...Learn the secrets to becoming financially independent. Five Reasons Why Most Don’t Become Wealthy Brian Tracy W W W.BR I A N T R AC Y.COM F I V E R E A S O N S W H Y M O S T D O N ' T B E C O M E W E A LT H Y | B R I A N T R A C Y 1 FIVE REASONS WHY MOST DON'T BECOME WEALTHY W hy is it that people don’t become wealthy? In a country like ours, with the opportunities that we have, why is it that so few people retire financially independent? And I eventually found the answers. Here are what I consider to be the five reasons why people don’t become wealthy. WHO ME? First, at the top of the list, is that it never occurs to them. The average person has grown up in a family where he has never met or known anyone who was wealthy. He goes to school and socializes with people who are not wealthy. He works with people who are not wealthy. He has a reference group or a social circle outside of work who are not wealthy. He has no role models who are wealthy. If this has happened to you throughout your formative years, up to the age of twenty, you can grow up and become a fully mature adult in our society, and it may never occur to you that it’s just as possible for you to become wealthy as for anyone else. This is why people who grow up in homes where their parents are wealthy are much more likely to become wealthy as adults than people who grew up in homes where their parents are not. So the first reason why people don’t become wealthy is it never occurs to them that...
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...Figure out the sort of printing you’ll use You have to know what kind of system you’ll use for your t-shirt printing business enterprise. A popular method in the past was screen-printing. Lately, however, digital imaging is becoming more popular. Decide which one you’ll use for your organization. Screen-printing is great for one and two-colour prints, and for multicolour prints on long runs. Digital imaging, on the other hand, is perfect for full-colour on short runs. Find out the sort of printer you need and set a budget for it! You must utilize professional tools to make quality shirts. Research before you buy regarding screen printers and check out basic information about screen-printing or digital imaging. A number of internet sites even sell direct-to-garment digital imaging printers, but they can be costly. You can also decide to set up a screen printing shop with a manual T-shirt press using basic or homemade equipment. Better yet, visit local shops in your area. You may find more printers offering state-of-the-art prints. Make a thorough business plan Who is your target market? If you live near a university, you can focus your sales and marketing efforts on students. If you live in a tourist area, make sure your products cater to tourists. Advertise your t- shirt printing business using modern practises like online listings or hiring a search engine optimisation company. Also create attractive and unique business support materials such as brochures, business cards...
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...for testing a claim or hypothesis about a parameter in a population, using data measured in a sample. In this method, we test some hypothesis by determining the likelihood that a sample statistic could have been selected, if the hypothesis regarding the population parameter were true. The method of hypothesis testing can be summarized in four steps. 1. To begin, we identify a hypothesis or claim that we feel should be tested. For example, we might want to test the claim that the mean number of hours that children in the United States watch TV is 3 hours. 2. We select a criterion upon which we decide that the claim being tested is true or not. For example, the claim is that children watch 3 hours of TV per week. Most samples we select should have a mean close to or equal to 3 hours if the claim we are testing is true. So at what point do we decide that the discrepancy between the sample mean and 3 is so big that the claim we are testing is likely not true? We answer this question in this step of hypothesis testing. 3. Select a random sample from the population and measure the sample mean. For example, we could select 20 children and measure the mean time (in hours) that they watch TV per week. 4. Compare what we observe in the sample to what we expect to observe if the claim we are testing is...
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...Foregone Opportunity Costs 181 Accelerated Depreciation 184 Conclusion 185 Exercises 186 158 0195301501_158-192_ch7.qxd 11/3/05 12:47 PM Page 159 CHAPTER 7 Introduction to Capital Budgeting 159 OVERVIEW Capital budgeting is finance terminology for the process of deciding whether or not to undertake an investment project. There are two standard concepts used in capital budgeting: net present value (NPV) and internal rate of return (IRR). Both of these concepts were introduced in Chapter 5; in this chapter we discuss their application to capital budgeting. Here are some of the topics covered: • Should you undertake a specific project? We call this the “yes–no” decision, and we show how both NPV and IRR answer this question. • Ranking projects: If you have several alternative investments, only one of which you can choose, which should you undertake? • Should you use IRR or NPV? Sometimes the IRR and NPV decision criteria give different answers to the yes–no and the ranking decisions. We discuss why this happens and which criterion should be used for capital budgeting (if there’s...
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...are two exercises to help students develop their awareness of schwa. The audio examples from the exercises can be downloaded from www.bbclearninglish.com Pronunciation Schwa Exercise 1 Look at the words below and decide where in the word the schwa sound occurs. Underline and/or write the schwa symbol over the correct part of the word. The first one has been done for you. Hint: One word has two examples of schwa. All the others have only one. docto r banana difficult to mo rro w s u mme r le ve l prote ct survive pupil the atre me a s u re w izard Pronunciation Schwa © BBC Learning English bbclearningenglish.com Pronunciation Schwa Exercise 2 In this exercise, look at these sentences and decide where the schwa sound occurs. It may occur more than once in each sentence. The minimum number of schwas in a sentence is 1, the maximum 7. 1. It’s for y ou /e/ 2. 3. 4. 5. 6. 7. It tak es a lot of time How about a cup of tea? What are y ou doing tonight? What time will y ou arriv e at V ictoria? I was going to tell y ou The leisure centre is closed for a priv ate function 8. 9. 10. 11. 12. The airport is not far from the capital city The book is about pronunciation We need more financial support You need to pay attention all the time It is a v ery thorough report Pronunciation Schwa © BBC Learning English bbclearningenglish.com Pronunciation Schwa ANSWERS Exercise 1 docto r...
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...Ashley T LIT1 Task 310.1.2-01-06 Part A Sole Proprietorship – As a sole proprietor, you are your own business entity. You own and run your company, which means you are in complete control and assume sole responsibility of all legal and financial matters. • LIABLITY – There is no differentiation between the business and the owner, as they are one in the same. Therefore the business/owner takes full accountability and has limitless liability for all gains and losses the business obtains. • INCOME TAXES – All business revenue and overhead are considered personal income and have to be reported as such to the IRS on taxes as they cannot be taxed separately. • LONGEVITY/CONTINUITY – The business is only in existence while the owner is actively running it. Should the owner retire or pass, the business ceases to exist. • CONTROL – Since the business has one sole owner, it cannot be passed on to another individual for control. • PROFIT RETENTION – The business/owner retains all revenue. • LOCATION – You are not restricted on where you can operate your business. Depending on the states you expand to, you will be required to register your business with the state agency so it is known who is liable for any incidences. However, if you decide to use your name as the company name, most states will not require any registration. You just need to check with the state agency for their policies. • CONVENIENCE/BURDEN – The business can be established just by doing business...
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...Christos Shiamptanis Fall 2015 Instructions: This exam is out of 100 points. You have 90 minutes to complete the exam. There are 6 problems. If you use a figure, make sure you label axes and curves. Show all your calculations and report your answers in two decimal places. Answers should be clear, concise and devoid of any extraneous material. Hand in the question paper. Insert the question paper inside the booklet. Non-programmable calculators are allowed. Dictionaries are not allowed. 1 1. [17 points] Consider a closed economy. Suppose that there is an increase in business confidence. a. Using the IS-LM framework and AD-AS model show graphically the impact of the above event on output, interest rates, unemployment rate, and price level in the short run. Assume that the economy starts at the natural level of output. Please label the initial equilibrium with the letter A, and the short run equilibrium with the letter B. b. If the Bank of Canada wants to restore full-employment output, will the Bank of Canada increase or decrease the nominal money supply? Using the IS-LM framework and AD-AS model show graphically the impact of the Bank of Canada’s immediate intervention to restore full-employment on output, interest rates, unemployment rate, and price level in the short run. Please label the equilibrium with the letter C. c. Now suppose that the Bank of Canada decides not to intervene. However, the Ministry of Finance wants to restore full-employment...
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...Instructor Graded Assignment In these questions, you will need to use the date that unit 4 starts for your class. List the date that Unit 4 started for your class: * Unit 4 start date: May 7, 2014 Question 1 1. You decide to take out a simple interest loan for $5000, at 7% yearly interest on the date that unit 4 starts for you. If you repay the loan on December 31st (at the end of the current year)... a) How much do you pay total when you pay off the loan? R= 7% =0.07 T= 238/365 = 0.65 A= P (1 + rt) A = 5,000 (1 + (0.07 X 0.65) ) A= 5,000 X 1.0455 A= $5,227.50 b) How much interest do you pay? Amount Accured – Principal = Interest 5,227.50 – 5,000 = $227.50 or I = PRT I = 5,000 X 0.07 X 0.65 I = $227.50 Question 2 2. You decide to take out a $20,000 simple interest loan at 4%, on the date unit 4 started for you. a) In 45 days you decide to pay off $8000 of the loan. What is your new principal? Explain how you got the answer. I = PRT I = 20,000 X 0.04 X (45/365) I = 20,000 X 0.00493 I = $98.63 Payment = Principal – Interest $ 7,901.37 = 8,000 – 98.63 New Balance = Previous Balance – Principal payment $12, 098.63 = 20,000 – 7,901.37 To get the new principal, I need to go get the interest and the payment to get the new balance. b) 30 days after the first payment, you pay another $6000. What is your new principal? Explain how you got the answer you did. I=PRT I= 12,098.63 X 0.04 X 0.08219 I=...
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...Comprehensive Problem After your last final this quarter you meet a student with whom you graduated high school. You get to talking and find she is graduating this quarter in digital design. When she finds out you have just finished financial accounting I she asks if you will help set up and keep the books for her new company, Jessi’s Creative Design. Accounting was not included as part of Jessi’s program and she really needs some help. You did very well in financial accounting I and agree to get her started. Jessi will hire a CPA to file all tax forms and apply with the IRS for a tax ID number. You will keep the books and monthly send them to the CPA. The first step is to create a chart of accounts. Number your account categories-assets 100, liabilities 200, stockholders’ equity 300, revenue 400, and expense 500. Next, number the accounts within the categories. Be sure to leave numbers open for when you need to add accounts. Use the following accounts in your chart of accounts: • • • • • • • • Cash Accounts receivable Equipment Prepaid subscriptions Supplies Accumulated depreciationequipment Prepaid advertising Accounts Payable • • • • • • • • • Unearned revenue Common stock Retained earnings Dividends Sales Advertising expense Supplies expense Photo expense Depreciation expense After Creative Design’s first month of operations your friend delivers to you a stack of invoices, check stubs, receipts and her first VISA-Business bill. You must decipher these in order to enter them into...
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...the given transactions using the T-account template created in Week 1. You will need to establish a T-account for each account required. 3. After you have analyzed the transactions, total each account and prove the assets = liabilities + owner’s equity by totaling the balances from each account and checking that the equation balances. For example: Assume Assets = 10,000; Liabilities = 3,000; Owner’s Equity =7,000. Does 10,000=3,000+7,000? Yes. You know you have completed your analysis correctly! Submit your answers for Question 1 in a Word document and your T-account analysis in your Excel template. Upload both files to the Assignment 2 Drop Box. Accounts to use for this assignment: • Accounts Receivable- assets- debit • Accounts Payable • Cash • Computer Equipment • Fees Income • Office Equipment • Prepaid Rent • Utilities Expense • Rent Expense • Your Name, Capital • Your Name, Drawing November Business Transactions: 3rd: You visit your local bank and withdraw $50,000 from your personal savings account and deposit it into a new bank account in the name of the business. 5th: Realizing some of your computer equipment is out-of-date; you purchase $4,000 of new equipment, issuing check 1001, to Digital Warehouse, Inc. 6th: With all of this great equipment, you’ve overlooked an important business need: a location! You find the perfect small office space in a great part of town that rents for $1,000 per month. When you meet the property manager, she...
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...Daniel Martinez Charles Mullin SPCOM 102 11 June 2013 What is Jailbreak? Whenever a new popular phone came out you would notice it. Back when I was in Junior high I would see the Motorola Razr in almost everyone in my classmates’ hand that had a phone. It was the “must have” phone. When Apple released its first iPhone, back in June of 2007, it was one the fastest growing phones on the market. Because of the new features the iPhone had to offer, it sparked ideas and numerous possibilities. With the following of the new iPhone generations, new ideas were added into them and became more and more popular. But to some people they wanted those ideas already on the iPhone. Shortly, after the first iPhone, came Jailbreak. This allowed expanding those ideas on the iPhone. According to an article by Forbes, dating February 8, 2013, nearly seven million iPhone, iPad and iPod touch owners have cracked Apple’s restrictions on their devices using the jailbreaking tool Evasi0n in four days making it the most popular Jailbreak ever. Jailbreak gives people the ability to customize their Apple devices. I will explain more about what Jailbreak is, as well the themes, apps, and tweaks. So what is Jailbreak? By definition from the book “iOS Hacker’s Handbook,” states that “Jailbreak is the process of removing the limitations on Apple devices running the iOS operating system through the use of software and hardware exploits.” Jailbreaking will allow the user to personalize and customize their device...
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...is largely unavailable in rural areas and the cost of the service is substantially high, forcing most users to use a 3G service until these factors change. While the technical differences between 3G and 4G service can be a little confusing, buyers can compare upload and download speeds, customer perceptions and service availability to determine what service is best for them. 3G and 4G Wireless Networks 3 For consumers, the differences between a 3G network and a 4G LTE network can be a little confusing but there is some good information available to the discerning shopper. For those who wish to learn a little more about 3G and 4G technology, examining what each network does and does not offer, can help them decide which service is best for them. 3G and 4G Networks Both 3G and 4G networks offer similar services and applications to their customers. They both offer faster and better connection to the Internet, enhanced audio streaming, video conferencing and TV through the Internet support (Unuth, 2012). While 3G networks offer wider coverage, 4G networks can be up to 4-10 times faster than 3G networks. In many rural areas, consumers can only use 3G networks while 4G services are currently more available in metro areas. However, with the introduction of Apple’s new iPhone 5, it’s possible that more 4G users will emerge over the next few years in areas that were previously unable to support a 4G network. “Many new phones offer...
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...Company Targeting strategy: Target market consists of a set of buyers who share common needs or characteristics that the company decides to serve. Criteria Size: The market must be large enough to justify segmenting. If the market is small, it may make it smaller. Difference: Measurable differences must exist between segments. Money: Anticipated profits must exceed the costs of additional marketing plans and other changes. Accessible: Each segment must be accessible to your team and the segment must be able to receive your marketing messages Focus on different benefits: Different segments must need different benefits so, we should decide how we want to target T – Shirt company first: target both male and female (teenager because it's easier to Influence them by write some interesting topics on t-shirt) and decide if we want to target whole market with one offers or more but more means higher cost (with one offer in our case ( after that decide whether we want to target Local marketing: Cities Neighborhoods Stores or Individual marketing: One-to-one marketing Mass customization How we can Choosing the right Target Market: by promote communicate product life- cycle stage Company resources Company Differentiation strategy: A marketing strategy whereby businesses attempt to make their product unique to stand out from competitor’s. so how I can differentiate on competitors: Product differentiation: Make him unique useful to the customer ...
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...A Sikh Girl´s Bridal Path 1. From whose point of view is Ranjit´s story told? The story is told from the social worker´s point of view. 2. Describe Ranjit´s problems as seen by a) Ranjit herself, b)Ranjit´s family, c) the social worker. Ranjit´s problem is that she is too young to decide her own future. Everything is pulled over her head and she does not have anything to say about it. Not now and not in her future, her family controls everything. The family´s problem is that they are dealing with an independent girl who is highly influenced by the western culture. She wants to decide for herself who to be and how to be it. The social worker has a moral problem. She does not know if she should follow her personal believes or the rules within the law. 3. Explain the cultural, racial, political, and religious conflicts that are involved in Ranjit´s case. The social worker puts her inner believes and moral aside because she finds it hard to relate to their differences both racial and religious, and that makes it hard to help Ranjit. She is not used to deal with those kinds of problems. Ranjit is not allowed playing with Pakistani boys or girls because of some religious disagreement in the past. Usually children of Ranjit´s age does not have to worry about which religious background their friends have in order to play with them. Ranjit has adopted the western culture and that presents a problem regarding her family, who cannot tolerate this. The political issue...
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...to be driven by an outside source of energy. The term is used to refer to macro processes in which entropy increases; such as a smell diffusing in a room, ice melting in lukewarm water, salt dissolving in water, and iron rusting. The laws of thermodynamics govern the direction of a spontaneous process, ensuring that if a sufficiently large number of individual interactions (like atoms colliding) are involved then the direction will always be in the direction of increased entropy (since entropy increase is a statistical phenomenon). Entropy is a chemical concept that is very difficult to explain, because a one-sentence definition will not lead to a comprehensive statement. Thus, few people understand what entropy really is. You are not alone if you have some difficulty with this concept. The word entropy is used in many other places and for many other aspects. We confine our discussion to thermodynamics (science dealing with heat and changes) and to chemical and physical processes. We have defined energy as the driving force for changes; entropy is also a driving force for physical and chemical changes (reactions). Entropy, symbol S, is related to energy, but it a different aspect of energy. This concept was developed over a long period of time. Human experienced chemical and physical changes that cannot be explained by energy...
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