After World War II, New York City assumed a new global prominence in the international financial markets. It became home to the world’s largest and most prestigious stock market on Wall Street. Today, New York City is the most populous city in the United States, with over 8 million people.

New York is the global capital of investing

Ellis Island was the historical gateway through which many immigrants arrived in the country during the 19th and 20th centuries. New York remains a popular immigrant destination. Ambitious Americans traditionally go to New York to make a name for themselves in industries such as writing, theatre, commerce, fashion, mass media, investment banking, and more. The city is a popular tourist spot and home to the Statue of Liberty, the towering Empire State Building, the famous Broadway theatre district, and Times Square.

New York represents opportunity

<ul><li>The area was inhabited by the Lenape people and other Native American tribes. They used natural waterways for fishing, trade, and war with nearby tribes.</li><li>In 1524, Italian Giovanni da Verrazzano explored the region in service to the French and named it New Angoulême, after the French King Francis I.</li><li>Then in 1609, the English explorer Henry Hudson arrived. He took note of the large local beaver population, whose pelts were a valuable commodity.</li><li>Inspired by Hudson's discovery, the Dutch found several fur trading outposts in the area, including a 1624 settlement in what is now Manhattan.</li></ul>

New York history

<ul><li>By 1626, the Dutch had constructed Fort Amsterdam, which served as the town's nucleus. The town was named New Amsterdam and served as the capital of the local Dutch colonies.</li><li>The Second Anglo-Dutch War (1665–1667) resulted in the British gaining control of the city as part of a treaty.</li><li>After the exchange, New Amsterdam was promptly renamed New York after the English King Charles' brother James, the Duke of York.</li></ul>

How New York got its name

By the late 1940s, New York had become the world's biggest manufacturing centre. It had 40,000 factories, a million factory workers and a port which handled 150 million tons of freight goods a year. The city inherited Paris's role as the centre of the art and fashion world. New York was a refuge for foreign artists fleeing war-battered Europe. New York was a great international city and took on the role of the world's financial capital and the site of the world's two largest stock exchanges: the New York Stock Exchange and NASDAQ.

Postwar New York

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History

Discover the world of business and economics.

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Economics

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Money & Investments

Centers of Progress, Pt. 28: New York (Finance) - HumanProgress

There are more than 30.000 different banks worldwide, and they hold unbelievable amounts of assets. The top 10 banks alone account for roughly 25 trillion US-Dollars. Banks are, in essence, in the risk management business. People keep their money in banks and receive a small amount of interest. In turn, the bank takes this money and lends it at much higher interest rates. So banks take funds that savers don't use and turn them into funds society can use to do things like buying houses or growing businesses.

Traditional banks 

The main problem with banks nowadays is that many have abandoned their traditional role as providers of long-time financial products in favour of short-time gains that carry much higher risks. For example, back in 2008, banks like Leeman Brothers gave credit to nearly anyone who wanted to buy a house, putting the bank in a risky position. It led to the collapse of the housing market in the US and parts of Europe, causing stock prices to plummet, eventually leading to a global banking crisis.

The problem with traditional banks

Today, other models of providing finance are gaining ground fast. For example, new investment banks charge a yearly fee and do not get commissions on sales. This motivates them to act in the best interests of their clients or credit unions. They provide the same financial services as banks but focus on shared value instead of maximising their profits. Their goal is to help members create opportunities, such as starting small businesses, expanding homes and investing back into communities. They are controlled by their members, who democratically elect the board of directors.

Investment banks are gaining in popularity

<ul><li>Credit union systems range from a few members to organisations with hundreds of thousands of members. They focus on benefits for their members, which influences the risk that credit unions are willing to take. </li><li>Crowdfunding platforms enable people to get loans from large groups of small investors, circumventing the bank as a middle man.</li><li>Micro lending. These platforms offer microloans to businesses and personal people who previously could not access the money they needed.</li></ul>

Other finance models

Banks are a riddle wrapped up in an enigma. We all kind of know that they do stuff with money we don’t understand, while the last crisis left a feeling of deep mistrust and confusion. We try to shed a bit of light onto the banking system. Why were banks invented, why did they cause the last crisis and are there alternatives? OUR CHANNELS ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ German Channel: https://kgs.link/youtubeDE Spanish Channel: https://kgs.link/youtubeES HOW CAN YOU SUPPORT US? ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ This is how we make our living and it would be a pleasure if you support us! Get Merch designed with ❤ from https://kgs.link/shop Join the Patreon Bird Army 🐧 https://kgs.link/patreon DISCUSSIONS & SOCIAL MEDIA ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ Reddit: https://kgs.link/reddit Instagram: https://kgs.link/instagram Twitter: https://kgs.link/twitter Facebook: https://kgs.link/facebook Discord: https://kgs.link/discord Newsletter: https://kgs.link/newsletter OUR VOICE ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ The Kurzgesagt voice is from Steve Taylor: https://kgs.link/youtube-voice OUR MUSIC ♬♪ ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ 700+ minutes of Kurzgesagt Soundtracks by Epic Mountain: Spotify: https://kgs.link/music-spotify Soundcloud: https://kgs.link/music-soundcloud Bandcamp: https://kgs.link/music-bandcamp Youtube: https://kgs.link/music-youtube Facebook: https://kgs.link/music-facebook The Soundtrack of this video: http://epicmountainmusic.bandcamp.com/track/banking http://soundcloud.com/epicmountain/banking http://www.epic-mountain.com Help us caption & translate this video! http://www.youtube.com/timedtext_cs_panel?c=UCsXVk37bltHxD1rDPwtNM8Q&tab=2

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Banks are a riddle wrapped up in an enigma. We all kind of know that they do stuff with money we don’t understand, while the last crisis left a feeling of deep mistrust and confusion. We try to shed a bit of light onto the banking system. Why were banks invented, why did they cause the last crisis and are there alternatives?


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Kurzgesagt – In a Nutshell

Banking Explained – Money and Credit

Kakeibo is an old Japanese form of budgeting that has become en vogue thanks to an increased focus on incorporating mindfulness into all aspects of our lives. It offers a simple, no-nonsense way to get your spending under control.The system was developed in 1904 by a female journalist named Hani Motoko.Kakeibo helps to bring mindful awareness to the process of spending (and budgeting) in a similar way that food journaling brings awareness to eating behaviours.

Kakeibo: Managing Your Money Like The Japanese

At the heart of kakeibo is journaling or documenting your income and spending. Since the process predates smartphones and computers, it relies on old-fashioned pen and paper technology.Life goals and financial goals are related, and once we start to connect financial life with overall life, things start to make sense.

How to Use Kakeibo

The first step in kakeibo, much like any mindfulness work, is to become aware of what's actually happening to your finances. This means keeping detailed track of your spending for a set period. Most financial experts, like Liu, recommend tracking expenses and income for at least a month before setting a budget.Tracking your spending and income gets at the heart of the kakeibo practice, which centers on four key questions. They are:<ul><li>How much money do I have or earn?</li><li>How much do I want to save?</li><li>How much am I spending?</li><li>Where can I improve?</li></ul>

Track Your Spending for A Month

Once you have tracked your expenditures for a month, you can break spending into categories. The key to kakeibo is tracking it all with a basic pen and paper, rather than using any kind of app. Why?<a href="https://www.forbes.com/sites/annabelacton/2017/11/03/how-to-set-goals-and-why-you-should-do-it/#43fa9f54162d"> Research has repeatedly shown</a> that physically writing things down changes the way we behave. It also creates a little more friction to our spending.Once you have an idea of your spending, you can divide your kakeibo, or budget, into different categories of spending: Essential and non-essential.

Break Your Spending Into Categories and Getting Financially Naked

<ul><li>General: These are your regular household expenditures like housing, food, transportation, medical care, internet, and phone connections, animal care, and childcare.</li><li>Leisure: These are things like Netflix, shopping, online shopping, parties, gifts, etc. Think of these as the things you enjoy, but don't necessarily need.</li><li>Culture: Capture those things that enrich your life here. Maybe it's a subscription to a newspaper or magazine, perhaps it's your regular haircut or nail appointment.</li><li>Unexpected Costs: This is the stuff that comes up unexpectedly that we all need to pay for.</li></ul>

The Four Categories

Once you have an idea of where your money goes over a month, you can set your goals. What do you want to achieve with your money? What's your timeline for achieving your goals? Whatever your goals are, set a number and a timeline for them and write it down. You can then divide that number into smaller chunks so you know how much you might need to save per month or week.Do this for each of the four categories. This will serve as your “budget” or spending limit for each category.

Set Your Goals

At the end of each week, you check your balances against your goals. At the end of the month, you look back at where you ended up in relation to your goals in each category and ask yourself where you can do better.We've become so accustomed to immediate gratification these days. Kakeibo asks us to slow down and consider so that we don't overspend.The real magic of kakeibo is that it uses some basic questions and tricks to get you to become more mindful of your spending and to get you thinking about what you really want and need.

Track Your Spending and Assess

The following questions are designed to invite self-reflection and help you decide if an expense is “worth it.”<ul><li>Do I actually need this? Will it be useful, and does it make me excited?</li><li>Do I have the space for this? Will it have a place in my life or home?</li><li>Based on my current financial situation, can I actually afford this?</li><li>How do I feel about buying this?</li><li>What is my general emotional state today? How do I feel?</li></ul>

Kakeibo: Ask Yourself

Budgeting poses a distinct challenge for almost everyone. It's uncomfortable, forces us to face a lot of our preconceived notions, and tests our learned behaviour as consumers. There are many different kinds of budgeting styles and tools out there, but you don't need new-fangled tools, apps, or expensive memberships to get your spending under control.By using a simple pen and paper and incorporating mindfulness into your budgeting work, you just might be able to break the debt cycle and gain financial freedom through the practice of kakeibo.

The Bottom Line

Get your spending in line with this innovative way to save money. 

habits

Habits

The Art of Kakeibo: This Japanese Budgeting System Could Change Your Financial Life

Financial literacy - the ability to understand how money works in your life - is considered the secret to taking control of your financesMost of our decisions around money are emotional; no amount of nitty-gritty knowledge about interest rates will change that.

Spending Behaviours Are Driven by Emotions and Not Logic

We know we should spend less than we earn and save for the future, but many people find it really hard to do thatAn individual's relationship to money and the emotions it brings up starts when we're young.Exercise: Think about how money makes you feel.Document how you feel when you're shopping online,  sending digital cash to a friend for drinks, opening bills, or getting your paycheck.

The Way Money Makes Us Feel

<ul><li>Traditional wisdom in the world of personal finance dictates that no one should spend more than 30 percent of their income on housing.</li><li>However, in high-cost-of-living areas, spending 30 percent or less on housing is laughable</li><li>Not only are these budgeting categories outdated and unrealistic, they also don't make room for the reality that people want to enjoy life.</li></ul>

No Money To Enjoy Life

<ul><li>Self-compassion is about extending grace to yourself using three elements: self-kindness, common humanity, and mindfulness</li><li>Unlike personal finance advice that chides individuals for messing up, this helps folks be easier on themselves</li><li>To see how it works in practice, imagine you were late on a credit card bill. Take a deep breath and realize it's okay.</li></ul>

Practice Financial Self-Compassion

When we experience financial shame, it can make it hard to ask for help, learn about money, or take necessary steps to improve financial well-being.Four things that help alleviate shame: personal vulnerability, critical awareness, reaching out, and speaking shame.

Don’t Let Shame Stop You from Asking for Help

<ul><li>When you are working on creating a healthy relationship with money, don’t forget to pause and give yourself credit.</li><li>Research has found that the more frequently we experience a sense of progress, like a "small win," the more likely we are to continue that positive behaviour.</li><li>The more we celebrate those kinds of wins, the more it confirms that we can all be good with money.</li></ul>

Creating A Holistic Life Using Your Money

The emotional aspect of money is never discussed in financial planning.

A financial therapist on how emotion, not logic, drives most decision-making.

Understand yourself and those around you.

psychology

Psychology

Money is emotional — but personal finance advice rarely accounts for that

New plan: Think about what makes you specialLots of us have a friend who posts perfect craft projects (“Nailed it!”) or know a fellow parent who never misses a kid’s game, but dwelling on where you fall short isn’t helpful. “By learning to focus on ourselves instead of others, we can decrease our stress and anxiety, increase our happiness and self-esteem, and live a more purposeful and authentic life,” says Renee Exelbert, Ph.D., a licensed psychologist and an adjunct professor at New York University.

1. Comparing yourself with people around you

Shouldering responsibility for everythingNew plan: Delegate—even if it doesn’t seem worth itWhether you’re handling a big project at work or planning a family reunion, it’s easy to fall into the trap of doing most of the work to be sure the end result is perfect. “We go through life as if we’re responsible for every outcome we experience,” says Amy Johnson, Ph.D., author of The Little Book of Big Change. “We fail to recognize just how much happens effortlessly.” Letting other people pick up the slack will lower your stress, and you may be pleasantly surprised with the outcome.

2. Shouldering responsibility for everything

New plan: Notice who comes throughIt’s hard to forget friends who didn’t visit when you were laid up or failed to attend an event you hosted. “This ‘injustice collecting’ causes us to see the glass as half empty versus half full,” Exelbert says. “Embrace gratitude for those who do show up. It increases our happiness, improves social relationships and self-esteem, and increases our longevity.” Try starting a gratitude journal: Every day, write a few sentences about something you’re thankful for.

3. Tracking who disappoints you

New plan: Take intentional breaksLeave your phone out of the picture when you’re with friends and family, even if you’re just digging into takeout food on the couch. “We simply can’t focus after so much online time; this practice shortens our attention span,” says Lori Whatley, Ph.D., a clinical psychologist and the author of Connected & Engaged. Plus, she adds, “too much social media use has been connected to depression and anxiety.” One thing that will help: practicing mindfulness. If you’re new to the idea, try a meditation guide or an app like Headspace. Stay in the present moment

4. Constantly checking your phone

Shopping for happinessNew plan: Revel in nonmaterial joys and experiences“So much of our energy is spent chasing [physical] things we think will make us happy,” says Johnson. “The next vacation, losing a few pounds—they never lead to lasting happiness.” She says humans evolved to “recalibrate” quickly after events, so the happiness boost triggered by things outside of ourselves fades fast. Teaching a niece how to read, having adventures with friends—intangibles like these give us real warm fuzzies.

5. Shopping for happiness

OverthinkingNew plan: Focus on what you can controlThousands of years ago, the practice of turning stuff over in our minds kept us from repeating dangerous mistakes, says psychiatrist Mimi Winsberg, M.D. These days, overthinking can lead us to agonize over mundane things like the wording of an email or events beyond our control. To prevent spiraling, decide whether you’re obsessing about something you can actually change. If so, allot a certain amount of time to taking action, then distract yourself with an activity like a movie or exercise.

6. Overthinking

New plan: Loosen your grip and let it goEven if you know that your coworker purposely leaves you off happy hour invites or that a neighbor spoke ill of you, revisiting these complaints hurts only you. “Holding on to anger and repressing angry feelings may increase blood pressure and the risk of coronary heart disease,” Exelbert says. “Forgiveness can lead to healthier relationships and improved mental health.” Consider where the other person was coming from (maybe your coworker feels insecure about their work performance or your neighbor has been stressed by caregiving duties).

7. Holding on to a grievance

personaldevelopment

Personal Development

marketingandsales

Marketing & Sales

health

Health

communication

Communication

7 Unhelpful Habits Everyone Should Quit

First, keep in mind that your primary focus should be profit. To increase return, you need to work on three major pillars: culture, costs, and sales.The primary concern of any business must be lucrative: a profitable company has the money to reward employees, offer exciting careers, and invest in new products, companies, and technologies.Less profitable companies inevitably sink into mediocrity in every way – regarding morality, product quality, etc. Doubling profits requires focused, consistent, firm and fair management, willing to become different and better than most other companies.

Let's Talk About Profits

It is important to rely on meritocracy and use the philosophy of continuous improvement to increase your profits. This philosophy should be part of the company’s culture, creating and encouraging a culture of excellence among all stakeholders.To create a winning culture, employees must have the opportunity to reach the top, but only the best should be able to get there and be rewarded for it.

Creating A Lucrative Culture

<ul><li>Focus on what is important, the results of the enterprise: Beautiful names for areas and positions will not make a difference in productivity.</li><li>Do not build new processes unless necessary.</li><li>Define the mission of the company and make it clear and straightforward for all employees.</li><li>Never be sorry for thinking about profits.</li><li>Only quantify what is essential.</li><li>Give urgency to important things: You must assign importance to the most vital. </li><li>Maintain a shortage of resources.</li></ul>

Disseminate a Culture of Success in Your Company

Cutting costs should be taken very seriously. You have to be among the best in the world to make businesses run better at a lower cost.Costs should be categorized between strategic and non-strategic. Strategic costs are spending on things that apparently add to the business and improve in areas of business, marketing, and R&D (Research and Development).Non-strategic costs are the costs necessary to run the business but do not directly bring improvements or profits. An example of a strategic cost is sales investments.

Reducing Costs To Profit

The company needs to follow two main rules for managing its costs: overcoming competitors about strategic costs during good and bad times and not pulling any punches when it comes to cutting non-strategic costs.It is important to analyze costs to succeed in reducing non-strategic ones. It is crucial to think that all non-strategic costs are unnecessary and must be justified. There are no “off-limit-costs, ” and the manager needs to assume that all other expenses can be discontinued unless proven otherwise.

Double Your Profits

Managers make the mistake of being cautious in cutting costs. Cut first and ask later. An advantage of reducing costs is that if you make a mistake, someone will be ready to tell you almost immediately, and you’ll be able to fix it.Another important point of attention is the decision-making: decisions must be made without delay. If you do not need data, do not spend your time analyzing them, make a wise decision quickly.

Decision Making

<ul><li>Set deadlines for stakeholders to meet. Not wasting time is essential for cutting costs and increasing the profitability of the company.</li><li>Superiors must authorize extra costs. Items such as material purchases, the hiring of employees and others should be looked at on a case-by-case basis. This discretion will help eliminate useless costs and decrease unnecessary spending in the company.</li><li>Also, suppliers should not be overlooked. It is important to reduce these costs as well. </li></ul>

360 Degree Control

It is imperative to be someone in a higher position because suppliers are already used to dealing with buyers and know how to negotiate with them. Have a director or a manager analyze the costs of each provider thoroughly.Also be concerned with research and development. Often, executives leave control in the hands of researchers because they do not have the knowledge to do so. You should look for a suitable manager who can measure the company’s R&D return, increasing your chances of profitability.

Cost Analysis

The first step in reducing costs is to see all values as, at best, a necessary evil. Every cost is something that must be ruthlessly and as far as possible banned from any firm. There are no off-limit costs, and they are obstacles to the company. Ask yourself: if you eliminated an individual cost, what would you lose regarding revenue and profit? How and where? If you do not know, then you do not need this expenditure. Only maintain costs that are extremely necessary; you do not have to think twice to eliminate them. Eliminate first and think later!

Know that It Is Always Possible to Reduce Costs

Firmness and ability generate respect, not resentment. It is the combination of toughness, incompetence, and mediocrity that engenders resentment. Therefore, if you demonstrate competence, your firmness will be accepted.

Demonstrate Competence

There is an almost immediate way to increase profits. Send a circular to all vendors, saying that times are bad and that from now on (or in the next twelve or eighteen months) you will not accept price increases, so there is no use in insisting.

Inform Your Suppliers of Their Cuts and Freezes

An easy method to favour your company’s balance sheet this year, although it only works once is to delay your payments. Most vendors prefer to wait to receive it to permanently losing you as a customer. Never pay a bill until the supplier covers your company at least twice. Some providers may take up to two years to claim payment for a bill. Whenever there is a price increase tell the suppliers that you are going to research the competition.

Delay Payments

Plan a saving of 15% in product purchases and 30% in contracting services. If you cut too much, some people will complain. Let them complain and wait. If they complain too much, rethink that particular cost.

Make a Plan to Save

It is impossible to convince them that you believe in a meritocracy if those whose performance is small can keep on the job and receive the salary. Firing a bad employee encourages others to produce more for the benefit of the company, and that is a meritocracy. It is possible to reduce up to 25% of staff in most companies without anything happening – without any loss of value.

If Required, Fire People

A busy employee is forced to set priorities and does what is important. When it comes to staff, micromanagement or lack of oversight may inevitably lead to slow and ineffective employees. The only way to promote efficiency and eliminate unnecessary work is to keep human resources scarce.

Staff Control

Pay good salaries and only offer benefits that your people value. Any bonus, any perk that becomes “automatic” no longer has value as motivation and becomes an instrument of maladministration, not good management. Bonuses, rewards, and punishments are significant, with bonuses being more effective when granted on a case-by-case basis and at irregular intervals. Grant raises whenever they are earned and never otherwise.

Benefits And Bonuses

The most difficult part of cost reduction is resistance to stakeholder change. Often, the people involved do not see the importance of the process.Therefore, it is vital that the company’s culture be responsible for showing the importance of reducing costs for the company; make it a part of the firm’s routine. It is also important to value employees who strive to make this happen in the best way.

The Stakeholders

You should understand that when selling, you should not see the customer from a company’s point of view. You should see the client as a person and, as such, emotions are critical when closing a deal. Whenever you make a sale, be sure to ask why the customer is interested in the product.Also, keep in mind that depending on your type of business and your field, customer loyalty is essential. It is much easier to sell to a loyal customer than to win over a new client; so seek satisfaction and rapport with your customers first.

The Sales Strategy

<ul><li>Show your competence;</li><li>Demonstrate empathy;</li><li>Be loyal;</li><li>Play hard to get;</li><li>Use the customer problem to turn your interest in them into an obligation from them towards you.</li></ul>

Five Ingredients for A Successful Sale

<ul><li>To make a deal, you need to have confidence in yourself and your product. </li><li>Attract your buyer: We do not buy anything we do not like.</li><li>Set your price the right way.</li><li>Ask how much the customer is willing to pay.</li><li>Target your customers to offer more customized products.</li><li>Offer more than one product to the customer, so it will be more difficult for him to refuse the sale.</li><li>When you lose a sale, review what happened..</li><li>Regardless of your sales process, respond quickly and professionally and do whatever it takes to meet your customer’s needs.</li><li>Maintain a good relationship with the client in the after-sale. </li></ul>

Tips To Increase Your Sales

Which entrepreneur does not dream of multiplying profits? It sounds like a distant dream, doesn’t it? Bob Fifer, a leading financial advisor, says that this is possible and brings us a clear plan to get there.

"An excellent primer for anyone struggling to keep profits ahead of costs. . . . Double Your Profits' 'take no prisoners' approach is refreshing." - William Byham, bestselling coauthor of Zapp! One of the nation's foremost management consultants shares seventy-eight proven ways to cut costs dramatically, send sales through the roof, and double profits in just six months. This timeless profit-boosting guide, considered a top management resource by business powerhouse Jack Welch, presents insights that are notable for their aggressive approach and contrarian perspective. Bob Fifer, former chairman and CEO of Kaiser Associates, shows us how to turn the tables on hardball-playing suppliers and competitors. He also challenges outmoded assumptions and explains why: arbitrary budgets are sometimes the best budgets bosses are frequently underpaid customers can often be persuaded to pay more suppliers can often be persuaded to charge less Whether you're a mid-level manager, senior executive, or Fortune 500 CEO, you'll find this book is required reading for growing your company and improving your bottom line.

business

Business

books

Books

"An excellent primer for anyone struggling to keep profits ahead of costs. . . . Double Your Profits' 'take no prisoners' approach is refreshing." - William Byham, bestselling coauthor of Zapp!One of the nation's foremost management consultants shares seventy-eight proven ways to cut costs dramatically, send sales through the roof, and double profits in just six months.This timeless profit-boosting guide, considered a top management resource by business powerhouse Jack Welch, presents insights that are notable for their aggressive approach and contrarian perspective. Bob Fifer, former chairman and CEO of Kaiser Associates, shows us how to turn the tables on hardball-playing suppliers and competitors. He also challenges outmoded assumptions and explains why:<ul><li>arbitrary budgets are sometimes the best budgets</li><li>bosses are frequently underpaid</li><li>customers can often be persuaded to pay more</li><li>suppliers can often be persuaded to charge less</li></ul>Whether you're a mid-level manager, senior executive, or Fortune 500 CEO, you'll find this book is required reading for growing your company and improving your bottom line.

Bob Fifer

Investment in its most simple form means “using an asset you own to generate future profits” and assets don’t always mean money; sometimes it could be time, effort, or a property you own.With this perspective, we can consider two school kids pledging portions of their lunches to each other as a crude form of investment.As for profits, it is up to you to define what is acceptable to you, based on the alternatives that surround you. For skilled investors, this is where using the time value of money comes in.

The Foundations of A Successful Investment

The time value of money rule is:"Money received today is worth more than that same amount received in future."The time value of money is used to guide investment decisions. Before you invest, you want to know which of the options before you promises the highest profits in today’s value. To do this you would grade your investments using either of these time value factors depending on your exact situation.<ol><li>Present value</li><li>Future Value</li></ol>

How Is This Applied?

Calculating the present value of money answers the question;If an investment promises to pay me a certain amount in future, how much is that sum worth today?

1. Present value

This answers the questions:I have a certain amount in hand today, how much is it worth in future?

2. Future Value of money

PV= FV / (1+i)n Where:PV=Present value FV=Future valuei=Interest rate n=Number of years.

The formula for the present value of future payments

Interest rates used in the present value or future value formula can also be called discount rate. When considering an investment, it is appropriate to use the opportunity cost of putting your money elsewhere as your interest rate. This is calculated as:Opportunity Cost = FO−COwhere:FO= Forgone optionCO= Chosen option​

Interest rates

Choosing the investment with the highest interest rate (returns rate) is viable but this doesn’t work in all cases, because it might be difficult to estimate the return rates on all available options.The length of time it takes for each investment to pay their respective returns should also be considered, among other factors like cost of investments, industry differences, the possibility of other cash inflows or compounding interest and any non-quantitative factors.

Factors To Consider In Your Decision

<ul><li>The time value of money is vital in making business decisions</li><li>The present value of money can be used to estimate what the profit of your investment is worth in today’s terms.</li><li>Discount rates or interest rates can be determined by considering what return you’ll get from another investment</li><li>And I may or may not have been a middle school business mogul with my lunch. You’ll never know.</li></ul>

What You Have Learnt

These ideas explain the importance of time value considerations in making investment decisions.

Every time the word investment is mentioned most people immediately think of the stock market, crypto, real estate and the likes. You probably do too and you are not wrong. But, investment in its most simple form means “using an asset you own to generate future profits” and assets don’t always mean money; sometimes it…

crypto

Cryptocurrency

<ul><li>There is one thing common in almost all of the personal finance books like Rich Dad Poor Dad , Richest Man of Babylonian etc and rich people do is that they invest in asset first (say a particular amount or percentage of revenue) then spend the remaining on bills and if by following this strategy you are being short to pay bills then obviously you need to cut down your expenses.</li><li>Also you need to investing in learning so that you build multiple income streams.</li></ul>

Personal Finance 

<ul><li>I Strongly believe that one should focus on building such skill that he/she can generate income through internet because we all have seen pandemic and ofcourse digitalisation happening so fast.</li></ul>

Personal Finance

<ul><li>Money is a medium by which earthly success is measured.</li><li>Money makes possible the enjoyment of the best the earth affords</li><li>Money is plentiful for those who understand the simple laws which govern its acquisition.</li><li>Money gives you ultimate freedom of what you want to do when you want to do it, how much you want to do it, and with whom you want to do it.</li></ul>

Money!💵

We do not wish to go on year after year living the same lives. Working, working, working! Getting nowhere.A man's wealth is not in the purse he carries. A fat purse quickly empties if there is no golden stream to refill it.

#1. The Man Who Desired Gold🪙

Learning is of two kinds:<ol><li>The things we learned and knew.</li><li>The training taught us how to find out what we did not know.</li></ol>"When a youth comes to age for advice he receives the wisdom of years".

#2. The Richest Man In Babylon💸

<ul><li>Pay yourself first(Money acquisition)-  A part of all you earn is yours to keep. It shouldn't be less than a tenth no matter how little you earn.</li><li>Every fool must learn(Invest wisely)- He who takes advice about his savings from one who is inexperienced in such matters shall pay with his savings for proving the falsity of their opinion.</li><li>Make gold work for you(Reinvest)- First, get you an army of golden slaves and then many a rich banquet may you enjoy without regrets.</li></ul>

3 Most Important Learning:🌿

Opportunity is a haughty(proud) goddess who wastes no time with those who are unprepared.

<ul><li>Start your purse to fattening(Start Saving): For every ten coins I put in, to spend but nine. </li><li>Control your expenditure (Budget Expenses): What each of us calls our 'necessary expenses' will always grow to equal our incomes unless we protest to the contrary.</li><li>Make your gold multiply (Invest):  A man's wealth isn't in the coins he carried. It's the golden stream that continuously flows.</li><li>Gaurd your treasure from loss (Reinvest wisely): Gaurd your treasure from loss by investing only where your principal is safe, where it may be reclaimed if desirable and where you will not fail to collect a rental.</li></ul>

#3. Seven Cures For A Lean Purse👜

<ul><li>Make your dwelling a profitable investment (Own your own house): Thus come blessing to the man who owned his own house. And greatly will it reduce his cost of living.</li><li>Ensure a future income: Provide in advance for the needs of your growing age and the protection of your family.</li><li>Increase your ability to earn (create multiple sources of income): Preceding accomplishment must be desired. Your desire must be strong and definite. The more wisdom we know, the more we may earn.</li></ul>

<ul><li>Good luck fled from PROCRASTINATION.</li><li>To attract good luck to oneself, it is necessary to take advantage of the opportunity.</li><li>She is ever anxious to aid those who please her. Men of action please her.</li></ul>Men of action are favored by the goddess of good luck.

#4. Meet The Goddess Of Good Luck🍀

"Gold is reserved for those who know its laws and abide by them".<ol><li>Gold comes to those who will put by not less than one-tenth of their earnings to create an estate for the future.</li><li>Gold labored diligently and contentedly for the wise owner who finds for it profitable employment.</li><li> Gold clings to the protection of the cautious owner who invests it under the advice of men wise in its handling.</li><li>Gold slips away from the man who invests it in business or purpose with which he isn't familiar.</li><li>Gold flees the man who would force it to impossible earning or who followed the alluring advice of tricksters.</li></ol>

#5. The Five Laws Of Gold🧑‍⚖️🪙

In the strength of your own desires is magic power. Guide this power with your knowledge of the five laws of gold

To earn wealth is but a slight burden upon the thoughtful man. Bearing burden consistently from year to year accomplishes the final purpose.

If you desire to help your friend, do so in a way that will not bring your friend's burden on you."Better A Little Caution Than  A Great Regret"

#6. The Gold Lender Of Babylon💰

We can not afford to be without adequate protection.

#7. The Walls Of Babylon🧱💴

<ul><li>Ill fortune pursues every man who thinks more of borrowing than of repaying.</li><li>The soul of a free man looks at life as a series of problems to be saved and solved. while the soul of a slave whines.</li><li>Where the determination is, the way can be found.</li></ul>

#8. The Camel Trader Of Babylon🐫

Work: <ul><li>Better to treat it like a friend, make yourself like it.❤️</li><li>Some men hate it, some make it their enemy.😒</li><li>Work, well-done, does good to the man who does it. It makes him a better man.👸</li><li>Decide what you desire to accomplish and then work will aid you to achieve it.🤞</li></ul>

Final: The Luckiest Man In Babylon💪🧑‍💻

This was the first book I had read on finances and this is a magnificent work. 💖You will get to learn the basic yet most important concept about money 💰and how to manage it form the age-old wisdom of one of the richest civilizations.🪙

The Richest Man in Babylon, based on "Babylonian parables", has been hailed as the greatest of all inspirational works on the subject of thrift, financial planning, and personal wealth. In simple language, these fascinating and informative stories set you on a sure path to prosperity and its accompanying joys. A celebrated bestseller, it offers an understanding and a solution to your personal financial problem. Revealed inside are the secrets to acquiring money, keeping money, and making money earn more money. Gold Edition includes bonus material: The Magic Story by Frederick Van Dey. The Magic Story: My task is done. I have written the recipe for "success." If followed, it cannot fail. Wherein I may not be entirely comprehended, the plus-entity of whosoever reads will supply the deficiency; and upon that Better Self of mine, I place the burden of imparting to generations that are to come, the secret of this all-pervading good, - the secret of being what you have it within you to be. It is claimed that many who read or hear this story almost immediately begin to have good fortune - so it is worth a few minutes of your time to find out if it works for you?

The Richest Man in the Babylon. This book deals with the personal success of each of us. Success means results coming from our efforts and ability. A good preparation is the key to our success. So keep a part of what you earn with yourself. From the benefits of saving to the essentials of getting rich, this collection of educative Babylonian fables gives you timeless information on how to make money. It guides to getting rich, attracting good fortune and the five golden rules. As a guide to understanding hydro-wealth and a powerhouse has been inspiring readers for generations. You know that Babylon became the richest city of the ancient civilization because it had reserved part of its earnings for the future. Thats why citizens got everything they wanted. How can you always keep your wallet heavy, the author has taught very beautifully on this topic.

George Samuel Clason, also known as George S. Clason. George Samuel Clason was born in Louisiana, Missouri, and died in Napa, California.During his eighty two years he was a soldier, businessman and writer. He served in the United States Army during the Spanish-American War.Clason started two companies, the Clason Map Company of Denver Colorado and the Clason Publishing Company. The Clason Map Company was the first to publish a road atlas of the United States and Canada, and did not survive the Great Depression.George Clason is best known for writing a series of informational pamphlets about being thrifty and how to achieve financial success. He started writing the pamphlets in 1926, using parables that were set in ancient Babylon.

George S. Clason

The Richest Man In Babylon

The Richest Man In Babylon & The Magic Story

Find 100+ Ideas and Facts about Money - Curated from interesting sources like Books, Podcasts & Articles - Genuine Insights from like-minded Users like You!

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Read like a Pro.

Centers of Progress, Pt. 28: New York (Finance) - HumanProgress

Banking Explained – Money and Credit

The Art of Kakeibo: This Japanese Budgeting System Could Change Your Financial Life

Money is emotional — but personal finance advice rarely accounts for that

7 Unhelpful Habits Everyone Should Quit

Double Your Profits

The Foundations of A Successful Investment

Personal Finance

The Richest Man In Babylon & The Magic Story

Origin Story

It's time to Read like a Pro.

It's time to
Read like a Pro.