The 3 Phases of Making a Major Life Change
.The 3 Phases of Making a Major Life Change
by Herminia Ibarra August 06, 2021
Summary. The lockdown that we’ve all just lived through created a period during which a lot of people had the opportunity to reflect on plans for a career change. But reflection alone doesn’t get people very far. Those who are mostly likely to act during this kind of period are those who actively engage in a three-part cycle of transition — one that consists of separation, liminality and reintegration. The author explains how to make the most of each of these stages to effect real change.
Many of us believe that unexpected events or shocks create fertile conditions for major life and career changes by sparking us to reflect about our desires and priorities. That holds true for the coronavirus pandemic. A bit over a year ago, when I asked people in an online poll to tell me how the pandemic had affected their plans for career change, 49% chose this response: “It has given me downtime to rest and/or think.”
The 3 Phases of Making a Major Life Change
by Herminia Ibarra August 06, 2021
Summary. The lockdown that we’ve all just lived through created a period during which a lot of people had the opportunity to reflect on plans for a career change. But reflection alone doesn’t get people very far. Those who are mostly likely to act during this kind of period are those who actively engage in a three-part cycle of transition — one that consists of separation, liminality and reintegration. The author explains how to make the most of each of these stages to effect real change.
Many of us believe that unexpected events or shocks create fertile conditions for major life and career changes by sparking us to reflect about our desires and priorities. That holds true for the coronavirus pandemic. A bit over a year ago, when I asked people in an online poll to tell me how the pandemic had affected their plans for career change, 49% chose this response: “It has given me downtime to rest and/or think.”
That’s a good start. But if there is one thing I have learned from decades of studying successful career change, it’s that thinking on its own is far from sufficient. We rarely think our way into a new way of acting. Rather, we act our way into new ways of thinking — and being.
Yes, events that disrupt our habitual routines have the potential to catalyze real change. They give us a chance to experiment with new activities and to create and renew connections. Even in the seemingly “unproductive” time we spend away from our everyday work lives, we conduct important inner business — asking the big existential questions, remembering what makes us happy, shoring up the strength to make difficult choices, consolidating our sense of self, and more.
Enough has happened during this past year to make many of us keenly aware of what we no longer want. But the problem is this: More appealing, feasible alternatives have yet to materialize. So we’re stuck in limbo between old and new. And now, with most Covid restrictions at last falling away and a return to the office imminent, we confront a real danger: getting sucked back into our former jobs and ways of working.
How can those of us who want to make a career transition avoid that? How can we make progress toward our goals by building on what we’ve learned this past year?
Research on the transformative potential of a catalyzing event like the coronavirus pandemic suggests that we are more likely to make lasting change when we actively engage in a three-part cycle of transition — one that gets us to focus on separation, liminality, and reintegration. Let’s consider each of those parts of the cycle in detail.
To continue reading, please go to the original article here:
https://hbr.org/2021/08/the-3-phases-of-making-a-major-life-change
Other People’s Mistakes
.Other People’s Mistakes
Aug 5, 2021 by Morgan Housel
George Carlin once joked how easy it is to spot stupid people. “Carry a little pad and pencil around with you. You’ll wind up with 30 or 40 names by the end of the day. It doesn’t take long to spot one of them, does it? Takes about eight seconds.” Like most comedy it’s funny because it’s true.
But Daniel Kahneman mentions a more important truth in his book, Thinking, Fast and Slow: “It is easier to recognize other people’s mistakes than our own.” I would add my own theory: It’s easier to blame other people’s mistakes on stupidity and greed than our own. That’s because when you make a mistake, I judge it solely based on what I see. It’s quick and easy.
But when I make a mistake there’s a long and persuasive monologue in my head that justifies bad decisions and adds important context other people don’t see. Everyone’s like that. It’s normal.
Other People’s Mistakes
Aug 5, 2021 by Morgan Housel
George Carlin once joked how easy it is to spot stupid people. “Carry a little pad and pencil around with you. You’ll wind up with 30 or 40 names by the end of the day. It doesn’t take long to spot one of them, does it? Takes about eight seconds.” Like most comedy it’s funny because it’s true.
But Daniel Kahneman mentions a more important truth in his book, Thinking, Fast and Slow: “It is easier to recognize other people’s mistakes than our own.” I would add my own theory: It’s easier to blame other people’s mistakes on stupidity and greed than our own. That’s because when you make a mistake, I judge it solely based on what I see. It’s quick and easy.
But when I make a mistake there’s a long and persuasive monologue in my head that justifies bad decisions and adds important context other people don’t see. Everyone’s like that. It’s normal.
But it’s a problem, because it makes it easy to underestimate your own flaws and become too cynical about others’.
I try to stop myself whenever my explanation for other people’s behavior – financial or otherwise – is “well, they’re not very smart.” Or greedy. Or immoral. Yeah, sometimes it’s true. But probably less than we assume. More often there’s something else going on that you’re not seeing that makes the behavior more understandable, even if it’s still wrong.
A few things make it that way.
1. When judging others’ poor behavior it’s easy to underestimate your own susceptibility to the power of incentives.
The worst behavior resides in industries with the most extreme incentives. Finance, where scams are everywhere. High-end art, where counterfeits proliferate.
But it’s important to ask: Are immoral people attracted to industries where there are big rewards for bad behavior? Or do big rewards for bad behavior cause good people to slide into immorality, justifying their decisions along the way? I think so often it’s the latter.
It helps explain things like the 2008 financial crisis. Was it caused by greedy bankers? Maybe here and there. But the huge majority of it was good, honest people who wanted to do the right thing but whose definition of “the right thing” is instantly warped when they’re paid $8 million a year to sell subprime bonds.
Incentives are almost like a drug in their ability to cloud your judgment in a way you would have found unthinkable beforehand. They can get good people to justify all kinds of things.
That doesn’t excuse bad behavior. But it’s hard to know what you’d be willing to do until you’re exposed to an extreme incentive, and that blindness makes it easy to criticize other people’s mistakes when you yourself may have been just as tempted if you were in their shoes.
2. It’s hard to tell the difference between boldness and recklessness, greed and ambition, contrarian and wrong.
To continue reading, please go to the original article here:
National Financial Awareness Day – August 14, 2021
.National Financial Awareness Day – August 14, 2021
How much would you like to bet that most people don’t know August 14 is National Financial Awareness Day?
It’s more important than you think. And plus, what’s more fun than financial independence? First off, think about that great feeling you get when you don’t have the looming specter of debt hanging over you. Also, sound financial decisions can really make a difference down the road.
Remember, retirement is a time to take all those vacations you couldn’t when you were working the daily grind. Because money is important to our overall peace of mind, Financial Awareness Day is a great time to review where you are now and where you’re going financially. Don’t let bad financial decisions ruin the best years of your life!
National Financial Awareness Day – August 14, 2021
How much would you like to bet that most people don’t know August 14 is National Financial Awareness Day?
It’s more important than you think. And plus, what’s more fun than financial independence? First off, think about that great feeling you get when you don’t have the looming specter of debt hanging over you. Also, sound financial decisions can really make a difference down the road.
Remember, retirement is a time to take all those vacations you couldn’t when you were working the daily grind. Because money is important to our overall peace of mind, Financial Awareness Day is a great time to review where you are now and where you’re going financially. Don’t let bad financial decisions ruin the best years of your life!
When Is National Financial Awareness Day 2021?
Start saving, investing, and building up that nest egg on National Financial Awareness Day on August 14.
History Of National Financial Awareness Day
Do you lavishly spend money like they did in “The Great Gatsby”? Are you saving for retirement but uncertain where every penny is going? Do you live from paycheck to paycheck? Whatever your financial situation may be, it is time to look at the big picture and commit to becoming more aware of your spending. Most of us like to wait until our birthday or the new year to plan our finances but today is a great time to start. August 14 is National Financial Awareness Day and a good reminder to take investing and saving seriously to build financial stability and prepare for the future.
The origins of the holiday are unknown but the aim of it is to develop and instill good financial practices that will solidify a person’s current financial status and serve them through retirement. Investing will make money do the work for us, which will result in less time spent working and leave more time for us to enjoy our lives.
David Ravetch, a senior accounting lecturer at the University of California, Los Angeles, says, “We live in a world of financial illiteracy.” What he means is that most of us do not possess the knowledge and skills that are necessary to make informed and effective financial decisions with our existing financial resources.
It seems overwhelming, but everyone has the capacity to learn sound financial principles and save up. Just making small changes to our daily habits can reap great financial benefits. Finances can be quite straightforward once we distinguish our wants from our needs and take inventory of our spending. Joining an investment or money management club or consulting a financial advisor is encouraged, and books and blogs on personal finance are promoted.
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20 Billionaire American Dynasties and How They Made Their Money
.20 Billionaire American Dynasties and How They Made Their Money
From the Hunts to the Waltons, these families know business.
By Joel Anderson April 15, 2021
A billion dollars can cast a long shadow — and not just if you get it all in $1 bills and see how high you can pile it. The legacy of a billion-dollar fortune can often stretch across generations and historical eras. Once you accumulate a large fortune, it only gets that much easier to expand it by relying on compound interest and smart investing to keep building returns and growing your money year after year. After all, even a modest 5% annual return translates to $50 million in income a year when the starting point is $1 billion.
The end result of that is that the wealthiest families in America tend to stay that way and only get wealthier. Even as the initial patriarch who kick-started the dynasty fades from memory, their legacy of an enormous accumulation of wealth can continue to grow generation after generation.
20 Billionaire American Dynasties and How They Made Their Money
From the Hunts to the Waltons, these families know business.
By Joel Anderson April 15, 2021
A billion dollars can cast a long shadow — and not just if you get it all in $1 bills and see how high you can pile it. The legacy of a billion-dollar fortune can often stretch across generations and historical eras. Once you accumulate a large fortune, it only gets that much easier to expand it by relying on compound interest and smart investing to keep building returns and growing your money year after year. After all, even a modest 5% annual return translates to $50 million in income a year when the starting point is $1 billion.
The end result of that is that the wealthiest families in America tend to stay that way and only get wealthier. Even as the initial patriarch who kick-started the dynasty fades from memory, their legacy of an enormous accumulation of wealth can continue to grow generation after generation.
The Rockefeller Family Approximate Net Worth: $8.4 billion Source of Wealth: Oil
The legendary John D. Rockefeller wasn't just the richest man of his day, he might be among the highest individual net worths of all time. At his peak, Rockefeller's assets accounted for 1.5% of the nation's total economic output — the equivalent today of a $340 billion fortune that would lap Jeff Bezos twice with room to spare.
The Rockefeller fortune was born out of Standard Oil, the company he founded in 1870. Rockefeller ruthlessly either acquired or drove out all of the competition in the oil refinery business so that he could control a near-complete monopoly. Today, the fortune he initially built is spread out across 174 different heirs and supports a lot of important philanthropic work.
The Johnson Family Approximate Net Worth: $10.7 billion Source of Wealth: Investing
The Johnson family is now in its third generation of helping average Americans invest their money after Abigail Johnson took the reins of Fidelity from her father Ned in late 2014 after he had been in charge from 1977 on. The company, though, was founded by Edward C. Johnson II back in 1946.
Fidelity is the second-largest mutual fund company in the world behind Vanguard, and the Johnsons own some 49% of it. Abigail is one of four family members sharing their namesake fortune.
The Sackler Family Approximate Net Worth: $10.8 billion Source of Wealth: Pharmaceuticals
The Sackler family has been in the news lately, just for all the wrong reasons. The family's enormous wealth started with the founding of Purdue Pharma in 1952. However, it really kicked into high gear in the 1990s with the development of OxyContin in 1995. The pain medication proved so popular that it was selling $1.6 billion a year by 2003.
It's clear now that the popularity of OxyContin was only partially due to its medical uses, and the Sackler family is now the target of a torrent of bad press as the opioid epidemic continues to grow worse. Purdue Pharma paid out a $600 million settlement in 2007 after pleading guilty to the accusation that it had marketed OxyContin as being safer and less addictive than it actually was, and the company has been buried in lawsuits ever since.
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The Daily Costs of Living Like a Billionaire
.The Daily Costs of Living Like a Billionaire
Be ready to pay up if you become a billionaire.
By Sylvie Tremblay January 7, 2021
Sure, you’ve admired the lifestyles of the rich and famous -- or the not-so-famous. But do you know how much it costs to live like them?
Not surprisingly, living a lavish lifestyle involves some serious spending, from super-sized housing bills to personal assistants and security. Although most billionaires stay pretty tight-lipped about their spending, the “99 percent”-ers can occasionally get a glimpse into their outrageous expenses.
Not surprisingly, your home will be among the largest costs -- especially if you’ve invested in a sprawling mansion worthy of a billionaire.
If you become a billionaire, your daily housing cost varies depending on the price of your home. But if you’ve invested in a home costing north of $100 million -- like billionaire Jeff Greene’s Beverly Hills mansion, listed for a reported $129 million -- you’ll be paying a fortune every single day.
The Daily Costs of Living Like a Billionaire
Be ready to pay up if you become a billionaire.
By Sylvie Tremblay January 7, 2021
Sure, you’ve admired the lifestyles of the rich and famous -- or the not-so-famous. But do you know how much it costs to live like them?
Not surprisingly, living a lavish lifestyle involves some serious spending, from super-sized housing bills to personal assistants and security. Although most billionaires stay pretty tight-lipped about their spending, the “99 percent”-ers can occasionally get a glimpse into their outrageous expenses.
Not surprisingly, your home will be among the largest costs -- especially if you’ve invested in a sprawling mansion worthy of a billionaire.
If you become a billionaire, your daily housing cost varies depending on the price of your home. But if you’ve invested in a home costing north of $100 million -- like billionaire Jeff Greene’s Beverly Hills mansion, listed for a reported $129 million -- you’ll be paying a fortune every single day.
Assuming you bought the home and put down a respectable 20 percent down payment, you’re looking at a mortgage worth $103.2 million. At an interest rate of 3.875 percent on a 30-year fixed rate mortgage, you’ll pay about $485,285 per month or around $16,176 per day.
Of course, you’ll also pay for property taxes, homeowners insurance and maintenance, pushing your housing costs up even further. You better keep earning those billions.
Fancy Car Costs: $411 or More Daily
Living a billionaire’s lifestyle means traveling in style -- and choosing the right car can be key to maintaining your brand image. As a billionaire, perhaps you’d invest in a luxury vehicle like a Ferrari or Bugatti.
On top of a large upfront price tag — a Bugatti Veyron cost approximately $3.2 million in California in 2014, according to Edmunds — you’ll also pay premium maintenance costs. A change of tires for the luxury car, which is needed after 2,500 miles, cost a reported $33,000, according to the website Secret Entourage. With other expenses such as insurance, taxes, service and more, you can expect to pay $150,000 a year to own this car.
Assuming you maintain your car with an annual tune-up and change your tires once a year, you’re looking at $411 per day in car maintenance — plus your lease, insurance, taxes and the cost of fuel.
Luxury Yacht Costs: Up To $5,890 Daily
That Bugatti might feel like a relative bargain compared to the cost of owning a yacht. Of course, there’s the upfront cost of building the boat, which doesn’t come cheap. Leonardo DiCaprio’s 450-foot "superyacht," for example, reportedly cost $200 million to build, according to the Daily Mail.
But your costs don’t end there. You’ll also have to pay to run, maintain and staff your yacht.
Those costs add up. The Daily Mail reported that fuel for a superyacht can add up to $400,000 per year. Docking costs a reported $350,000, and a full-time staff for a yacht can cost $1.4 million in wages annually.
For a fully staffed yacht, you’re looking at a daily cost of $5,890. If you’re cutting costs and foregoing the staff, your costs drop to $2,054 daily.
Entertaining Costs: Up To $82,191 Daily
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The Biggest Ponzi Schemes in Modern History
.The Biggest Ponzi Schemes in Modern History
Published July 19, 2021 By Marcus Lu Graphics/Design: Bhabna Banerjee
Some things simply sound too good to be true, but when money is involved, our judgement can become clouded. This is often the case with Ponzi schemes, a type of financial fraud that lures investors by promising abnormally high returns. Money brought in by new members is used to pay the scheme’s founders, as well as its earlier investors. The scheme is named after Charles Ponzi, an Italian who became infamous in the 1920s for claiming he could double his clients’ money within 90 days. Since then, numerous Ponzi schemes have been orchestrated around the globe.
To help you learn more about these sophisticated crimes, this infographic examines some of the biggest Ponzi schemes in modern history.
The Biggest Ponzi Schemes in Modern History
Published July 19, 2021 By Marcus Lu Graphics/Design: Bhabna Banerjee
Some things simply sound too good to be true, but when money is involved, our judgement can become clouded. This is often the case with Ponzi schemes, a type of financial fraud that lures investors by promising abnormally high returns. Money brought in by new members is used to pay the scheme’s founders, as well as its earlier investors. The scheme is named after Charles Ponzi, an Italian who became infamous in the 1920s for claiming he could double his clients’ money within 90 days. Since then, numerous Ponzi schemes have been orchestrated around the globe.
To help you learn more about these sophisticated crimes, this infographic examines some of the biggest Ponzi schemes in modern history.
![Ponzi-Schemes-Shareable-400x240[1].jpg](https://images.squarespace-cdn.com/content/v1/5d5222a44813620001d89582/1627849471064-I01BQS3MH07UTCF19N5B/Ponzi-Schemes-Shareable-400x240%5B1%5D.jpg)
Ponzi Schemes in the 20th Century
The 1990s saw a number of large Ponzi schemes worth upwards of $500 million.
Country Date Ended Name of Scheme and Founder Value (USD)
Belgium 1991 Moneytron, Jean-Pierre Van Rossem $860M
Romania 1994 Caritas, Ioan Stoica $1B - $5B
Russia 1994 MMM, Sergei Mavrodi $10B
U.S. 1997 Great Ministries International, Geral Payne $500M
In many cases, these schemes thrived by taking advantage of the unsuspecting public who often lacked any knowledge of investing. Caritas, for example, was a Ponzi scheme based in Romania that marketed itself as a “self-help game” for the poor.
The scheme was initially very successful, tricking millions of people into making deposits by offering the chance to earn an 800% return after three months. This was not sustainable, and Caritas was eventually unable to distribute further winnings.
Caritas operated for only two years, but its “success” was undeniable. In 1993, it was estimated that a third of the country’s money was circulating through the scheme.
Ponzi Schemes in the 21st Century
The American public has fallen victim to numerous multi-billion dollar Ponzi schemes since the beginning of the 21st century.
Country Date Ended Name of Scheme and Founder Value (USD)
U.S. 2003 Mutual Benefits Company, Joel Steinger $1B
U.S. 2003 Petters Group Worldwide, Tom Petters $4B
U.S. 2008 Madoff Investment Scandal, Bernie Madoff $65B
U.S. 2012 Stanford Financial Group, Allen Stanford $7B
Many of these schemes have made major headlines, but much less is said about the thousands of everyday Americans that were left in financial ruin.
For victims of the Madoff Investment Scandal, receiving any form of compensation has been a drawn-out process. In 2018, 10 years after the scheme was uncovered, a court-appointed trustee managed to recover $13 billion by liquidating Madoff’s firm and personal assets.
As NPR reported, investors may recover up to 60 to 70 percent of their initial investment only. For victims who had to delay retirement or drastically alter their lifestyles, this compensation likely provides little solace.
Do the Crime, Pay the Time
Running a Ponzi scheme is likely to land you in jail for a long time, at least in the U.S.
In 2009, for example, 71-year-old Bernie Madoff pled guilty to 11 federal felonies and was sentenced to 150 years in prison. That’s 135 years longer than the average U.S. murder conviction.
Outside of the U.S., it’s a much different story. Weaker regulation and enforcement, particularly in developing countries, means a number of schemes are ongoing today.
Sergei Mavrodi, known for running the Russian Ponzi scheme MMM, started a new organization named MMM Global after being released from prison in 2011. Although he died in March 2018, his self-described “social financial network” has established a base in several Southeast Asian and African countries.
To continue reading, please go to the original article here:
https://www.visualcapitalist.com/biggest-ponzi-schemes-in-modern-history/
How to Spot Counterfeit Money
.How to Spot Counterfeit Money
How can you tell if money is fake? Check the bills in your wallet with these methods.
By Geoff Williams | July 21, 2021 U.S. News & World Report
Checking counterfeit money light. 100 dollars against the window in his hand. Check for watermark on new hundred dollar bill. translucence of the American currency.
If you hold the bill toward the light and there's no watermark or if you can see the watermark even without holding it up toward the light, then the bill you're holding is probably a counterfeit.(GETTY IMAGES)
It would be easy to assume that it's rare to encounter counterfeit money. After all, plenty of people rely on credit and debit cards and even cryptocurrency, and go long stretches of time without touching a dollar bill or quarter. But cash isn’t exactly dead yet. Every week, it seems, counterfeiters make news throughout the country.
How to Spot Counterfeit Money
How can you tell if money is fake? Check the bills in your wallet with these methods.
By Geoff Williams | July 21, 2021 U.S. News & World Report
Checking counterfeit money light. 100 dollars against the window in his hand. Check for watermark on new hundred dollar bill. translucence of the American currency.
If you hold the bill toward the light and there's no watermark or if you can see the watermark even without holding it up toward the light, then the bill you're holding is probably a counterfeit.(GETTY IMAGES)
It would be easy to assume that it's rare to encounter counterfeit money. After all, plenty of people rely on credit and debit cards and even cryptocurrency, and go long stretches of time without touching a dollar bill or quarter. But cash isn’t exactly dead yet. Every week, it seems, counterfeiters make news throughout the country.
In Casper, Wyoming, the police are investigating phony $100 bills circulating. Counterfeit money recently turned up in Hartville, Ohio. Counterfeit cash was also passed at businesses in Lubbock, Texas. A local band in Richland, Washington, received four fake $100 bills in their tip jar.
So, yes, counterfeit crime is still very much a thing, and if you use cash in your day-to-day life, or even just occasionally, it may pay off to know the signs of counterfeit bills. If you want to know if your U.S. dollars are real or fake, use these methods.
Evaluate the Feel of the Paper
This observation is based on gut instinct.
“Most counterfeits are identified by the feel of the paper,” says L. Burke Files, president of Financial Examinations & Evaluations, a firm that does investigations, risk management and other types of consulting in Tempe, Arizona. Generally, fake money, he says, “does not have the crisp money feel and the raised feeling of the black ink on the front of the bills."
Files, who has been a financial investigator for 30 years, says that counterfeit money – in all countries throughout the world – is a problem. He also says that quite a few business owners unfortunately appear to accept – and pass on – counterfeit dollars knowing they’re fake.
“As one person told me, it only becomes bad when someone fails to take it,” Files says.
It's easy to imagine why a business owner might knowingly pass on a counterfeit bill. Often, when a business owner or consumer turns in counterfeit money to the authorities, they aren't reimbursed for that bill.
To continue reading, please go to the original article here:
https://money.usnews.com/money/personal-finance/articles/2013/04/25/how-to-spot-counterfeit-money
What It Means To Be Rich
.What It Means To Be Rich
Posted July 25, 2021 by Ben Carlson
My wife and I have a good system of divide and conquer when necessary so the next morning I took the kids for a family bike ride to get them out of the house to give her some peace and quiet after a rough night. On our bike ride we approached an older couple that was walking in the opposite direction. The woman, who looked like she may have had grandchildren based on the way she smiled at my kids, said to me, “You’re a very rich man.” Here I was feeling sorry about myself because I was tired from the night before and this stranger hits me with a perspective bomb out of nowhere.
I love the way she put this. She didn’t say I was lucky or blessed or had my hands full (I get that a lot with twins). She said I was rich which is not the way I ever looked at this before.
What It Means To Be Rich
Posted July 25, 2021 by Ben Carlson
My wife and I have a good system of divide and conquer when necessary so the next morning I took the kids for a family bike ride to get them out of the house to give her some peace and quiet after a rough night. On our bike ride we approached an older couple that was walking in the opposite direction. The woman, who looked like she may have had grandchildren based on the way she smiled at my kids, said to me, “You’re a very rich man.” Here I was feeling sorry about myself because I was tired from the night before and this stranger hits me with a perspective bomb out of nowhere.
I love the way she put this. She didn’t say I was lucky or blessed or had my hands full (I get that a lot with twins). She said I was rich which is not the way I ever looked at this before.
There are many ways to be rich beyond the amount of money you have in your investment portfolio or checking account. Plenty of people have a lot of money in the bank but terrible personal lives.
Having millions of dollars wouldn’t come close to providing the same feeling I got this past week watching my 7-year old scale a rock wall like a champ or confidently walk up to do a high ropes course with zero signs of trepidation or fear.
Huge gains in the stock market can’t possibly match watching my little guy ride his bike for the first time this summer.
No amount of money can melt my heart the way my youngest daughter does when she says something sweet to me out of the blue.
Being a parent is not always easy. At times there is chaos, yelling, screaming, crying, fighting, pouting and puking. But there’s also laughing. Lots of laughing. And smiling. And joy. For me, having kids is like setting a constant memory factory in motion.
Obviously, there are other ways to be rich that extend beyond family.
To continue reading, please go to the original article here:
https://awealthofcommonsense.com/2021/07/what-it-means-to-be-rich/
Cash and 21 Other Everyday Things Wiped Out by COVID-19
.Cash and 21 Other Everyday Things Wiped Out by COVID-19
By Nicole Spector January 16, 2021
The things you grew up with are on their way out.
The coronavirus pandemic has radically altered nearly every aspect of everyday life that people once took for granted. Activities and commodities that were standard just a handful of months ago have become scarce, if not impossible to access. Everything from paper money and coins to buffet restaurants and live concerts are becoming dim and distant memories for Americans. It’s quite possible that future generations won’t recognize a handshake or any of these 21 other items that are disappearing rapidly.
Cash
Long before COVID-19 battered the globe, e-commerce and the proliferation of payment apps have been replacing cash transactions. According to the Federal Deposit Insurance Corp., cash represented just 30% of all payments in 2017. The fear of handling paper money contaminated with the coronavirus has accelerated the digital marketplace. With so many brick-and-mortar businesses closed, there’s a tremendous decrease in in-person transactions.
Cash and 21 Other Everyday Things Wiped Out by COVID-19
By Nicole Spector January 16, 2021
The things you grew up with are on their way out.
The coronavirus pandemic has radically altered nearly every aspect of everyday life that people once took for granted. Activities and commodities that were standard just a handful of months ago have become scarce, if not impossible to access. Everything from paper money and coins to buffet restaurants and live concerts are becoming dim and distant memories for Americans. It’s quite possible that future generations won’t recognize a handshake or any of these 21 other items that are disappearing rapidly.
Cash
Long before COVID-19 battered the globe, e-commerce and the proliferation of payment apps have been replacing cash transactions. According to the Federal Deposit Insurance Corp., cash represented just 30% of all payments in 2017. The fear of handling paper money contaminated with the coronavirus has accelerated the digital marketplace. With so many brick-and-mortar businesses closed, there’s a tremendous decrease in in-person transactions.
“Prior to the COVID-19 epidemic, about one-third of Americans under the age of 50 made no purchases in a typical week using cash,” Plamen Nikolov, an assistant professor of economics at Binghamton University, State University of New York.
Concerts
Remember dancing up a sweat in a tightly packed auditorium while your favorite band blasted songs from the stage? Hold that memory dear because it could be quite a long time before you have that experience again.
“In the case of the music industry, we have seen a complete stop in the production of live events, however, artists are evolving to offer live streaming concerts,” said Javier Abrego Lorente, CEO at Revolucion Music, an online record label. “In Madrid, we had the first gig in a stadium (WiZink Arena) since the lockdown, where instead of thousands of [people] there were only a few hundred.
This doesn’t cover the costs of the production, but this concert was offered as well via streaming, and tickets for the streaming version could be purchased online, this enables the possibility of increasing the audience virtually and it’s a great example of adaptation.”
In-Person Notary Public Services
Wasting your lunch hour waiting in line at a bank or another office with a notary public is one pre-pandemic hassle that could evaporate even once we enter safer times. For the future, you may not have to leave your desk to have a document notarized, as 26 states have implemented remote online notarization (RON), with more expected to follow suit.
According to attorney Diane Vidal of the law firm of Chiumento, Dwyer, Hertel and Grant, “RON is revolutionary in that it enables a signer to appear before a registered Notary using a simple webcam via Internet-enabled audio-visual programs.
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Why Rich Parents Are More Likely To Be Unethical
.Why Rich Parents Are More Likely To Be Unethical
David M. Mayer, Professor of Management & Organizations, University of Michigan
Sat, March 6, 2021, 9:11 AM
Federal attorneys in 2019 arrested 50 people in a college admission scam that allowed wealthy parents to buy their kids’ admission to elite universities. Prosecutors found that parents together paid up to US.5 million to get their kids into college. The list included celebrity parents such as actresses Felicity Huffman and Lori Loughlin.
Some might ask why did these parents fail to consider the moral implications of their actions?
My 20 years of research in moral psychology suggests many reasons why people behave in an unethical manner. When it comes to the wealthy, research shows that they will go to great lengths to maintain their higher status. A sense of entitlement plays a role.
How people rationalize
Why Rich Parents Are More Likely To Be Unethical
David M. Mayer, Professor of Management & Organizations, University of Michigan
Sat, March 6, 2021, 9:11 AM
Federal attorneys in 2019 arrested 50 people in a college admission scam that allowed wealthy parents to buy their kids’ admission to elite universities. Prosecutors found that parents together paid up to US.5 million to get their kids into college. The list included celebrity parents such as actresses Felicity Huffman and Lori Loughlin.
Some might ask why did these parents fail to consider the moral implications of their actions?
My 20 years of research in moral psychology suggests many reasons why people behave in an unethical manner. When it comes to the wealthy, research shows that they will go to great lengths to maintain their higher status. A sense of entitlement plays a role.
How people rationalize
Federal attorneys in 2019 arrested 50 people in a college admission scam that allowed wealthy parents to buy their kids’ admission to elite universities. Prosecutors found that parents together paid up to US.5 million to get their kids into college. The list included celebrity parents such as actresses Felicity Huffman and Lori Loughlin.
Some might ask why did these parents fail to consider the moral implications of their actions?
My 20 years of research in moral psychology suggests many reasons why people behave in an unethical manner. When it comes to the wealthy, research shows that they will go to great lengths to maintain their higher status. A sense of entitlement plays a role.
How people rationalize
Let’s first consider what allows people to act unethically and yet not feel guilt or remorse.
Research shows that people are good at rationalizing unethical actions that serve their self-interest. The success, or failure, of one’s children often has implications for how parents view themselves and are viewed by others. They are more likely to bask in the reflected glory of their children. They seem to gain esteem based on their connection to successful children. This means parents can be motivated by self-interest to ensure their children’s achievement.
In the case of cheating for their children, parents can justify the behavior through comparisons that help them morally disengage with an action. For example, they could say that other parents’ do a lot worse things, or minimize the consequences of their actions through words such as, “My behavior did not cause much harm.”
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https://www.yahoo.com/news/why-rich-parents-more-likely-141127240.html
When Everyone’s a Genius (A Few Thoughts on Speculation)
.When Everyone’s a Genius (A Few Thoughts on Speculation)
Feb 24, 2021 by Morgan Housel
The end of a speculative boom can be inevitable but not predictable. Unsustainable things can last a long time. Identifying something that can’t go on forever doesn’t mean that thing can’t keep going for years. Years and years and years. Part of it is emotion. During the Vietnam War Ho Chi Minh said, “You will kill ten of us, and we will kill one of you, but it is you who will tire first.” Emotional trends aren’t beholden to logic, which can keep them going far past any point of reason.
Part is storytelling. Unsustainable trends have life support if enough people think they’re true, and once people believe something’s true it gets hard to convince them it’s not. Or put differently: If enough people believe it’s true it’s just as powerful as actually being true.
Every investor is making bets on the future. It’s only called speculation when you disagree with someone else’s bet.
When Everyone’s a Genius (A Few Thoughts on Speculation)
Feb 24, 2021 by Morgan Housel
The end of a speculative boom can be inevitable but not predictable. Unsustainable things can last a long time. Identifying something that can’t go on forever doesn’t mean that thing can’t keep going for years. Years and years and years. Part of it is emotion. During the Vietnam War Ho Chi Minh said, “You will kill ten of us, and we will kill one of you, but it is you who will tire first.” Emotional trends aren’t beholden to logic, which can keep them going far past any point of reason.
Part is storytelling. Unsustainable trends have life support if enough people think they’re true, and once people believe something’s true it gets hard to convince them it’s not. Or put differently: If enough people believe it’s true it’s just as powerful as actually being true.
Every investor is making bets on the future. It’s only called speculation when you disagree with someone else’s bet.
In hindsight there was as much speculation in the 1990s that Kodak and Sears would keep their market share as there was that eToys and Pets.com would gain market share. Both were bets on the future. Both were wrong. It happens. Of course there’s a speculation spectrum. But let’s not pretend that others speculate while you only deal with certainties.
The willingness to believe crazy things increases when it feels like the world is dangerous and falling apart. Chronicling the Great Plague of London, Daniel Defoe wrote in 1722:
The people were more addicted to prophecies and astrological conjurations, dreams, and old wives’ tales than ever they were before or since … almanacs frightened them terribly … the posts of houses and corners of streets were plastered over with doctors’ bills and papers of ignorant fellows, quacking and inviting the people to come to them for remedies.
Optimism always overshoots. It has to. The correct price of any asset is what someone else is willing to pay for it, because all asset prices rely on subjective assumptions about the future. And like a blind man who doesn’t know where a wall is until he bumps into it, markets cannot know exactly how much people are willing to pay until they go a little too far and say, “Ah, in hindsight, that was the limit.”
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