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Wednesday, 13 September 2017

10 signs you'll never be rich






Contrary to popular belief, "everyone has the same opportunity to acquire wealth," says Steve Siebold, a self-made millionaire.

But not everyone seizes the opportunity.

To find out if you're doing all that it takes to set yourself up for a rich future, we've rounded up 10 signs that you're not on the right path.

From living beyond your means to failing to establish financial goals, check out the 10 signs below.

Previous reporting by Kathleen Elkins.

You only work hard, not smart.


In school, we learn that hard work will get us ahead in life. But "that's only half the story," says Ric Edelman, a top financial adviser.

"If all you do in life is work really hard, you're never going to get wealthy," he said. "Because it's not enough that you work hard to make money to set some of it aside."

Edelman says that to ensure future wealth, you must equally work smart. One way he suggests working smart is investing your money in the stock market or a retirement fund — that is, taking advantage of compound interest so that your money earns money.

"You can do this without taking a huge amount of risk. You can do this without a lot of effort. You can do this without a lot of time," he said.






You put too much emphasis on saving — and not enough on earning.


Another way to work smart? Increase your earnings, not just your savings.

Saving is crucial to building wealth, but you don't want to focus so much on saving that you start neglecting earning, which is what rich people focus on.

"The masses are so focused on clipping coupons and living frugally they miss major opportunities," Siebold said.

There's no need to abandon practical saving strategies. However, if you want to start thinking like the rich, "stop worrying about running out of money and focus on how to make more," Siebold said.

A common thread among millionaires is that they develop multiple streams of income and adopt smart savings habits.





You buy things you can't afford.


If you live above your means, you won't get rich.

Even if you start earning more or get a hefty raise, don't use that as justification to give yourself a lifestyle raise.

"I didn't buy my first luxury watch or car until my businesses and investments were producing multiple secure flows of income," Grant Cardone, a self-made millionaire, wrote for Entrepreneur. "I was still driving a Toyota Camry when I had become a millionaire. Be known for your work ethic, not the trinkets that you buy."




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You're content with a steady paycheck.


Average people choose to get paid based on time — on a salary or hourly rate — while rich people choose to get paid based on results and are typically self-employed.

"It's not that there aren't world-class performers who punch a time clock for a paycheck, but for most, this is the slowest path to prosperity promoted as the safest," Siebold said. "The great ones know self-employment is the fastest road to wealth."

While the world-class continue starting businesses and building fortunes, "the masses almost guarantee themselves a life of financial mediocrity by staying in a job with a modest salary and yearly pay raises," Siebold said.





You haven't started investing.


One of the most effective ways to earn more money over time is investing it, and the earlier you start, the better.

"On average, millionaires invest 20% of their household income each year," Ramit Sethi wrote in his New York Times best-seller, "I Will Teach You to Be Rich." "Their wealth isn't measured by the amount they make each year, but by how they've saved and invested over time."

You don't have to be an expert on personal finance or use fancy economic jargon to start investing. You don't have to come from an affluent family, and you don't even have to earn a massive paycheck.

Start by investing in your retirement or a low-cost target-date fund, and you'll see huge returns in the long run.




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You're pursuing someone else's dreams — not your own.


If you want to be successful, you have to love what you do — that means determining and pursuing your passion.

Too many people make the mistake of chasing someone else's dream — such as their parents' — says Thomas Corley, who spent five years researching self-made millionaires.

"When you pursue someone else's dreams or goals, you may eventually become unhappy with your chosen profession," he wrote in "Change Your Habits, Change Your Life." "Your performance and compensation will reflect it. You will eke out a living, struggling financially. You simply won't have the passion that is necessary for success to happen."





You rarely step outside of your comfort zone.


If you want to build wealth, be successful, or get ahead in life, you're going to have to get used to uncertainty or discomfort.

Rich people, in particular, find comfort in uncertainty.

"Physical, psychological, and emotional comfort is the primary goal of the middle-class mindset," Siebold said. "World-class thinkers learn early on that becoming a millionaire isn't easy and the need for comfort can be devastating. They learn to be comfortable while operating in a state of ongoing uncertainty."

Likewise, rich people have learned that overcoming fear and taking calculated risks are key elements to achieving success.




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You don't have goals for your money.


If you want to build wealth, the process will be easier — and more enjoyable — if you have a clear, specific goal in place before forming a financial plan.

Do you want to buy a house? Live abroad? Travel once a month? Enjoy a cushy retirement? Write down these goals.

Rich people choose to commit to attaining wealth. It takes focus, courage, knowledge, and a lot of effort — but it's possible if you have precise goals and a clear vision, says T. Harv Eker, a self-made millionaire.

"The No. 1 reason most people don't get what they want is that they don't know what they want," he said. "Rich people are totally clear that they want wealth."





You spend first and save what's left over.


If you want to get rich, pay yourself first.

"What most people do when they earn a dollar is pay everyone else first," David Bach, a self-made millionaire, wrote in "The Automatic Millionaire." "They pay the landlord, the credit card company, the telephone company, the government, and on and on."

Rather than spending and then saving whatever is left over, save first. Set aside an hour a day of your income — in an emergency fund, 401(k), or other savings account — and make the process automatic, Bach says. This takes the effort out of manually saving and ensures your money will grow exponentially over time, thanks to compound interest.




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You believe getting rich is out of your reach.


"The average person believes being rich is a privilege awarded only to lucky people," Siebold wrote. "The truth is, in a capitalist country, you have every right to be rich if you're willing to create massive value for others."

Start asking yourself, "Why not me?" he says. Next, start thinking big. Rich people set high expectations. Why not $1 million?

i phone 8 features




Network Technology GSM / CDMA / HSPA / EVDO / LTE



Launch Announced 2017, September
Status Coming soon. Exp. release 2017, September



Body Dimensions 138.4 x 67.3 x 7.3 mm (5.45 x 2.65 x 0.29 in)
Weight 148 g (5.22 oz)
SIM Nano-SIM
- IP67 certified - dust and water resistant
- Water resistant up to 1 meter and 30 minutes
- Apple Pay (Visa, MasterCard, AMEX certified)



Display Type LED-backlit IPS LCD, capacitive touchscreen, 16M colors
Size 4.7 inches (~65.4% screen-to-body ratio)
Resolution 750 x 1334 pixels (~326 ppi pixel density)
Multitouch Yes
Protection Ion-strengthened glass, oleophobic coating
- Wide color gamut display
- 3D Touch display & home button
- Display Zoom
- True-tone display



Platform OS iOS 11
Chipset Apple A11 Bionic
CPU Hexa-core



Memory Card slot No
Internal 64/256 GB, 2 GB RAM



Camera Primary 12 MP, f/1.8, 28mm, phase detection autofocus, OIS, quad-LED (dual tone) flash
Features 1/3" sensor size, geo-tagging, simultaneous 4K video and 8MP image recording, touch focus, face/smile detection, HDR (photo/panorama)
Video 2160p@24/30/60fps, 1080p@30/60/120/240fps
Secondary 7 MP, f/2.2, 1080p@30fps, 720p@240fps, face detection, HDR, panorama



Sound Alert types Vibration, proprietary ringtones
Loudspeaker Yes, with stereo speakers
3.5mm jack No
- Active noise cancellation with dedicated mic
- Lightning to 3.5 mm headphone jack adapter



Comms WLAN Wi-Fi 802.11 a/b/g/n/ac, dual-band, hotspot
Bluetooth 5.0, A2DP, LE
GPS Yes, with A-GPS, GLONASS, BDS, GALILEO
NFC Yes (Apple Pay only)
Radio No
USB 2.0, reversible connector



Features Sensors Fingerprint (front-mounted), accelerometer, gyro, proximity, compass, barometer
Messaging iMessage, SMS (threaded view), MMS, Email, Push Email
Browser HTML5 (Safari)
Java No
- Fast battery charging: 50% in 30 min
- Wireless charging
- Siri natural language commands and dictation
- iCloud cloud service
- MP3/WAV/AAX+/AIFF/Apple Lossless player
- MP4/H.264 player
- Audio/video/photo editor
- Document editor



Battery Non-removable Li-Ion battery
Talk time Up to 14 h (3G)
Music play Up to 40 h



Misc Colors Silver, Space Gray, Gold
Price About 800 EUR


Rotten tomatoes



Rotten Tomatoes is an American
review aggregation website for film and television. The company was launched in August 1998 by Senh Duong and since January 2010 has been owned by Flixster, which was, in turn, acquired in 2011 by Warner Bros. In February 2016, Rotten Tomatoes and its parent site Flixster were sold to Comcast's Fandango. Warner Bros. retained a minority stake in the merged entities, including Fandango. From 2007 to 2017, the website's editor-in-chief was Matt Atchity, who left in July 2017 to join The Young Turks.[4] The name "Rotten Tomatoes" derives from the practice of audiences throwing rotten tomatoes when disapproving of a poor stage performance.



From early 2008 to September 2010,
Current Television aired the weekly The Rotten Tomatoes Show, featuring hosts and material from the website. A shorter segment was incorporated into the weekly show, InfoMania, which ended in 2011. In September 2013, the website introduced "TV Zone", a section for reviewing scripted TV shows.










Rotten Tomatoes was launched on August 12, 1998, as a spare-time project by Senh Duong.
His goal in creating Rotten Tomatoes was "to create a site where people can get access to reviews from a variety of critics in the u.s" As a fan of Jackie Chan's, Duong was inspired to create the website after collecting all the reviews of Chan's movies as they were being published in the United States. The first movie whose reviews were featured on Rotten Tomatoes was Your Friends & Neighbors (1998). The website was an immediate success, receiving mentions by Netscape, Yahoo!, and USA Today within the first week of its launch; it attracted "600–1000 daily unique visitors" as a result.[citation needed]



Duong teamed up with
University of California, Berkeley classmates Patrick Y. Lee and Stephen Wang, his former partners at the Berkeley, California–based web design firm Design Reactor, to pursue Rotten Tomatoes on a full-time basis. They officially launched it on April 1, 2000.



In June 2004,
IGN Entertainment acquired rottentomatoes.com for an undisclosed sum. In September 2005, IGN was bought by News Corp's Fox Interactive Media. In January 2010, IGN sold the website to Flixster. The combined reach of both companies is 30 million unique visitors a month across all different platforms, according to the companies. In May 2011, Flixster was acquired by Warner Bros.



In early 2009,
Current Television launched the televised version of the web review site, The Rotten Tomatoes Show. It was hosted by Brett Erlich and Ellen Fox and written by Mark Ganek. The show aired every Thursday at 10:30 EST on the Current TV network. The last episode aired on September 16, 2010. It returned as a much shorter segment of InfoMania, a satirical news show that ended in 2011.



By late 2009, the website was designed to enable Rotten Tomatoes users to create and join groups to discuss various aspects of film. One group, "The Golden Oyster Awards", accepted votes of members for various awards, spoofing the better-known
Oscars or Golden Globes. When Flixster bought the company, they disbanded the groups, announcing: "The Groups area has been discontinued to pave the way for new community features coming soon. In the meantime, please use the Forums to continue your conversations about your favorite movie topics."



As of February 2011, new community features have been added and others removed. For example, users can no longer sort films by Fresh Ratings from Rotten Ratings, and vice versa. On September 17, 2013, a section devoted to scripted television series, called "TV Zone", was created as a subsection of the website.




In February 2016, Rotten Tomatoes and its parent site Flixster were sold to
Comcast's Fandango. Warner Bros retained a minority stake in the merged entities, including Fandango

Cryptocurrency chaos in china


China’s move last week to ban initial coin offerings (ICOs) has caused chaos among start-ups looking to raise money through the novel fund-raising scheme, prompting halts, about-turns and re-thinks.
China is cracking down on fundraising through launches of token-based digital currencies, targeting ICOs in a market that has ballooned this year in what has been a bonanza for digital currency entrepreneurs.
The boom has fueled a jump in the value of cryptocurrencies, but raised fears of a potential bubble.
“This is not unlike the dotcom bubble of 2000,” said a partner at a venture capital fund in Shanghai, who didn’t want to be named because of the issue’s sensitivity. “There are a lot of companies raising a lot of money for not very good ideas, and these will eventually be weeded out. But even from the big dotcom bust, you still have gems.”
“One of the reasons regulators stepped in was that the ICO fever extended beyond the traditional crypto community. The timing was an attempt to pre-empt this before it goes into a much broader mass market in China,” the partner said.
Investors in China contributed up to 2.6 billion yuan ($394 million) worth of cryptocurrencies through ICOs in January-June, according to a state-run media report citing National Committee of Experts on Internet Financial Security Technology data.
Pre-ICO roadshows featuring elaborate standing room-only presentations at 5-star hotels drew a diverse crowd, including grandmothers – a likely tipping point for regulators.
The hype and subsequent crackdown came as China focuses on economic and social stability ahead of next month’s congress of the Communist Party, a once-in-five-years event.
Beijing is also waging a broader campaign against fraudulent fundraising and speculative investment, which analysts attribute to China’s underdeveloped financial regulation and lack of legitimate investment options.
While several start-ups said the exuberance had got out of control and they had expected Beijing to act, they said last week’s move panicked investors and caused confusion.
Mi Huijin, for example, said he had just got off a train to Shanghai after closing a deal for his Singpay blockchain start-up when he switched on his phone to a flood of messages about the ban. He summoned the host of a popular live-stream channel to the railway station to calm his followers in a 40-minute broadcast.
“Everyone shouldn’t panic. If you’ve nothing to be guilty of what’s there to be scared of?” he told the roughly 800,000 viewers. “After reviewing the regulations, I feel it’s a good thing.”
Not everyone was convinced. While some comments below his video asked if Singpay would offer refunds, others warned that some users had reported the start-up to police.
China’s position – which differs from regulators elsewhere, who say ICOs may be securities and thus subject to regulation – remains open to interpretation.
Hu Bin, deputy director of the finance institute at the China Academy of Social Sciences, an institution directly under the State Council, or cabinet, has said this is a “stop on ICOs, not a ban. What are we stopping? Illegal ICOs.”
Hu said China recognized there is real demand for ICOs, but wants to prevent them being used for speculation.
“It’s entirely proper for the Chinese government to seek protection for consumers and prevent fraud, (but) confining capital raising to a specific established sector of finance … is to ignore the enormous societal value that blockchain technology can present,” said Alex Bessonov of BitClave, a Silicon Valley-based blockchain company, which, he said, is now discouraging Chinese investors.

Canceled ICOs, Returned Tokens

Li Yuan, CEO of Selfsell, a start-up hoping to build a platform for retail investors, said he had to cancel a planned ICO for last week, and return all pledged coins.
For those who already conducted their ICO, things are even more complicated.
Da Hongfei, founder of Neo, a public blockchain which raised 30 million yuan ($4.65 million) through an ICO last year, said it was extending to next month an offer for participants to return their Neo coins in exchange for bitcoin.
While the government announcement appeared to require all funds be returned to investors, Da said he can’t force people to exchange their tokens as they would lose out at bitcoin’s current rate. Bitcoin traded around $4,350 on Tuesday, according to Bitstamp, down from nearly $5,000 earlier this month.
“We offer the option, but we can’t point a gun at the user and ask them to refund,” Da said.
That said, nearly all the ICO organizers interviewed by Reuters agreed the ICO market was getting out of control and needed change.
More than 100,000 investors acquired new cryptocurrencies through 65 ICOs in January-June – a frenzy that attracted both investors seeking a quick trading profit and individuals and firms able to raise funds with little more than a plan and a website.
“Many people have not been very discerning on whether the project is actually good or bad,” said Daniel Wang, founder of blockchain start-up Loopring, adding he asked Chinese ICO investors to return their tokens, though it’s difficult to recall tokens already trading on the secondary market.

Platforms in limbo

Indeed, the ban has left around five dozen platforms in China – websites that promote and list the tokens, usually in return for money or a portion of the offering, so they can be traded – in limbo.
More than 40, including ICO365 and Bitbays, have shut down or suspended new ICO activity. Some also took their websites offline.
Binance, which said that over 80 percent of its users were based overseas, said it would restrict all Chinese IP addresses from trading.
For those companies serious about raising funds, there are other options.
Xiaoning Li, CEO of VCCoin, said he returned 2,000 bitcoins to investors and was figuring out what to do next. “We have angel investors. We will probably still do an ICO, but have to look at where and how to do it,” he told Reuters.
The co-founder of another platform said they were re-thinking their strategy outside China, and “will shift our focus to markets which are not banning ICOs, but rather trying to put in place higher standards and regulatory supervision” – such as the United States, Canada and Singapore.

Thursday, 7 September 2017

Bitcoin Is a Bubble, Says Nobel-Winning Economist Who Predicted the Housing Collapse



when it comes to bubbles, Nobel Prize-winning Yale economist Robert Shiller knows of what he speaks.

Shiller
famously spotted a possible housing bubble in 2003, years before it actually blew up. He is also the author of the best-selling book about the subject, Irrational Exuberance.


So we should probably be paying attention when he says that Bitcoin is fitting the same type of bubble pattern

In a new
interview with Quartz, Shiller was asked to name the best example of irrational exuberance or speculative bubble he can think of right now.


He did not hesitate in his response.

"The best example right now is bitcoin," he said. "And I think that has to do with the motivating quality of the bitcoin story. And I’ve seen it in my students at Yale. You start talking about bitcoin and they’re excited! And I think, what’s so exciting? You have to think like humanities people. What is this bitcoin story?"

Bitcoin is up 718% just in the past year, and on Friday nearly hit $5,000,
according to Coindesk. If you purchased $100 worth of bitcoin a year ago, it would be worth over $800 today.

Shiller says the bubble has been fueled in part by the narrative surrounding its unusual creation, as well as this particular moment of anxiety in society.

"It starts with Satoshi Nakamoto—remember him? The mysterious figure who may or may not be real. He’s never been found," Shiller said. "That has a nice mystery quality to it. And then he has this clever idea about encryption and blockchain and public ledgers, and somehow the idea is so powerful that governments can’t even stop it. You can’t regulate this. It kind of fits in with the angst of this time in history."

Shiller said that in the third edition of Irrational Exuberance, he argues "that there’s a fundamental deep angst of our digitization and computers, that people wonder what their place is in this new world. What’s it going to be like in 10, 20, or 30 years, and will I have a job? Will I have anything?"

By giving people a tangible asset whose prices seems to only go up, bitcoin has served as a salve for that anxiety, Shiller explained. Bitcoin "gives a sense of empowerment" in such an atmosphere, Shiller said. It allows people to feel like "I understand what’s happening! I can speculate and I can be rich from understanding this!"

The problem, of course, is that speculative
bubbles generally burst, and no one knows exactly when they'll pop.

when the rich say no to getting richer



A half-century ago, a top automobile executive named George Romney — yes, Mitt’s father — turned down several big annual bonuses. He did so, he told his company’s board, because he believed that no executive should make more than $225,000 a year (which translates into almost $2 million today).


He worried that “the temptations of success” could distract people from more important matters, as he said to a biographer, T. George Harris. This belief seems to have stemmed from both Romney’s Mormon faith and a culture of financial restraint that was once commonplace in this country.


Romney didn’t try to make every dollar he could, or anywhere close to it. The same was true among many of his corporate peers. In the early 1960s, the typical chief executive at a large American company made only 20 times as much as the average worker, rather than the current 271-to-1 ratio. Today, some C.E.O.s make $2 million in a single month.


The old culture of restraint had multiple causes, but one of them was the tax code. When Romney was saying no to bonuses, the top marginal tax rate was 91 percent. Even if he had accepted the bonuses, he would have kept only a sliver of them.


b


the theory behind all those high-end tax cuts — a theory that I once found persuasive, I admit — was that it would unleash entrepreneurial energy: The lure of great wealth would inspire business leaders to work harder and smarter, and the economy would flourish.


The first half of that theory may well have come true. Many of the world’s most successful companies are American — not only Amazon, Apple, Facebook and Google, but also Exxon Mobil, Walmart, Johnson & Johnson and JPMorgan Chase. The second half of the theory, however, has been a bust. Most Americans have not flourished in the era of a reduced top-end tax rate.


Incomes for the middle class and poor have grown sluggishly since 1980, while the upper middle class has done modestly better. Only the wealthy have enjoyed the sort of healthy pay increases that had been the norm in the 1950s and ’60s. (Last month, I published a chart that showed these trends better than any paragraph can, and I encourage you to take a look if you haven’t already.)


The decline in high-end tax rates has helped change the culture of money. George Romney, a highly successful and personally decent man who thought that making even a couple million dollars a year was unseemly, begot Mitt Romney, a highly successful and personally decent man who has made a couple hundred million dollars.


Across society, the most powerful members of organizations have fought to keep more money for themselves. They have usually won that fight, which has left less money for everyone else.




What would be the right top tax rate today? I don’t know the precise answer. A top rate of 90 percent clearly has the potential to drive away entrepreneurs. But I am convinced that the current top tax rate, 39.6 percent, is too low.


It has contributed to soaring inequality, with the affluent having received both the biggest pretax raises and the biggest tax cuts. Plus, there is no evidence that a modestly higher rate would hurt the economy. The recent president with the strongest economic record, Bill Clinton, increased the rate, while the one with the weakest economic record, George W. Bush, cut it.


Nigeria and South Africa emerge from recession


Two of the largest economies in Africa are growing again after recessions.
Nigeria's GDP expanded by 0.55% in the second quarter of 2017 year-on-year, according to the National Bureau of Statistics, ending five consecutive quarters of contraction. Quarter-on-quarter growth for the same period was 3.23%.

The South African economy grew by 2.5% quarter-on quarter for the three months to June 30 after two quarters of decline, according to official statistics.

Historic decline
Growth in Nigeria marks the end of its worst recession in 25 years.

Read More
Africa's leading oil producer has been hard hit by falling prices for the commodity, which accounts for the majority of its export revenue.
But the oil sector has recovered slightly in the last quarter, with growth of 1.6% year-on-year.
Nigerian agriculture, which contributes around 23% of GDP, has also rebounded with growth of 3% over the same period.

Agriculture boom
South Africa's recovery from a shorter recession has been supported by growth across a range of industries.
The agriculture sector expanded by 33.6% quarter-on-quarter, boosted by strong harvests of crops such as maize and wheat.
The finance industry also performed well with growth of 3.5%, and the mining industry expanded by 3.9%, supported by increased production of coal and gold.
But despite these positive indicators, Statistics South Africa warned that the recovery remains fragile as "longer-term indicators show subdued growth."

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