December 16, 2017

Items in italics are direct quotes from the articles below

https://www.marketwatch.com/story/the-inventor-of-the-401k-says-he-created-a-monster-2016-05-16

Most religious men find the answers to their prayers in scripture. Ted Benna found them in the U.S. tax code. Fed up with clients only interested in getting the maximum tax break for themselves while doing as little as possible for their employees, he began to feel he could either remain a workplace benefits consultant or a Christian, but not both. In fact, just weeks before his life’s eureka moment came in September 1980, he thought about leaving the Johnson Companies, his suburban Philadelphia firm, to take a job at a local Christian college. Instead of quitting, Benna, 74, helped turn a little-noticed new subsection of the tax code into the least likely of household names: the 401(k). With a 401k you can put aside pre-tax earnings with a company match up to a certain percentage into a retirement account. This retirement account is managed by a financial services company that will invest your money into the stock, and bond market and overtime build your retirement. This process would replace the typical pension plans that companiess had used for years, and put the financial responsibility on the employee to take care of their retirement. In fact, the original purpose of section 401(k) was to limit the use of executive cash-deferred plans. The Johnson Cos. administered 50 401(k)s in 1982, mostly to its own employees. Today Americans have some 50 million plans holding roughly $3 trillion in assets. Benna’s firm earned its money on the record keeping for the plans (with the help of a $65,000 Wang computer), but outsourced the actual investing component to the Vanguard Group, back when the future mutual-fund giant was still in its nascent days. “Ted was the moral standard within the company and thought it was a conflict for us to also handle the investments,” Wright said. “He believed in doing the right thing.” But like many critics, in recent years he began to think 401(k)s might not be the right thing. He’d created “a monster” that should be “blown up,” Benna lamented in 2011. The 401k plans themselves have grown so complicated. They’re filled with hidden fees, and have so many opportunities for bad decisions that the financial industry benefits more than the savers. “For all its issues, the 401(k)’s biggest value is that it turns spenders into savers,” he said. “Not that I spend much time basking the glory of the 401(k). What matters most to me now is spending time with my grandchildren and my horses.” I think that this forced process of making spenders into savers by the government can be risky, and there needs to be a re-examination of what components are missing from the public education system. Financial education is topic that should be, but isn’t often talked about in homes. In my profession, I see a lot of people that don’t understand the importance of managing credit and risk. I believe a person should look to build multiple streams of income, and not be 100% dependent on their job and the government to take care of them. It’s about taking personal responsibility and learning, and not just handing your money over to someone.  Personally I do have a 401k, but I also look for opportunities to build my income producing asset column, and fight to lower my own consumer debt. I do these things with two things in mind: legacy and eternity. What’s your why?

https://www.inc.com/jessica-stillman/use-self-made-billionaire-ray-dalios-2-minute-rule-to-radically-improve-your-meetings.html

Why do so many of us hate meetings? There’s no shortage of reasons, from wasting time in entirely unnecessary get togethers, to overlong scheduling, and meandering conversations. But somewhere towards the top of nearly everyone’s meeting pet peeve list is oafish meeting behavior. I’m sure you’ve experienced the type of thing I’m talking about – the spotlight hogging, endless interrupting, and under informed bloviating that can make getting together with colleagues about as much fun as watching paint dry. So how do you ensure everyone gets a turn to speak, but that the loudest of the group don’t monopolize the meeting and drown out other good ideas? Ray Dalio, founder of $160 billion hedge fund Bridgewater Associates and self-made billionaire, has a simple rule that can ensure everyone gets their time in the spotlight. On the TED Ideas blog recently Dalio shared nine rules for meetings from his new book Principles: Life and Work . The entire post is definitely worth a read if your organization struggles to keep meetings under control, but one idea stands out as both exceptionally useful and dead simple. Dalio calls it “the two-minute rule”:

The two-minute rule specifies that you have to give someone that uninterrupted period to explain their thinking before jumping in with your own. This ensures everyone has time to fully crystallize and communicate their thoughts without worrying they will be misunderstood or drowned out by a louder voice

This concept isn’t new, and it was instilled in us at an early age. But these two minutes of freedom will allow a person to express his thoughts without interruption. You may need to enforce this time constraint, but make sure you know your team knows this constraint is in force going in. if you’re in leadership/management role, give it a try and see if it changes your work environment. The purpose is to ultimately bring the team together, and find the areas that can be improved together.

This week, I’ve included The 13 Truths – Matthew McConaughey [MOTIVATIONAL SPEECH] from the Mulligan Brothers YouTube channel.

“If you think you know it all, you’re a fool for sure; real survivors learn wisdom from others.”

Proverbs 28:26 MSG

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December 9, 2017

Items in italics are direct quotes from the articles below

https://www.inc.com/tom-popomaronis/the-scientific-7-step-formula-that-will-transform-anyone-into-a-morning-person.html

Do you wish you could get up in the morning with ease? Sure you do. If you haven’t been able to crack the morning code yet, there’s a scientifically-backed recipe to help, thanks to behavioral psychologist, Jo Hemmings. Hemmings shared with Mail Online that she specifically crafted the steps to shake up the body. So, prepare to have some serious ammunition that is guaranteed to win the morning fight naturally instead of grumbling and downing java for energy. The seven steps are: sleep on the left side of the bed, wear yellow, set your alarm to an upbeat song, exercise, do a headstand, take an [ice-cold] shower, and eating breakfast (slow energy release). These seven simple steps are worth trying to see if it can change your morning routine. The morning is how you face the day, and it’s good to try new things that will help you power through the day.  Those quiet moments as you face the day are your moments. Cherish them and squeeze every opportunity out of them.

https://www.inc.com/adam-robinson/at-my-first-startup-i-lost-120000-couldnt-meet-payroll-heres-what-i-learned-about-staying-afloat.html

It was early on a Monday morning when I received the call.  It was Marcy, one of our consultants, and she sounded a bit concerned. “Adam, I didn’t get paid today.” I told her that I’d investigate and get right back to her. When the customer service rep from my payroll provider told me that the bank declined our payroll debit, a lump formed in my throat. Frantic, I logged in to view the company’s bank account. The balance: $0.00 On Friday, there had been over $120,000 of cash in that account. Monday morning, the account was empty. I was stunned. What in the world just happened? I was a first-time entrepreneur, and had I been asking myself the tough questions about our business along the way, I would have seen quite clearly that a freight train was bearing down on us. Here are the six questions I should have asked: Do I have the right relationship with my bank?, How many days can I run this business without new cash flow?, Do I have a customer concentration issue?, Do I have the right business model?, Is everyone on our payroll delivering tangible value?, and Do I need to be spending money on that? As a credit analyst, whenever I’m looking at a business loan request, I’m also asking two of the questions that the author asks. How long will it take for the borrower to receive their accounts receivable? If a business’s accounts are stretching out paying the business from 30 to 60 days to 90 to 120 days, then the business may be having issues collecting from its customers. Another factor I look for is the customer concentration. If a borrower has two accounts that make up over half its revenue, then the company is a risk in my opinion. If you’re looking to save or improve your business, then ask yourself these questions, and be aware of the following lessons: Once the stuff hits the fan, it’s too late to make friends with your banker. My weak collections process created major cash flow problems. I hadn’t built a predictable model for landing new business. Running a high-growth, receivables-based business with low profit margins is a recipe for disaster.  Had I rightsized my organization sooner, I would have had sufficient cash to cushion the impact of a slowing economy, and Little expenses add up to a big cash drain.

This week, I’ve included NEVER GIVE UP – Motivational Video – BEST MOTIVATION FOR 2018 from the Mulligan Brothers YouTube channel.

“If you think you know it all, you’re a fool for sure; real survivors learn wisdom from others.”

Proverbs 28:26 MSG

December 2, 2017

Items in italics are direct quotes from the articles below

http://www.businessinsider.com/what-is-blockchain-how-does-it-work-explainer-2017-11

From a ‘castle’ full of bitcoin millionaires to the initial coin offering (ICO) craze, it’s hard to escape the chatter about how some people are building their fortunes off the new world of cryptocurrencies. But behind those cryptocurrencies sits a technology called blockchains, which some people believe could fundamentally rewrite how transactions are handled online. With analysts at UBS estimating that blockchains could be a $300 billion to $400 billion global industry by 2027, it’s clear that regardless of what happens in the bitcoin bubble, blockchain technology is here to stay. Here’s what you need to know about blockchains, the technology that’s set to disrupt the world of contracts, finance, shipping and countless other industries. This article is filled with detailed information regarding blockchain technology.  A blockchain is a digital ledger that is distributed across the internet. This ledger is linked through cryptography, and are bound in a way that can’t be edited. Inside each block is transaction history for every transaction that’s ever occurred on the block. Blockchains are good for two things: recording events, and making sure that record is never erased. Blockchains in essence can remove the middle man through a smart contract or a self executing contract. What makes the blockchain unique is that the network is distributed as illustrated above. With a distributed network there is no one central server to attack. Ethereum is popular with startup companies, and Hyperledger Fabric allows large corporations to create blockchain projects. This article is a pretty in-depth analysis of blockchains, and I believe this technology will ultimately end up changing our future.

https://www.forbes.com/sites/gingerdean/2017/06/30/3-ways-to-start-living-on-half-your-income

Living on half your income. Impossible? No. Daunting? Yes. How do we accomplish this? With willpower made of steely determination and making major sacrifices. Add to that a dash of honesty, and you’re on your way. Easy, right? All joking aside, the obvious first step is to cut back on your spending, and the way you do that is by taking a hard look at your expenses. But first, let’s take a look at why anyone would want to save half of his or her income. The author advises that if you’re married pick one income stream to live on or save half of your combined income. If you’re single you’ll want to save half of your income. Three steps to take are: track your spending for 30 days, go on the no spend diet, and automate your savings. The no spend diet involves spending money on only the essentials, and not spending money on anything unnecessary. Should do this diet after tracking your spending for 30 days. After doing the first two steps, automate your savings to deduct bi-weekly or monthly. The author also recommends examining the amount spent when it comes to home, car, and children. Doing little steps can have big returns in the end. It’s important to manage your finances, and it begins with knowing how much you get paid per month, how much you have to pay, when you have to pay it, and how much is left over. When money comes in, go ahead and have a plan for it. What is your long term goal? Does it line up with your vision? What does retirement look like for you?

This week, I’ve included Wake Up Early|End Laziness|Motivational Speech Compilation |Morning Motivation|Success Motivation from the Be Inspired – Daily Motivation YouTube channel.

“If you think you know it all, you’re a fool for sure; real survivors learn wisdom from others.”

Proverbs 28:26 MSG

November 25, 2017

Items in italics are direct quotes from the articles below

http://www.businessinsider.com/mansa-musa-the-richest-person-in-history-2016-2
Amazon CEO Jeff Bezos’s net worth just crossed $100 billion, the first time in modern history that a person has been known to hold such a massive amount of wealth. But he’s still far from African King Musa Keita I, who is thought to be the richest person of all time — “richer than anyone could describe,” reports Time. Literally. His fortune was incomprehensible, Time’s Jacob Davidson writes: “There’s really no way to put an accurate number on his wealth.” He ruled the Mali Empire in the 14th century and his land was laden with lucrative natural resources, most notably gold. “His vast wealth was only one piece of his rich legacy,” reports Jessica Smith in a TED-Ed original lesson. Read on to learn more about the legendary king and see what it was really like to be the richest person in history. Musa Keita came to power in 1332. His entire empire stretched 2,000 miles. “Not one to travel on a budget, he brought a caravan stretching as far as the eye could see,” reports Smith. “Chroniclers describe an entourage of tens of thousands of soldiers, civilians and slaves, 500 heralds bearing gold staffs and dressed in fine silks, and many camels and horses bearing an abundance of gold bars.” While in Cairo, he spent so much and donated so much money to the poor that he caused a massive inflation that it took years for the city to recover from. During his lifetime, he built many libraries and mausoleums. In the end, he was mindful of his impact on history and the legacy he would leave behind.

https://www.forbes.com/sites/lizryan/2017/03/25/ten-easy-ways-to-be-better-at-your-job

Many of us were raised to think about a job as nothing more than a way to make money. We don’t often think of a job as a way to grow personally and professionally, but every job gives us that opportunity. Even the worst job you’ve ever had taught you something valuable! Going to work is like going to the gym. There is always a new exercise to try and new muscles to grow. You can have more fun at work, be more successful at your job and grow your confidence by using every working day and every task as a means to get stronger.  The ten easy was to be better at your job are: plan ahead, create a priority map, get a journal, learn to say “I wish I could help but I can’t”, think about the future, ask for advice, respect your to-do-list but don’t make it your sole focus, sync up with your boss, take breaks, and acknowledge yourself. The order in which you do each of these 10 items isn’t important, but I’ve found that taking the time to write down your to do list at the end of the day is essential to planning. It’s important to be able to set boundaries on your workload to prevent burnout, and take the time to write out your goals. Be sure to take the time to rest, and acknowledge those moments where you can recognize the challenges you overcome. To become greater, you must be willing to step outside of your comfort zone. You are an asset to your company; how can you leverage your gifts and skills to make a difference?

This week, I’ve included Watch When You Feel Like Giving Up – NEVER GIVE IN | Motivational Video! from the Mulligan Brothers YouTube channel.

“If you think you know it all, you’re a fool for sure; real survivors learn wisdom from others.”

Proverbs 28:26 MSG

November 18, 2017

Items in italics are direct quotes from the articles below

https://www.marketwatch.com/story/richest-men-in-history-vladimir-putin-bill-gates-and-warren-buffett-arent-even-close-2017-08-09
Vladimir Putin’s wealth, even by the most generous of calculations, pales in comparison. In fact, throw in the vast riches of Microsoft MSFT, +0.18% co-founder Bill Gates, Warren Buffett of Berkshire Hathaway BRK.A, -0.21% fame and Amazon’s AMZN, +2.58% Jeff Bezos, and their combined fortune doesn’t even approach the riches of history’s wealthiest figures. Take Augustus Caesar, for example. The first Roman emperor tops the list, according to the Visual Capitalist blog. The adopted son of Julius Caesar controlled much of the world’s most powerful states — including Egypt — as part of his estimated $4.6 trillion net worth. Egypt made up at least 25% of global GDP at the time. Then there’s King Solomon, who was said to receive some $40 billion in gold each year as tribute. That helped bring his fortune to $2.2 trillion. Though it is hard to measure who the richest person in history was, because of the lack of completely accurate records. However, the article does provide a detailed chart. This calculation can change due to wealth being tied to land, and wealth could be exaggerated due to it being oral history. Nonetheless, wealth is concept that has been passed down for centuries. There are principles to building wealth that we can all apply to our daily lives. Remember to invest in assets that will produce income. Liabilities will always produce expenses. Make your money make money for you and repeat.

http://www.businessinsider.com/net-neutrality-portugal-how-american-internet-could-look-fcc-2017-11

On Tuesday, the US Federal Communications Commission announced that it planned to vote on an order to roll back Obama-era rules governing net neutrality. Simply put, net neutrality means that all data on the internet is treated equally. An internet service provider can’t prioritize certain companies or types of data, charge users more to access certain websites and apps, or charge businesses for preferential access. Advocates of net neutrality argue that it ensures a level playing field for everyone on the internet. Telecoms firms, however, are largely against it because of the additional restrictions it places on them. But with the Republican-majority FCC likely to vote on December 14 in favor of rolling back the order, what might the American internet look like without net neutrality? Just look at Portugal. The country’s wireless carrier Meo offers a package that’s very different from the US. On top of the standard data package, users pay an additional amount based on what type of apps and the kind of data they use. Net-neutrality advocates argue that this kind of model is dangerous because it risks creating a two-tier system that harms competition — people will just use the big-name apps included in the bundles they pay for, while upstart challengers will be left out in the cold. For example: If you love watching videos, and Netflix is included in the video bundle but Hulu isn’t, you’re likely to try to save money by using only Netflix, making it harder for its competitors. And without net neutrality, big-name apps could theoretically even pay telecoms firms for preferential access, offering them money — and smaller companies just couldn’t compete with that. (It’s not clear whether any of the companies named above have paid for preferential access.) An ISP could even refuse to grant access to an app at all unless they paid up.  Yonatan Zunger, a former Google employee, recently retweeted Khanna’s tweet, adding: “This isn’t even the worst part of ending net neutrality. The worst part happens when ISPs say ‘we don’t like this site’s politics,’ or ‘this site competes with us,’ and block or throttle it.” If you’re thinking about your legacy, consider it at least two to three generations deep. In other words, you’re thinking at least the next 100 years, will what you have be able to provide for that kind of future? If not, what are you teaching your children and children’s children, so they can thrive and not just survive the world to come. In my opinion, net-neutrality is important. If it is roll backed, how will this affect the cryptocurrency markets? With more and more buyers into the cryptocurrency market, will this rollback cause a price decline?

This week, I’ve included Secrets of Success – Motivational video from the Mulligan Brothers YouTube channel.

“If you think you know it all, you’re a fool for sure; real survivors learn wisdom from others.”

Proverbs 28:26 MSG

November 11, 2017

Items in italics are direct quotes from the articles below

http://www.businessinsider.com/neuroscientists-advice-for-saving-money-transformed-my-finances-2017-11

After years of feeling as though my finances controlled me and not the other way around, I’m happy to report I have found the solution in the wisdom of a neuroscientist. Perhaps the insight can help you, too. Budgeting is about making fewer choices to maximize happiness I first met Moran Cerf, a neuroscientist who teaches marketing at Northwestern University, over the summer. We chatted about the ways people make poor decisions and how they could make smarter ones. The conversation was so interesting that I wanted to meet again. A few months later, we convened on the second floor of a Whole Foods to delve yet again into the depths of decision-making. He brought up the topic of personal finance and how to create the perfect budget. Cerf argues that decision-making is mentally draining. Having to make several small choices can exhaust our ability to make bigger decisions. When it comes to money, Cerf says the smartest way to budget is to find the timeline that works for you. The author would go on to create a weekly budget and that turned out to work best for him. When it comes to budgeting, find the process that will work best for you, and be sure to do it frequently. I personally will run my budget every Friday, and I’ve set it up, so I can forecast where I will be 11 months from now. I’ll also look at my budget as I feel the need to. It’s important to have a routine that you will stick to, so it becomes automatic for you. It’s about knowing how much you will have and having the freedom to decide what to do next.

http://www.businessinsider.com/shaq-financial-advice-for-nba-players-money-personal-finance-investing-tips-million-savings-contract-2017-11

With career earnings that totaled $292 million, Shaquille O’Neal currently ranks as the third-highest-paid player in NBA history. We asked Shaq what financial advice he gives young NBA players who want to hang on to their fortunes. Shaq stopped by Business Insider to talk about his collaboration with home security technology company Ring, to raise awareness about how homeowners can better protect their property this holiday season. Shaq recently kicked off a campaign with Ring’s CEO Jamie Siminoff around protecting holiday package deliveries – specifically as National Package Protection Day approaches on Nov. 29. The article has a transcript from the video. Basically, Shaq advises the athlete to cut the earning of the contract in half and save it, or if they’re more aggressive cut that in half and only spend 25%. In other words, if you have a $100 million-dollar contract, save 75% and spend the other 25% spend however you want to spend it. Most athletes that come into the League think about the money they receive now and don’t plan for the future. ESPN 30 for 30 did a great documentary called Broke which examines the spending habits of athletes. Financial education isn’t taught in schools so it’s important to find competent and wise mentors to learn from. I always tell them “Don’t think about what’s going on now. Think about what has to happen in the future.” I never spent, like, an NBA check like my first four years. Then, when I got married and had kids, all that changes, but that’s, to simplify it for them because, you know, a lot of people don’t have the business mind or the business tact, so you have to break it down in their language. So, I would say save 75%, and this 25%, do whatever you want to do with it. Take care of your family — boom, bam. House, apartment, car – but don’t ever do more than this. If you’re thinking about your legacy, consider it at least two to three generations deep. In other words, you’re thinking at least the next 100 years, will what you have be able to provide for that kind of future? If not, what are you teaching your children and children’s children, so they can thrive and not just survive the world to come.

This week, I’ve included A Brief Guide To Life – Jordan Peterson | Depression & Success (LIFE CHANGING) from the Mulligan Brothers YouTube channel.

“If you think you know it all, you’re a fool for sure; real survivors learn wisdom from others.”

Proverbs 28:26 MSG

 

November 4, 2017

Items in italics are direct quotes from the articles below

http://www.businessinsider.com/self-made-billionaire-advice-on-making-money-2016-11
Self-made billionaire Naveen Jain, who came to America from India with just $5 in his pocket, reveals his best advice on how to make billions of dollars. In this short 1:33 long video, Naveen advises you to pursue your dream even if you don’t know how to do it. Even if you experience self-doubt, he asks that you remember that every successful company has a near death experience before it becomes successful. He explains that in the end your mindset is what is important. It’s not about whether the glass is half or half empty. It’s about whether not you want to fill the glass and what do you want to fill it with. Your job is to imagine what you want it to be. The biggest problems are social problems and those are the ones with the most opportunity. He advises you to dream so big that people think you’re crazy and don’t be afraid of failure. He says if you want to be a billionaire solve a $10 billion-dollar problem. He gives some examples to consider. One thing he doesn’t say is the importance of building the right team around you, and making sure that you have systems in place to execute solving the problem. You should consider such options as how can I scale this? Can this operation remain a small one-man operation? How many people do I need to make this dream possible?  How can I be efficient? How can I effectively manage the human resource? It’s a good start to have a dream, but also have vision, and be realistic too.

https://www.inc.com/jessica-stillman/ashton-kutcher-uses-this-simple-morning-ritual-to-skyrocket-his-productivity.html

Let me guess the first thing you did when you opened your eyes this morning: You didn’t, by any chance, pick up your phone and start tapping away, did you? If I got that right, it’s not because I’m clairvoyant. It’s because I’ve read the research. One recent Pew survey found 80 percent of Millennials sleep with their phones. No wonder then that another poll showed 40 percent of Americans of all ages check their phones within five minutes of waking. By the time they’ve brushed their teeth, more than 80 percent of people have grabbed their gadgets. And this isn’t just the addled and unsuccessful — another survey found that half of top executives start their day with email. A vast majority of us, in other words, kick off our day by consuming and reacting to other people’s thoughts and demands. Actor and investor Ashton Kutcher, however, is in the minority. Your email, he told Arianna Huffington’s Thrive Global Podcast recently, is “everyone else’s to-do list for you.” And if you allow your inbox to set the tone for your day, you’re guaranteed to spend a huge chunk of your time on other people’s priorities.  I’m guilty of checking my phone every morning when I wake up, and I agree with Ashton when he says it becomes a hole that you can’t seem to get out off, because you fill yourself up with everyone else’s wants and needs instead of taking that time for yourself. To break out of this success-killing pattern, Kutcher took action, designing a new morning ritual that allows him to work on what he actually thinks is important each day. “When I wake up … I spend the first hour of my work not looking at email, and actually just writing out what it is that I want to accomplish in a given day, and then before I go through my emails, I’ll do all my outgoing, outbound stuff, which is what I want everyone else to do for me. And then I’ll go and get reactive to whatever’s going on,” he told the podcast. Even though it’s near the end of the year, I’m going to start spending the first half hour or hour of my morning either in meditation, prayer, writing in a journal, or listening to worship music before I touch my phone. New year habits can start today, and you shouldn’t put off for tomorrow what you can do today. Several experts stress the importance of writing out your ideas in the first few minutes of the day whether it’s for productivity or creativity. I think the reason this habit works is because the words become flesh when you put pen to paper. Meanwhile, psychologist and my Inc.com colleague Benjamin P. Hardy suggests a small amount of writing not only in the morning but also before bed, to tap into your subconscious in order to answer some of your life’s trickiest and most pressing questions. “This simple routine will help you crystallize where you want to go, and how you will get there,” he says. It’s up to you to decide which form of writing appeals most to you and works best with your existing routine, but whichever you choose, it’s worth at least taking Kutcher’s idea for a spin to see if it saves you from inbox slavery and gives you more control over your day. Even if you don’t like writing, before you pick up the phone to check e-mail or social media, give this quiet time to yourself. Watch the video below:

This week, I’ve included The Power of Habit – One of the most Motivational Talks Ever from the Video Advice YouTube channel.

“If you think you know it all, you’re a fool for sure; real survivors learn wisdom from others.”

Proverbs 28:26 MSG