Search

143-The Conscience Fund  

For 200 years the U.S. Treasury has maintained a "conscience fund" that accepts repayments from people who have defrauded or stolen from the government. In this week's episode of the Futility Closet podcast we'll describe the history of the fund and some of the more memorable and puzzling contributions it's received over the years.

We'll also ponder Audrey Hepburn's role in World War II and puzzle over an illness cured by climbing poles.

Intro:

Wisconsin banker John Krubsack grafted 32 box elders into a living chair.

According to his colleagues, Wolfgang Pauli's mere presence would cause accidents.

Sources for our feature on the conscience fund:

Warren Weaver Jr., "'Conscience Fund' at New High," New York Times, March 18, 1987.

"$10,000 to Conscience Fund," New York Times, July 21, 1915.

"$6,100 to Conscience Fund," New York Times, Feb. 4, 1925.

"Swell Conscience Fund; Two Remittances, Small and Large, Bring In $4,876.70," New York Times, Feb. 6, 1916.

"Sends $50 to War Department for Equipment Stolen in 1918," New York Times, March 2, 1930.

"Depression Swells Total of Federal Conscience Fund," New York Times, April 21, 1932.

"Federal Treasury Gets $300 to Add to Conscience Fund," New York Times, March 25, 1932.

"9,896 Two-Cent Stamps Sent to City's Conscience Fund," New York Times, May 15, 1930.

"$30,000 to Conscience Fund; Contributor Says He Has Sent Four Times Amount He Stole," New York Times, March 10, 1916.

"Guilt: Settling With Uncle Sam," Time, March 30, 1987.

"The Conscience Fund: Many Thousands Contributed -- Some Peculiar Cases," New York Times, Aug. 5, 1884.

"Pays Government Fourfold; Conscience Bothered Man Who Took $8,000 from Treasury," New York Times, June 13, 1908.

Rick Van Sant, "Guilt-Stricken Pay Up to IRS 'Conscience Fund' Gets Cash, Quilts," Cincinnati Post, Jan. 26, 1996.

John Fairhall, "The Checks Just Keep Coming to the 'Conscience Fund,'" Baltimore Sun, Dec. 10, 1991.

Donna Fox, "People Who Rip Off Uncle Sam Pay the 'Conscience Fund,'" Christian Science Monitor, Feb. 24, 1987.

Associated Press, "Ten Thousand Dollars in Currency Is Sent to U.S. 'Conscience Fund,'" Harrisburg [Pa.] Telegraph, July 20, 1915.

"Washington Letter," Quebec Daily Telegraph, July 3, 1889.

"Figures of the Passing Show," Evening Independent, Sept. 16, 1909.

James F. Clarity and Warren Weaver Jr., "Briefing: The Conscience Fund," New York Times, Dec. 24, 1985.

Warren Weaver Jr., "'Conscience Fund' at New High," New York Times, March 18, 1987.

"Conscience Fund Too Small," Los Angeles Times, Aug. 16, 1925.

"Laborer Swells Conscience Fund," New York Times, June 28, 1912.

"A Conscience Fund Contribution," New York Times, Feb. 14, 1895.

"The Conscience Fund," New York Times, March 27, 1932.

"Swells Conscience Fund: Californian, Formerly in the Navy, Gets Religion and Pays for Stationery on His Ship," Los Angeles Times, May 5, 1915.

"2 Cents, Conscience Fund: Sent to Pay for Twice-Used Stamp -- Costs Post Office a Dollar," New York Times, June 2, 1910.

"$30,000 to Conscience Fund: Contributor Says He Has Sent Four Times Amount He Stole," New York Times, March 10, 1916.

"'Conscience Fund' Rises: New Yorker's $8 Is Item in $896.49 Sent Treasury," New York Times, Nov. 28, 1937.

"The Conscience Fund: Many Thousands Contributed -- Some Peculiar Cases," New York Times, Aug. 5 1884.

"The Conscience Fund: Young Woman Seeks a Loan From It From a Belief It Was Created for Benefit of Honest People," Los Angeles Times, July 13, 1914.

"Gives to Conscience Fund: Contributor of $36 'Forgot Tax Item' -- Another Sends $32," New York Times, April 3, 1936.

"Conscience-Fund Flurries: Due to Religious Revivals," Los Angeles Times, Nov. 28, 1903.

"$100 for Conscience Fund: Customs Officials Think Same Person Sent $10c a Few Days Ago," New York Times, March 10, 1928.

"Swell Conscience Fund: Two Remittances, Small and Large, Bring In $4,876.70," New York Times, Feb. 6, 1916.

"Conscience Fund for President: Pasadena Writer Sends Dollar to Harding to Make Good for 20-Year-Old Theft," Los Angeles Times, April 17, 1921.

"$33 for Conscience Fund: Smuggler Sent Taft the Money After Selling His Goods," New York Times, May 21, 1911.

"$1 to Conscience Fund: Remorseful Laborer Pays Off Debt to Government by Installments," New York Times, Nov. 10, 1912.

"The Nation's Conscience Fund," Scrap Book, May 1906.

"Uncle Sam's Conscience Fund," Book of the Royal Blue, November 1904.

"The Conscience Fund," Lippincott's Monthly Magazine, July 1894.

"Gives $18,669 to Cons

Is Your Financial Advisor Ripping You Off?  

The audio version of this article is also available to you here:

Listen to it on iTunes.
Listen to it on Stitcher.
Download as an MP3 by right-clicking here and choosing "save link as" or "save as".

Links Mentioned in the Episode:
Free 1 Month Trial from 5i Research

How to Invest in ETFs Guide

Article:

One of the best pieces of advice that I received growing up was that whenever you receive advice from someone, first ask yourself "Does that person have something to gain from giving me that advice?".

Asking myself this one question has helped me avoid dozens of mistakes over the years such as picking the wrong financial advisor, taking on too big of a mortgage, buying the wrong house, and many others.

One of the most financially catastrophic decisions you can make, is not asking yourself this question when it comes to choosing your financial advisor.

The reason for this is especially true in Canada, where we have some of the highest mutual fund fees in the world. Making the wrong decision here can literally cost you hundreds of thousands of dollars over your lifetime (and no, I am not exaggerating).

Yikes! So it's definitely worth your time to be skeptical and not automatically trusting when deciding which advisor you pick, and whether you buy the investments they recommend.

In Canada, there are a lot of great financial advisors, but also many sharks. This is why you shouldn't just walk into your local branch just because you already bank with them, and accept whatever financial advisor happens to be available at that time.

It also goes without saying that you also shouldn’t invest in whatever they tell you to invest in without first giving it some serious thought and analysis. Whether you live a comfortable retirement or one at the poverty level can easily be impacted by this one decision so choose carefully, and don’t base this decision on "convenience".

Aside: I’m going to use the term “financial planner” and “financial advisor” interchangeably in this article since most people don’t actually know the difference and are more familiar with the term “financial advisor”. Many people also say “financial advisor” when they really mean “financial planner”, so for the purposes of this article, I’m referring to the person you go to when you want to invest such as in your RRSP, TFSA, or if you want some sort of financial advice about what to do with your money.
Financial Advisors in Canada
The sad reality in Canada is that many people who call themselves "Financial Advisors" are actually commissioned sales people.  "Financial Advisor" sounds like a type of consultant. Someone that is there to advise me and has my best interests at heart (just like if you were to hire a consultant to help you with something in your job).

However when someone is paid a commission or bonus when they get you to invest in something, then they now automatically have a financial incentive to recommend investments to you that will make them the most money.

This is like going to a car dealership and asking the salesperson whether you should get the deluxe model with the heated seats.  I'd be willing to bet that if they get a higher commission to sell you the more expensive car, then 99% of them will say "Yes, you should get the more expensive model”.

I have nothing against people who receive commission but just realize that it's human nature for us to recommend things when we have a financial incentive to do so.

Also realize that such a financial incentive is VERY hard for a lot of people to resist, as ultimately who doesn’t want to earn more money?

There’s also the fear or getting fired, or missing out on a promotion since if their job is to get you to buy the investments that are the most profitable for the company, and they instead end up recommending something that is perfect for you but makes the co...

Episode 4: Who Can You Really Trust? —  Pulling Back the Curtain on the Tricks of the Trade  

How often would you like your financial advisor to think of what’s best for you when giving you financial advice? Half of the time? All of the time? It almost seems like a silly question to ask; why would you say anything less than “all of the time?” The whole point of hiring an advisor is to have someone you can trust to help you make the best choices possible with your money.

The sad truth is that many financial advisors don’t view this as the primary function of their job.

Out of the 310,000 financial advisors in the US, how many do you think are required to act in your best interest? 50%? 25%? The shocking truth is that less than 10% of all financial advisors in the United States follow the fiduciary standard — which legally requires financial advisors to put your interests ahead of their own.

It gets even scarier. Of the 10% of financial advisors who are fiduciaries, many are dually registered — meaning they can act as both a broker and a fiduciary. Legally, they don’t even need to notify you of their dual status, or whether they’re acting as a fiduciary or a broker at any given time! Talk about trust issues; would you ever go see a doctor who is only required to give you “good” medical advice during half of your visit? (And she doesn’t have to tell you which half of the visit.)

If you can’t trust 90% of financial advisors to act in your best interests, and many of the remaining 10% will only act in your best interests some of the time, then who can you trust?

That’s just the question Tony set out to answer when he wrote Unshakeable. Designed as your go-to financial freedom playbook, Unshakeable gives investors the knowledge they need to be truly unshakeable — unfazed by financial winters, prepared for anything, and wise enough to know who they can trust and who they can’t.

Having someone by your side who you can count on to give you the best advice for your money is a key part in planning for the financial future you want. That’s why it’s so important that you make sure your financial advisor — even a registered fiduciary — keeps you on track, and doesn’t prioritize their own needs over yours.

Even though the numbers look stacked against you, it’s possible to find a trustworthy financial advisor. There are over 5,000 firms and individuals in the US that will act in your best interest.

In this episode of The Unshakeable Podcast, Richard Bradley sits down with Tony and Peter Mallouk to explore the process of finding a financial advisor you can trust and how to identify the ways your financial advisor may be working for personal gain, instead of for you.

This episode of the Unshakeable podcast has been brought to you in collaboration with Creative Planning, an SEC Registered Investment Advisor, where Tony Robbins is a board member and Chief of Investor Psychology. Mr. Robbins receives compensation for serving in this capacity and based on increased business derived by the company from his services.

207: Shannon McLay, Founder of The Financial Gym  

Today’s guest has a really interesting story and is a woman after my own heart, helping young professionals navigate debt while teaching financial independence and what it means to be “financially fit.” Shannon McLay is a financial planner who left a stable job at a traditional financial services firm to start her own company, The Financial Gym. She felt that all traditional financial services firms did not offer the proper tools or resources to help young people in their 20s and 30s who are looking to build assets while also managing debt. Shannon believes that the key to long-term personal financial success is commitment to financial fitness and making smart financial choices. Well, amen to that! Through her company, Financially Blonde blog, her first book, “Train Your Way To Financial Fitness” and podcast, Martinis and Your Money, Shannon is covering all platforms so that financial fitness can be fun, easy and accessible to everyone! You can tune into her podcast every Friday to hear more from her.

Three takeaways from our interview today include:

The risks she took to leaver her job at Merrill Lynch and start her own company. How she’s going about raising capital to grow her financial planning business. As she says she’d like to someday like to do for the financial planning world what H&R Block has done for accounting services. How to win a free SIGNED copy of Shannon’s book Train Your Way to Financial Fitness. Shannon is giving away 5!

 

How one Aussie Millennial Has Grown Over $335,907 in Net Assets & His Financial Independence Hacks  

This week we've got Matt the Aussie FIREbug (Financial Independents Retire Early) teaching us a few things about his road to financial independence. He's going to take us through rapid saving strategies, his financial independence journey and ETFs and break down these in further detail.  

 

About Matt - The Aussie Firebug

My name is Matt - the Aussie Firebug, I've got a website AussieFireBug.com which is dedicated to my journey of financial independence which stands for Financial Independents Retire Early. I'm currently 28 years old and I work in IT. I started working when I was 22 after finishing university and growing up I had an Italian father, who was very thrifty and I was always very good with my money.

I struggled as I'd save all this money for no reason, then I'd blow it on something like clothes. Then I got a full-time job, and it was then that I realised there should be more to life. I was out of the house for about 10 - 12 hours a day working Monday to Friday each week and I wasn't used to that. I thought is this going to be my life for the next 40 years with four weeks off and a couple of sick days? I liked my job but I really struggled to adopt this lifestyle. So I worked that year, and then I bought an investment property right before the first home buyers grant finished. But I didn't really want it, I just did it because it's what you do. It wasn't until after a couple of years when I discovered the whole financial independence. I bought the property in 2012, and in 2013, I was thinking - I've got this asset, a lot of debt to my name, I better figure out what I'm doing. My initial path to lead me to financial

I liked my job but I really struggled to adopt this lifestyle. So I worked that year, and then I bought an investment property right before the first home buyers grant finished. But I didn't really want it, I just did it because it's what you do. It wasn't until after a couple of years when I discovered the whole financial independence. I bought the property in 2012, and in 2013, I was thinking - I've got this asset, a lot of debt to my name, I better figure out what I'm doing. My initial path to lead me to financial

My initial path to lead me to financial independence was through property investing. I realised you can buy an asset and generate income from it.

Keep buying things that are assets, which generate an income.

I read a lot of finance books and then I stumbled across Mr Money Moustache about a guy who's an engineer and retired from full-time work at 29.

His post - the formula to financial independence is a really good post and he goes through ETFs and what he invests in. I ended up buying my third property and I was slowing understanding diversification.

I realised I was heavily weighted in just Australian property and if there ever was a bust, it'd go badly for me. This last year I've been concentrating on exchange-traded funds - a blend of shares wrapped in a package.  I've been investing heavily in ETF's lately, there are pros and cons in each asset class.

I hope to get to a point where I track my expenses religiously. I think that's the most important part of the whole journey. You have to know. I post my net worth every month and when I get to a certain number hopefully my assets are generating an income.

 

Savings - if it doesn't get measured it doesn't get managed.

Aim to save 25% but with the fire piece generally, it's trying to strive to save more than 50% of your income.

 

You hit 74% of your income last year, what are some tips?

The main reason I could do 74% was due to living with my parents in the last half of that financial year. I was only paying rent for 6 months of that time. I'm about to release my new post, about how much I spent in this financial year and it won't be anything near that good. There's no rule. It's all about how quickly you want to escape the rat race. I always tell people, track your expenses! If you track them and look and how much money you're spending on things and you'll start to realise how much money you're wasting. You need to start plugging the holes.

You can do the hardcore way with a spreadsheet. Or you can use Pocketbook which is an Australia software company and it categorises your transactions which you can create graphs and things with. It allows you to drill down where you're spending your money.

Track your expenses and this will help you improve. It takes discipline and you've really got to want it to do it. Especially if you're on the path of independence you've got to want it bad!

I always think about whenever I want something I always mull it over for a few days at least. If we want to buy something we weigh it up and look at it as this purchase will delay the date for when we can quit our jobs.

 

  Let's talk ETFs, practically, how do you invest in them?

So basically, you need a broker. You cannot get around not using a broker and this cost is what funds the whole system. The cheapest you can find is $10 for every 20,000. How it works is that you buy packs of ETFs of around about $5 - $10k at a time. You could buy low-cost ETFs but then you'd be hit with a brokerage fee. So it's best to buy them in big amounts so that the percentage of the brokerage cost is an acceptable amount.

I run a three ETF split, so I buy VAS which are the top 300 companies on the ASX, and the best thing about these is that they're all Australian companies and you get franked dividends where basically when you're distributed dividends you get more. In the global share market, Australia only makes up 2% while America makes up almost half of it. Due to this, the whole reason and power behind ETFs is diversification for not a lot of money. If you wanted to diversify them same in property it would cost you a lot and you'd need a lot of properties. But then an ETF you can easily diversify and spread your money across a bunch of asset classes and businesses, which is sort of what your super does. Some supers invest in ETF's themselves.

Then I do VTFs which is the US market - top 300 biggest companies again. Then the other one is the VEU which is the entire world excluding the US. So between those three ETFs I've got most of the markets and countries covered. The theory behind it is if you buy stock in a few different companies, then you're safer. Property is one asset in one location, whether ETFs are reaching so many markets.

If you would like to learn more about Matt, read his blog here.

144-The Murder Castle  

When detectives explored the Chicago hotel owned by insurance fraudster H.H. Holmes in 1894, they found a nightmarish warren of blind passageways, trapdoors, hidden chutes, and asphyxiation chambers in which Holmes had killed dozens or perhaps even hundreds of victims. In this week's episode of the Futility Closet podcast we'll follow the career of America's first documented serial killer, who headlines called "a fiend in human shape."

We'll also gape at some fireworks explosions and puzzle over an intransigent insurance company.

Intro:

In 1908 a Strand reader discovered an old London horse omnibus on the outskirts of Calgary.

If Henry Jenkins truly lived to 169, then as an English subject he'd have changed religions eight times.

Sources for our feature on H.H. Holmes:

Erik Larson, The Devil in the White City, 2004.

John Borowski, The Strange Case of Dr. H.H. Holmes, 2005.

Harold Schechter, Depraved: The Definitive True Story of H.H. Holmes, 1994.

Alan Glenn, "A Double Dose of the Macabre," Michigan Today, Oct. 22, 2013.

John Bartlow Martin, "The Master of the Murder Castle," Harper's, December 1943.

Corey Dahl, "H.H. Holmes: The Original Client From Hell," Life Insurance Selling, October 2013.

"Claims an Alibi: Holmes Says the Murders Were Committed by a Friend," New York Times, July 17, 1895.

"Holmes in Great Demand: Will Be Tried Where the Best Case Can Be Made," New York Times, July 24, 1895.

"Accused of Ten Murders: The List of Holmes's Supposed Victims Grows Daily," New York Times, July 26, 1895.

"The Holmes Case," New York Times, July 28, 1895.

"Expect to Hang Holmes: Chicago Police Authorities Say They Can Prove Murder," New York Times, July 30, 1895.

"Chicago and Holmes," New York Times, July 31, 1895.

"No Case Against Holmes: Chicago Police Baffled in the Attempt to Prove Murder," New York Times, Aug. 2, 1895.

"Did Holmes Kill Pitzel: The Theory of Murder Gaining Ground Steadily," New York Times, Nov. 20, 1894.

"Holmes Fears Hatch: Denies All the Charges of Murder Thus Far Made Against Him," New York Times, Aug. 2, 1895.

"Quinlan's Testimony Against Holmes: They Think He Committed Most of the Murders in the Castle," New York Times, Aug. 4, 1895.

"Modern Bluebeard: H.H. Holmes' Castles Reveals His True Character," Chicago Tribune, Aug. 18, 1895.

"The Case Opened: A Strong Plea, by the Prisoner for a Postponement," New York Times, Oct. 29, 1895.

"Holmes and His Crimes: Charged with Arson, Bigamy, and Numerous Murders," New York Times, Oct. 29, 1895.

"Holmes Grows Nervous: Unable to Face the Portrait of One of His Supposed Victims," New York Times, Oct. 30, 1895.

"Holmes Is Found Guilty: The Jury Reaches Its Verdict on the First Ballot," New York Times, Nov. 3, 1895.

"Holmes Sentenced to Die: The Murderer of Benjamin F. Pietzel to Be Hanged," New York Times, Dec. 1, 1895.

"The Law's Delays," New York Times, Feb. 4, 1896.

"Holmes' Victims," Aurora [Ill.] Daily Express, April 13, 1896.

"Holmes Cool to the End," New York Times, May 8, 1896.

Rebecca Kerns, Tiffany Lewis, and Caitlin McClure of Radford University's Department of Psychology have compiled an extensive profile of Holmes and his crimes (PDF).

Listener mail:

The Seest disaster:

https://www.youtube.com/watch?v=l4iNOguCNFQ

Wikipedia, "Seest Fireworks Disaster" (accessed March 3, 2017).

"Dutch Fireworks Disaster," BBC News, May 14, 2000.

Wikipedia, "Enschede Fireworks Disaster" (accessed March 3, 2017).

"Vuurwerkramp," Visit Enschede (accessed March 3, 2017).

Beverly Jenkins, "10 Worst Fireworks Disasters Ever," Oddee, July 4, 2013.

Jessie Guy-Ryan, "Inside the World's Deadliest Fireworks Accident," Atlas Obscura, July 4, 2016.

Wikipedia, "Puttingal Temple Fire" (accessed March 3, 2017).

Rajiv G, "Kollam Temple Fire: Death Toll Reaches 111, 40 Badly Wounded," Times of India, April 12, 2016.

This week's lateral thinking puzzle was contributed by listener Daniel Sterman, who sent this corroborating link (warning -- this spoils the puzzle).

You can listen using the player above, download this episode directly, or subscribe on iTunes or Google Play Music or via the RSS feed at http://feedpress.me/futilitycloset.

Please consider becoming a patron of Futility Closet -- on our Patreon page you can pledge any amount per

Chinese Banking System, Uber’s Losses, and more Fed action with Grant’s Interest Rate Observer  

In this Market Forces segment of the Hidden Forces podcast, Demetri Kofinas speaks with Deputy Editor of Grant’s Interest Rate Observer, Evan Lorenz. The two begin their discussion by delving into some of the great, investigative research conducted by Evan and Grant’s into the Federal Reserve’s balance sheet and the way in which it manages liquidity in this “new normal” financial system. Evan goes into the nity-gritty details of IOER (interest on excess reserves), as well as the Fed's Reverse Repurchase Agreement Operations (RRPs) conducted by the Open Market Trading Desk at the Federal Reserve Bank of New York (New York Fed). Before the Federal Reserve's unprecedented interventions into financial markets in 2008, excess bank reserves hovered at just around 2 billion dollars. This narrow margin of liquidity gave the Federal Reserve the ability to intervene in the federal funds market using Open Market Operations (OMO) in order to affect the rate at which banks could lend overnight (the risk-free rate). This is the way in which the Federal Reserve has traditionally set interest rates across the economy. After the financial crisis of 2008, and after the Federal Reserve expanded its portfolio from roughly 80o billion dollars in assets to roughly 4.5 trillion dollars in assets, excess reserves have growth from roughly 2 billion dollars to 2.2 trillion dollars. This has made the federal funds market effectively obsolete, according to Evan Lorenz, and it has necessitated the Federal Reserve to target the interest rate through other means. Specifically, the Fed now manages to set the lower bound of the curve by borrowing money from money market mutual funds, which are a large provider of liquidity in financial markets through repurchase transactions for treasuries, lending in commercial paper, etc. The Fed sets the upper bound of the interest rate range by paying interest on excess reserves (IOER) held by banks. This is why we hear that the Federal Reserve is "targeting a range," and not a particular fed funds number.

The second part of Demetri Kofinas and Evan Lorenz's discussion centers on China. Specifically, the discussion centers on the state-directed banking sector and the unprecedented credit growth that we have seen in China. In particular, the two focus on the credit growth seen since 2011. Financial assets in the Chinese banking system are estimated at 35 trillion dollars compared to global GDP, which is roughly 75 trillion dollars. This makes the Chinese financial system equal to roughly 46% of global GDP. "We have never seen a financial system that large relative to the world," says Evan Lorenz. In order to put the Chinese banking system’s assets into perspective, let’s look at some other examples. In 1985, shortly before the plaza accords while the dollar was still soaring, the US banking system got to be about 32% of World GDP. In the early 1990s, when the Japanese Yen was making some of its highs of 80 yen per dollar, Japan’s banking system came to represent roughly 23% of World GDP. Furthermore, the US has a roughly 18.5 trillion dollar economy compared to China’s roughly 11-12 trillion dollar economy. This means that those 35 trillion dollars in assets represent more than three times the size of the Chinese economy. Since 2011, China has added the equivalent of the entire United States banking system - 17 trillion dollars in assets - to their financial system. Inevitably, this has had a huge knock-on effect on neighboring economies, in particular, emerging market economies with large commodity sectors, like Australia. All of this has created some concerning abnormalities in Chinese credit markets. In June of 2013, for example, there was a large seize-up in the Chinese interbank lending market. After this hiccup in the interbank market, the People’s Bank of China (PBOC) decided to intervene in the inter banking lending marketing in order to take out all of the volatility in rates, as growth in bank assets is outstripping deposit growth. This has incentivized banks and non banks alike to lever-up on whole-sale finance. This has led to the increased financing of long-term liabilities through short-term loans. This is making the financial system increasingly unstable, as larger amounts of the system are being financed using short-term liquidity. For example, in December of 2016, the relatively small Chinese brokerage firm Sealand, refused to honour a bond financing deal agreed to by a rogue employee who allegedly forged the company’s official seal. This lead to a seize-up in the entire Chinese lending market. Another perversion in the Chinese financial system is reflected in the inversion of government bond yields, between 5-year and 10-year government bonds.

The third story discussed by Demetri Kofinas and Evan Lorenz deals with Uber and with some of the more recent writings of Hubart Horan regarding the company's ominous finances. Uber is currently valued at roughly 69 billion dollars, a valuation based off of the money it has raised in private funding markets. Yet, Uber has lost 2.8 billion dollars in the last year. "Uber's losses have been scaling along with its revenue," says Evan Lorenz, as it has been using subsidies in order to outcompete other companies in the space. Besides its front-end, user interface, Uber has not offered much else in the way of innovation, according to Evan. Unlike other businesses that benefit from economies of scale, Uber has not been able to take advantage of those same benefits, since it does not deploy its own fleet. Neither has it been able to create meaningful barriers to entry, since its drivers can drive using competing platforms, and since the cost of competing with Uber is simply the cost of acquiring a single car by a single driver. Reflecting these challenges is the additional $708 million dollars that the company lost in the first quarter of 2017. Since it was founded in 2009, Uber has burned through at least $8 billion. The company says it has $7 billion of cash on hand, along with an untapped $2.3 billion credit facility. "This could be the biggest financial blow-up in the history of private placement," says Demetri Kofinas.

130: Stacy Francis, Farnoosh's Financial Planner Tells All!  

I talk about this amazing woman from time to time on the show… and figured I HAVE to once and for all shine a light on her and have her share her insights and advice with my audience. I’m honored to introduce our guest today, my financial planner, Stacy Francis, founder of Francis Financial, a holistic fee-only financial planning and wealth management boutique here in New York City. She is a nationally recognized financial expert and a Certified Financial Planner™ (CFP®). Stacy comes with over 18 years of experience in the financial industry and is also a Certified Divorce Financial Analyst™ (CDFA™). She appeared on NBC, PBS, CNN, and many other TV outlets… and contributed to over 100 major publications such as Investment News, The New York Times, The Wall Street Journal and USA Today. In addition, Stacy received numerous awards, including The Heart of Financial Planning Award from the Financial Planning Association (FPA) and was listed as a national Money Hero by CNN Money Magazine.

Three takeaways from our interview:

-- The most popular objection Stacy hears from prospective clients.

-- How to know if you would be well off working with a robo advisor.

-- The biggest mistake she made with her money – and yes, financial advisors make mistakes!

Episode 150: Margaret Sullivan  

Margaret Sullivan is the public editor of The New York Times.

“Jill Abramson said to me early on, ‘What will happen here is you’ll stick around and eventually you’ll alienate everybody, and then no one will be talking to you, and you’ll have to leave.’ I’m about three-quarters of the way there.”

Thanks to TinyLetter and Netflix for sponsoring this week's episode.

Show Notes:

@Sulliview [5:00] "One Year Later, 11 Questions for Dean Baquet"(The New York Times • May 2015) [6:00] The Public Editor's Journal [7:00] "AnonyWatch" (The New York Times) [9:00] "The Disconnect on Anonymous Sources" (The New York Times • Oct 2013) [10:00] "Trend-spotting, With Wink at Mr. Peanut" (The New York Times • March 2014) [11:00] "...Introducing The Monocle Meter" (The New York Times • Nov 2014) [11:00] "Women Who Dye Their Armpit Hair" (Andrew Adam Newman • The New York Times • July 2015) [14:00] "Tennis's Top Women Balance Body Image With Ambition" (Ben Rothenberg • The New York Times • July 2015) [16:00] "Double Fault on Article about Serena Williams and Body Image?" (The New York Times • July 2015) [21:00] "Post Ombudsman Will Be Replaced By Reader Representative" (Paul Farhi • The Washington Post • March 2013) [24:00] "The Conflict and the Coverage" (The New York Times • Nov 2014) [26:00] "Gender Questions Arise in Obituary of Rocket Scientist and Her Beef Stroganoff" (The New York Times • April 2013) [29:00] "What Might Leadership Change Mean for Times Readers?" (The New York Times • May 2014) [31:00] "Diversity, Strong Editing, and Moving Forward From the Shonda Rhimes Furor" (The New York Times • Sept 2014) [33:00] "Facts, Truth...and May the Best Man Win" (The New York Times • Sept 2012) [38:00] "Everything I Know About Journalism in 395 Words" (The New York Times • May 2015)

Longform 0

James Rickards on Complexity, Economic History, and the Coming Financial Crisis  

In Episode 2 of Hidden Forces, host Demetri Kofinas speaks with New York Times bestselling author and brilliant financial commentator, Jim Rickards. Jim is the author of multiple New York Times bestsellers including The Death of Money, Currency Wars, and The New Case For Gold. His latest book is The Road To Ruin: The Global Elites' Secret Plan for the Next Financial Crisis. He is the editor of the Strategic Intelligence newsletter and a member of the advisory board of the Center for Financial Economics at Johns Hopkins. He’s an adviser to the Department of Defense and the U.S. intelligence community on international economics and financial threats and served as a facilitator of the first-ever financial war games conducted by the Pentagon.

Jim and Demetri explore financial history stretching back to some of the earliest economic philosophers, enumerate the deregulation of the financial system from the time of Bretton Woods, through the financial panics in Asia in the late 1990s and the Financial Crisis of 2008. We address one of economics professions' greatest weaknesses, namely, the desperate need for better modeling. What can complexity theory, bayesian analysis, and behavioral psychology tell us about our world? How can these theories help improve or replace our broken models? We end with projections about the future and why Jim believes the next crisis is bigger, runs deeper, and is much closer than most of us might imagine.

 

Producer & Host: Demetri Kofinas
Editor: Connor Lynch
Engineering: Ignacio Lecumberri

Join the conversation on Facebook, Twitter, and Instagram at @hiddenforcespod.

Ep. 117 - David Bach: How to Live Your Best Life  

Today I'm very pleased to welcome David Bach to the show. David is the author of several books on achieving your financial goals, and doing so while reducing stress along the way. With titles including Automatic Millionaire, Smart Women Finish Rich, and Smart Couples Finish Rich, David has become an absolute authority on choosing yourself first. Or as he says, "Pay yourself first." With financial troubles being the leading cause of friction and divorce amongst couples, David has found several key ways that families can manage their finances easier. Steps couples can take to improve their financial lives include: •Talking about small purchases more often. •Twice a year, work with your spouse or a financial advisor to monitor your personal financial statement. •Have a vision for your financial future. This clarifies every decision you make in your financial life. David is a big advocate of "The Latte Factor" and doing small things to save money every day. This helps people overcome the biggest obstacle to better financial behaviors: getting started. Whether you're an entrepreneur or an intrapreneur, the thing you can do that will have the most effect on your financial path is to increase your income. For entrepreneurs, this means increasing your rates. If your services are indispensable to current customers, they will gladly pay a higher rate. If you're working within a company, getting a raise on a regular basis is the way to go. Be valuable to your employer and they will gladly reward you. The digital economy and the passing recession have given us a unique opportunity to reinvent ourselves. While many people are having to do this at an older age, David has a few key actions people can take to get on this road, even if it's later in life: •Spend Less. •Setup an automatic saving plan. Pay yourself first and allow compounding to do its magic. •Meditate regularly. •Journal immediately after you meditate. •Focus on what is making you unhappy, AND what you can do to help make you happier. Links and Resources Mentioned in the Show:            •To access more of David's insights on how to be successful at managing your finances, head to Smart Couples Live- Enter coupon code "tour"           •You can learn more about David and his works on FinishRich.com           •Follow David on Twitter at @AuthorDavidBach   If you're looking for a financial planner, David and his team at Edelman Financial Planning can help you reach your goals

Episode 43: Margalit Fox  

Margalit Fox is a senior obituary writer for The New York Times and the author of The Riddle of the Labyrinth: The Quest to Crack an Ancient Code.

"You do get emotionally involved with people, even though as a journalist you're not supposed to. But as a human being, how can you not? Particularly people who had difficult, tragic, poignant lives. But there are also people that you just wish you had known. And, of course, the painful irony is that you're only getting to know them by virtue of the fact that it's too late."

Show notes:

@margalitfox The Riddle of the Labyrinth: The Quest to Crack an Ancient Code (HarperCollins • 2013) Fox's New York Times archive [4:15] "Lennart Meri, 76, of Estonia, Dies; President, Filmmaker, Writer" (New York Times • Mar 2006) [4:20] "Samuel Alderson, Crash-Test Dummy Inventor, Dies at 90" (New York Times • Feb 2005) [4:25] "Fred Morrison, Creator of a Popular Flying Plate, Dies at 90" (New York Times • Feb 2010) [4:25] "André Cassagnes, Etch A Sketch Inventor, Is Dead at 86" (New York Times • Feb 2013) [4:25] "John Houghtaling, Inventor of Magic Fingers Vibrating Bed, Dies at 92" (New York Times • June 2009) [9:45] "Frank Sinatra Has a Cold" (Esquire • Apr 1966) [14:15] "Maurice Sendak, Author of Splendid Nightmares, Dies at 83" (New York Times • May 2012) [17:15] Alden Whitman Is Dead at 76; Made an Art of Times Obituaries (New York Times • Sep 1990) [22:15] "Nguyen Chi Thien, Whose Poems Spoke Truth to Power, From a Cell, Dies at 73" (New York Times • Oct 2012) [23:30] "Sy Wexler, Maker of Ubiquitous Classroom Films, Dies at 88" (New York Times • Mar 2005) [24:30] "Leslie Buck, Designer of Iconic Coffee Cup, Dies at 87" (New York Times • Apr 2010) [39:00] "Alice E. Kober, 43; Lost to History No More" (New York Times • May 2013) [40:45] "John Fairfax, Who Rowed Across Oceans, Dies at 74" (New York Times • Feb 2012)

Longform 0

Financial Volatility at the Edge of Crisis with Christopher Cole  

In Episode 5 of Hidden Forces, Demetri Kofinas speaks with Christopher Cole. Chris is the founder of Artemis Capital and the portfolio manager of the Artemis Vega Fund, which seeks to profit from periods of financial volatility, dislocation, and systemic crisis in financial markets. His core focus is systematic, quantitative, and behavioral based trading of financial volatility derivatives.

In this episode, Demetri and Chris explore political and financial volatility. They discuss the unprecedented level of mean reversion of volatility in financial markets. The look at financial volatility persistence. They compare spot or historic volatility to implied or forward volatility. They look at volatility-of-volatility (vol of vol). Christopher Cole presents his opinion that modern portfolio and system rebalancing strategies actually dampen financial volatility. Demetri Kofinas see's these strategies as increasing volatility in the long-term, which Chris Cole agrees with. Christopher also makes the further point that stocks are overvalued when looked at from enterprise value to EBITDA, Case Schiller PE, Price to Book, Price to Sales, etc. He also believes that financial volatility could come from either the left or right tail of the distribution. We could have inflation or deflation, according to Christopher. His objective is to profit regardless of whether we get a move upwards or downwards in prices. The key for Cole is always in finding cheap ways to go long uncertainty and to carry volatility.

These concepts can seem complicated. They are, however, what one needs to remember is that volatility is change. Volatility is uncertainty, and we live in uncertain times. This episode of Hidden Forces is about learning how to embrace that uncertainty. It is about learning how to embrace change. It is an episode about learning how to profit from risk and how to capitalize on what cannot be known. It is about learning how to price that risk through a deeper understanding of volatility in financial markets.

Producer & Host: Demetri Kofinas

Editor: Connor Lynch

Engineer: Sylianos Nicolaou

Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod

Episode 90: Susan Dominus  

Susan Dominus is a staff writer at the New York Times Magazine.

"A lot of reporting is really just hanging around and not going home until something interesting happens."

Thanks to TinyLetter for sponsoring this week's episode.

Show notes:

@susandominus Dominus on Longform [7:00] Longform Podcast #31: Emily Nussbaum [9:45] "Santa's Little Helper" (New York Times • Dec 1999) [10:00] "The Allergy Prison" (New York Times Magazine • Jun 2001) [11:00] "Shabana is Late for School" (New York Times Magazine • Sep 2002) [16:00] "Everybody Has a Mother" (New York Times Magazine • Feb 2003) [17:30] "What Happened to the Girls in Le Roy?" (New York Times Magazine • Mar 2012) [25:15] "Eve Ensler Wants to Save the World" (New York Times Magazine • Feb 2002) [30:15] "He Could Be Cranky, But He Was Her Neighbor" (New York Times • Mar 2008) [32:00] "Susan Dominus is the Best" (Hamilton Nolan • Gawker • Jul 2009) [33:15] Longform Podcast #87: Amanda Hess [33:46] "It's All Sweetness and Light, Until the Snowballs Fly" (New York Times • Feb 2010) [35:00] "Could Conjoined Twins Share a Mind?" (New York Times Magazine • May 2011) [35:15] Longform Podcast #28: Joel Lovell (live) [43:00] "The Woman Who Took the Fall for JPMorgan Chase" (New York Times Magazine • Oct 2012) [49:00] "Daniel Radcliffe's Next Trick is to Make Harry Potter Disappear" (New York Times Magazine • Oct 2013) [53:30] "Why Isn't Maggie Cheung a Hollywood Star?" (New York Times • Nov 2004) [54:00] "Dangerous When Interested" (New York Times Magazine • Aug 2007) [58:00] "Life in the Age of Old, Old Age" (New York Times Magazine • Feb 2004)

Longform 0

TTMIK Level 6 Lesson 29 - PDF  




In this lesson, we are going to look at how to say “sometimes I do this, sometimes I do that” or “sometimes it’s like this, other times it’s like that” in Korean.

In order to say this, there are a few things you need to know. First of all, you need to know how to use the -(으)ㄹ 때 ending, which means “when + S + V”. And you also need to know how the topic marker -는 is used to show contrast.

How to say “sometimes” in Korean
When the word “sometimes” is used just to show the frequency of an action, you can say 가끔 [ga-kkeum], 가끔씩 [ga-kkeum-ssik], or 때때로 [ttae-ttae-ro]. (가끔 and 가끔씩 are more common in spoken Korean than 때때로.)

But when you want to literally say “some times” and “other times”, you use the expression, 어떨 때 [eo-tteol ttae].

어떨 때 comes from 어떻다 + -(으)ㄹ + 때.

어떻다 [eo-tteo-ta] means “to be how” or “to be in what kind of state” and -(으)ㄹ marks a future action or state, and 때 [ttae] means “time” or “when”. So literally, 어떨 때 means “when what state will happen” or “when things are how”. Therefore when more naturally translated, 어떨 때 means “in what kind of situation”, “in what kind of times” or even just “when”.

Ex)
어떨 때 영화 보고 싶어요?
[eo-tteol ttae yeong-hwa bo-go si-peo-yo?]
= When do you (usually) feel like watching a movie?

어떨 때 제일 힘들어요?
[eo-tteol ttae je-il him-deu-reo-yo?]
= When do you (usually) have the hardest time?

As you can notice from the examples above, 어떨 때 is commonly used when you are asking about a general pattern or habit, whereas 언제 [eon-je] would just have the plain meaning of “when”.

어떨 때 can also be used, however, to mean “sometimes”. But this is when you want to show contrast between “some times” and “other times”. Therefore, you usually use 어떨 때 with the topic marker, -는.

어떨 때는 [eo-tteol ttae-neun] = sometimes + certain state/action
+
어떨 때는 [eo-tteol ttae-neun] = other times + another state/action

Like shown above, you can repeat 어떨 때는. Let’s take a look at some examples.

커피요? 어떨 때는 마시는데, 어떨 때는 안 마셔요.
[keo-pi-yo? eo-tteol ttae-neun ma-si-neun-de, eo-tteol ttae-neun an ma-syeo-yo.]
= Coffee? Sometimes I drink it, but other times, I don’t drink it.

어떨 때는 혼자 있는 것이 좋은데, 어떨 때는 싫어요.
[eo-tteol ttae-neun hon-ja it-neun geo-si jo-eun-de, eo-tteol ttae-neun si-reo-yo.]
= Sometimes, I like being alone, but other times, I don’t like it.

If you want to be more specific and say “other times” in Korean, too, you can use the expression “다른 때는", using the verb “다르다".

Although 어떨 때는 is more commonly used, some people also use 어떤 때는, since it is in the present tense.

Sample Sentences
1. 그 사람은 어떨 때는 친절한데, 어떨 때는 정말 불친절해요.
[geu sa-ra-meun eo-tteol ttae-neun chin-jeo-ran-de, eo-tteol ttae-neun jeong-mal bul-chin-jeo-rae-yo.]
= Sometimes, he is kind, but other times, he is very unkind.

2. 어떨 때는 일을 그만두고 싶은데, 어떨 때는 일 하는 게 좋아요.
[eo-tteol ttae-neun i-reul geu-man-du-go si-peun-de, eo-tteol ttae-neun il ha-neun ge jo-a-yo.]
= Sometimes I feel like quitting my job, but other times, I like working.

You can also use the ending -(으)ㄹ 때도 있어요 after the second 어떨 때는 clause.

For example, the above sentence can be changed to 어떨 때는 일을 그만두고 싶은데, 어떨 때는 일 하는 게 좋을 때도 있어요.

-(으)ㄹ 때 means “a time when …” and -도 있어요 means “there are also …”, therefore this is to express the meaning “there are also times when...”.

3. 어떨 때는 운동하는 게 재미있는데, 어떨 때는 운동하고 싶지 않을 때도 있어요.
[eo-tteol ttae-neun un-dong-ha-neun ge jae-mi-it-neun-de, eo-tteol ttae-neun un-dong-ha-go sip-ji a-neul ttae-do i-sseo-yo.]
= Sometimes, working out is fun, but other times, there are also times when I don’t feel like doing exercise.




TTMIK Level 6 Lesson 29  




In this lesson, we are going to look at how to say “sometimes I do this, sometimes I do that” or “sometimes it’s like this, other times it’s like that” in Korean.

In order to say this, there are a few things you need to know. First of all, you need to know how to use the -(으)ㄹ 때 ending, which means “when + S + V”. And you also need to know how the topic marker -는 is used to show contrast.

How to say “sometimes” in Korean
When the word “sometimes” is used just to show the frequency of an action, you can say 가끔 [ga-kkeum], 가끔씩 [ga-kkeum-ssik], or 때때로 [ttae-ttae-ro]. (가끔 and 가끔씩 are more common in spoken Korean than 때때로.)

But when you want to literally say “some times” and “other times”, you use the expression, 어떨 때 [eo-tteol ttae].

어떨 때 comes from 어떻다 + -(으)ㄹ + 때.

어떻다 [eo-tteo-ta] means “to be how” or “to be in what kind of state” and -(으)ㄹ marks a future action or state, and 때 [ttae] means “time” or “when”. So literally, 어떨 때 means “when what state will happen” or “when things are how”. Therefore when more naturally translated, 어떨 때 means “in what kind of situation”, “in what kind of times” or even just “when”.

Ex)
어떨 때 영화 보고 싶어요?
[eo-tteol ttae yeong-hwa bo-go si-peo-yo?]
= When do you (usually) feel like watching a movie?

어떨 때 제일 힘들어요?
[eo-tteol ttae je-il him-deu-reo-yo?]
= When do you (usually) have the hardest time?

As you can notice from the examples above, 어떨 때 is commonly used when you are asking about a general pattern or habit, whereas 언제 [eon-je] would just have the plain meaning of “when”.

어떨 때 can also be used, however, to mean “sometimes”. But this is when you want to show contrast between “some times” and “other times”. Therefore, you usually use 어떨 때 with the topic marker, -는.

어떨 때는 [eo-tteol ttae-neun] = sometimes + certain state/action
+
어떨 때는 [eo-tteol ttae-neun] = other times + another state/action

Like shown above, you can repeat 어떨 때는. Let’s take a look at some examples.

커피요? 어떨 때는 마시는데, 어떨 때는 안 마셔요.
[keo-pi-yo? eo-tteol ttae-neun ma-si-neun-de, eo-tteol ttae-neun an ma-syeo-yo.]
= Coffee? Sometimes I drink it, but other times, I don’t drink it.

어떨 때는 혼자 있는 것이 좋은데, 어떨 때는 싫어요.
[eo-tteol ttae-neun hon-ja it-neun geo-si jo-eun-de, eo-tteol ttae-neun si-reo-yo.]
= Sometimes, I like being alone, but other times, I don’t like it.

If you want to be more specific and say “other times” in Korean, too, you can use the expression “다른 때는", using the verb “다르다".

Although 어떨 때는 is more commonly used, some people also use 어떤 때는, since it is in the present tense.

Sample Sentences
1. 그 사람은 어떨 때는 친절한데, 어떨 때는 정말 불친절해요.
[geu sa-ra-meun eo-tteol ttae-neun chin-jeo-ran-de, eo-tteol ttae-neun jeong-mal bul-chin-jeo-rae-yo.]
= Sometimes, he is kind, but other times, he is very unkind.

2. 어떨 때는 일을 그만두고 싶은데, 어떨 때는 일 하는 게 좋아요.
[eo-tteol ttae-neun i-reul geu-man-du-go si-peun-de, eo-tteol ttae-neun il ha-neun ge jo-a-yo.]
= Sometimes I feel like quitting my job, but other times, I like working.

You can also use the ending -(으)ㄹ 때도 있어요 after the second 어떨 때는 clause.

For example, the above sentence can be changed to 어떨 때는 일을 그만두고 싶은데, 어떨 때는 일 하는 게 좋을 때도 있어요.

-(으)ㄹ 때 means “a time when …” and -도 있어요 means “there are also …”, therefore this is to express the meaning “there are also times when...”.

3. 어떨 때는 운동하는 게 재미있는데, 어떨 때는 운동하고 싶지 않을 때도 있어요.
[eo-tteol ttae-neun un-dong-ha-neun ge jae-mi-it-neun-de, eo-tteol ttae-neun un-dong-ha-go sip-ji a-neul ttae-do i-sseo-yo.]
= Sometimes, working out is fun, but other times, there are also times when I don’t feel like doing exercise.




Ep206 – Trump’s New Deal for Britain, Ant Financial Goes Global - FinTech Insider by 11:FS  

News, glorious news! We’ve switched up the format of the show in season 2. Every Monday, we’ll bring you FinTech Insider News, a show dedicated exclusively to the latest fintech and financial services headlines. Wednesday features FinTech Insider Insights, where we’ll continue to bring on experts to discuss digital banking, new business models, APIs, and all the other areas that matter to our industry. And on Fridays, with FinTech Insider Interviews, we’ll continue to share the individual stories of people making the biggest impact in fintech and financial services.

 

Thank you to our guests:

Frankie Woodhead, Director, Commercial & Channels at Barclays,
@FTWoodhead

Alessandro Hatami, Managing Partner at The Pacemakers
@ahatami

 

The news this week:

The Telegraph - Donald Trump plans new deal for Britain - Link
Pyments - MiSys aims to kill P2P lending / alternative lending - Link
Business Insider - Siemens partners with Scalable Capital - Link
Reuters - Tencent, Hillhouse Capital take stakes in Aviva Hong Kong - Link
Finextra - China's Ant Financial goes global in bid for two billion users in 10 years - Link 
Ant Financial - MoneyGram Agrees to Merge with Ant Financial - Link
The Register - Lloyds Bank outage: DDoS is prime suspect - Link
Hacker group claims responsibility for Lloyds with ransom demands - Link
Finextra - UK banks strike branch banking deal with Post Office - Link
CNBC - Deutsche Bank's CEO says technology will be key to banking in the next five years - Link

 

We'd also like to welcome our new sponsors this year, LinkedIn and the Financial Times. We’re really excited about these new partnerships and taking FinTech Insider to the next level.

 

If you enjoyed this podcast, please take the time to review us on iTunes. Want to learn more about the hosts? Visit us on 11fs.co.uk

The post Ep206 – Trump’s New Deal for Britain, Ant Financial Goes Global appeared first on 11FS.

25 - Morgan Ricks on *The Money Problem,* Financial Regulation, and Shadow Banking  

Morgan Ricks is a law professor at Vanderbilt University and an expert on financial regulation. From 2009-2010, he was a senior policy adviser at the U.S. Treasury Department where he focused on financial stability initiatives. Morgan joins the show to discuss his new book, “The Money Problem: Rethinking Financial Regulation,” which argues that shadow banking institutions create large sums of private sector money through issuing short-term debt. This rapid expansion creates instability to the financial system and to the broader economy. To solve this problem, Morgan proposes that only properly chartered, FDIC-insured banks be allowed to issue short-term liabilities. Although there may be more bureaucracy in insuring the financial system under this proposal, Morgan argues there would be less need for higher capital requirements and other regulations. David’s blog: http://macromarketmusings.blogspot.com/ Morgan Ricks’ Vanderbilt profile: http://law.vanderbilt.edu/bio/morgan-ricks David’s Twitter: @DavidBeckworth Morgan Ricks’ Twitter: @MorganRicks1 Related links: The Money Problem: Rethinking Financial Regulation https://www.amazon.com/Money-Problem-Rethinking-Financial-Regulation/dp/022633032X David’s review of The Money Problem in National Review (gated) https://www.nationalreview.com/magazine/2016-09-12-0100/morgan-ricks-the-money-problem “A Simpler Approach to Financial Reform” by Morgan Ricks http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2316900 “A Former Treasury Adviser on How to Really Fix Wall Street” by Morgan Ricks in The New Republic https://newrepublic.com/article/98659/wall-street-term-out-panic

Bill Ryan – The 5 Cash Flows, 5 Steps of Success, and The Power of Geometric Growth [Podcast 107]  

Today’s guest, Bill Ryan, is the founder and owner of the RHL Group which comprises of 4 companies: Ryan Home Loans, RHL Financial Services, RHL Real Estate, & RHL Health & Nutrition. He’s an amazing combination of Network Marketing Experience and success, coupled with the financial and investment expertise needed to truly build wealth. Bill joined David recently to present some training in Australia and David knew immediately he had to get Bill on the show. You’ll get a ton out of this conversation, so be sure to set aside the time to listen. 5 Cash Flows that can set you up for wealth. In his experience as a real estate professional and as a financial investment consultant, Bill Ryan has seen as many schemes to get rich as there are people. In all of that time he’s only seen 5 real vehicles for building true wealth. He has compiled his observations into what he calls “The 5 Cash Flows,” 5 areas of income that he believes every person needs to understand so that they can build a diverse portfolio of wealth building skills that will truly build the financial freedom and wealth that they desire. Bill shares all 5 of these Cash Flows on this episode of Amplified Network Marketing, so make sure you listen. [Tweet "The 5 cash flows that build true wealth, on this episode of Amplified Network Marke"]ting How do you find professional help that you can trust? On this episode of Amplified Network Marketing, Bill Ryan suggests that everyone find skilled professionals who can help them with their financial goals, but to make sure that they find a person they feel alignment with and are able to trust. How do you find those people? One of the best ways is to ask other people you respect who they go to for the kind of advice you need. It’s easier to trust someone if a person you trust already trusts them. Get more tips for how to find professional help you can trust, on this episode. Relational wealth is just as important as financial wealth. Today’s guest, Bill Ryan, knows this firsthand. He’s seen so many people become successful simply because they knew how to forge and maintain healthy relationships with people who had the expertise and savvy to help them on their wealth building journey. He’s convinced that the skill of forming good relationships is one of the greatest things anyone could learn to help them move their business forward or create wealth for their family. You’ll hear his suggestions for how to go about doing that, on this episode. [Tweet "Why Building relational wealth is just as important as building financial wealth" The Power of Geometric Progression in Network Marketing. One of the main things that caused Bill Ryan to add Network Marketing to his collection of wealth building strategies is the way the business model enables the numbers of a successful business to work. He calls it geometric progression and it’s based on simple mathematics. As each person in a business simply replaces themselves with two more people just like them, the compounding effect of the income streams takes off. Discover the “magic” of network marketing math, on this episode of Amplified Network Marketing. [Tweet "You don’t have to be rich to invest, but you do have to invest to be rich ~ Bill Ryan"] OUTLINE OF THIS GREAT EPISODE [0:30] David’s welcome to the episode and his introduction of Bill Ryan. [3:08] A financial expert who’s working a Network Marketing business. [4:48] What is the geometric progression? [6:27] How residual income works. [9:52] The 5 cash flows [15:26] Business flipping as a cash generator. [16:10] The importance of creating wealth instead of spending what you get. [20:07] Two misconceptions about Network Marketing. [23:59] When somebody is starting out, should they find a financial planner, or master these areas themselves? [25:19] How to find the right professional people who you can trust. [26:41] The mindset behind wealth building and how it impacts the ups and downs.

TLS #80: how to change our money mindsets to achieve our financial goals with farnoosh torabi (So Money podcast)  

Welcome to the final week of Money Month! I'm pumped for this episode because I believe it holds the key to succeeding in any other goal in our financial lives that we've covered in money month and in our previous money episodes from TLS season one. Today I'm talking with Farnoosh Torabi, she's a bestselling financial author, coach, TV personality, and podcaster out to help people live richer, happier lives. Today we'll be discussing the money mindsets that have the power to cause us to succeed or fail in our financial lives. This is an amazing framework that applies to anything we want in life, far beyond money as well!  Plus, Farnoosh is answering TLS listener questions about money. This episode is perfect for anyone who is unsure about why they haven't succeeded with their financial goals so far, or wants to learn how to implement effective financial strategies.     IN THIS EPISODE YOU’LL FIND OUT ABOUT   Why Farnoosh wanted to pursue journalism as a career but decided to major in finance in college instead. How Farnoosh got into journalism and used her finance degree to her advantage. Farnoosh's advice for anyone looking to break into the news industry. How Farnoosh got out of $30,000 in debt on an $18,000 salary (while living in New York!). The money mindsets and disciplines that Farnoosh believes helps change our relationship with our finances. How Tony Robbin's framework for success and failure applies to our financial lives. Farnoosh's #1 strategy to improving your financial future. What Farnoosh would tell someone just starting out on this journey. Farnoosh answers listener questions: How do you plan for an inconsistent income? What business structure should your blog have? How much should you have on hand for an emergency fund? How do you handle being a breadwinning wife? How should I handle invasive questions people ask me about my income?   SHOW NOTES   TLS: Debt reduction and motivation with Eric Williams TLS: Becoming Financially Proactive with Mary Beth Storjorhann TLS: 27 Ways to Make Money Online Part 1 - Hilary Rushford TLS: 27 Ways to Make Money Online Part 2 - Jessie Artigue Farnoosh.tv So Money with Farnoosh Torabi Podcast Farnoosh's books: You're So Money: Live Rich, Even When You're Not When She Makes More: The Truth About Navigating Love and Life for a New Generation of Women Psych Yourself Rich, Video Enhanced Version: Get the Mindset and Discipline You Need to Build Your Financial Life Freshbooks (Affiliate link + free 30 day trial to the bookkeeping software I'm obsessed with!) Tony Robbins video John Lee Dumas income reports @Farnoosh on Twitter   LISTEN TO THE SHOW     PS - The braille Be Brave and Be Present intention necklaces and Live With Intention bracelet are being discontinued at the end of the month! Order these beautifully intentional pieces for yourself or gifts before June 30th. 

0:00/0:00
Video player is in betaClose