my book "Stock Trading Riches".

Already, the release is on yahoo news, and yesterday I saw that my post got picked up by this blog on minimalism.

This is the advantage of publicity.  I got on the blog without paying for an ad, and the post has more credibility than advertising.


Praveen's book and blogs:

Stock Trading Riches

Unix Simplicity

My Simple Trading System

Math and Logic Play

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101 Dumbest Moments in Business for 2007

From Fortune and CNN Money, here are the 101 Dumb Business Moments of 2007.


Praveen's book and blogs:

Stock Trading Riches

Unix Simplicity

My Simple Trading System

Math and Logic Play

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My Book on Yahoo Business News

I put out a press release, and it got picked up by yahoo business news:

http://news.yahoo.com/s/prweb/20071219/bs_prweb/prweb582801_1



Praveen's book and blogs:

Stock Trading Riches

Unix Simplicity

My Simple Trading System

Math and Logic Play

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A Big Business Opportunity

Previously, I mentioned about a recent Andrew Leckey article about Carlos Slim Helu's failed investment in CompUSA.

At the end of that post, I mentioned how Leckey's post indirectly provides a tip that can be very lucrative for business people.

In the article, Leckey mentions his own experiences at CompUSA stores - long waits, unhelpful advice from employees, always having to seek a manager for complex issues, etc.

But, he does not blame this for the chain's collapse. He said that their service is no worse than other places where he shops.

Remarkably (at least to me), he says that "Milling about to garner (employee help and) attention is an accepted part of modern shopping."

He goes on to say that the only time consumers get good, timely help is in high-end boutiques, or when shopping for big-ticket items like plasma screens (where the sales people are commissioned).

He says that poor service in stores (especially consumer electronics) is because of competition and low margins.

But, to me, it seems like Leckey has just provided a way for a smart business person to differentiate himself from the competition.

How about: Good Service in stores can counter competition and low margins?

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Sorry Slim - CompUSA Closing It's Stores

Financial columnist Andrew Leckey noted this week that CompUSA is closing all it's stores after the holidays.

CompUSA is a rare failed investment for Carlos Slim Helu - the Mexican billionaire who is catching up with Bill Gates for the title of "Richest Person in the World".

He poured $2 billion into CompUSA after buying a minority stake in 1999. Later, he paid an additional $800 million to take it private.

Indirectly, Leckey's article also provides a tip for business success.

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But Would Rudolph and Yukon Cornelius Wear Speedos?

CBS broadcast the annual Victoria's Secret Fashion Show a couple of weeks ago.

While the show got 7.5 million viewers (700,000 more than last year), this fact will put it in perspective:

CBS's same-night broadcast of the 1964 Rankin/Bass "Rudolph the Red-Nosed Reindeer" pulled in 14.6 million viewers.

According to columnist Phil Rosenthal of the Chicago Tribune, "Rudolph, Clarice, Hermey the Misfit Elf, Yukon Cornelius, and the Abominable Snowman attracted 7.1 million more people than the super models."

He blamed the low ratings on the fact that people are now tired and immune to hard sales jobs.

The TV and advertising people are desparate for alternatives to commericals which kept skipped - but, according to Rosenthal:

" The bottom line is plugs...won't bring in bucks if the programming around them isn't interesting enough to hold viewer's attention through the sales spiel."

It is almost as if Phil read the Attention Age Doctrine from Rich Schefren. This document observes the fact that people's attention spans are decreasing, due to hyperstimulation, and too much information.

People no longer want to be bombarded with hard sales messages. They would rather be engaged, and provided with quality information.

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U.S. Now Allows Pilots to Fly 'til 65

Bush just signed the bill allowing U.S. pilots to now work until they turn 65, as opposed to mandatory retirement at 60.

The new retirement age is on par with the rest of the world.

Now, the best and most experienced U.S. pilots will no longer have to fly for foreign carriers.

Unfortunately, pilots between 60-65 who have already retired, will be allowed to fly for U.S. airlines again - but they will not regain their seniority.

This makes it doubtful that they will leave the foreign carriers they currently work for.

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Will U.S. Shoe Tax Be Repealed?

I read an article in this past Thursday's Chicago Tribune business section, about the movement to abolish the U.S. shoe tax. It again provides the lesson that taxes are relatively easy to pass, but hard to repeal - even when the industry it was designed to protect feels that it has outlived its usefulness.

The federal shoe tax dates back to the Depression-era. It was passed in the 1930's to protect domestic manufacturing from cheap imports.

It runs as high as 67.5% per pair of shoes - making it among the highest shoe tariffs in the world. By comparison, the European Union is 17%, Japan is 10%, and Chile is 6%.

The shoe industry feels that it is an anachronism. The entire U.S. shoe industry is rallying behind the Affordable Footwear Act of 2007 - even the last-standing domestic shoemakers support the bill.

Their web site is EndTheShoeTax.com.

Unfortunately, passage of the bill by congress is uncertain, because it's low priority and relatively obscure.

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Chinese Irony

I saw an article in today's Chicago Tribune business section that Chinese parents (at least those who can afford it) willingly spend more money to buy toys NOT made from Chinese companies.

They cite safety and quality issues.

I wonder if some of these well-off Chinese parents work at companies that make Chinese toys for export to the U.S.?

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Trump's Scottish Golf Resort

I read in last Thursday's Chicago Tribune that Donald Trump is trying to build the "World's Greatest Golf Resort" in Balmedie, Scotland.

But the local planning commission wants to protect a scientifically important sand dune, and a scrappy farmer named Michael Forbes is refusing to sell his 23 acre property.

The commission voted to turn down the proposal because Trump wants to stabilize the sand dune by planting grass on it.

They say that Trump is the problem, because he won't negotiate.  He is just telling them to take it or leave it.

Forbes' property is right in the center of Trump's proposed 1400 acre site.  Trump has offered Forbes $750,000 for his property, which does not sound like much considering that houses on the golf course will start at $1 million each.

The article compares this scenario to the 1983 movie "Local Hero", which had Burt Lancaster playing a Texas oil tycoon trying to buy up a Scottish fishing village and turn it into a North Sea oil terminal.

Balmedie, however, is no fishing village - it is a suburb of prosperous Aberdeen.

One of the guys who is organizing the protest is Mickey Foote.  He runs a local waste management company, but is famous as the producer of "The Clash".  He thinks that the locals are in awe of Trump and think they will get to "rub elbows with Tiger Woods".

In reality, he said that these will be gated, private residences that will be off-limits to the regular Scots, who like to roam where they please.

Businesses are in favor of the deal, and it looks like the Scottish government may step in and overrule the local council.


Praveen's book and blogs:

Stock Trading Riches

Unix Simplicity

My Simple Trading System

Math and Logic Play

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5 year Freeze on Teaser Rate Mortgages

In an effort to contain sub-prime mortgage defaults, the Bush Administration and financial institutions have agreed to a 5-year rate freeze on adjustable mortgages.

If you have an adjustable rate mortgage and qualify, your low initial rate will apply for 5 more years.

It looks like the lenders resisted the freeze and negotiated a lot of conditions.

To qualify for the freeze, you meet all these conditions:

1. It must be an adjustable rate mortgage that was originated between Jan. 1, 2005 and July 31,2007. 

2. It must be scheduled to reset between Jan. 1, 2008 and and July 31, 2010.

3. It must be your principal residence.

4. You must have less than 3% in equity.

5. You can't afford the new interest rate.

6. You are current with your payments, and are not in default.




Praveen's book and blogs:

Stock Trading Riches

Unix Simplicity

My Simple Trading System

Math and Logic Play

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Lacy Underall and the Golf Lawsuit

Do you remember the 1980's comedy classic "Caddyshack" that starred Chevy Chase and Bill Murray?

In June 2006, Chicago native and actress Cindy Morgan (who famously played Chase's love interest Lacy Underall) hosted a "Caddyshack" charity golf tournament in the posh Chicago suburb of Oak Brook.

The tournament was corporate-sponsored and the Illinois Lt. Governor kicked it off with a news conference. It was held over 3 days, and was supposed to give fans a chance to play golf with Caddyshack cast members and sports celebrities like Jim McMahon.

The event was supposed to raise $250,000 for the Illinois Military Relief Fund, which benefits the families of National Guard troops deployed in Iraq and Afghanistan.

However, the Tribune recently had an article on the aftermath of the tournament.

After the golf, dinner, and drinks, the bills came in. The tournament ended up raising no money for the charity - but did raise several lawsuits and broke up friendships.

The article basically analyzed the situation, and concluded that Morgan got in over her head. She was just supposed to be the figure-head and spokesperson, but she ended up doing all the work.

She had set up a non-profit corporation, and says that her co-chair, who is an officer at a local bank, won't turn over the records to her. She thinks that there may be only $4,000 in the account.

The country club/hotel where the tournament was held is suing the non-profit for almost $100,000 in unpaid bills and a penalty, because they failed to book at least 100 rooms.

Morgan said she was naive, but takes responsibility because her name was on the event. She said the hotel forced them to the terms, and they tried to get enough people.

But the turn-out was low because they could not get Chase, Murray, or a lot of major celebrities.

They ended up with Murray's brothers, Tim Meadows, George Wendt, the actor who played Spaulding Smails, and some of the caddies.

What I found funny and bizarre is that Morgan personally got sued in California court by her one-time friend Hamilton Mitchell, who played the caddy Motormouth in the film. 25 years after playing a bit part, he wanted an appearance fee.

According to Morgan, he wanted $5,000 and a plane ticket. They ended up settling the suit for $3,000.

Considering that this was a charity for military veterans, I think the hotel and the caddy were being greedy.

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Pay Per Play NetAudio Ads

I just signed up with NetAudio to add Pay Per Play advertising to my blogs, as an additional revenue source.

I think it's interesting. These are quick, 5-second audio ads - and each visitor will only have to hear one ad.  There is nothing visual that takes up space on the page. 

Some advantages:

 1. Visitors will not have to read or click anything.  This means that 100% of your traffic converts!  Every time someone comes to one of your pages, an ad will play, and you will get paid.

2. The payout is currently 3 tier, because they want to build up their publisher base.  For ads on your websites or blogs, you get 25% of what the advertiser pays.  You get 5% for each ad on sites belonging to people that you refer, and 5% on sites they refer.

The service will start up in February 2008, but they are signing up publishers now, so they can have estimates to give to potential advertisers.

On their intro page, they offer a sample javascript snippet that you can temporarily add to your website or blog, so that you can see what the ads will be like.



Praveen's book and blogs:

Stock Trading Riches

Unix Simplicity

My Simple Trading System

Math and Logic Play

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Execution is the Key to Success

The late Tampa Bay football coach John McKay once said: "You don't beat people with surprises, but with execution."

According to self-help expert Robert Ringer, execution consists of 3 things:

1.                  A sense of urgency.

2.                  Attention to detail.

3.                  Follow-through.

These things may not sound sexy and exciting, but they are the keys to success.


Praveen's book and blogs:

Stock Trading Riches

Unix Simplicity

My Simple Trading System

Math and Logic Play

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Two Simple Books For Passive Income

If you are interested in learning the basics of earning a passive income, there are two good books (one eBook and one paperback) that you should check out.

They are both short, inexpensive, and simple to read, but packed with information - no fluff.

The eBook is called The Rich Jerk, and is written in the persona of an extremely rich womanizer who is "passing along" his internet marketing wisdom. It is both educational and extremely funny. You will learn a solid foundation in the basics of starting up your own internet business.

The paperback book is my book "Stock Trading Riches", which is available from Amazon.com. This book teaches a simple, easy-to-implement stock trading system that can passively build your savings. The system only requires paper, pencil, calculator, and some simple mathematical calculations. It does not involve following the markets closely, and is suited for even a novice investor.

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Fwd: An Open Letter to the Personal Finance Blogging Community

I'm a member of a group of personal finance blogs, and it looks like they have decided to support Ron Paul.

It's really encouraging to see Ron Paul, who represents the ideals of a small and simple government, get so much support on the internet.

Dear Fellow Citizen,

 

As may you know, 2008 is an election year.  The presidential elections in American represent in great part windows of opportunity to change the course and direction of the nation, and as such they deserve your careful attention.       

 

After much thoughtful consideration, we have decided to endorse Ron Paul for President.  Paul is a ten term congressman running for president on the Republican ticket.  Paul is renowned on Capital Hill for his integrity. In fact he has been called the "One exception to the gang of 535" and the "Most honest man in politics" by former treasury Secretary Simon and current Senator John McCain.

 

For bloggers, Congressman Paul' represents the best choice among the current White House contenders.  Paul has consistently voted in favor of protecting the unregulated nature of the web and has never voted to tax internet commerce.  Like many of you, we think it's important that the web remain a free and open environment and recognize that a politician who supports these principles is deserving of our vote.

 

Not only does a Paul presidency offer the opportunity for protection of the internet, Paul has taken a firm stance regarding honest governance and fiscal prudence.   In his career as a congressman, Paul has taken the least amount of lobbying money and he has never voted to increase taxes or cast his congressional ballot for an unbalanced national budget.  

 

As persons interested in finance, you may also be concerned about taxation and your financial futures. Ron Paul advocates phasing out the IRS and reducing the size and scope of the federal government.   In addition, Paul has proposed allowing participating in the social security system to be optional.  And – like you we trust more on our own self reliance than in the wisdom of a sluggish and efficient federal bureaucracy.   

 

In 2008 the best choice may indeed come from within the finest traditions of America - integrity, fiscal produce and free choice.   With strongest conviction, we urge our fellow members of the blogging community to vote for Ron Paul in 2008.      

 

With Confidence,

 

 

James Carl Hendrickson, dinksfinance.com

Frugal, 1stmillionat33.com

 

Praveen's book and blogs:

Stock Trading Riches

Unix Simplicity

My Simple Trading System

Math and Logic Play

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Scripts for Compounding Interest

On my unix blog, I posted three scripts for calculating compound interest.

They are written in awk, which is included free on all unix and linux systems. Since Macs are unix-based, it should be included on them , as well. Versions of awk are also available for free download on PCs.

The three scripts are called "compound", "compound_add", and "compound_add2".

Here are some examples of how to use these scripts:

1. You open a money market account with $5,000 and earn 0.45% / month. How much is the account worth after 1 year? You would use "compound 5000 .45 12"

2. You open a money market account with $200, contribute $200 each month, and earn 0.45% / month. How much is the account worth after 1 year? You would use "compound_add 200 .45 12"

3. You have an existing money market account with $5,000. You now contribute $200 each month and earn 0.45% / month. How much is the account worth after 1 year? You would use "compound_add2 5000 200 .45 12"

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Online Higher Education Makes Sense

Today, online education no longer carries the stigma it did 5-10 years ago. I recently read the results of a poll that found that employers now consider an online degree to be on par with a traditional one.

Because of this recognition, and due to the nature of today's fast-paced workplace, online education is the fastest growing segment of the higher education market.

One of the pioneers in this field is capella university.

They started offering online higher education back in 1993, before traditional colleges and universities jumped on the bandwagon. Consequently, they have probably already experienced their growing pains, and ironed out most of the kinks in their system.

Even though they are completely online, Capella University is accredited by the Higher Learning Commission, and offers a full plate of programs: 104 different graduate and undergraduate specializations.

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My Book Now Available at Target.com

My book got picked up by Target and is now available on Target.com


Praveen's book and blogs:

Stock Trading Riches

Unix Simplicity

My Simple Trading System

Math and Logic Play

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Fwd: Vanisha Mittal Bhatia Tops Forbes List of the 20 Most Intriguing Billionaire Heiresses

Her father, Laxmi Mittal, is worth $51 billion, and he threw a $61 million wedding for her and "1,000 of her closest friends"...

http://finance.yahoo.com/personal-finance/article/103918/The-20-Most-Intriguing-Billionaire-Heiresses



Praveen's book and blogs:

Stock Trading Riches

Unix Simplicity

My Simple Trading System

Math and Logic Play

Praveen's book and blogs:

Stock Trading Riches

Unix Simplicity

My Simple Trading System

Math and Logic Play

Read More

My Book Almost Hit the Top 100,000 on Amazon.com's Sales Ranking!

The sales rank for my book, Stock Trading Riches, was around 799,000 yesterday, and jumped to 122,125 today.

I was reading some articles about interpreting the Amazon.com sales rank.

I got the idea that, roughly speaking, in the last 24 hours, only 122,124 books (out of the millions of different titles they stock) sold more copies than mine!

It's pretty exciting! ;-)

It seems like sales rank is a volatile ranking, which can fluctuate a lot.  It weighs recent sales more heavily than total sales, though total sales plays a part.

Amazon.com was looking for a system that could spotlight their strength - which is diversity of titles offered - rather than simply being a carbon copy of the New York Times best-seller list.




Praveen's book and blogs:

Stock Trading Riches

Unix Simplicity

My Simple Trading System

Math and Logic Play

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Fwd: Steam powered arm

This is very cool!

 

Slightly interesting link to a short article about a hydrogen peroxide powered prosthetic arm; i.e. Steam-driven.
  

http://medicaldesign.com/articles/default.aspx?ID=13997

 

Vaporize On;

Jeff

Praveen's book and blogs:

Stock Trading Riches

Unix Simplicity

My Simple Trading System

Math and Logic Play

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My Book is Published

Hi,

I just wanted to share with you the news that I published my first book.

It is on stock trading, and is called "Stock Trading Riches: The Simple, but Powerful Formula that Transforms Your Stock Picks into Money Pumps".

As many of you probably know, trading has been one of my passions for more than 10 years.  I'm also interested in simplicity, minimalism, and Eastern thinking (Zen, Taoism, Buddhism, and Hinduism).

I was able to develop a trading system that is both powerful and simple, and that reflects the principles of Eastern thought.

I've done very well with my system (double-digit returns for years).  That gave me the idea and the confidence to write a book.

My book is available from Amazon.com, and I created this website for it.

If you do a search on Amazon.com for "Praveen Puri", you'll get my book listing, along with Amrish Puri Bollywood movies ;-)

Praveen




Praveen's blogs:

Unix Simplicity

My Simple Trading System

Math and Logic Play

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Amazon.com's Black Friday "Customer Vote"

"Black Friday" (the Friday after Thanksgiving) is now a big event for on-line stores too.

This year, even Amazon.com will be promoting deals.

They set up a Black Friday web page, and they plan to promote hourly deals, and put thousands of items on sale.

They are also doing an interesting "customer vote" feature.

They have 18 potential product deals.  For 6 days, people can vote for the deal they want, and one deal will win each day.

Thus, 6 of the possible 18 deals will happen. 

After a deal is selected, they will randomly choose some of the voters, and allow them to purchase the item.

Here are some of the deals they are offering:

• 1,000 Nintendo Wii Game Systems (see prices on Customers Vote page)
• 500 Panasonic 7.5MP Digital SLR Cameras, $499 (*normally $1,149.95)
• 1,000 Razor E100 Electric Scooters for $29 (*normally $89.99)
• 500 TiVo HD Digital Video Recorders, $89 (*normally $253.48)
• 500 Magellan Maestro 3140 Portable Auto GPS Systems, $99 (*normally $247.00)
• 200 Samsung 46" 1080p LCD HDTVs, $719 (*normally $1,899.98)

Praveen's blogs:

Unix Simplicity

My Simple Trading System

Math and Logic Play

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"Tool"-puter

A PC housed in a Craftsman Toolbox:

http://www.tormenta.com/jahnke/toolbox/


Praveen's blogs:

Unix Simplicity

My Simple Trading System

Math and Logic Play

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CREDIT CARD SCAM- THIS IS WELL THOUGHT OUT

Never give out the three digit security code on the back of your card.

PLEASE READ - Credit card scam
[Wincentsen, Jeff] skip to the end (wordy) 

Verified on snopes: http://www.snopes.com/crime/warnings/creditcard.asp

 

Subject : Credit Card Scam!!

The Holiday Season is just a little bit down the road and the bad guys
are already trying to get free stuff by using your credit. I just received
this so thought I'd forewarn you and forward it on. This one is pretty slick
since they provide YOU with all the information, except the one piece they want. Note, the callers do not ask for your card number; they already have it.

The scam works like this : Person calling says, "This is (name), and I'm
calling from the Security and Fraud Department at VISA. My badge number
is 12460. Your card has been flagged for an unusual purchase pattern, and
I'm calling to verify. This would be on your VISA card which was issued by (
name of bank). Did you purchase an Anti-Telemarketing Device for $497.99
from a Marketing company based in Arizona ?" When you say "No", the
caller continues with, "Then we will be issuing a credit to your account. This
is a company we have been watching and the charges range from $297 to $497,
just under the $500 purchase pattern that flags most cards. Before your
next statement, the credit will be sent to (gives you your address), is
that correct?"

You say "yes". The caller continues - "I will be starting a Fraud
investigation. If you have any questions, you should call the 1- 800
number listed on the back of your card (1-800-VISA) and ask for Security. You
will need to refer to this Control Number. The caller then gives you a 6
digit number. "Do you need me to read it again?

Here's the IMPORTANT part on how the scam works. The caller then says,
"I need to verify you are in possession of your card." He'll ask you to
"turn your card over and look for some numbers." There are 7 numbers; the
first 4 are part of your card number, the next 3 are the security Numbers' that
verify you are the possessor of the card. These are the numbers you
sometimes use to make Internet purchases to prove you have the card. The
caller will ask you to read the 3 numbers to him. After you tell the
caller the 3 numbers, he'll say, "That is correct, I just needed to verify that
the card has not been lost or stolen, and that you still have you card.
Do you have any other questions?" After you say, "No," the caller then
thanks you and states, "Don't hesitate to call back if you do", and hangs up.

 

You actually say very little, and they never ask for or tell you the
Card number. But after we were called on Wednesday, we called back within 20
minutes to ask a question. Are we glad we did! The REAL VISA security
Department told us it was a scam and in the last 15 minutes a new
purchase of $497.99 was charged to our card.

Long story short - we made a real fraud report and closed the VISA
account.

VISA is reissuing us a new number. What the scammers want is the 3-digit
PIN number on the back of the card. Don't give it to them. Instead, tell
them you'll call VISA or Master card directly for verification of their
conversation. The real VISA told us that they will never ask for
anything on the card as they already know the information since they issued the
card! If you give the scammers your 3 Digit PIN Number, you think you're
receiving a credit. However, by the time you get your statement you'll
see charges for purchases you didn't make, and by then it's almost too late
and/or more difficult to actually file a fraud report.

 

What makes this more remarkable is that on Thursday, I got a call from a
"Jason Richardson of Master Card" with a word-for-word repeat of the
VISA scam. This time I didn't let him finish. I hung up! We filed a police
report, as instructed by VISA. The police said they are taking several
of these reports daily! They also urged us to tell everybody we know that
this scam is happening.

Praveen's blogs:

Unix Simplicity

My Simple Trading System

Math and Logic Play

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Nano Tube Radio

This is amazing - researchers have made a full microscopic radio that is only the size of a single carbon nano tube (10,000 times thinner than a human hair).


Praveen's blogs:

Unix Simplicity

My Simple Trading System

Math and Logic Play

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Original Woodstock 1969 Survivor Tells His Story

This is an interesting story.

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Simple Elegant Healthcare

I responded to this discussion on the U.S. Health care Crisis and the Disadvantages of the Canadian system with this comment:

There is a need to come up with new, simple, and elegant ideas for health care in the U.S.

For example, right now I think that people can only buy health insurance plans that are certified by their state. We could pass a federal law that allows people to buy any plan that is certified by another state. This would give more competition.

We could have a catastrophic national insurance plan. For example, the government could reimburse anyone's health care bills after they exceed $ 8,000 for the year. The idea is to set the deductible high enough so maybe 80% would not qualify, but so it is low enough that it provides enough of a cap for private insurance companies that they can reduce rates and insure more people. The deductible could be indexed to the rate of health care inflation.

Finally, prescription drugs are a big expense. An elegant solution may be to require drug companies to name 3 or 4 price points for their drug. For example, a company whose drug is now $100/month could set an 'A' price of $5/month, 'B' price of $35/month, a 'C' price of $80/month, and a 'D' price of $250/month.

The Social Security Agency gets your earnings each year anyway. They could issue everyone a card that lists you as having 'A', B', 'C', or 'D' pricing, depending on your income from last year.

Drug stores would be required to sell you the drug for the 'D' price unless you showed them your card.

This way, a person making $10,000 a year would pay less than Bill Gates, but the drug companies would still get their profits




Praveen's blogs:

Unix Simplicity

My Simple Trading System

Math and Logic Play

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Great Idea in Power Strips!

I saw a tech column in the Chicago Tribune which reminded me that any field - no matter how unsexy and plain vanilla it may appear - is ripe for innovation.

The tech writer himself started off the article by saying, "Here's a sentence I never imagined writing: I love my new power strip."

He went on to mention a common problem with conventional power strips/surge protectors(which I can relate to): A lot of power supplies are like bricks - when you plug them into the power strip, they block one of the other outlets.

Your power strip is reduced from 6 outlets to 4-5, and you end up hunting around the walls of the room, looking for another wall outlet.

The Powersquid, on the other hand, is a power strip and surge protector, but the outlets are at the end of 6 extentions - sort of like an octopus:



This means you can use all 6 outlets - even with "brick" power supplies.

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Amazon Jumps on iTunes Store Bandwagon

Apple computer has been very successful in selling song downloads with its iTunes store.

It shows that the trend started by Napster has gone mainstream and legit - people prefer to have the option of buying songs electronically, a la carte.

They do not want to be forced to buy a physical CD bundled with songs they do not care for.

Now, Amazon has jumped on the bandwagon and is offering MP3 songs for download at 89 - 99 cents each.

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The Mental Witness Protection Plan

To really succeed and have joy in your life, you need to forgive the past, and drop anything that is not working.

You are starting fresh today.

The only real impact of the past on today is on your physical starting conditions (i.e. health, money, etc.)

For example, the amount of actual money that you had in the bank when you woke up this morning was a result of the past. However, your past feelings about that money were not physically here when you woke up. Those are mental tendrils snaking out and binding you to your past. You have the option to completely drop them.

Both you and Donald Trump woke up this morning. You both have different initial starting conditions due to your past. He has billions of dollars.

But you can, if you wish, drop all the ideas and concepts that you have had about money, wealth, career, etc., and adopt Trump's mindset.

You can enter a sort of "mental witness protection plan" and think however you want to.

When Rush Limbaugh woke up this morning, he could have had a change of heart, gave up his radio show, and became a radical liberal. There is nothing physical emanating from his past that is forcing him to think today like he thought yesterday.

Wayne Dyer compares living today based on your past to "steering a boat by observing it's wake."

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Tyler Perry

"Tyler Perry's Why Did I Get Married?" was the number one movie this weekend.

He is an independent playwright and movie producer - yet his film beat out George Clooney and Cate Blanchett.

Perry is a good example of overcoming your past.

Growing up, he experienced poverty and physical abuse. He became a bitter, angry man.

One day, he had an awakening, and poured out his anger onto paper. This became the subject of his first play - which was on surviving child abuse.

This play flopped at first - but he kept promoting it while struggling through odd jobs. Years later, his play caught on and his career took off.

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10/10 - Three Celebrity Deaths

The Chicago Tribune publishes a daily almanac, where it lists interesting events that occurred on today's date throughout history.

Yesterday linked the following three celebrities in death:

Oct 10, 1985 - Orson Welles (70) and Yul Brynner (65) died.

Oct 10, 2004 - Christopher Reeve (52) died.

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2007 Chicago Marathon - Tortoise and Hare

The interesting story of the 30th annual Chicago Marathon wasn't the record heat, the complaints of insufficient water supplies, or the early stoppage.

Instead, it was the interesting finishes of the race.

1. The men's race came down to a photo finish - the winner won by a fraction of a second.


2. The women's race sounded like a modern day version of the Tortoise and the Hare.

Romanian runner Adriana Pirtea had a 30-second lead with 2 miles to go.

Unfortunately, she started "show boating" by high-fiving fans at the approach to the finish line. Ethiopian Berhane Adere sneaked by her to win by 3 seconds.

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How Smart Is Your Right Foot?

See if you can outsmart your foot:

1. While sitting at your desk, lift your right foot off the floor and make clockwise circles with it.
2. Now, while doing this, draw the number "6" in the air with your right hand. Your foot will change direction!!!
I told you so... And there is nothing you can do about it.

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Internet Marketing - Take Them Offline?

Internet marketing courses and ebooks usually talk about the same thing:

--Sign up for an autoresponder

--Create a squeeze page

--Create a series of emails

--Rinse and repeat

Now, the latest trend that the gurus talk about is harnessing offline marketing in your business. Yes, the direct marketing snail mail techniques of the good old days.

Of course, cold-calling through the mail is expensive. But, they are talking about
getting your leads online, and then marketing to them both online and offline.

Here's an opportunity to make a quick buck or two:

Internet marketer Russell Brunson is capitalizing on this trend. He is giving away a free report called the Internet Marketing Myth.

To make it "viral", he has it set up so that when you get the report, and provide a paypal email, you also automatically become an 2-tier affiliate.

So, not only do you get to read an interesting report for free, but you can make $1 for anybody that downloads the free report through your link. And, if they sign up, you get 50 cents for anyone they refer.

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Too Broke to Sell Their Home

Mary Umberger is a real estate columnist for the Chicago Tribune.

She recently wrote that the trade journal "Inside Mortgage Finance" surveyed mortgage brokers, and found that 33% of purchase contracts in August were canceled.

This compares to 4% three years ago.

A lot of these cancellations were probably caused by lenders either canceling loans or tightening their standards during the sub-prime credit crunch.

But, another factor not widely discussed is that some sellers (not buyers)were short cash at closing time.

Sellers?

Normally, sellers walk away from closings with a check. But, these days, many sellers do not have a lot of equity. They took 95 - 100% mortgages, or tapped lines of credit.

Now, at closing, they do not recover enough to cover seller fees and commissions.

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FICO and the Sub-Prime Mortgage Mess

Forbes Magazine wrote about how, during the real estate market bubble, mortgage lenders got a little too confident in FICO scores, and failed to give more weight to how much the borrower put down, and how well the borrower's income is documented.

They quoted a Fair Isaac (the company behind FICO) vice-president: "FICO scores an individual's risk over time. It's not an assessment of the riskiness of the loan made."

Fair Issac and bond rating agency DBRS put out a study in January which found that a borrower with a high FICO score and no-money-down mortgage was just as likely to default as a lower scoring borrower who puts down 40%.

Then, the article contrasted two sub-prime loan portfolios from 2006:

In the first case, Lehman Brothers sold a $1.2 billion subprime loan portfolio in which borrowers had an average FICO of 631 (in the upper range of sub-prime). Fair Isaac predicts that a borrower with this score should default 5% of the time.

But, after 18 months, 15% of this portfolio's borrowers are in default (more than 90 days behind on payments).

In the second case, a portfolio called "Nationstar Home Equity Loan Trust 2006-E" had borrowers averaging a score of 600. The FICO estimate is that 6% of borrowers would default by now. But, only 4% defaulted.

The manager of Advantus Capital Management told Forbes that the difference between these two portfolios was documentation. The Nationstar portfolio had 30% better documentation than the Lehman package.

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Hedge Funds and Credit Default Swaps

Forbes magazine recently had an article on smart investors who suddenly won big during this summer's credit crunch.

One of those winners was a $12 billion New York City hedge fund called Harbinger Capital Partners.

According to a source, Harbinger started buying credit default swaps on sub-prime mortgages last November.

Each credit default swap meant that Harbinger agreed to pay an insurance premium over the life of a mortgage pool that it did not own. In return, Harbinger would receive a payout on principal losses from the underlying pool.

The Forbes article described it as "buying fire insurance on a building it doesn't own and then hoping for a fire."

But Harbinger didn't need a fire (i.e. the mortgage pool to have actual losses) before it could make a profit.

Like most derivatives, swaps can be resold. There was enough worry during the summer crunch that the swap prices tripled.

Harbinger sent a letter to investors saying that the fund was up 50% through the end of July.

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Creativity and Government

"Creative spirits do not need favoritism. They instinctively recoil from special treatment. They can prosper without subsidies or tax relief. All they ask for is the huge, echoing silence of government inactivity."

-- Paul Johnson, British historian and author, in Forbes Magazine

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Money is a Glass Sword

"To be handed a lot of money is to be handed a glass sword, blade-first.
Best handle it very carefully, sir, very slowly while you puzzle
what it's for."

- Richard Bach, "The Bridge Across Forever"

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Sentinel Failure - Hedge Funds Lose Cash?

It was a simple, plain-vanilla cash management business.

How can you screw that up?

That is what the SEC and several hedge funds are asking about Sentinel Management Group.

Sentinel found a cozy niche for itself. It managed cash for futures brokers and hedge funds.

Their promise was that it would be a safe place for hedge funds to park their cash between opportunities. The money would be safe, always immediately available, and would earn more than a money market.

Now, Sentinel has filed for bankruptcy and almost half a billion dollars are missing.

What happened?

It looks like a case of old-fashioned greed.

Fear and greed are the perils you face when dealing with financial markets.

In this case, it looks like Sentinel allegedly decided to use client money (without authorization) as collateral for a loan, so that they could use leverage in the credit markets.

Needless to say, when the credit markets had their recent problems, the bank called in its loan, and Sentinel sent out a letter to its clients saying they could no longer withdraw their funds.

This shocked the hedge funds and started what may prove to be a "big messy bankruptcy".

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R.I.P. Pavarotti

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My Son and Passive Teaching, Part 2

In a previous post, I talked about how Taoism encourages you to keep quiet, don't preach, and let your actions teach.

I talked about how my 15 month old son started pretend shaving after seeing me shave.

This weekend, I got yet another example of how kids soak up information like a sponge, and are all too familar with modern technology.

We had just finished lunch at California Pizza Kitchen, and the waiter returned my wife's credit card.

My son (who is now 25 months old) grabbed the card, and started swiping it, like he was using a pretend card reader!

He even "swiped" it with the magnetic strip down!

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Fwd: Mister Rogers earns $20 million in 6 minutes (This one's a gem)

Video Link

Background: 1969, the Corporation for Public Broadcasting
(CPB) was in danger of getting their funding cut in half by
Nixon because of war costs.

So the CPB calls in Mr. Rogers to testify before the Senate.

Amazingly, as he starts talking you feel the same way I do:
What alien from the NeverNeverLand Nursery just landed here?

As you listen you realize, this guy is for real. Disarmingly real.

He delivers an emotional 6-minute pitch. Watch the effect he
has on John O. Pastore, notoriously gruff and impatient.

You never see marketing messages quite like this one, but
boy, did it work."

http://www.youtube.com/watch?v=a41lJIhW7fA

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The Hummer and the Model-T

True Story:

A couple of months ago, Forbes Magazine sponsored an off-road race over hilly terrain between a 1921 Ford Model-T and a Hummer.

Guess which won?

The Model-T kicked the Hummer’s butt!

The Model-T was designed with rugged, ingenious simplicity, for a time when America did not have a lot of roadway.


Moral(s) of the Story:

They don't make 'em like they used to

Less is More

Keep It Simple

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Novelists and Financial Planners...

"As a novelist, I tell stories, and people give me money.

Then financial planners tell me stories, and I give them money."

-- Martin Cruz Smith

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Rapper 50 Cent's Recent Business Windfall

Previously, I wrote how hip hop artists now value business success as much as music success.

Curtis Jackson (aka 50 Cent) used his rapping skills and thug image to build a business empire with investments from sneakers to video games.

He creatively made a deal with the drink company Glaceau to sell a flavor of Vitamin Water named after him (Formula 50). In exchange, he took an equity stake in the company.

One year ago, he told Forbes magazine that the label had promise and could one day get bought out by Coke.

Well, it happened. Recently Forbes has a follow up article saying that Coca Cola bought Glaceau for $4.1 billion. 50 Cent pocketed $100 million.

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100 Free Resources for Entrepreneurs

The Bootstrapper blog recently published a great article called "The Poor Entrepreneur's Toolset: 100 Freebies for Bootstrappers".

This is a very good and useful set of resources. I think it would benefit not only small and part-time business owners, but anybody who has to pay bills, juggle household expenses, etc.

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Organizing Libertarians Like Herding Cats?

Yesterday, I saw a Clarence Page column in the Chicago Tribune about how Ron Paul is popular on the net, but the media doesn't notice.

I thought you might find this observation interesting:

"Judging by my contacts with Paul promoters - in person and through e-mails - they seem to be largely young, mail, independent-minded, leave-us-alone libertarians who like Paul's tiny-government agenda.

Which leads to another reason why I think Paul faces trouble in moving his campaign to the next level of public attention: organization. You can't win political campaigns without it, but organizing libertarians is about as easy as herding cats. Angry cats."

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Flipping Products Instead of Houses

In the latest Carnival of Bootstrapping Entrepreneurs, there is an interesting article called "Flip This Product".

It talks about taking the idea from house flipping, and apply it to products. So, instead of a house, you want to buy generic products cheaply, spruce them up, and resell them for a profit.

The advantage over house flipping is that, while each home is unique with different costs, the product can be sourced at a stable price over and over again.

Related to this, the article also has links to two articles on the general idea of starting your business by taking generic commodity products, and customizing it for a niche market.

When you think of this - it is a powerful idea.

There is the example of the company that took generic whiteboards, but then customized the display with charts and boxes for nursing applications. Then, they don't have to compete with the big boys who dominate blank whiteboards.

This can be done for websites too. Maybe find a website concept that is good, but then maybe you can see where it can be modified to make it more useful to a particular niche.

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Cool Word of the Day

Today's "cool word of the day" is kanso.

A key tenet of the Zen aesthetic is kanso or simplicity. In the kanso concept beauty, grace, and visual elegance are achieved by elimination and omission.

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Failing at Internet Marketing? Get Off All Those Guru Email Lists!

I recently signed up for a membership at the Smart Business Formula site. This site, operated by online entrepreneurs Winston Yap and Thomas Choo, has a collection of free tools, resources, and videos on internet marketing.

On the site, they have an 9 video "Introduction to Internet Marketing" series. I almost skipped the intro videos, because I thought it would be the same old stuff. But, so far, I've watched the first two videos and I was surprised - This is not the same old stuff!

On the first video, they showed actual hyped-up websites that prey on newbie marketers. They then tore into these websites, and showed how common sense says that their claims are over-blown. I have never seen other "gurus" taking shots at actual sites. They always seem to be in a fraternity.

But, I really liked the second video. They gave two reasons why people fail at internet marketing. I kind of figured out the first reason, and the video had me nodding in agreement as they discussed it.

But the second reason - which is kind of the root cause of the first reason - surprised me! It is a great observation of human nature.

1. Information Overload - They said that the typical newbie marketer spends their time reading info from gurus and ordering products - instead of taking action. They end up on many guru email lists with a lot of information products sitting on their hard drive.

They buy a product to help them build their website. Then, just before it is finished, they get an offer for another product. They think the product may be useful sometime, so they buy it and download it to their hard drive. So it goes - they end up buying and collecting products, instead of taking action.

2. Thinking Like An Employee - I didn't see this one coming - but it is a brilliant observation! We are used to being employees - with its security and certainty.

For example, if you are a web designer for a company, your boss tells you what to design, and you are guaranteed a paycheck at the end of the month. Well, if you are designing a website for your own internet business, you have to make all the design decisions, and there is no guarantee that you will earn any money at the end of the month.

Since internet marketing features uncertainty and insecurity, at the end of the day, most marketing newbies unconsiously give up the boss role. The guru become the boss, and the marketer becomes the employee.

The marketing guru is seductive because he/she (seemingly) offers security and guarantees. Like a boss, they seem to be telling you what to do and what you will get. The marketer is in his "comfort zone" as an employee.

The problem, of course, is that the guru is not your boss. - He is a marketer trying to make a sale to you.

The second video concludes by suggesting that, instead of listening to gurus, it's better to get out of your employee "comfort zone" by focusing on enjoying the experience of internet marketing, rather than money - which will cause you stress.

They then compare internet marketing with learning to ride a bicycle, driving, or cooking. Even with a mentor guiding you, you will fall down.

Also, like riding a bike, you will only learn through developing experience and intuition. You have to develop abilities like intuitively evaluating products for money making potential. There are no shortcuts.

In conclusion, I really recommend that you get a membership at the Smart Business Formula site, and watch the videos.

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Quotes From Two of Illinois' Finest

"If there is anything that a man can do and do well,

I say let him do it. Give him a chance."

-- Abraham Lincoln



"Nearly all the best things that came to me in life

have been unexpected, unplanned by me."

-- Carl Sandburg

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Simple, Elegant Solution To Commitment Problem

Forbes Magazine periodically runs a column called "Why Not?" that is written by two Yale professors. They try to offer innovative solutions to problems.

Recently, their column tackled the "commitment" problem that affects college admissions, and, coincidently, online dating.

Basically, college admission staff have no way of knowing which students, if they select for admission, will actually accept. What happens is that most students who apply don't get offered admission but, of those who do, many do not enroll.

So, at second tier Ivy schools like Tufts, they have to try and decide which students are good enough, but not good enough to get into first choice schools like Harvard or Yale, for example.

In online dating, women have a similar problem in that they get bombarded by men, but don't know which ones are serious. Two professors advised Cupid.com to give each man two roses a month. This way, if a woman recieves an E-rose, they know the man is serious.

So, the column proposes a "rose" type system for college admissions. Applicants would get 1 or 2 "roses" that they could give to schools, so the schools would know that they are serious.

A student applying to Harvard, Amherst, and Tufts probably would not use the rose on Harvard, because everbody knows that most people would accept an offer to Harvard, but they could use it to show a preference for Tufts, for example.

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A UK Immigration Experiment

Forbes Magazine had an article recently about how, in 2004, the UK extended an invitation for workers from Poland, the Czech Republic, and 6 other Eastern European countries that are junior members of the European Union.

This is in contrast to full EU countries, such as France and Germany, who banned the workers until their countries get full status.

The result, according to the article, is that, after several years, the benefits have far outweighted any problems.

98% of the immigrants are working, 80% are under 35, and they can't receive any welfare benefits util they have worked at least a year.

500,000 workers came in (another 500,000 have come in to start businesses or be self-employed). The article said that this is a large influx for a nation of 60 million.

The U.S., with a population of 300 million, allowed only 560,000 legal immigrants during the same period. At the rate the UK allowed them in, it would be as if the U.S. gave out 9 times as many green cards.

To put it in more perspective, Ireland, with a population of only 4 million, allowed in 200,000 workers.

An IMF economist who studied this migration says that this influx is not responsible for any job losses. There was some downward pressure on wages, but they felt it was temporary, and consumers benefited.

The article went on to highlight some success stories, such as a specialty fiberglass manufacturer in Leicester, whose business was able to grow. Previously, it was constrained by a shortage of trained machinists.

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Acccelerated Depreciation

The June 4, 2007 edition of Forbes magazine contained its annual Investment Guide. One of the articles concerned accelerated depreciation for people who rent property.

A lot of real estate investors claim the simpler straight-line depreciation, where they deduct the initial value of a residential rental property i equal amounts over 27.5 years.

But, an alternative that can save you money is to claim depereciation using the more complex, accelerated way. Here, you break your property into components and group them according to life span. Then, you can write off some things for 15, 7, or even 5 years.

Typically 5 years is for things like appliances. Furniture can be depreciated over 7 years, and a 15 year schedule may apply to driveways, fencing, and shrubs.

Forbes recommended that accelerated depreciation is something to think about because there is a lot of software and websites (such as Depreciate'em).

There are some caveats, of course:

1. Some accountants don't feel it is worth the hassle for small landlords, both because of a greater chance for an audit, and the fact that many small landlords don't report taxable profits.

2. Accelerated depreciation only defers, not eliminates tax.

3. Forbes said that, if you sell the house at a profit, straight-line depreciation gets recaptured and taxed at 25%, but acelerated depreciation is recaptured as ordinary income and taxed at up to 35%.

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Where is Your Stone?

The Oneness newsletter I mentioned in my last post also had an article about a reader who wrote in to say that she carries a small stone in her pocket at all times:

"I carry a stone in my pocket to remind myself to maintain mindfulness and compassion. I liken suffering to stones that we are under the weight of, and how sometimes we try to get rid of our stones by casting them at others. However, thrown stones rather than relieving suffering only multiply and create more suffering.

When stones are thrown at us, if we can avoid throwing stones back and instead, deal with the situation compassionately, this can help others learn to put their stones down."

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Speed Golf

I have a subscription to "Oneness", which is the free newsletter of Bright Dawn: Institute for American Buddhism.

The first article in the latest edition concerned speed golf. This is where, after you hit the ball, you run to the ball instead of sauntering down the fairway or riding in a cart.

The player said that, even though you move quickly, there is no feeling of being rushed. In fact, he said that there is a smooth meditative flow.

The important thing is that, in conventional golf, you watch the ball after you hit the ball, and you have a lot of thoughts, either good or bad.

With speed golf, you hit the ball and, whether it was a good or bad shot, you just go!
You start moving and just go to where the ball is going.

The shot is what it is, and the ball is going where it is going. The ball has been hit and no amount of worrying or complaining will change it. This is so.

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105 Balloons, A Lawnchair, and A Dream...

BEND, Ore. - Last weekend, Kent Couch settled down in his lawn chair with some snacks — and a parachute. Attached to his lawn chair were 105 large helium balloons.

With instruments to measure his altitude and speed, a global positioning system device in his pocket, and about four plastic bags holding five gallons of water each to act as ballast — he could turn a spigot, release water and rise — Couch headed into the Oregon sky.

Nearly nine hours later, the 47-year-old gas station owner came back to earth in a farmer's field near Union, short of Idaho but about 193 miles from home.

"When you're a little kid and you're holding a helium balloon, it has to cross your mind," Couch told the Bend Bulletin.

"When you're laying in the grass on a summer day, and you see the clouds, you wish you could jump on them," he said. "This is as close as you can come to jumping on them. It's just like that."

Couch is the latest American to emulate Larry Walters — who in 1982 rose three miles above Los Angeles in a lawn chair lifted by balloons. Walters had surprised an airline pilot, who radioed the control tower that he had just passed a guy in a lawn chair. Walters paid a $1,500 penalty for violating air traffic rules.

It was Couch's second flight.

In September, he got off the ground for six hours. Like Walters, he used a BB gun to pop the balloons, but he went into a rapid descent and eventually parachuted to safety.

This time, he was better prepared. The balloons had a new configuration, so it was easier to reach up and release a bit of helium instead of simply cutting off a balloon.

He took off at 6:06 a.m. Saturday after kissing his wife, Susan, goodbye and petting his Chihuahua, Isabella. As he made about 25 miles an hour, a three-car caravan filled with friends, family and the dog followed him from below.

Couch said he could hear cattle and children and even passed through clouds.

"It was beautiful — beautiful," he told KTVZ-TV. He described the flight as mostly peaceful and serene, with occasional turbulence, like a hot-air balloon ride sitting down.

Couch decided to stop when he was down to a gallon of water and just eight pounds of ballast. Concerned about the rugged terrain outside La Grande, including Hells Canyon, he decided it was time to land.

He popped enough balloons to set the craft down, although he suffered rope burns. But after he jumped out, the wind grabbed his chair, with his video recorder, and the remaining balloons and swept them away. He's hoping to get them back some day.

Brandon Wilcox, owner of Professional Air, which charters and maintains planes at the Bend airport, said Thursday that Couch definitely did it. Wilcox said he flew a plane nearby while Couch traveled and took photos of the flying lawn chair.

Whether Couch will take a third trip is up to his wife, and Susan Couch said she's thinking about saying no. But she said she was willing to go along with last weekend's trip.

"I know he'd be thinking about it more and more, it would always be on his mind," she said. "This way, at least he's fulfilled his dream."

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To Get More FROM Life, Give OUT More Joy

Increasing Life’s Abundance

by Foster Hibbard


We are all seeking an increase in one or more areas of

our lives. We may want an increase in love, in health,

in career success or in prosperity.


Because of this desire for increase, joy is extremely

important for it has been called the first law of

increase in the Universe. Joy is the key which enables

an endless avalanche of abundance to pour into our

lives. The totality of love, health, success and money

that we now have is the result of the degree of joy

that we have experienced in our lives up to that

moment.

This means that at any moment of any day we can begin

to express more joy and, thereby, increase the flow of

abundance into our lives.

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Lighten Up On Yourself For Past Mistakes

Ignorance Causes Mistakes

by Foster Hibbard


It would be a great blessing if you and I could assume

the attitude that every mistake each of us makes is

based upon the information and wisdom that we have

acquired up to that moment. In other words, all

mistakes are based on ignorance.


Had we known better, we would not have made any one

particular mistake. Any mistake we have ever made in

our lives was based on information and wisdom we had

accumulated up to that moment. Everybody is doing his

or her best at all times. If we were wiser, we would

not make mistakes. I am completely convinced that

everybody on earth is constantly acting upon

accumulated information. I believe, therefore, we are

set free from feeling the need ever again of accusing

anyone of anything.

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New Standards for the Wealthy

I read an article yesterday in the Chicago Tribune business section about how the new global rise in wealth is causing the bar to be set higher when it comes to luxury goods.

Instead of $350 stilettos or $600 handbags, the status-consious look for $1,000 shoes and $5,000 handbags.

Montblanc recently sold a $700,000 pen in New York City. It took 15 months to make, and had rubies, sapphires, and diamonds.

Luxury sales have been rebounding since the 2001 terror attacks. Last year, worldwide luxury sales topped $150 billion, of which 30% came from the U.S.

The weak dollar has caused a surge in sales from Asian tourists, and Russians, who are very status-consious. The latest source of wealth are hedge fund managers.

Last year, the top 25 hedge fund managers made $14 billion last year.

Barring any geopolitical event, the forecasts are for luxury spending to continue growing at double-digit rates.

Some experts worry that tensions may grow between the haves and have-nots. Right now, the wealth disparity is supposed to be the greatest since the Depression.

In 2005, real reported income in the U.S. was up 3.4% on average. However, it fell slightly for the bottom 90%. The top 0.1% made $5.6 million (up $908,000 from 2004). The top 0.01% made $25.7 million (up $4.4 million).

My own feeling is that a disparity is always going to exist in a healthy capitalist society. Also, like everything else in a market economy (i.e. stock prices, etc), it is subject to fluctuation.

If the disparity climbs to an extreme, then market forces will eventually narrow the gap - automatically, naturally, and better than any forced measures.

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California Real Estate: Sales Down, Agents Up

Recently, I read an interesting fact in the Chicago Tribune real estate section:

In California, home sales in April were down almost 28% from the same time last year.

The number of licensed real estate agents in California, however, jumped 7.5% from last year, to more than 387,000!

The article noted that this was almost equal to the ENTIRE population of Miami!

By comparison, Illinois has about 86,000 agents.

I always figured that real estate agent income followed the 80/20 rule - about 20% of the agents probably earn 80% of the income. I would now guess that California's ratio is probably more skewed.

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Rich Jerk Revisited

In a previous post, I reviewed the Rich Jerk internet marketing course, and talked about how I really enjoyed it.

The biggest lesson it teaches is to think outside the box when it comes to making money on the internet.

Anyway, He released a couple more crazy YouTube videos, that show his wickedly twisted sense of humor (and how to really think out of the box):

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Real Estate Comission Rates Up

I read an article in the Sunday, June 10, 2007 Chicago Tribune real estate section that today's tough selling climate is having a surprising side effect - the average commission rate on closed sales rose slightly nationwide for the first time in years.

According to industry publication "Real Trends", the average commission rose by nearly one-fifth of a percentage point to just under 5.2 percent. This is despite the growth of "for sale by owner" and limited-service real estate brokers.

Commission rates are negotiable, but agents are free to reject the request and turn down the listing.

In the 80's and early 90's, 7% was considered standard in large metropolitan areas. During the late 90's and boom years, the average commissions dropped and stabilized around 5%.

This was because houses were practically selling themselves.

Now, that the market has slowed down, and selling is harder, more agents are refusing to list houses for less than 6%, and some "star" agents are charging 6.5 - 7%, and doing well.

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Linguistics, Chomsky, Recursion, and the Pirahas

I read a very interesting article in the Sunday, June 10, 2007 Metro section of the Chicago Tribune.

MIT's Noam Chomsky is considered the Einstein of Linguistics. His work revolutionized the field, just as Einstein's Theory of Relativity transformed physics. One of his key theories is that all human language employ recursion, which allows humans to share complex thoughts. It is what separates human language from animal squawks and grunts.

For example, in the nursery rhyme "This is the cat that chased the rat that ate the malt that lay in the house that Jack built", the word "that" is a recursive device. It directs the listener to not just any cat, but specifically, the cat that chased the rat.

Recently, however, an unknown linguist from Illinois State University has contradicted Chomsky's theory, and stirred up the field.

This linguist, Dan Everett, has spent 30 years doing field work with the Piraha, a tiny tribe in the Amazon. He now speaks their obscure language fluently, and has found that they don't use recursives.

So, while Chomsky supporters discount his findings, people who support Everett now feel that recursion evolved in human language. It may not be, as Chomsky theorizes, hard-wired.

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Seth Godin, Forbes, and Funnel

Forbes Magazine recently celebrated its 90th anniversary with an issue about networks.

They think networks are an integral part of business and life - from railroads and the telegraph in 1917 (when Forbes magazine was founded) to the internet and social networks today.

They asked some leading thinkers in various fields to contribute essays. Marketing expert Seth Godin was one of them.

He stated that marketers are traditionally control freaks. They maintained control of their product's image, wrote and filmed the ads, spend the advertising dollars, and chose the medium.

The great brands and big companies were built on mass advertising. He used the analogy of a funnel - media filled the company's funnel with attention, and it slowly turned to cash.

Now, he says the funnel is broken. Mass marketing now only yields marginal results. For example, he said that American airlines might spend more than $1 million on a TV ad campaign, and attract only 100 new first class customers.

He says the tick now is to turn the funnel around, turn it into a megaphone. But, instead of shouting at your customers, give them the megaphone. Let them speak about your company.

In short, focus on service and quality. Take care of your customers, and they will spread the word, and get you more customers.

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College Loans and Sallie Mae

My son will turn 2 next month, so it will be a while before he starts college, but one of my wife's relatives will be coming to the U.S. as a foreign student.

She got a partial scholarship to cover some of the cost, and her college recommended Sallie Mae (the quasi-government organization that deals with student loans) for the rest. She asked us to co-sign her loan.

So, I started researching the student loan process - and Sallie Mae foreign student loans in particular.

It looks like a good choice for her will be their "Signature Student Loan". She can apply online, complete the first part of the application, and then create a co-signer confirmation number and pin for us.

Then, we can log into the website and complete our part.

Their loan rate is based on the Prime Rate, which is set monthly by the U.S. Federal Reserve Bank. Depending on the school, credit history, etc. it could be anywhere from Prime -1% to Prime + 3%, or higher.

The current monthly Prime Rate is 8.250%. But, the prime rate does change with time. For example, back in December 2005, it was 7%. In May 2006, it was 8.75%.

So, for example, if you got a loan in Dec. 2005 for Prime + 1%, you would have started paying 8% interest. It would have gone up to 9.75% in May 2006, and would be 9.25% now.

So, its definitely more variable then, say, a mortgage.

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A Free Guide Recommending Internet Marketing Resources

If you are interested in internet marketing, or developing websites for any reason, you should download Mike Filsaime's free resource guide.

In it, Mike Filsaime (the internet guru behind "Butterfly Marketing") describes all of the internet tools and resources he uses to run his internet business.

It lists his choices for domain registration, hosting, shopping cart software, CD duplication, tele-seminars, web page design tools, etc.

I found this free guide very helpful, because it made me aware of websites and software I had never heard of. A lot of these offer free downloads and trials.

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Amazon Takes Innovative Step in Online Groceries

Amazon.com is brilliant. Their original innovation was "one click" purchasing.

Now, Amazon is introducing an innovative service called "Subscribe and Save". This lets you sign up for deliveries of non-perishable grocery items that you use regularly, such as coffee, diapers, shampoo, etc.

They designed this as win-win-win for the user. Normally, when you get "lazy" and shop online, you would think that you would pay high shipping costs.

But, Amazon is giving free shipping and price discounts. Also, the program is very flexible - you can change your delivery option (either every 1, 2, 3, or 6 months) or cancel at any time. You aren't locked into a contract.

To me, it sounds like something worth considering. Instead of running out of stuff, jumping in your car, and making an unscheduled shopping trip, you sign up with Amazon, set your options, and get on with your life. They will email as a reminder before each order is shipped.

Not only would you shop the "lazy way", but you would get "rewarded" - price discounts, no shipping, and possibly no sales taxes.

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