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How to Get Rich « blog maverick

Excellent advice on how to get rich from mark cuban owner of the dallas mavericks.
emphasis are mine and please do read the whole thing.

First, here is WHAT NOT TO DO:
There are no shortcuts. NONE. With all of this craziness in the stock and financial markets, there will be scams popping up left and right. The less money you have, the more likely someone will come at you with some scheme . The schemes will guarantee returns, use multi level marketing, or be something crazy that is now “backed by the US Government”. Please ignore them. Always remember this. If a deal is a great deal, they aren’t going to share it with you.
…..
So what should you do to get rich ?
Save your money. Save as much money as you possibly can. Every penny you can. Instead of coffee, drink water. Instead of going to McDonalds, eat Mac and Cheese. Cut up your credit cards. If you use a credit card, you dont want to be rich. The first step to getting rich, requires discipline. If you really want to be rich, you need to find the discipline, can you ?
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The first step to getting rich is having cash available. You arent saving for retirement. You are saving for the moment you need cash. Buy and hold is a suckers game for you. This market is a perfect example. Right at the very moment when cash creates unbelievable opportunity, those who followed the buy and hold strategy have no cash. they cant or wont sell into markets this low, that kills the entire point of buy and hold. Those who have put their money in CDs sleep well at night and definitely have more money today than they did yesterday. And because they are smart, disciplined shoppers, their personal rate of inflation is within their means. Cash is king for those wanting to get rich
The 2nd rule for getting rich is getting smart. Investing your time in yourself and becoming knowledgeable about the business of something you really love to do
It doesn’t matter what it is. Whatever your hobbies, interests, passions are. Find the one you love the best and GET A JOB in the business that supports it.
It could be as a clerk, a salesperson, whatever you can find. You have to start learning the business somewhere. Instead of paying to go to school somewhere, you are getting paid to learn. It may not be the perfect job, but there is no perfect path to getting rich.
Before or after work and on weekends, every single day, read everything there is to read about the business. Go to trade shows, read the trade magazines, spend a lot of time talking to the people you do business with about their business and the people they buy from.
This is not a short term project. We aren’t talking days. We aren’t talking months. We are talking years. Lots of years and maybe decades. I didn’t say this was a get rich quick scheme. This is a get rich path
Now you wait for times of uncertainty and change in your business. The time will come. It may come quickly, it may take years and years. But it will come. The nature of our country’s business infrastructure is that it is destined to be boom and bust. Booms are when the smart people sell. Busts are when rich people started on their path to wealth.
You will know when that time is here for you because you will know your business inside and out. You will be ready because you will have been saving up for this moment in time
How to Get Rich « blog maverick.

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Flip Pride-Ronald Ventura Edition-Hong Kong Correction | Art Market Monitor

Congratulations to kababayan Ronald Ventura.

Bloomberg and Reuters have results from the Asian contemporary sales where only 60% of the lots found buyers. Collectors were picky but not stingy. Some of the works that did sell made prices dramatically above high estimates. The Evening sale of Contemporary Asian art brought in HK$117,117,500 ($15 million) with I Nyoman Masriadi selling for HK$4,820,000 ($615,000) and Wang Yidong beating the high estimate. Indonesians Agus Suwage, Affandi and Handiwirman Saputra and Filipino Ronald Ventura also set artist records. Liu Ye came in toward the top of the estimate range.
Hong Kong Correction | Art Market Monitor.

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-rePost-Here where I am at Paulo Coelho’s Blog

Got This Great Story From Paulo Coelho’s blog!
The sheate is almost as important as the sword, it allows the samurai to not think about the sword most of the times, like during trying to run from enemies, or jumping etc.

Here where I am
Published by Paulo Coelho on October 3, 2008 in Stories
– That is why the discipline of meditation was worthwhile – concluded the master, when the young man returned to him. – You may have great skill with the instrument you choose for your livelihood, but it us useless, if you cannot command the mind which uses that instrument.
Here where I am at Paulo Coelho’s Blog.

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Warren Buffet talk in University of Florida

from this video:
“If you take a job you don’t like, its like saving sex for the old age,…”
“…Take a job you love. Don’t Take a job that you think would look good in your resume…”
“I always really worked in a job, I loved doing. Always take a job that if you’re independently wealthy you would take.. you can’t miss, … you’d get way more out of it”
“If you think you’re going to be a lot happier if you’ve got 2x instead of x.. ”
“You’ll get in trouble if you think 10x is the answer to all your troubles”

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My Take – An Incentive to Open and Close With Haste – Freakonomics – Opinion – New York Times Blog

I’ve always felt that the volume of businesses that get started is lower than it should be. It seems just nont as optimal, especially in my country where there is are no social safety nets. Lower the bar for starting and then gradually phasing them out I think is a push in the right direction.

October 2, 2008, 9:44 am
An Incentive to Open and Close With Haste
By Daniel Hamermesh
INSERT DESCRIPTION
Before going to a Thai restaurant near my German apartment, I asked a long-time resident how it is, and she said it’s brand new. It was a Texas barbecue (!!) joint for a few months, and something else before that.
Why the turnover? Of course, being unable to cover variable costs matters generally, as always; but the German government apparently gives a small business an incentive to open up, and an incentive to close quickly if it cannot cover its costs: certain taxes are waived if the business is small, but only for a short period of time; thereafter, the tax break phases out.
Thus the risks of opening a new business are reduced; and, if the business is not very successful, the impending loss of the tax break provides an incentive to close it down within the time period necessary to escape these taxes.
I have grave doubts about this policy and about subsidizing small businesses generally: if there are scale economies naturally, why should the government try to offset them? And it’s hard to imagine that there are too few new small businesses — or that people are so unwilling to take risks that the government should offer subsidies.
I see no good economic rationale for these policies, but they are widespread in Germany — and in the U.S. too.
An Incentive to Open and Close With Haste – Freakonomics – Opinion – New York Times Blog.

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3 vs 36

from the previous linked dave letterman video
3 billion dollars is enough to say that no kid goes to school hungry!
36 billion dollars wall st bonuses probably 2007 christmas bonuses

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Chris Blattman's Blog: What could a development economist buy for $700 billion?

This surprised me, It seems that I’m swinging between feelings of how easy and hard achieving the MDGs  is.

01 October 2008
What could a development economist buy for $700 billion?
Duncan Green puts the bailout in an international perspective:
To put the proposed Wall Street bailout into perspective. $700bn:
* Would clear the accumulated debt of the 49 poorest countries in the world ($375bn) twice over
* Is almost 5 times the annual amount of extra aid needed to achieve all the Millennium Development Goals on poverty, health, education etc ($150bn a year)
* Is about 7 years of current global aid levels ($104bn in 2007)
* Is enough to eradicate all world poverty for over two years (UNDP calculates it would take $300bn to get the entire world population over the $1 a day poverty line).
On the other hand it’s:
* only a quarter of the cost of the Iraq war ($3 trillion on Joseph Stiglitz’ calculation )
* a half of annual global military spending ($1339 bn)
Chris Blattman’s Blog: What could a development economist buy for $700 billion?.

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The Price of Disgust – Freakonomics – Opinion – New York Times Blog

Let’s see. Is this part of the 5B deal with warren buffet, do some lobbying for the bailout.

Adding to the pressure on Congress to act were some of the nation’s biggest corporations, including Verizon Communications Inc., Microsoft Corp., and General Electric Co. GE Chief Executive Jeffrey Immelt is actively lobbying politicians and finance officials in Washington to complete the financial-rescue bill, said a company spokesman. To back up his message, Mr. Immelt directed his staff to compile evidence of the “negative ripple effects” throughout America from the crisis on Wall Street, including information on what is happening to customers and employees in all 50 states.
The Price of Disgust – Freakonomics – Opinion – New York Times Blog.