100-Year-Old Advice For Entrepreneurs Today
100-Year-Old Advice For Entrepreneurs Today
By Christine McAlister
3 lessons from a little-known genius
“Making chalk mark on generator: $1 Knowing where to make mark: $9,999.”-Charles Proteus Steinmetz
Have you heard the story of the man who identified the cause of Henry Ford’s broken generator and charged him $10,000 — roughly $150,000–200,000 in today’s dollars — for this seemingly simple service?
Charles Steinmetz, circa 1915 (Image courtesy of Wikipedia)
My great-great Uncle Howard worked for Henry Ford and was witness to this event, and my dad got to hear this tale told at every holiday gathering growing up.
Why do I share this legendary lore now?
I believe Mr. Steinmetz has a lot to teach entrepreneurs today.
What Would You Do With a One Million Dollar Windfall?
.What Would You Do With a One Million Dollar Windfall?
From the Recaps Archives originally posted on 4/30/2019
Post From Financial Pilgrimage April 29, 2019
How many of us have thought to ourselves, “If I only had a million dollars all of my financial troubles would go away…”?
I know I have.
A million dollars is a tricky amount of money to think about. While it can be life changing money, it’s probably not life changing enough to live off for the rest of our lives without some work.
The reality is that if most people received one million dollars, half of the money would be gone to taxes, a few hundred thousand dollars to paying off debt, and the rest spent on expensive cars, vacations, etc.
I remember being five-years-old and even $5 seemed like one million dollars at the time. As little as $1,000 seemed like a million dollars when I was a teenager. Now that I’m older, one million dollars doesn’t quite seem like one million dollars (if that makes sense).
The Velocity of Money by Virginia Gentleman
.The Velocity of Money by Virginia Gentleman
From the Recaps Archives originally posted on 6/1/2019
Re-posted just in case our Exchange Appointments are really close!!!
From Virginia Gentleman VELOCITY OF MONEY
I know I don't have to state the obvious...GO HAVE FUN WITH SOME OF YOUR NEW FOUND WEALTH. However, I would like to pass on some words of wisdom.
As we get ready to punch it in, please remember to act like you've been in the End Zone before. Take a deep breath and exhale slowly as you collect yourself with the full intentions of acting with class and integrity.
Respectful treatment of others will be an inherent responsibility of your new status, as well as respectful treatment of your money and assets. You owe this to yourself, your family, your neighbors, and your heirs.
Don't hoard it, and on the other hand, don't waste it or give it all away. Save, invest, and spend wisely.
One of the single best things you can do with a small portion, and in effect a very small portion, is to be more generous over at least the next 18-24 months (or the longer) spending your money locally. What do I mean? The answer is the ‘VELOCITY OF MONEY’.
10 Ways the Richest Billionaires Stay Rich
.10 Ways the Richest Billionaires Stay Rich
Learn how to get rich and stay rich by listening to the experts.
By Autumn Rose
The richest people in the world climbed to the top of the fiscal food chain with smart investments and dreams of making a meaningful impact on the world. They also had a good deal of business savvy.
See these inspiring tips from billionaires like Bill Gates and Warren Buffett to find out how to get rich — and stay rich.
Bill Gates: Focus on Development
Net Worth: $86.8 billion
Microsoft founder Bill Gates built a reputation for being not only one of the richest men in the world, but also one of the smartest and most serious thinkers alive today.
It should come as no surprise that Gates became one of the richest people in the world by focusing more on development and innovation than the business side of things.
In 2014, Gates told Rolling Stone, “You know, development sometimes is viewed as a project in which you give people things and nothing much happens, which is perfectly valid, but if you just focus on that, then you’d also have to say that venture capital is pretty stupid, too. Its hit rate is pathetic. But occasionally, you get successes, you fund a Google or something….”
.What Does Wealth Mean To You?
What Does Wealth Mean To You?
Post From Money Saved Is Money Earned
As a member of the personal finance blogger community, I’ve been privy to a multitude of differing opinions about a myriad of finance topics.
While most agree with a few broad topics (financial independence is good, for example) you’ll find that there’s a great deal of variance even among those who are financially savvy.
Go beyond personal finance communities and the variance grows even more.
Why is there such a difference?
What Does Wealth Mean To You?
When it comes down to it, I think a lot of this variance is simply a product of the differences in how people value wealth and success.
Introduction into Foreign Currency
. What Are the Functions of Foreign Currency Exchange Markets?
By: Thomas Metcalf Managing Your Money December 12, 2019
The foreign exchange market, also known as the FOREX market, is a worldwide network that connects exchanges around the globe to enable round-the-clock trading from when the markets open Monday morning in Asia -- Sunday afternoon in the United States -- until the American markets close on Friday afternoon. The FOREX market provides essential functions that facilitate the growth of world commerce
Foreign Exchange Markets
Currencies are bought and sold with prices determined by supply and demand with occasional government intervention. Currency transfers are accomplished by checks and bank drafts, bills of exchange, and mail and wire transfers.
The players in the market are banks, brokers and businesses, with some individuals trading on their own accounts. The FOREX market supports world commerce by allowing the transfer of funds from one currency to another, providing credit to businesses in the import trade and offering a hedge against possible exchange-rate fluctuations.
For the Love of Money
.For the Love of Money
By Sam Polk, Sunday Review
In my last year on Wall Street my bonus was $3.6 million — and I was angry because it wasn’t big enough. I was 30 years old, had no children to raise, no debts to pay, no philanthropic goal in mind. I wanted more money for exactly the same reason an alcoholic needs another drink: I was addicted.
Eight years earlier, I’d walked onto the trading floor at Credit Suisse First Boston to begin my summer internship. I already knew I wanted to be rich, but when I started out I had a different idea about what wealth meant
I’d come to Wall Street after reading in the book “Liar’s Poker” how Michael Lewis earned a $225,000 bonus after just two years of work on a trading floor.
That seemed like a fortune. Every January and February, I think about that time, because these are the months when bonuses are decided and distributed, when fortunes are made.
I’d learned about the importance of being rich from my dad. He was a modern-day Willy Loman, a salesman with huge dreams that never seemed to materialize. “Imagine what life will be like,” he’d say, “when I make a million dollars.”
Take My Cash, You Discriminatory Corporate Buffoons
Take My Cash, You Discriminatory Corporate Buffoons
By Ashwin Rodrigues Jul 31 2019,
Posted in Dinar Recaps Archives 8/2/2019
'We don't take cash' is another way to say 'No broke people allowed.'
Disdain for poor people is often packaged as an innocent design choice. There is, for instance, an entire genre of architecture dedicated to subtly preventing people from sleeping or lying down.
But cashless businesses, which retailers claim improve store operations, and which seem to keep popping up in the bougiest corners of the cities that have not banned them, are an especially offensive and insidious way to keep lower-wage people out of coffee shops and salad spots.
Cash bans turn regular retailers into semi-private spaces, as some consumers, such as those who are “unbanked” (without a bank account) and “underbanked” (those who have a bank account but rely on alternative, often predatory financial products like check cashing) cannot afford the cost of admission.
Quotes That Can Change Your Attitude Towards Money
.Quotes That Can Change Your Attitude Towards Money
50 Money Quotes by Famous People that Can Change Your Attitude Towards Money
Catherine Alford
Catherine Alford is a personal finance freelance writer who received a B.A. from The College of William and Mary and an M.A. from Virginia Tech.
When you need advice about your finances, it’s often quite inspirational, interesting, and even funny to research the opinions of famous businessmen, thinkers, and celebrities. Check out our 50 favorite money quotes below: we hope they can help you change your attitude towards money in a positive way.
1. “Money can’t buy friends, but you can get a better class of enemy.” Spike Milligan
2. “Money has never made man happy, nor will it, there is nothing in its nature to produce happiness. The more of it one has the more one wants.” Benjamin Franklin
3. “A wise person should have money in their head, but not in their heart.” Jonathan Swift
4. “Money was never a big motivation for me, except as a way to keep score. The real excitement is playing the game.” Donald Trump
5. “Money often costs too much.” Ralph Waldo Emerson
6. “A man is rich in proportion to the things he can afford to let alone.” Henry David Thoreau
7. “You can only become truly accomplished at something you love. Don’t make money your goal. Instead, pursue the things you love doing, and then do them so well that people can’t take their eyes off you.” Maya Angelou
8. “Money is usually attracted, not pursued.” Jim Rohn
How Will You Handle Close Family Members?
.How Will You Handle Close Family Members?
By Muhammad Ali
This is a very delicate subject and the nice thing with this long wait for the RV, I have had many years to think about and research it. So in this article, I'd like to share some ideas from my research. I too have family and I also want to help them along with some of my friends and neighbours.
On my Currency Exchange Planner website, I have a Survey and one of the questions I added was:
Who do you plan to help your immediate family, extended family (brothers, sisters, and in-laws), charities or community?
My Family
Extended Family
Charities
Community
(Choose all that apply)
I have had many people complete the survey and I look thru each result and what I've noticed by far the most prominent choices are My Family and Extended Family, then Charities and Community.
So this tells me there is a lot of truth in the saying Charity begins at home. For the sake of this article I will group your family and extended families as just family members, this will also include friends or neighbours that you plan to help.
Surprisingly Honest Quotes About Money
.Surprisingly Honest Quotes About Money
From Entrepreneurs, Celebrities, Authors and Athletes
The lifestyles of the rich and famous haven't always been so charmed.
Lydia Belanger
You might think celebrities never worry about money or don’t think twice when shelling out for fancy cars and clothes or even basic necessities. But the reality is, many of the most successful entertainers and entrepreneurs didn’t come from wealthy backgrounds. In many cases, even if they did grow up comfortable, they had to survive on their own dime before finding fame or fortune.
To help today’s financially anxious young people feel less alone in their money woes, digital investment service Wealthsimple is running an ongoing series called “Money Diaries.”
It features candid interviews with actors, authors, athletes and more about their first experiences with money (odd jobs and allowances), scraping by in their 20s, managing an influx of cash when they had their big breaks and more.
Many of the celebrities, entrepreneurs and thinkers featured in the series are forthcoming and vulnerable in the anecdotes they share. They don’t take money for granted -- they save it and think twice before they spend it. Most notably, many of them acknowledge that money is fleeting.
Click through to learn how Anthony Bourdain, Margaret Atwood, Iman Shumpert and other successful folks think about money.
Some quotes have been edited for clarity.