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Most people get up in the morning, grab some coffee and head out to a job where they work hard, for peanuts and for someone else. Many people wonder if they could make as much money and maintain a living working hard for themselves.The truth is, most people can make far more working for themselves. And they can do it, even in a down economy—even in a recession. There should be no separation between personal and business life—people should have complete integration for a more meaningful life. Make Millions Serving Millions Find a way to bring your company to the masses, so you aren’t serving just a few people. If you do something you love, and do it to help a lot of people, it’s virtually impossible to fail. Multiple Income Lifestyle Many entrepreneurs choose one idea and market it one way. In reality, the same idea or concept can be sold many ways and many times. The film industry makes its money by making a movie once, and then selling it many times (box office, DVD, first-run broadca...

Our banking sector serves as the "blood supply" for our capitalist economic system, maintains media mogul and real-estate billionaire Mort Zuckerman. And it's true: Banks take risks funding Silicon Valley startups and other businesses, making our economy one of the most innovative and vibrant in the world. Most of them do help us. But sadly, a lot Wall Street seems to have turned this idea on its head. All those complex, repackaged mortgage-backed securities, for example, didn't raise a penny to build a single factory. And they weren't all about getting people into homes either. Some of the instruments they were trading were little more than wagers on whether someone else's mortgage would ever be paid. So when you now hear bankers and their lobbyists roll out the old blood-supply excuse to resist tougher regulation, don't buy it. If better regulation removes the pure gambling and makes our financial system safer, we're all better off -- even if it mean...

Big lie No. 4: We get paid like rock stars, but we're worth it When I ask companies why U.S. CEOs get such huge pay compared with their counterparts elsewhere in the world, the answer is invariably the same: We need to pay that much to attract the best performers. But the mortgage meltdown has proved that to be a big lie. Paying CEOs well didn't keep these banks safe. It's not just the CEOs, of course. Huge pay trickled down through the executive ranks to traders, all of whom who seem to have been too busy chasing short-term profits to focus on (or care about) the long-term risks. It's a case study in what the advocates have told me for years is wrong with the way executives get paid. http://articles.moneycentral.msn.com/Investing/CompanyFocus/5-lies-the-big-banks-keep-telling-us.aspx?page=3

There's a little truth in each excuse, but none is completely honest. Big lie No. 1: No one could have known Consider this scenario: You work at the top of a key bank on Wall Street. You hire the smartest guys from the best schools. You get paid big bucks to know your business better than anyone else. And warning signs are everywhere. When it goes bad, can you really say you didn't know? Yet time and again, we've heard something similar to this from top bankers. With the crisis looming, the bank had placed big bets against, or shorted, the mortgage-backed securities it was selling to customers, a maneuver Angelides says is akin to "selling a car with faulty brakes and then buying an insurance policy on the buyer of those cars." relaxed lending standards and a speculative housing market bubble are dangerous. In September 2004, the FBI publicly warned that a potential epidemic of rampant mortgage fraud could cause "the next S&L crisis," referring to th...

The most valuable resource we have is our time, not our money. It is the only limiting factor, and we never know when it will cease to exist. We may think we like money, but what we really like is what we can do with money. Rich people have a lot of money; wealthy people have a positive flow of resources. The real measure of wealth is the flow of resources. When we think about resources instead of money we create and discover new opportunities. It is what we expect to do with money that empowers us to have more. Our most limiting factor in life is time, not wealth. When we learn to balance our lives in ways that give us time to enjoy, to learn, to help others, we are wealthy. When we realize that we can have a great time without spending money, money becomes secondary to happiness. Wealthy people have broken the ties between success and money and wealth and money. Success is being able to do what you are absolutely passionate about doing; being wealthy is having more resources than you...

Why are rules so important? Because in the absence of rules, people make up their own. Here are the rules we play by: 1. Be willing to support our purposes, games, rules and goals. 2. Speak supportively. 3. Acknowledge whatever is being communicated as true for the speaker at that moment. 4. Complete your agreements: a) Make only agreements that you are willing and intend to keep. b) Communicate any potential broken agreement at the first appropriate time. c) Clear up any broken agreement at the first appropriate opportunity. 5. If a problem arises, first look to the system for corrections and then communicate your solution to the person who can do something about it. 6. Be effective and efficient (Optimize every event … more with less). 7. Have the willingness to win and to allow others to win (win/win). 8. Focus on what works. 9. When in doubt, check your intuition. 10. Be responsible – no lay blame or justification. 11. Hold the person “innocent” until proven “guilty”. 12. If an ups...

It's a large percentage founders who did not graduate from college. Some reasons: - founders grew up in other parts of the world where college attendance is less common. - founders didn't have the patience to sit through four years of education they didn't feel was relevant to them. - founders were too busy starting companies to finish college. Entrepreneurs don't need degrees like lawyers and doctors do. They are credentialed by virtue of their track record. The first startup is hard but if they make that one work, they end up with something much better than a college degree. They have a notch in their belt. They've got a track record of success. Even if the first one is a failure, I'd say that they've got something more than a degree. They've shown they can start something from nothing, build a team, a product, and maybe even a business. We've been spending a lot of time lately thinking about, talking about, learning about, and looking at the whole...

When you work for others, you are at their mercy. They own your work; they own you. Your creative spirit is squashed. What keeps you in such positions is a fear of having to sink or swim on your own. Instead you should have a greater fear of what will happen to you if you remain dependent on others for power. Your goal in every maneuver in life must be ownership, working the corner for yourself. When it is yours, it is yours to lose -- you are more motivated, more creative, more alive. The ultimate power in life is to be completely self-reliant, completely yourself. You came into this life with the only real possessions that ever matter -- your body, the time that you have to live, your energy, the thoughts and ideas unique to you, and your autonomy. But over the years you tend to give all of this away. You spend years working for others -- they own you during that period. You get needlessly caught up in people's games and battles, wasting energy and time that you will never get ba...

By pointing to the costs that short-termism entails, Hertz answers. She offers the auto industry as an example: In the late '60s, she says, when the Clean Air Act was being deliberated in the United States, American carmakers spent millions lobbying against it, while Honda decided to develop more energy-efficient cars. "Honda's cost was on innovation and thinking about how the future might be, and making a product that might fit the future better," says Hertz. "The other companies were spending their money on stopping the future from happening. In that case, Honda won." Likewise in Holland, where, Hertz says, after the financial crash, "there was a huge flight of money from all the normal banks" into Triodos and Rabobank, both known for being ethical and sustainable. Those who resist, she says, will be left behind. http://www.fastcompany.com/magazine/140/cassandras-revenge.html?page=0,4 Business Ethics Cases | Unethical Business Practices

How an Economist's Cry for Ethical Capitalism was Heard BY: DANIELLE SACKS markets need to serve the interests of people as much as they serve companies or shareholders. urging a more ethical form of capitalism. If the surge of corporate power was going to leave governments relatively impotent, then those corporations themselves needed to fill the void. both economics and business need to be put back into the human social context. globalization isn't just allowing companies to trade freely all over the world. It's about what types of rights and responsibilities come with that I have problems with this very extreme form of capitalism where the pendulum has swung so far in one direction, where the focus is completely on the short term, and no one is thinking about the consequences.~Noreena Hertz there would be dire consequences if unregulated markets were rewarded for success but not penalized for failure. Companies should be financially motivated to behave in ways that benef...

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As consumers closed their wallets, Uncle Sam opened his with one of the biggest spending programs in history, roughly $1.5 trillion in less than a year. Some $700 billion went to shore up shaky banks; another $787 billion paid for tax cuts and a surge in spending on new roads, green technology and a host of other projects designed to pump dollars into a shrinking economy. A separate alphabet soup of money transfers from the Federal Reserve added another $1 trillion, much of it to guarantee loans and buy up bad investments from banks that couldn’t sell them, freeing up cash for them to lend. The strategy seems to have worked, and much of the planned direct government spending is still in the pipeline. The hope is all that federal spending gets the gears of the economy turning again with enough momentum that as the federal spending spigot starts to slow down, other sectors of the economy will take up the slack. But that plan comes with potential pitfalls. At some point, the Federal Reser...

Robert Tuchman: Fearless Entrepreneurs Young, Fearless and Fed Up Take the leap, follow your passion and pursue the new American Dream. I had followed my passion and started my own business doing something I truly loved. it’s essential that you are able to marry your work and what you love. This passion will ignite the minds of your potential clients and connections. Your business has to be a reflection of what you are already willing to pour countless hours into. Your passion and enthusiasm for your business has to connect to your why, be a part of your own experience, and is ultimately what will make you successful. Unfortunately, many young people today don't realize the types of risks they can afford to take. If you don't take risks you’ll never accomplish most of your goals and you’ll never know if your dreams could have come true. We’re socialized to believe that the path to success is to graduate from college, take an entry level position with an established company and...

Now let's examine how economies of shared living ca n benefit a retiree. Imagine a single retiree living in a 55-and-over trailer park. She has a monthly net Social Security benefit of $1,100. From that she has to pay $400 for land rent and $300 for the loan payment on the manufactured home. That leaves only $400 a month for food, clothing, transportation and everything else. It's not a pretty picture. The solution is social. It is called sharing, having enough social skills to multiply your effective income to a level far greater than it could be made with ordinary cash. The productive social alternative is sharing. Economists call it "economies of shared living." Most of us think about it in regard to marriage. Though two people can't live for the price of one, the cost of living doesn't double when you get married. Divorce, on the other hand, involves returning to the dis-economies of nonshared living. That's why it's common for one ex-spouse, or bo...

Risky mortgages: Some 77% of option-ARM borrowers and 50% of subprime mortgage borrowers were estimated to be underwater as of the first quarter of 2009, according to the Deutsche Bank report. With option-ARMs, borrowers could make minimum monthly payments that didn't even cover the loan's interest. As the market declined, these balances grew. With subprime mortgages, borrowers often had poor credit scores and little documentation of their financial situation. In both cases, borrowers often ended up with a large mortgage relative to the house's price. Date of purchase: Individuals who bought their homes between 2003 and 2008 are at risk of being underwater because they bought while prices were rising, Zandi says. The risk is greatest for those who bought in 2005 and 2006, as the market approached its peak. Excessive borrowing: Many individuals borrowed against their homes during the bubble by taking out second mortgages or tapping into home equity lines of credit or home eq...

Even if you have a stable job and can pay your mortgage, your house might not be safe from a dip 'underwater.' Look around to see whether your house is at risk. With so many borrowers " underwater " -- or owing more on their mortgages than their homes are worth -- the risk is high that they'll default and their homes will go into foreclosure. Negative equity 负资产 is the product of several factors. The most significant weight is the broad and persistent decline in home values. The continued decline of U.S. home prices will contribute to rapidly rising rates of negative equity. The most obvious implication is for mortgage defaults. Current homeowners, or those shopping for a home and who are concerned that they'll end up underwater, should consider how long they expect to live in their homes. Being underwater doesn't affect homeowners unless they plan to sell. Whether you're at risk for falling behind may have more to do with the economy and your neighb...

PCs, broadband Internet connections, online brokerage accounts. These advances brought democracy to Wall Street, leveling the playing field between everyday investors and the insiders, right? Wrong. In fact, computers are ruining investing for the average investor. Sure, your PC lets you see when your stock is moving. But multiply its computing power by thousands, add a throng of software geniuses earning more than $1 million a year and an army of full-time analysts, and you start to understand how the biggest brokerages and hedge funds can stay a few steps ahead of any move you can make. Yes, you can trade from your cell phone while waiting at a traffic light. But at the big hedge funds, computers execute thousands of trades in milliseconds --and cut into line ahead of buyers like you and me, our mutual funds and our brokers. All this helps explain why your portfolio was likely hemorrhaging money as stock markets tanked in the first quarter of this year -- yet elite traders at Goldman...

There are risks in every investment. Along with the risks, there is also an expected return. The risks of an investment could mean the possibility of losing some of the capital otherwise known as Value at Risk (VAR). Risks can also be referred to as the uncertainty that the expected return (Re) is not achieved or the actual return (Ra) is lower than Re. Investment is a calculated bet In view of the uncertainty involved, whenever an investment is made, the investment can be considered as a bet. Although the term “bet” sounds very much like gambling, but unlike gambling, investment is not entirely based on pure luck. Even in gambling, be it casino or number forecasting games, there is the probability of outcome and prize payout. Simple probability computations based on payout rates show that the final payout is always less than the betted amount. As such, when wagering in these games, the returns are always negative. In the Case of Investment In the case of investment, the bet refers mor...

What should worry you now -- if you can spare a neuron or two from worrying about the economy, your job, your retirement savings, your mortgage and the meltdown of the global financial system -- is that the looters aren't in retreat. If anything, they're getting more brazen. For example, in the early days of the AIG crisis, Goldman Sachs Group (GS, news, msgs) denied it had any "material" exposure to AIG's troubles. It wasn't until months after then-Treasury Secretary Henry Paulson, a former CEO of Goldman Sachs, organized a bailout of AIG that taxpayers found out the biggest recipient of taxpayer money, pocketing $12.9 billion of the $170 billion bailout, was -- ta-da! -- Goldman Sachs. The next round of looting is likely to come in the name of reform. I'm just as skeptical about calls to give the Federal Reserve more power, turning it into a superregulator for the financial system. More power to the same Fed that could find only three examples of predato...

Thanks to a complicit Congress, the reins were systematically loosened on the looters of the financial industry. And they're still at it, looking for new plunder. Question: How is it that the Office of Thrift Supervision, a unit of the Treasury Department that regulates the savings and loan industry, wound up as the primary federal regulator for insurance giant AIG? Answer: Either these examiners, used to the world of savings and loans, didn't understand the complex derivatives transactions they were seeing, or, as in the IndyMac case, they decided to go along. In either case, the agency didn't step in to halt the practice. Question: Why weren't state insurance regulators more aggressive in regulating AIG? Answer: Because the federal government had forced them to back off. An aggressive interpretation of the definition of insurance could have let state insurance agencies regulate the derivatives contracts that AIG's financial-products group was writing out of London...