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jerryking : wealth_creation   70

Black Folk's Guide to Making Big Money in America
A primer on personal finance, business and real estate. It is truly comprehensive and a must read for anyone serious about improving their financial situation.
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First, Trower-Subira emphasizes the central importance of home ownership as a source of equity capital. He decried the usage of earned income and accumulated home equity to fuel (conspicuous) consumption binges. Trower-Subira got it right when he said that real estate should be the base asset for African Americans from which to build wealth. As long as you borrow against your home to acquire other, income producing assets, you are doing yourself a favor by pursuing homeownership.

Second, he stressed the importance of financial assets in building wealth. Trower-Subira puts forth a brilliant explanation of the types of assets that produce income and that African Americans in particular should endeavor to pursue (real estate is just one of several).

Third, Trower-Subira emphasizes the importance of continuing education combined with an asset-based approach to wealth building. Trower-Subira wrote in the context of his day, but now the game has shifted somewhat. That is not to say that the problems of his day are no more; indeed, many of the problems of his day still relentlessly follow the African American community, and in too many instances, the problem have actually gotten worse. Although we are presented with new opportunities, we also face new challenges- on top of the same old challenges that we have yet to vanquish.
'80s  advice  African-Americans  Amazon  books  business  home_ownership  mindsets  personal_finance  primers  real_estate  self-help  wealth_creation 
april 2019 by jerryking
Tristan Walker on the Roman Empire and Selling a Start-Up to Procter & Gamble - The New York Times
By David Gelles
Dec. 12, 2018

Tristan Walker founded Walker & Company, a maker of health and beauty products for people of color, in 2013. On Wednesday, the company was acquired by Procter & Gamble for an undisclosed sum. The deal represents a successful exit for Mr. Walker and his investors. It also signals an effort by Procter & Gamble, the maker of Gillette, to reach new markets with its shaving products. But while many start-up founders make a hasty exit after getting acquired, Mr. Walker is planning to stay on and grow Bevel, his men’s shaving brand, and Form, his women’s hair care brand. “We’re a team of 15 with very grandiose ambitions,” he said of Walker & Company, which is based in Palo Alto, Calif., but will move to Atlanta as part of the deal. “We want this company and its purpose to still be around 150 years from now.”

What’s that book you’ve got there?

It’s “Parallel Lives” by Plutarch. I’ve really been getting into Greek and Roman mythology. I’m reading something right now about the history of Rome during the 53 years when they really came into power, and this idea of the Roman state growing, the Greek state growing, and the differences therein fascinate me beyond belief. I’ve just been devouring it for the past few weeks now.

Walker attended the Hotchkiss School in Lakeville, Conn. And from there, he got to see how the other half lived. It completely changed his life. He got to see what success could look like. He got to see what wealth was. And it completely changed his worldview.

How so?

I would walk down the halls and see last names like Ford, go to some classes and realize they’re Rockefellers. These are names that were in my imagination. It taught me the importance of name and what that can mean, not only for you but your progeny. When I started at Hotchkiss, I didn’t know what a verb was. So I spent all of my time in the library studying. I spent all of my time thinking about what I wanted to be when I grew up.

What are your priorities as you keep building the company?

I’m dedicating my life to the demographic shift happening in this country. Not only for Silicon Valley. Not only for business. But for this country’s competitiveness. It’s changing. And folks need to respect that and they need to celebrate it.
African-Americans  Bevel  biographies  books  demographic_changes  entrepreneur  entrepreneurship  exits  Form  insights  long-term  P&G  Romans  Silicon_Valley  start_ups  Tristan_Walker  wealth_creation  black-owned  brands  consumer_goods  personal_care_products  personal_grooming  founders 
december 2018 by jerryking
China’s New Billionaires Are Young, Fast Workers With an Appetite for Risk
Oct. 29, 2018 | The New York Times |

Technology is helping to line the pockets of many new Chinese billionaires — including Zhang Yiming of the video-sharing app ByteDance and Wang Jian, the co-founder of the Shenzhen-based gene sequencing company BGI. China is now producing almost as many unicorns, or companies worth at least $1 billion, as the United States.

But China’s billionaires differ markedly from their global peers. With an average age of 55 years, they are almost a decade younger. They create wealth faster and take their companies public earlier; 17 percent of China’s new billionaires founded their businesses within the last ten years, more than twice as many as in the United States.
China  high_net_worth  moguls  wealth_creation 
october 2018 by jerryking
China Could Sell Trump the Brooklyn Bridge - The New York Times
Thomas L. Friedman NOV. 14, 2017

The saying — “When you don’t know where you’re going, any road will get you there” — and it perfectly sums up the contrast between China’s President Xi Jinping and President Trump.....All along, Xi keeps his eye on the long-term prize of making China great again. Trump, meanwhile, touts every minor victory as historic and proceeds down any road that will give him a quick sugar high.

Trump literally has no idea what he’s doing and has no integrated strategy — because, unlike Xi, Trump’s given no thought to the big questions every effective leader starts his day with: “What world am I living in? What are the biggest trends in this world? And how do I align my country so more of my citizens get the most out of these trends and cushion the worst?”

What world are we in? One in which we’re going through three “climate changes” at once.
(1) Destructive weather events and the degradation of ecosystems are steadily accelerating.
(2) globalization: from an interconnected world to an interdependent one; from a world of walls, where you build your wealth by hoarding resources, to a world of webs, where you thrive by connecting your citizens to the most flows of ideas, trade, innovation and education.
(3) technology and work: Machines are acquiring all five senses, and with big data and artificial intelligence, every company can now analyze, optimize, prophesize, customize, digitize and automatize more and more jobs, products and services. And those companies that don’t will wither.
artificial_intelligence  Tom_Friedman  China  U.S.  Donald_Trump  globalization  technology  climate_change  TPP  international_trade  questions  think_threes  wealth_creation  grand_strategy  foundational  existential  extreme_weather_events  Xi_Jinping 
november 2017 by jerryking
Folks, We’re Home Alone
SEPT. 27, 2017 | The New York Times | Thomas L. Friedman.

we’re going through three climate changes at once:

We’re going through a change in the actual climate — disruptive, destructive weather events are steadily on the rise.

We’re going through a change in the “climate” of globalization — going from an interconnected world to an interdependent one, from a world of walls where you build your wealth by hoarding the most resources to a world of webs where you build your wealth by having the most connections to the flow of ideas, networks, innovators and entrepreneurs. In this interdependent world, connectivity leads to prosperity and isolation leads to poverty. We got rich by being “America Connected” not “America First.”

Finally, we’re going through a change in the “climate” of technology and work. We’re moving into a world where computers and algorithms can analyze (reveal previously hidden patterns); optimize (tell a plane which altitude to fly each mile to get the best fuel efficiency); prophesize (tell you when your elevator will break or what your customer is likely to buy); customize (tailor any product or service for you alone); and digitize and automatize more and more products and services. Any company that doesn’t deploy all six elements will struggle, and this is changing every job and industry.

What do you need when the climate changes? Adaptation — so your citizens can get the most out of these climate changes and cushion the worst. Adaptation has to happen at the individual, community and national levels.

At the individual level, the single most important adaptation is to become a lifelong learner, so you can constantly add value beyond what machines and algorithms can do.

“When work was predictable and the change rate was relatively constant, preparation for work merely required the codification and transfer of existing knowledge and predetermined skills to create a stable and deployable work force,” explains education consultant Heather McGowan. “Now that the velocity of change has accelerated, due to a combination of exponential growth in technology and globalization, learning can no longer be a set dose of education consumed in the first third of one’s life.” In this age of accelerations, “the new killer skill set is an agile mind-set that values learning over knowing.”
GOP  Democrats  Donald_Trump  Tom_Friedman  climate_change  adaptability  extreme_weather_events  Dean_Acheson  weather  interconnections  interdependence  data_driven  wealth_creation  life_long_learning  the_single_most_important 
september 2017 by jerryking
Artificial intelligence is too important to leave unmanaged
September 26, 2016 | FT | John Thornhill.

Investors are scrambling to understand how technology will enable wealth to be created and destroyed

In the 60-year history of AI, the technology has experienced periodic “winters” when heightened expectations of rapid progress were dashed and research funding was cut. “It’s not impossible that we’re setting ourselves up for another AI winter,” says the co-founder of one San Francisco AI-enabled start-up. “There is a lot of over-promising and a real risk of under-delivering.”
One of the more balanced assessments of the state of AI has come from Stanford University as part of a 100-year study of the technology. The report, which brought together many of AI’s leading researchers, attempted to forecast the technology’s impact on a typical US city by 2030......Apart from the social impact, investors are scrambling to understand how such applications of AI will enable wealth to be created — and destroyed.
Suranga Chandratillake, a partner at Balderton Capital, a London-based venture capital firm, says “AI is the big question of the now” for many investors. The clue, he suggests, is to identify those companies capable of amassing vast pools of domain specific data to run through their AI systems that can disrupt traditional business models. [Large data sets with known correct answers serve as a training bed and then new data serves as a test bed]
artificial_intelligence  boom-to-bust  investors  disruption  data  training_beds  test_beds  massive_data_sets  wealth_creation  wealth_destruction  social_impact  venture_capital 
march 2017 by jerryking
The Widening Racial Wealth Divide
OCTOBER 10, 2016 ISSUE | - The New Yorker | By James Surowiecki
THE WIDENING RACIAL WEALTH DIVIDE
It would take black Americans two hundred and twenty-eight years to have as much wealth as white Americans have today.

As Thomas Shapiro, a sociologist at Brandeis and the co-author of the seminal book “Black Wealth/White Wealth,” told me, “History and legacy created the racial gap. Policies have maintained it.” Together, they contribute to what he’s called “the hidden cost of being African-American.”

Start with history. Beginning in the New Deal and on into the postwar years, the federal government invested heavily to help ordinary Americans buy homes and go to school, via programs like the Federal Housing Administration and the G.I. Bill. That fuelled an economic boom and fostered the growth of a prosperous middle class. But black Americans received little of this assistance. Redlining by banks and by government agencies prevented black families from buying homes in white neighborhoods; in a thirty-year period, just two per cent of F.H.A. loans went to families of color. G.I. Bill benefits went disproportionately to white veterans. Black agricultural and domestic workers were excluded from Social Security until the fifties. As Dedrick Asante-Muhammad, the co-author of the CFED/I.P.S. report, told me, “Massive government investment helped create an American middle class. But it was a white American middle class.”
racial_disparities  James_Surowiecki  race  African-Americans  redlining  discrimination  generational_wealth  racism  education  housing  intergenerational  New_Deal  wealth_creation  home_ownership  books  post-WWII 
october 2016 by jerryking
Wealth transforms and strengthens one’s position in the political process -
November 19, 2009 | Stabroek News| F. Skinner

My theory is to train our people to be able to develop themselves regardless of the party in power. I noted that even after 28 years of PNC rule, generally, our social development did not show positive trends. Dr Jagan warned about the danger of our dependence on government jobs. My brand of social activism is about changing a mindset, which is amplified by some responses to my last letter.
Cheddi_Jagan  letters_to_the_editor  entrepreneurship  Afro-Guyanese  Guyanese  wealth_creation  generational_wealth 
june 2016 by jerryking
Africans were pioneers in business in Guyana
January 12, 2010 | Stabroek News | F. Skinner.

Africans are the pioneers of the majority of business trends and innovations in Guyana, but there is hardly any tangible proof of this. Their ideas were worked and developed only to change hands with no royalties attached. ...Mr King identified many problems/obstacles facing the African businessman. He pointed out that if an Indian is a barber his son and even grandson are destined to be barbers. Next, the lack of other rich African businessmen to turn to for support – financial or business advice – when the banks and your competitors gang up against you.....He discussed the proposition with his closest friends and was asked, “What you gon do wid all that property?” He admitted that it was not that his friends were deliberately giving him bad advice, it was that they simply did not know and he was no different. He regretted the missed opportunity because a few years later one year’s rental of a small section on the ground floor would have paid for the entire property at the time....They ran into financial problems and got some assistance from the government, which was not enough. Which African organization could they have turned to for financial assistance? The same can be said about another three who had the stone quarry....All the persons mentioned were out there with their shoulders to the wheel. There are reasons for their failures. We must identify these reasons and address them as a community. Glaring though is the lack of a support system in the community.
We must accept that we must generate wealth and not just depend on education, a salaried job or a government. We must be able to be trustworthy to each other. We must stop this individualist approach to business. One ‘pointer’ can’t sweep. Our foreparents trusted each other enough to form co-ops and bought land.
Afro-Guyanese  small_business  history  '70s  entrepreneurship  letters_to_the_editor  Guyanese  trailblazers  trustworthiness  advice  pioneers  missed_opportunities  regrets  support_systems  challenges  wealth_creation  failure  post-mortems  disunity 
june 2016 by jerryking
The Choices That Led Small Business Owners to Wealth - The New York Times
FEB. 12, 2016 | NYT | By PAUL SULLIVAN

have to make decisions to professionalize the business, put systems in place and have a plan that allows them to do longer-term planning. Those decisions can make the difference between being a small-business owner and a business executive with significant wealth....“There is no bright-line test when a company gets to a certain size or age to do these things,” said Kevin M. Harris, head of the family business group at Northern Trust. “It is based on where the company wants to go.”

Determining which decisions were the ones that made the difference is sometimes not an easy task, and the stories that are retold are often the ones that turned out well. Yet it is worth considering what can go wrong.

Entrepreneurs who failed to find success were often resistant to change
small_business  wealth_creation  decision_making  entrepreneur  risk-taking  mindsets  JCK  thinking_tragically  Northern_Trust  owners  private_banking  choices  internal_systems  professionalization  high_net_worth 
february 2016 by jerryking
How Segregation Destroys Black Wealth
SEPT. 15, 2015 | NYT | By THE EDITORIAL BOARD.

The Federal Housing Administration, created during the New Deal to promote homeownership, openly supported these racist measures; it forbade lending to black people even as it subsidized white families that moved from the cities to the suburbs. Cut off from fairly priced home loan credit, black neighborhoods deteriorated and their values plummeted....Many discriminatory practices were formally ended with the civil rights and fair lending laws of the 1960s and 70s. But these were quickly replaced by subtler techniques that encouraged ghettoization, like channeling black families away from white areas and banks’ and mortgage brokers’ systematically pushing middle-income black families into high-cost, high-risk loans when they could have qualified for more affordable loans....This history of discrimination has taken an enormous toll on black wealth, as is shown in research by Douglas Massey and Jonathan Tannen at Princeton University’s Office of Population Research. In 1970, two years after the passage of the Fair Housing Act, for example, the average well-off black American lived in a neighborhood where potential home wealth, as measured by property values, stood at about only $50,000 — as opposed to $105,000 for affluent whites and $56,000 for poor whites.

By 2010, affluent African-Americans had passed poor whites in potential home wealth but had fallen further behind affluent whites. There is more than money at stake, Mr. Massey and Mr. Tannen write, because home values “translate directly into access to higher quality education given that public schools in the United States are financed by real estate taxes.”

Throughout history, ethnic groups have been able to translate economic gains into housing in better neighborhoods and advantages for their children. But for African-Americans, the researchers write, that transition has been “thwarted by segregation and the prejudice and discrimination that create and maintain it.” In other words, the damage reaches across generations and continues today
African-Americans  discrimination  education  Fair_Housing_Act  generational_wealth  home_ownership  housing  intergenerational  New_Deal  prejudices  public_education  public_schools  racial_disparities  racism  real_estate_taxes  redlining  segregation  wealth_creation  wealth_management 
september 2015 by jerryking
Racial Wealth Gap Persists Despite Degree, Study Says - The New York Times
By PATRICIA COHEN AUG. 16, 2015

The lack of family wealth is pivotal to understanding the racial economic gap, he argues.

While the researchers from the St. Louis Fed, when asked, played down the importance of financial support from family when explaining their results, Mr. Darity said he believed that family aid helped individuals avoid the type of risky big-ticket borrowing that ensnared so many Hispanic and black graduates.

“Prior family wealth is the key,” Mr. Darity explained in an email, noting that it “shapes both income-generating opportunities and the capacity to allow wealth to grow more wealth.”
African-Americans  downward_mobility  financial_literacy  generational_wealth  personal_finance  racial_disparities  self-perpetuation  social_classes  social_mobility  wealth_creation  wealth_management 
august 2015 by jerryking
What is the one word that will make you rich? - Quora
(1) No. Say no to anyone/anything that will waste your time: negative people; vampires seeking to suck you dry and dump their shit on you; folks seeking freebies; excess leisure time and instant gratification.
(2) Ownership--that is, the personal ownership of assets. Control something, then exercise your right to leverage and collect from it.
(3)
(4)
wealth_creation  instant_gratification  say_"no"  owners  ownership 
march 2015 by jerryking
John Steele Gordon: The Little Miracle Spurring Inequality - WSJ
By JOHN STEELE GORDON
Updated June 2, 2014

Extreme leaps in innovation, like the invention of the microprocessor, bring with them staggering fortunes....The great growth of fortunes in recent decades is not a sinister development. Instead it is simply the inevitable result of an extraordinary technological innovation, the microprocessor, which Intel brought to market in 1971. Seven of the 10 largest fortunes in America today were built on this technology, as have been countless smaller ones. These new fortunes unavoidably result in wealth being more concentrated at the top.

But no one is poorer because Bill Gates , Larry Ellison , et al., are so much richer. These new fortunes came into existence only because the public wanted the products and services—and lower prices—that the microprocessor made possible. Anyone who has found his way home thanks to a GPS device or has contacted a child thanks to a cellphone appreciates the awesome power of the microprocessor. All of our lives have been enhanced and enriched by the technology.....technology opens up many new economic niches, and entrepreneurs rush to take advantage of the new opportunities....The Dutch exploited the new trade (with India and the East Indies) so successfully that the historian Simon Schama entitled his 1987 book on this period of Dutch history "The Embarrassment of Riches."...attempt to tax away new fortunes in the name of preventing inequality is certain to have adverse effects on further technology creation and niche exploitation by entrepreneurs—and harm job creation as a result. The reason is one of the laws of economics: Potential reward must equal the risk or the risk won't be taken.
Silicon_Valley  wealth_creation  innovation  income_distribution  income_inequality  productivity_payoffs  plutocracies  software  Thomas_Piketty  microprocessors  historians  history  entrepreneurship  books  Industrial_Revolution  Gilded_Age  Simon_Schama  Dutch  discontinuities  disequilibriums  adverse_selection 
march 2015 by jerryking
Strong intellectual property rights are key to prosperity - The Globe and Mail
BRIAN LEE CROWLEY
Strong intellectual property rights are key to prosperity
SUBSCRIBERS ONLY
Special to The Globe and Mail
Published Tuesday, Feb. 10 2015,

The stability of property and its transference by consent were thus rightly deemed by the great Scottish philosopher David Hume as two of the three rules that underpinned truly civilized societies (the third was the keeping of promises). Strong, reliable and consistent property rights unlock prosperity because they reduce conflict, promote stewardship and reward investment..... A strong IP regime therefore unlocks creativity, surely one of the keys to prosperity in a society increasingly dependent on intangible services for its wealth creation. Ultimately, all wealth is created by human knowledge, and increasingly the wealth of societies such as Canada takes the form of the fruits of our fertile minds, in software, design, film, fashion, engineering, disease control and more.
capitalism  intellectual_property  rule_of_law  Congo  Zaire  property_rights  abuses  impunity  intangibles  patents  wealth_creation  think_tanks  counterfeits  creativity  digital_economy  protocols  David_Hume  knowledge_economy  prosperity 
february 2015 by jerryking
How can I make $XX,000/month for next 6 months?
A) Goal
B) The Plan
1. Find something you are good at doing,
2. Find a group of people who are having a problem
3. You create a a product that solves a problem that they are having.
4. Create a Sales Letter
5. Test The Marketing
C) The Timeline
D) The Payment Processing
Quora  howto  problems  validation  wealth_creation  JCK  problem_solving 
october 2014 by jerryking
If enough African-Guyanese return to their capitalist roots Guyana’s economic future will see improvement Georgetown, Guyana
JANUARY 8, 2010 |- Stabroek News | Michael Maxwell.

The question is whether the state or the individual/community bears primary responsibility for wealth creation with focus on the African-Guyanese populace. Unquestionably, both the state and the individual are responsible for facilitating the creation and pursuit of legitimate wealth. ...Orientation to wealth creation in the African-Guyanese community is presently stymied by several factors, most notably a poor personal saving rate, low investment rate, business risk aversion, low communal wealth generation endeavours and high public sector and service sector participation rate. ...A bigger problem for African-Guyanese capitalism and entrepreneurism is its lack of support from its own group. African-Guyanese businessmen and the community must lead the charge in educating African-Guyanese about the benefits of personal and commercial wealth generation......The greatest form of empowerment is economic empowerment, and dramatically so for a poor people in a poor nation. That is the true measure of freedom. Without a strong African-Guyanese capitalist class in Guyana alongside the Indian-Guyanese capitalist class the nation cannot achieve a decent path of economic progress. Wealth creation is not an alien concept to African-Guyanese who were the first independent producers in Guyana after slavery before becoming a mostly entrenched consumer and service providing class to the primary capitalists.
Afro-Guyanese  wealth_creation  capitalism  letters_to_the_editor  economic_development  Guyana  self-determination  self-discipline  self-employment  self-help  support_systems  generational_wealth  individual_initiative  economic_empowerment  risk-aversion  public_sector  distrust  disunity 
september 2014 by jerryking
Video - Five Things Rich People Know That You Don't, General Strict Financial Discipline - WSJ.com
(1) Start early. RRSP Save, save, save.
(2) Automate set up automatic payroll contributions to feed retirement funds
(3) Maximize those contributions. Save like you mean it.
(4) Never carry credit credit card balances. Pay off credit bill every month.
(5) Live like your poor. Rein in spending habits. Stay away from the mall. Unsubscribe from retail e-mails.
web_video  high_net_worth  wealth_creation  personal_finance  frugality  habits  self-discipline  savings 
july 2014 by jerryking
What kind of jobs do the software engineers who earn $500k per year do? - Quora
If you're a worker in a village who supplies said village with water, you are valuable to its people. There are two types of workers:

Type 1 worker: Grabs an empty bucket or two, goes to the sweet water lake, fills them up, comes back and makes twenty people happy. He gets to drink some of that water along the way, and once he gets back, takes some of the water home.

Type 2 worker: Disregards how much of a "fair share" of water he's getting. Instead of grabbing a bucket, grabs a shovel and a little cup, and disappears for a while. He's digging a stream from the lake towards the village. Often he disappoints people for having returned from weeks of work with an empty cup. But the elders in the village for some reason believe in him and want to keep him (and throw him a bone so that he doesn't starve for a little while). Some day, suddenly he shows up with a constantly flowing stream of water behind his back. He puts the Type 1 workers out of water delivery business. They'll have to go find a different activity and "team" to work with. Type 2 worker, depending on how much control they retained on that stream, get to own a good chunk of it. Because the village wants to acquire and integrate that stream, they compensate the ownership of Type 2 worker in that stream with on par ownership in the village itself, typically land or such.

News media observes the Type 2 worker and his unwillingness to part with his accumulated wealth in return for his added value for the village (often vesting on a schedule, also known as golden handcuffs); and spins it such that it looks as if another village tried to woo that worker but was met with unexpected resistance.

The resulting media impression, in the mind of Type 1 workers, feels like pay inequity (see the video at the bottom). This is because Type 1 workers expect equal rewards for equal time spent being loyal to the same village.
creating_valuable_content  entrepreneurship  mindsets  productivity  productivity_payoffs  Quora  scaling  solutions  solution-finders  software  thinking_big  uncharted_problems  unconventional_thinking  value_creation  variations  wealth_creation 
may 2014 by jerryking
Want to get rich? Read fiction -
Nov. 22, 2013 | MarketWatch | By Jeremy Olshan.
Want to get rich? Read fiction. 5 financial lessons from famous novels.

Literature has always been a vessel for nuggets of practical wisdom — Homer’s epics contained a Wikipedia’s worth of ancient schooling, oral poetry being the original textbook. Fiction provides us “equipment for living,” in the words of the theorist Kenneth Burke, an assertion supported by a recent study linking literary reading to greater empathy.

1. Read Defoe to understand money.
2. Read Trollope and Dickens to spot the next Bernie Madoff.
3. Read Eliot and Flaubert before swiping that credit card.
4. Read Dickens to learn the difference between saving and hoarding.
5. Read Tolstoy before heading to the car dealership.

The old poker player’s adage that if, after a few minutes at the table, you can’t tell who the sucker is, it’s you, is more or less true in every financial transaction. Whether it’s the purchase of a horse, a car, a stock or a house, there’s a fair chance either the buyer or seller is getting the shorter end of the deal.

This is why it’s essential that before buying — or selling — anything one read “Anna Karenina.” Though the Tolstoy novel is better remembered as, yes, another novel of adultery, it’s also a highly useful manual for negotiating with car salesmen.

Stepan Oblonsky, a Moscow nobleman, visits his friend Konstantin Levin’s country estate, and tells how he sold a parcel of land — a wood — and wants to know whether he got a good deal.

Levin replies with a simple question: “Did you count the trees?”

“How can I count the trees?” Stepan Arkadyich said with a laugh, still wishing to get his friend out of his bad mood. “To count the sands, the planets’ rays, a lofty mind well may...” .....In other words, only a fool buys or sells something without knowing what it’s really worth. It sounds simple, but I’ve been that fool many times. How often do we fail to count the trees? How often do we sit with the car salesman and not know the real value of the car?

So always count the trees. Count them with calculators, with Excel spreadsheets or with iPhone apps, if you must. Or count them in their ideal form, after they’re churned into pulp and bound together as the pages of a good book.
fiction  books  lessons_learned  empathy  wisdom  literature  reading  wealth_creation  personal_enrichment 
november 2013 by jerryking
African-Guyanese need to invest time and resources in agriculture
May 19, 2011 | Stabroek News | by Richard Drake.

I believe that what black communities lack the most is money and wealth. A causal observation of any black community will reveal that the stranglehold of poverty is affecting their growth and development. The high number of dilapidated buildings, poor roads, water and sanitation are manifest expressions of that poverty. There are a number of reasons for this I shall discuss two.

First, our attitude towards money is bad. Look at the way we spend our hard-earned money in entertainment. Almost every show at the Providence Stadium is filled to capacity with young and not so young African-Guyanese. Every show young Blacks spend thousands of dollars they can hardly afford. We entertain ourselves at the expense of everything else, even our development.

Second, a large percentage of African-Guyanese work in the public sector; they are public servants. The government controls the public purse. Therefore, it decides how much these servants will be paid and how much they should be taxed. In this way, they do exert a great deal of power over the development of Blacks and influence the quality of their lives and communities.

One can argue that there are trade unions which negotiate with government, wages and salaries for workers. However, given the behaviour of the unions demonstrated at the last May Day rally, the divisions among them, and the fact that some of their leaders appear to have been bought out by the government one can hardly expect a decent challenge by these organizations to the unfairness in the national pay system.

As a result, the average public servant lives from pay cheque to pay cheque. It is a vicious cycle.

What is clear is that African-Guyanese desperately need a paradigm shift. African-Guyanese must get out of the public sector now. We need to begin to ‘re-image’ ourselves not as servants (public or otherwise) but as entrepreneurs. This is absolutely necessary for wealth creation and development.

One area that is immediately available to us is agriculture. There is a lot of history in the black community in this industry and much aversion to it, particularly by our young people but, there is enormous potential in this industry. Export markets are available for all kinds of non-traditional produce. However, we are too busy sitting behind desks burdened with loads of paperwork that we cannot see and exploit the potential in this sector. We love the sound of the names and status of certain positions in the public sector. Some of those very positions retard our growth and progress. We have to change that.

As a people, we need to invest time and resources in the agriculture industry; we need to go back to the land en masse. Black families and communities must become efficient economic units, generating wealth for real development through large-scale crop and animal husbandry. This will make us self employed, reduce the amount we spend in purchasing food, decrease our dependence on others to supply us with food and free up money for other investment activities. It will help in wealth generation in black communities.
Guyana  letters_to_the_editor  Afro-Guyanese  agriculture  wealth_creation  ethnic_communities  economic_development  entrepreneurship  mindsets  public_sector  overrepresentation  farming  fresh_produce  non-traditional  generational_wealth  self-employment  frugality  downward_spirals  poverty  public_servants  paradigm_shifts  African_Guyanese_villages  young_people  psyche_of_dependency 
august 2013 by jerryking
With its entrepreneurial spirit, Alberta is no one-trick hydrocarbon pony - The Globe and Mail
Jun. 19 2013 | The Globe and Mail | by TODD HIRSCH.

The Albertan economy is about: Capitalizing on what works today, and quickly shifting gears if it doesn’t work tomorrow. This young man farmed with his dad in the 1990s at a time when farming made little sense or money. But he realized the farm’s backhoe was making him big bucks. So farming became secondary to construction machinery, and a decade and a half later he owns a thriving construction company in central Alberta. And now (cue the Circle of Life theme song) he’s shifting back into farming to capitalize on today’s good crop prices.
Alberta  wealth_creation  entrepreneurship  TED  oil_industry  Todd_Hirsch  construction 
june 2013 by jerryking
How to Make Wealth
How to Make Wealth

Want to start a startup? Get funded by Y Combinator.

May 2004
wealth_creation  howto  Y_Combinator  Paul_Graham 
june 2013 by jerryking
The African Guyanese community has to find a way to develop strong financial independence
April 8, 2013 | Stabroek News | F. Skinner.

The African Guyanese community is in deep trouble. The community is always protesting, shot at and sometimes killed by police, with no improvement to their situation. Why is that? Their representatives in the TUC, the majority opposition and ACDA have somehow manoeuvred them into a box of irrelevance, with no obvious way out unless they are willing to recognize/accept that they are flawed in their approach and are willing/able to take the necessary steps to get out.
What is the way out? Find a strategy to develop financial relevance in the community. I can hear the exclamations, “Here Skinner go again!” Well, Skinner knows that people respect education backed with strong financial capabilities. People respect people with strong financial independence. That is not in the community, thus the disrespect and the impotence....There should be an organization in every city, every village, every little community, teaching financial management and wealth generation. Look for cooperative business ventures that can be carried out in the communities. Look at struggling communities like Ituni and Kwakwani. See how we can match them with investors or get them equipped to get bank loans. Regulate Africans lands so that Joint Ventures can be done easily.
entrepreneurship  history  Afro-Guyanese  Guyana  letters_to_the_editor  African_Guyanese_villages  wealth_creation  self-determination  self-employment  self-help  self-reliance  economic_clout  economic_nationalism  strategic_thinking  institutions  institution-building  generational_wealth 
april 2013 by jerryking
True innovation doesn’t flow from a pipeline
Feb. 22 2013 | The Globe and Mail |Konrad Yakabuski.

... If the oil companies can’t ship raw Canadian resources using that 150-year-old technology, they will rely on an even older one – rail. And if not rail, they might just float their bitumen on barges down the Mississippi.

Huckleberry Finn might have marvelled at this inventiveness, but it doesn’t quite cut it as a 21st-century national strategy for wealth creation. Yet our frantic obsession with exporting minimally processed bitumen is sucking up all the oxygen in the national conversation. Getting Alberta’s oil to market is “the most important economic issue” facing the country, says former federal cabinet minister Jim Prentice. There is “no more critical issue facing Canada today,” adds Enbridge chief executive Al Monaco.

In fact, the most critical issue facing Canada today may just be figuring out why we find ourselves in this situation. Raw resources can be a tremendous source of income, but they are volatile, and we’ve always known that overreliance on them is a recipe for economic stuntedness. As Bank of Canada Governor Mark Carney says: “Real wealth is built through innovation.”

Innovation is not wholly absent from Canada’s oil patch. But it’s hardly a first line of business. You’d think it would be a top priority, given the vexatious characteristics of Alberta bitumen, the oil sands’ distressing environmental footprint and the Canadian industry’s growing global image problem. Even in boom times, however, the Canadian oil and gas industry spends a piddling proportion of its revenues on research and development......Last week, PricewaterhouseCoopers predicted that the coming boom in global shale oil production could slash the price of crude by $50 (U.S.) a barrel over the next two decades. “One effect will be to cut the need for expensive, environmentally destructive extraction techniques like the Arctic and tar sands,” the head of PwC’s oil and gas team told Reuters.... the real issue facing Ontario is its failure to make the shift from making low-tech goods to advanced manufacturing, the only kind that can support middle-class wages. Governments have showered the industry with tens of billions of dollars trying to make Canadian firms more innovative, to little avail. Cash-strapped and fed up, federal Finance Minister Jim Flaherty slashed R&D tax credits in last year’s budget. The result will be even less innovation, as domestic companies cut back and foreign-owned firms shift R&D elsewhere.

“Canada’s problem,” says Robert Atkinson, the author of Innovation Economics, “is that it’s not Germany, which has a much better engineering innovation system, and it’s not the U.S., which has a very good system of science-based entrepreneurship. You’re mediocre in both.”
Keystone_XL  pipelines  crossborder  oil_industry  Mark_Carney  Ontario  innovation  oil_patch  wealth_creation  books  natural_gas  natural_resources  fracking  shale_oil  hydraulic_fracturing  Konrad_Yakabuski  oil_sands  complacency  mediocrity  commodities  volatility  cash-strapped  national_strategies  environmental_footprint 
march 2013 by jerryking
What Explains the Racial Wealth Gap? - Real Time Economics - WSJ
February 27, 2013| WSJ| By Neil Shah.

What Explains the Racial Wealth Gap?

Differences related to inheritances, college education and unemployment also play a role. Whites are five times more likely to inherit, while 80% of black students graduate with debt compared with 64% for whites. “Similar college degrees produce more wealth for whites,” Shapiro said.
wealth_creation  personal_finance  financial_literacy  racial_disparities  generational_wealth  college-educated 
february 2013 by jerryking
If You Were the Next Steve Jobs...
September 3, 2012 | Harvard Business Review | by Umair Haque.

Imagine, for a moment, that you (yes, you) were the next Steve Jobs: what would your (real) challenges be? I'd bet they wouldn't be scale (just call FoxConn), efficiency (call FoxConn's consultants), short-term profitability (call FoxConn's consultants' bankers), or even "growth" (call FoxConn's consultants' bankers' lobbyists). Those are the problems of yesterday — and today, here's the thing: we largely know how to solve them.

Whether you're an assiduous manager, a chin-stroking economist, a superstar footballer, or a rumpled artist, here's the unshakeable fact: you don't get to tomorrow by solving yesterday's problems.

To solve today's set of burning problems, you just might have to build new institutions, capable of handling stuff a little something like this...
Singularity. Scale is a solved problem. We know how to do stuff at very, very large scale — if by stuff you mean "churning out the same widget, a billion times over". What we don't know how to do is the opposite of scaling up: scaling down an institution, to make a difference to a human life.
Sociality - something resembling the advanced dating stage of the courtship ritual.
Spontaneity - the act of human potential unfurling in the moment — and if it's human potential you wish to ignite, then it's spontaneity you need to spark.
what distinguishes organizations that achieve enduring greatness is teamwork and collaboration — and those are words so overused, they make my teeth ache just saying them. Here's my bet: it's time to drop the fourth wall of the "team" — and go beyond collaboration, to something like what Jung called synchronicity: a kind of uncanny intersection of seemingly unrelated lives.
Solubility. But the biggest lesson — and the one hidden in plain sight — is this: creating institutions capable of not just solving the same old problems, forever.... the greatest challenge for tomorrow's would-be problem-solver renegades is this: building institutions that don't keep solving the same old solved problems, like profitability, scale, efficiency, productivity, and the like. Over and over again, like algorithms of human organization run amok. Institutions that are capable of taking a hard look at unsolved problems around the globe — as big as climate change, sending humans to Mars, and redesigning the global financial system, and as small as Umair's perfect coffee — and then accepting the difficult, often painful, always fulfilling, work of attempting to solve them.
living_in_the_moment  creativity  Steve_Jobs  HBR  problems  problem_solving  umairhaque  political_infrastructure  ideas  value_creation  wealth_creation  threats  scaling  institutions  spontaneity  human_potential  superstars  financial_system 
february 2013 by jerryking
Eight Principles of Strategic Wealth Management
August 09, 2006 | Knowledge@Wharton | by Stuart E. Lucas.
1. Take charge and do it early.
2. Align family and business interests around wealth-building goals and strategies.
3. Create a culture of accountability.
4. Capitalize on your family's combined resources.
5. Delegate, empower, and respect independence.
6. Diversify but focus.
7. Err on the side of simplicity where possible.
8. Develop future family leaders with strong wealth management skills.
wealth_management  rules_of_the_game  Wharton  personal_finance  wealth_creation  accountability  strategic_thinking  leadership_development  simplicity  JCK  business_interests  family_interests  diversification  focus  Michael_McDerment  aligned_interests 
august 2012 by jerryking
Graduates, Take Heed - WSJ.com
June 11, 2004 | WSJ | By DANIEL AKST.

if you are dreaming of making the world a better place...just go out and make the most money you can. Then, if you still want to do more, give it away....Economics, remember, is not a zero-sum game. Capital is the lifeblood of the economy, fueling the productivity gains that in turn fuel expanding affluence and social progress. As if none of this were sufficient, Alex's earnings required him to pay enough income taxes over the years for the government to employ a small army of social workers. He never shirked these obligations through dubious tax-shelter schemes, either. And don't forget the foundation!

The conclusion is unavoidable: If you have a good education, you shouldn't just consider getting rich. Creating and amassing wealth is an outright moral obligation. Do so and you can take comfort not just in financing public services but in knowing that you are giving people what they need or want, generating jobs and underwriting the affluence that makes art, justice, environmental protection and other social goods possible.

Of course, making yourself a pile of money is good for you too. You'll live in a better neighborhood, drive a safer car, get to be more selective in choosing a spouse and enjoy a longer, healthier life. Your kids will get a better education, which in turn will mean more of the same for them, too -- and will better equip them to improve the world still more.
commencement  advice  Wall_Street  capitalism  new_graduates  personal_enrichment  career_paths  finance  wealth_creation  philanthropy  tithing  geographic_sorting  compounded  self-perpetuation  super_ZIPs  zero-sum_games 
august 2012 by jerryking
Wealth Creation in the 21st Century
October 9, 1995 | Forbes ASAP | William Davidow.
In the information age, much of the wealth will be created by those who add layers of intangible cpaital on top of commoditized goods and services....The rapid pace of technological change will reshape many of the institutions that are so familiar and create new ones. My guess is that much of the wealth in the future will be created by companies and individuals who build differentiated products and services by assembling commodity layers in unique ways and adding value to them.
wealth_creation  21st._century  technological_change  semiconductors  software  commodities  commoditization  value_creation  layer_mastery 
july 2012 by jerryking
Starting Up in High Gear
July-August 2000 | HBR |An Interview with Vinod Khosla by David Champion and Nicholas G. Carr.

To create the kind of new wealth you’re talking about, we’re going to have to see massive investments in information technology. Where’s the money going to come from?

It’s going to come out of corporate budgets. Companies invest wherever they’re going to get the biggest returns, and right now that’s IT. Look at the trend in capital expenditures. Twenty years ago, information technology accounted for about 10% of capital expenditures in the United States. ...
Today, if you have a plan for a new business, you circulate it in the venture community and you get funded in a week. What you don’t get is an honest, painstaking critique. What are the downsides in your plan? What are the shortcomings? What are the weak links? The strengths of your idea get a lot of attention, but the weaknesses get ignored—and ultimately it’s the weaknesses of your plan that will kill you. A start-up is only as strong as its weakest link....
The first thing we focused on was getting the right set of people for the company—the right gene pool. We started out on the technical end. Pradeep had helped architect the Ultrasparc processor at Sun, so he had strong skills in building technical architectures and could apply those skills to routers. But he needed somebody with experience in building and operating an IP network, and he needed somebody who’d done operating systems software for routers and somebody who’d done protocols for routers. So we drew out a map that said, “Here are the ten different areas of expertise we need.” Then we made a list of the companies doing the best work in each area, and we listed the five people in each company who would make good targets. We went after those people, and piece by piece we assembled a multidisciplinary team that could make Juniper a leader.
IT  interviews  HBR  Kleiner_Perkins  start_ups  large_companies  management_consulting  Vinod_Khosla  executive_search  shortcomings  weaknesses  new_businesses  CAPEX  weak_links  Nicholas_Carr  talent_acquisition  gene_pool  expertise  team_risk  wealth_creation  cross-pollination  interdisciplinary  teams  protocols 
june 2012 by jerryking
The Sources of Wealth
MAY 19, 2012 | Barrons.com |By JACK FALVEY.

"it's mostly sales jobs that create wealth, and not just for the salespeople or companies who benefit, but for everyone who's part of a free-market economy.

Arthur (Red) Motley, the late, great advertising salesman for Parade Magazine, put a finer point on the answer: Before wealth and jobs can be created, somebody has to sell something."..."Spending one's life bringing real goods and services into the marketplace and selling them at a price greater than their cost creates the wealth of our nation. Yet it is rarely referred to as public service. Even less honored is the management of the process, especially when jobs are sacrificed to maintain profits. Nevertheless, eliminating jobs is a key to creating wealth. Redeploying assets is what creates the new jobs that continue a cycle of new wealth creation. "
wealth_creation  sales 
may 2012 by jerryking
Evaluating the Wealth-Creating Potential of Business Plans:
Winter 2006 | The Journal of Private Equity | James O . Fiet and Pankaj C . Patel

This research tests a novel, theoretically-based approach for evaluating and predicting business plan performance. Using hidden, but known historical cases, it successfully classified 31 out of 31 venture capital funded ventures into 3 levels of performance. These levels of performance were less than 20% ROI, between 20% and 35% ROI and greater than 35% ROI. Moreover, the results accounted for 74% of the variance above the expected ROI to investors based on the original business plan estimates. This research is important to entrepreneurs, public policy analysts and investors because it may increase the success rate of estimating commercialization efforts.
business_planning  wealth_creation  success_rates 
november 2011 by jerryking
Forty Acres and a Gap in Wealth
by HENRY LOUIS GATES Jr.
Published: November 18, 2007

The telltale fact is that the biggest gap in black prosperity isn’t in income, but in wealth. According to a study by the economist Edward N. Wolff, the median net worth of non-Hispanic black households in 2004 was only $11,800 — less than 10 percent that of non-Hispanic white households, $118,300. Perhaps a bold and innovative approach to the problem of black poverty — one floated during the Civil War but never fully put into practice — would be to look at ways to turn tenants into homeowners. Sadly, in the wake of the subprime mortgage debacle, an enormous number of houses are being repossessed. But for the black poor, real progress may come only once they have an ownership stake in American society.

People who own property feel a sense of ownership in their future and their society. They study, save, work, strive and vote. And people trapped in a culture of tenancy do not.

The sad truth is that the civil rights movement cannot be reborn until we identify the causes of black suffering, some of them self-inflicted. Why can’t black leaders organize rallies around responsible sexuality, birth within marriage, parents reading to their children and students staying in school and doing homework?
Henry_Louis_Gates  African-Americans  owners  land  property_ownership  achievement_gaps  racial_disparities  personal_finance  wealth_creation  real_estate  social_classes  subprime  home_ownership  generational_wealth  ownership 
november 2011 by jerryking
Turning the Dialogue From Wealth to Values - NYTimes.com
By TYLER COWEN
Published: November 12, 2011

Why do so many Americans have respected the wealthy in the first place?

The U.S. has always had a culture with a high regard for those able to rise from poverty to riches. It has had a strong work ethic and entrepreneurial spirit and has attracted ambitious immigrants, many of whom were drawn here by the possibility of acquiring wealth. Furthermore, the best approach for fighting poverty is often precisely not to make fighting poverty the highest priority. Instead, it’s better to stress achievement and the pursuit of excellence, like a hero from an Ayn Rand novel. These are still at least the ideals of many conservatives and libertarians.

The egalitarian ideals of the left, which were manifest in a wide variety of 20th-century movements, have been wonderful for driving social and civil rights advances, and in these areas liberals have often made much greater contributions than conservatives have. Still, the left-wing vision does not sufficiently appreciate the power — both as reality and useful mythology — of the meritocratic, virtuous production of wealth through business.
high_net_worth  capitalism  values  conservatism  libertarians  wealth_creation  entrepreneurship  Tyler_Cowen  work_ethic  Ayn_Rand  personal_accomplishments 
november 2011 by jerryking
Building Wealth - 99.06
J U N E 1 9 9 9 |The Atlantic | by Lester C. Thurow. The new rules for individuals, companies, and nations.

Rule 1 No one ever becomes very rich by saving money.
Rule 2 Sometimes successful businesses have to cannibalize themselves to save themselves.
Rule 3 Two routes other than radical technological change can lead to high-growth, high-rate-of-return opportunities: sociological disequilibriums and developmental disequilibriums.
Rule 4 Making capitalism work in a deflationary environment is much harder than making it work in an inflationary environment.
Rule 5 There are no institutional substitutes for individual entrepreneurial change agents.
Rule 6 No society that values order above all else will be creative; but without some degree of order (institutional integrity??), creativity disappears.
Rule 7 A successful knowledge-based economy requires large public investments in education, infrastructure, and research and development.
Rule 8 The biggest unknown for the individual in a knowledge-based economy is how to have a career in a system where there are no careers.
Lester_Thurow  wealth_creation  entrepreneurship  rules_of_the_game  deflation  career_paths  Managing_Your_Career  cannibalization  disequilibriums  anomalies  JCK  unknowns  high-growth  change_agents  individual_initiative  technological_change  digital_economy  messiness  constraints  knowledge_economy  public_education  new_rules  capitalism  personal_enrichment  ROI  institutional_integrity 
november 2011 by jerryking
The Wealth That Came From Wrong - WSJ.com
MARCH 24, 2006 | WSJ | FERGUS M. BORDEWICH. Reviews INHUMAN BONDAGE:
THE RISE AND FALL OF SLAVERY IN THE NEW WORLD
By David Brion Davis
(Oxford University Press, 440 pages, $30)

Slavery was once the cornerstone of America's future. In 1860, as investment capital, the value of the nation's slaves far exceeded the cash value of all the farms in the South and represented three times the cost of constructing all the railroads that then existed in the U.S. At the time, the South grew more than 60% of the world's cotton, supplying mills and markets from Manchester to Moscow and making not only Southern planters but also Yankee bankers, insurers, commission agents and shipowners very rich....the collapse of slavery in Brazil and its abolition there in 1888.
abolition  book_reviews  Brazil  capitalism  Civil_War  economic_clout  economic_history  emancipation  Quakers  slavery  the_South  wealth_creation 
november 2011 by jerryking
U of T contributes to New York's push for academic excellence
john lorinc
From Friday's Globe and Mail
Published Thursday, Oct. 27, 2011

The University of Toronto has joined a team of international schools to make a bid to build a $450-million urban sciences campus in Brooklyn, N.Y.

The deal includes a promise of city-owned land and $100-million in seed capital. It is part of an ambitious plan by New York’s Mayor Michael Bloomberg to develop a world-class engineering and research commercialization facility. ...Mr. Bloomberg, with his trademark alacrity, wants shovels in the ground by 2013, when he leaves office. “The sense of urgency comes directly form the mayor,” said Seth Pinsky, president of New York’s economic development agency. “We have a limited window of opportunity.”

The radical economic development scheme, considered by many to be the mayor’s legacy project, is expected to generate $6-billion in spin-off investment and create 30,000 creative-class jobs in coming decades.

Mr. Pinsky describes the strategy as “an Erie Canal moment,” a reference to a controversial 1820s decision by a state governor to build an upstate shipping channel. The investment that drove vast wealth into the port of New York....“It may be the single most transformative investment of the Bloomberg administration,” said Richard Florida, director of the Martin Prosperity Initiative at the University of Toronto. “I only wish more cities would think that way.”

With large Canadian universities stuffed to capacity and some provinces considering new campuses, New York’s experiment is a game-changing wealth-generating strategy and ups the ante for big cities like Toronto and Vancouver, said Dr. Florida. “If you see a place like New York moving in this direction, you’ve just seen your biggest competitor take a big step ahead.”
uToronto  Colleges_&_Universities  New_York_City  Michael_Bloomberg  John_Lorinc  urgency  transformational  Erie_Canal  windows_of_opportunity  Richard_Florida  upstate  game_changers  economic_development  wealth_creation  cities  creative_class  the_single_most_important  Martin_Prosperity_Institute 
october 2011 by jerryking
Wealth Creation and Wealth Destruction after the crash of 2008 and the Economic Bubble that preceded it the CRASH of EQUITIES
Dewealthification is an apt adjective for t wealth destruction that is suddenly changing our "boomer" life styles. We in America have been steadily wealthified since our country's founding by a combination of being born or living in a naturally rich country, being thrown together with a bunch of enterprising and creative people, having our friends and enemies destroying each other in 2 World Wars, and the establishment a "fair" social compact between government, industry and our politicians. Through the confluence of time, history, power, and culture our country has experienced immense wealth creation in the last century. In the last 2the curren0 years we have not only steadily wealthified but have leveraged our wealth as a country. "Leverage" is the act of borrowing to make larger bets.
blogs  downward_mobility  wealth_creation  leverage  wealth_destruction 
october 2011 by jerryking
Charles Schwab: Every Job Requires an Entrepreneur - WSJ.com
SEPTEMBER 28, 2011 | WSJ | By CHARLES R. SCHWAB. Every Job Requires an Entrepreneur
Someone took risks to start every business—whether Ford, Google or your local dry cleaner.

What's the potential power of the entrepreneur's simple leap of faith? The success of a single business has a significant payoff for the economy. Looking back over the 25 years since our company went public, Schwab has collectively generated $68 billion in revenue and $11 billion in earnings. We've paid $28 billion in compensation and benefits, created more than 50,000 jobs, and paid more than $6 billion in aggregate taxes. In addition to the current value of our company, we've returned billions of dollars in the form of dividends and stock buybacks to shareholders, including unions, pension funds and mom-and-pop investors.

The wealth created for our shareholders—a great many of them average Schwab employees—has been used to reinvest in existing and new businesses and has funded a myriad of philanthropic activities. We've also spent billions buying services and products from other companies in a diverse set of industries, from technology to communications to real estate to professional services, thereby helping our suppliers create businesses and jobs.
entrepreneurship  risk-taking  editorials  entrepreneur  government  policy  regulation  job_creation  Charles_Schwab  large_payoffs  mom-and-pop  leaps_of_faith  wealth_creation 
september 2011 by jerryking
WSJ: Galleon and the Trouble With Insider Trading
Jan/Feb 2010 | The Corporate Board | Andy Kessler.

Information now travels at the speed of light. The edge to human traders
is mostly gone, arbitraged out by fast computers.
Near-term blips in stocks will always be driven by those with industry
contacts, legal or illegal. The only way to truly beat the market long
term is to use your head, think out long-term trends, figure out where
productivity and therefore wealth is being created in the economy,
and invest alongside it. This might include investing in wireless commerce, gigabit broadband, personalized prescription drugs, oil shale extraction, or electric smart grids that can better allocate power to where it is needed.
**********************************************************************
[January 06, 2020 |WSJ| Tech Will Rule These ’20s, Too by Andy Kessler]
So what’s next? My fundamental rule for finding growth trends is that you need to see viable technologies today, and then predict which ones will get cheaper and better over time. Microprocessors, storage, bandwidth—all still going strong after half a century.
2020s  alpha  Andy_Kessler  arbitrage  beat_the_market  broadband  commoditization_of_information  hydraulic_fracturing  ideas  insider_trading  JCK  long-term  personalization  power_grid  productivity  productivity_payoffs  Raj_Rajaratnam  shale_oil  smart_grid  strategic_thinking  technology  traders  trends  trend_spotting  wealth_creation 
june 2011 by jerryking
HOW TO MAKE MONEY NOW ProQuest
David Berman, Dawn Calleja, John Daly, Derek Decloet, et al. Report on Business Magazine. Jan 2011. pg. 25
ProQuest  investment_advice  howto  wealth_creation  investors  investing 
march 2011 by jerryking
Put out the welcome sign for immigrants
Nov 3, 2010 / Financial Times pg. 14 / Luke Johnson. Importing
human capital generates wealth. They bring ideas - and often financial capital - and force us to raise our game to compete. Throughout history, those who would expel or persecute industrious communities - like Nazi Germany and the Jews, Idi Amin's Uganda and Asians - have been the big
losers. What we need is brainpower and willpower - they are the greatest
natural resources. Migrants are a self-selecting minority and tend to
be young and enterprising. We should continue to make our country
attractive to arrivals from all over the world who want to start a
business.
Luke_Johnson  human_capital  wealth_creation  migrants  immigrants  immigration  ethnic_communities  willpower  expulsions  persecution  Uganda  Idi_Amin  brainpower  South_Asians  natural_resources  self-selecting  displacement  dislocations  adversity 
november 2010 by jerryking
Who Creates the Wealth in Society? - NYTimes.com
May 21, 2010 | New York Times | By UWE E. REINHARDT. From the
comments "Wealth creation requires a set of legal principles and a legal
framework that protect individuals and their property rights. The "who"
is this respect is well-functioning, independent and non-courrupt
judicial system that is able to enforce such rights. This is where
government plays its most significant and valid role; however, in terms
of the size of government in the economy it is hardly
measurable."..."Here, I think he has overlooked the most simple and
fundamental truth about the creation of individual or societal wealth:

Real wealth is created by individuals and societies who are willing to
postpone immediate gratification for longer-term benefit. If everything
produced is immediately consumed, no net wealth is created. If, instead,
more is produced than consumed, not only is wealth created, but so is
the capital needed for future wealth appreciation."
value_creation  wealth_creation  government  delayed_gratification  rule_of_law  justice_system  infrastructure  legal_system  property_rights  institutional_integrity  long-term  instant_gratification  capital_formation  capital_accumulation  indepedent_judiciary 
september 2010 by jerryking
Meet The Wealth Builders Of The Developing World
09.17.10| Knowledge@Wharton via Forbes.com | Animal feed in
Zambia. Cookies in South Africa. Medical records systems in Botswana. Peanut processing in sub-Saharan Africa and Latin America. In regions scarred by intractable poverty, innovative programs to build new sources of wealth through these four businesses are providing lessons for entrepreneurs hoping to create new markets and economic opportunity. In a paper titled, "Business Models: Creating New Markets and Societal Wealth," leaders of Wharton's Societal Wealth Program (WSWP) outline the critical elements of entrepreneurial wealth building based on nearly 10 years of field research supported by Wharton alumni.
wealth_creation  3rdWorld  entrepreneurship  Africa  Wharton  business_models  sub-Saharan_Africa 
september 2010 by jerryking
Where Billionaires Are Putting Money
September 15, 2010 | The Wealth Report - WSJ | By Robert
Frank. What was being served up this year? Gloom, doom and complaints
about the Obama administration. Mr. Wien writes in his market
commentary that: “the group was gloomy on the outlook despite the
comfort of the surroundings. They saw the United States in a long-term
slow growth environment with the near-term risk of recession quite real.
The Obama administration was viewed as hostile to business and that
discouraged both hiring and investment.”... " What was surprising about
the lunch was where the attendees are putting their money. Topping the
list were vacant office buildings, farmland and Africa. Stocks look
attractive, but the attendees pointed out that no one has made money
investing in the indexes for 12 years. “Few were enthusiastic on gold.
Many liked Brazil and some favored India.” "
high_net_worth  Robert_Frank  TIGER21  investment_advice  obama  farmland  Africa  Brazil  wealth_creation  slow_growth 
september 2010 by jerryking
Wealth must be created on a personal level
January 25, 2010 | Stabroek News | by Michael Maxwell. "The
public sector of a poor nation where your next raise is determined by a
clueless government pandering to ethnic concerns is no place to be
hanging your hat for the future, despite your lionhearted service.

There must be a return of the innovative African Guyanese whose vision
of the future is bold enough to know that he has to recast himself into
finding the comfort and security of wealth in a nation where ethnic
economic marginalization rules. As one blogger aptly stated in response
to my January 8 letter, African Guyanese are always starting and
starting over in many of this nation’s economic endeavours. That is a
spirit-crushing struggle for any people. African Guyanese capitalism
does not necessarily have to be on a massive commercial scale, but it
should be sufficient to afford quality wealth and economic security. To
hell with political marginalization."

=====================================================
F. Skinner Iman Chin • 10 years ago
What you are seeing in Linden is not new. Africans have the ability to be innovative. After slavery we bought land, after the PNC's redeployment - square pegs in round holes debacle - where in many cases both husband and wife found themselves without a job, we started the trading business. Now here we go again.

But we must find a way to stop starting from scratch ever too often. That's the challenge - not innovation.
economic_development  Guyana  Afro-Guyanese  letters_to_the_editor  wealth_creation  self-determination  self-discipline  self-employment  self-help  public_sector  generational_wealth  marginalization  personal_economy  spirit-crushing  struggles  financial_security  soul-sapping  reinventing_the_wheel 
january 2010 by jerryking
No Risk, No Reward
December 19, 2007 | Fast Company | by Keith H. Hammonds.
"Wealth is created during periods of uncertainty," Wind says. "You can
go back to Frank Knight,* who said in 1921 that the only risk that leads
to profit is unique uncertainty. Making money depends on identifying
opportunities in a turbulent marketplace."Frank H. Knight was cochair of
the department of economics at the University of Chicago from the 1920s
to the late 1940s. In his classic book published in 1921, Risk,
Uncertainty and Profit, he distinguished between risk and uncertainty.
Risk, he argued, was a randomness -- as in a game of roulette -- whose
probability could be determined. Uncertainty implied unknown and perhaps
unknowable probabilities. Will human cloning be commonplace in a
generation? That's an uncertainty. TRL Stacks 330.1 K54.11 Stacks
Retrieval Stacks Request Reference S-MR In Library
books  creativity  disequilibriums  innovation  instability  opportunistic  probabilities  quotes  randomness  risks  turbulence  uncertainty  unknowables  unknowns  weather  wealth_creation 
december 2009 by jerryking
Mark Cuban a change genius: Entrepreneur sees it as an opportunity waiting to happen
Nov 10, 2000 | National Post. pg. C.2 | by Ellie Rubin.
Discusses a WORTH magazine profile of entrepreneur Mark Cuban. Rubin is
struck by his approach to creating opportunity--his unique ability to
exploit change. Inefficiencies, opportunities and frailties: the only
thing you can depend on in business is change--embrace it! In doing so,
you will inevitably bump up against an opportunity waiting to happen.
Or, in "Cuban" terms, you will develop "a knack for spotting
inefficiencies, opportunities and frailties." The best way to scope out
inefficiencies within an industry is to create a product or service
that has a certain sense of urgency to it, or "high pain threshold"
opportunities. By focusing on an area of inefficiency that is creating
dramatic financial, human resource or market share pressure, one will
find that the decision makers who are managing this "pain" are eager to
invest in a sound and reliable solution--quickly.
creating_opportunities  creative_thinking  opportunistic  opportunities  entrepreneur  Mark_Cuban  inspiration  inefficiencies  problem_solving  wealth_creation  urgency  pain_points  overlooked_opportunities  human_frailties  constant_change  rainmaking  frictions 
october 2009 by jerryking

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