Learn a new word everyday
Saturday, October 31, 2009
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Vocabulary
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Learn to pay yourself first
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Money
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If you wish to attain financial freedom, the first and foremost technique to learn in the game of money is to pay yourself first. Doesn't matter how you earn your main source of income. Be an employee or self employed or business man, the source of income doesn't matter. All that matters is, how much do you pay yourself?
Ironically, I do not mean how much you spend by saying how much you pay yourself. To be specific, I'd say, "How much do you pay yourself for your personal investment towards building your assets?".
If you just take a moment to think about this, you will see what your eyes can't see in the game of money. It's all about how do you manage your cash flow. Typically, what most of us do? We pay everybody else first and then we think about us, am I wrong?
Lets take a typical example - A salaried employee, "Mr.Xyz" who earns a handsome amount every month. Now-a-days every salaried employee holds a credit card, very typically, our Mr.Xyz also owns one. Also, Mr.Xyz easily managed to buy a house in a somewhat-to-be-prime locality of the city with a very little down payment, thanks to the very altruistic banks. Mr.Xyz says, "At the least, I'm going to save on my income tax". Truly false notion, Lets talk about this later. Suddenly, riding his bike seems to be a tedious task for Mr.Xyz. Here he goes, "What's life without a car? Lets get one, next years salary increment will take care of the monthly EMIs". Well done!
Mr.Xyz seems to have a content and secured life for somebody who does not know anything about him. That's not the reality. In reality he is no where near to being wealthy. Let's take a look at his cashflow.
Mr.Xyz gets his salary every month, after tax deducted at source. And then, he transfers a major amount for his flat's EMI and then comes the EMI for his car. At last, he has to pay his credit card bill. So now, he has to plan how he is gonna manage the next thirty days with the remaining amount.
Do you see what's going on in here with our Mr.Xyz? He has no investments towards assets, all that he holds near to him costs him very dearly. As I said in my earlier posts, an asset is something which brings money in. But, Mr.Xyz has built a lot of liabilities, with very less or no asset. Remember, as soon as you take up a debt you become an employee for your debt. There are always at least two financial statements for every transaction, more so here. Mr.Xyz's house is a liability in his statement, but an asset which brings in a lot of interest in the bank's statement. You are working hard to make someone else wealthy.
So, think about it guys. If you have any small interest in attaining financial freedom, then you have to take care of your cash flow. If there is a flaw in your cash flow, irrespective of how much ever money you may earn each month, the hole in your money management will drain all of it. You're left with no other choice than to work for many more years to come.
Follow the rule: Pay yourself first.
Pay yourself every month for your investments towards building assets. Live frugally, well below your means. Avoid unnecessary debts, improve your financial knowledge and improve your chances of being financially independent.
Do not work for your debts, rather let your assets take care of your financial needs and you follow your heart to achieve your passion.
Ironically, I do not mean how much you spend by saying how much you pay yourself. To be specific, I'd say, "How much do you pay yourself for your personal investment towards building your assets?".
If you just take a moment to think about this, you will see what your eyes can't see in the game of money. It's all about how do you manage your cash flow. Typically, what most of us do? We pay everybody else first and then we think about us, am I wrong?Lets take a typical example - A salaried employee, "Mr.Xyz" who earns a handsome amount every month. Now-a-days every salaried employee holds a credit card, very typically, our Mr.Xyz also owns one. Also, Mr.Xyz easily managed to buy a house in a somewhat-to-be-prime locality of the city with a very little down payment, thanks to the very altruistic banks. Mr.Xyz says, "At the least, I'm going to save on my income tax". Truly false notion, Lets talk about this later. Suddenly, riding his bike seems to be a tedious task for Mr.Xyz. Here he goes, "What's life without a car? Lets get one, next years salary increment will take care of the monthly EMIs". Well done!
Mr.Xyz seems to have a content and secured life for somebody who does not know anything about him. That's not the reality. In reality he is no where near to being wealthy. Let's take a look at his cashflow.
Mr.Xyz gets his salary every month, after tax deducted at source. And then, he transfers a major amount for his flat's EMI and then comes the EMI for his car. At last, he has to pay his credit card bill. So now, he has to plan how he is gonna manage the next thirty days with the remaining amount.
Do you see what's going on in here with our Mr.Xyz? He has no investments towards assets, all that he holds near to him costs him very dearly. As I said in my earlier posts, an asset is something which brings money in. But, Mr.Xyz has built a lot of liabilities, with very less or no asset. Remember, as soon as you take up a debt you become an employee for your debt. There are always at least two financial statements for every transaction, more so here. Mr.Xyz's house is a liability in his statement, but an asset which brings in a lot of interest in the bank's statement. You are working hard to make someone else wealthy.
So, think about it guys. If you have any small interest in attaining financial freedom, then you have to take care of your cash flow. If there is a flaw in your cash flow, irrespective of how much ever money you may earn each month, the hole in your money management will drain all of it. You're left with no other choice than to work for many more years to come.
Follow the rule: Pay yourself first.
Pay yourself every month for your investments towards building assets. Live frugally, well below your means. Avoid unnecessary debts, improve your financial knowledge and improve your chances of being financially independent.
Do not work for your debts, rather let your assets take care of your financial needs and you follow your heart to achieve your passion.
Charity
Friday, October 30, 2009
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Very short stories
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It was a very sunny day. I saw a little girl in the traffic signal selling ear buds. She never asked me to get one and I did not intend to so. Rather, I was lost in my own world of worries about poverty in my country. Suddenly, I was forced to come back to reality, the traffic started flowing like water taking lead in every direction. I searched for that gal one last time out of empathy, and I was amazed to see what she was doing. I saw her sharing her afternoon lunch, a slice of bread, with a stray hungry dog and in that moment, I realized what charity means
The Gold Standard - A past where currencies had real value
Thursday, October 29, 2009
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Gold had always held its superior place through out the history of civilizations mostly because of its rarity blended with its purely superior properties. It is hard, yet malleable enough to hammer it into a really thin leaf. Ancient Egyptians were very good at hammering gold into really thin leaves, it took 3,67,000 leaves to make a one inch pile. Even in the very early civilizations, people had made jewelry and other ornaments. From the Mesopotamian civilization to this 21st century, people around the world are still mesmerized and go behind gold. Very convenient, not sure whether we've got anymore place left to dig for gold.
Gold also served two other important purposes:
1) Gold as the currency of a nation - gold coins
2) Representative currency of a nation - currency backed by gold
Those countries who started using gold as a currency had hit the wall in no time because of the limited availability of gold. Most of the countries also used silver as a medium of currency. Nevertheless, all of them realized the fact that all these limited natural resources cannot be used for something very fluctuating in demand like currency. So, the majority of the world countries started to adopt the Gold Standard.
Enough with the introduction. Now, What actually was the GOLD STANDARD?
An economy which backed its paper currency with gold was said to follow the gold standard. In such an economy, at any given time, people can redeem their paper currency for gold.
To be more precise, the paper currency derived its value from the gold reserve. A country under the gold standard would set the price for gold, for example Rs.1000 for 1 ounce of gold. This effectively sets the value of the currency; as per this example, 1 rupee would be worth 1/1000th of an ounce of gold.
Advantages:
1) Since the actual currency is backed by equivalent gold, the government cannot go on a printing spree or rather the cash flow in the economy is controlled by the availability of the gold reserve. This normalized the inflation in the economy over a long run.
2) Introduced the first use of formalized exchange rate in history. The exchange rate under the gold standard monetory system is determined by the economic difference for an ounce of gold between the two currencies.
Disadvantages:
There were actually more disadvantages than the notable advantages brought by the gold standard.
1) Because of the limited availability of gold, a country on gold standard cannot take control on the fluctuation of demand for currency internally.
2) A gold standard severely limits the stabilization policies the Federal Reserve can use. For example, most economic recessions can be mitigated by increasing the money supply into the economy. When the currency is backed by gold, a limited natural resource, no stabilization activities could be done.
3) Inflation or deflation in the economy solely depends on the production rate of gold in a particular country.
Luckily, soon after the revival of the Great Depression the world countries realized the flaw in the system and moved out of the gold standard. Now, none of the major countries follow gold standard. Still, gold is one of the main commodity every country keeps in reserve and humans are still fascinated by this precious metal.
P.S.
I could not even imagine how USA would have handled the recent economic recession if it still followed the gold standard. How many tons of gold they should have had in reserve in order to print 1.7 trillion dollars? Can you imagine?
Gold also served two other important purposes:1) Gold as the currency of a nation - gold coins
2) Representative currency of a nation - currency backed by gold
Those countries who started using gold as a currency had hit the wall in no time because of the limited availability of gold. Most of the countries also used silver as a medium of currency. Nevertheless, all of them realized the fact that all these limited natural resources cannot be used for something very fluctuating in demand like currency. So, the majority of the world countries started to adopt the Gold Standard.
Enough with the introduction. Now, What actually was the GOLD STANDARD?
An economy which backed its paper currency with gold was said to follow the gold standard. In such an economy, at any given time, people can redeem their paper currency for gold.
To be more precise, the paper currency derived its value from the gold reserve. A country under the gold standard would set the price for gold, for example Rs.1000 for 1 ounce of gold. This effectively sets the value of the currency; as per this example, 1 rupee would be worth 1/1000th of an ounce of gold.
Advantages:
1) Since the actual currency is backed by equivalent gold, the government cannot go on a printing spree or rather the cash flow in the economy is controlled by the availability of the gold reserve. This normalized the inflation in the economy over a long run.
2) Introduced the first use of formalized exchange rate in history. The exchange rate under the gold standard monetory system is determined by the economic difference for an ounce of gold between the two currencies.
Disadvantages:
There were actually more disadvantages than the notable advantages brought by the gold standard.
1) Because of the limited availability of gold, a country on gold standard cannot take control on the fluctuation of demand for currency internally.
2) A gold standard severely limits the stabilization policies the Federal Reserve can use. For example, most economic recessions can be mitigated by increasing the money supply into the economy. When the currency is backed by gold, a limited natural resource, no stabilization activities could be done.
3) Inflation or deflation in the economy solely depends on the production rate of gold in a particular country.
Luckily, soon after the revival of the Great Depression the world countries realized the flaw in the system and moved out of the gold standard. Now, none of the major countries follow gold standard. Still, gold is one of the main commodity every country keeps in reserve and humans are still fascinated by this precious metal.
P.S.
I could not even imagine how USA would have handled the recent economic recession if it still followed the gold standard. How many tons of gold they should have had in reserve in order to print 1.7 trillion dollars? Can you imagine?
Fiat money - currency with no intrinsic value
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Majority of the countries in the world have the fiat money system in place. The currency of such countries are not backed by any commodity [like gold or silver]. Fiat money any country as such is worthless without the backing of the government of that country. Fiat money is the legal tender according to the government decree of collecting taxes and other charges. The value of the fiat money is only backed by the confidence of the people over the government as well as the other financial institutions those who accept the fiat money. The value of all the commodities in the country fluctuates purely based on its demand.
Since, the fiat money is not actually being backed by any commodity, the federal reserve of a country has enormous control over the monetory condition of its country. During economic recession a country following fiat money system can ingest more cash flow in to the economy in order to help in the recovery.
In the recent recession time, the US Federal Reserve have printed 1.7 trillion dollars and pushed into the economy literally backed by nothing. Ever highest in American history. What does this actually means? The purchasing power of the US dollar is actually reduced because of this very high liquidity.
The fiat money system has its own intrinsic difficulties. Since, the countries are allowed to print as much paper money as they want, there is a very high chance for HYPER INFLATION if proper regulations are not in place. Hyper inflation is the terminal stage of any fiat currency. Hyper inflation is often the result of increasing regular inflation to the point where all confidence in money is lost.
In a fiat monetory system, the value of money is determined by the confidence. Usually, fiat money loses its value when the government which acts as the issuer refuses to further guarantee its value.
As long as we've got strong monetory policies governed by the federal reserve, backed up by the government, the fiat money will continue to have its value.
Since, the fiat money is not actually being backed by any commodity, the federal reserve of a country has enormous control over the monetory condition of its country. During economic recession a country following fiat money system can ingest more cash flow in to the economy in order to help in the recovery.In the recent recession time, the US Federal Reserve have printed 1.7 trillion dollars and pushed into the economy literally backed by nothing. Ever highest in American history. What does this actually means? The purchasing power of the US dollar is actually reduced because of this very high liquidity.
The fiat money system has its own intrinsic difficulties. Since, the countries are allowed to print as much paper money as they want, there is a very high chance for HYPER INFLATION if proper regulations are not in place. Hyper inflation is the terminal stage of any fiat currency. Hyper inflation is often the result of increasing regular inflation to the point where all confidence in money is lost.
In a fiat monetory system, the value of money is determined by the confidence. Usually, fiat money loses its value when the government which acts as the issuer refuses to further guarantee its value.
As long as we've got strong monetory policies governed by the federal reserve, backed up by the government, the fiat money will continue to have its value.
Take control of your own future
Wednesday, October 28, 2009
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Personal Development
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"A person without any goal travels to an unknown destination." I'm very sure that you would have heard that several times in your life in some way or the other. But the crux remains the same, a person with properly set goals has his niche.
Setting goals gives full control over one's life. I personally do not believe in becoming "something" by chance. Whether we accept it or not, we're always swirling in the cause and effect motion.
Think about it baby. Would you attribute chance to what you are now? You might say "Yes" and say, "I would have been something else if I've got that chance." Wait a minute, don't fool around me - you did not get that most wanted opportunity only because of something you did not do.
You cannot attribute chance to something more transparent like that.
Your present is the effect of what you did in your past and your future will be the effect of whatever you are doing now. You decide the fate of your future - most of the time. And most of the time we do not do the right thing only because we do not know what's the right thing is.
Ignorance is bliss, but its only as long as you are ignorant. The simple answer to such a big problem is to visualize your future and set goals to yourself.
1) Come up with a vision for your life. Your vision should really be broad enough to accommodate all the twists and turns your life might bring to you. For an example, your vision might be: "I want to be a BILLIONAIRE in another 25 years" or "I want to form an organization of at least 50000 employee in my country". Whatever you might consider to be your ultimate achievement.
2) Now come up with a long term goal that aligns with your life's vision. A long term goal is what you want to be in another five years down the line. Your long term goal needs to be pretty tangible and also, your long term goal should help you in achieving your ultimate vision. So, you might have to do a bit of homework before settling down for one. Gather information - the most important. Know the means to achieve your mission.
3) Come up with a list of short term goals to achieve your long term goal. Since your long term goal is tangible, it will be easy to come up with a list of short term milestones. Short term goal is something you can finish off in a three to six months time frame.
4) You can even break down your short term goal and come up with list of ultra-short term milestones. The whole idea of the process is to be informed about what you've to do.
Be informed about your future, so that you can be prepared.
Now, all that you have to do is to stick to your plan. Of course, there will be deviations, but at the least now you have your route map. Do not worry.
Achievers do not believe in luck and they do not achieve by chance. They always knew what they want to be, and they concentrate on what have to be done. If they happen to achieve something else on the way to their ultimate goal, it is just a by-product of their hard work. Take control of your present actions and thus, take control of your future.
Setting goals gives full control over one's life. I personally do not believe in becoming "something" by chance. Whether we accept it or not, we're always swirling in the cause and effect motion.Think about it baby. Would you attribute chance to what you are now? You might say "Yes" and say, "I would have been something else if I've got that chance." Wait a minute, don't fool around me - you did not get that most wanted opportunity only because of something you did not do.
You cannot attribute chance to something more transparent like that.
Your present is the effect of what you did in your past and your future will be the effect of whatever you are doing now. You decide the fate of your future - most of the time. And most of the time we do not do the right thing only because we do not know what's the right thing is.
Ignorance is bliss, but its only as long as you are ignorant. The simple answer to such a big problem is to visualize your future and set goals to yourself.
1) Come up with a vision for your life. Your vision should really be broad enough to accommodate all the twists and turns your life might bring to you. For an example, your vision might be: "I want to be a BILLIONAIRE in another 25 years" or "I want to form an organization of at least 50000 employee in my country". Whatever you might consider to be your ultimate achievement.
2) Now come up with a long term goal that aligns with your life's vision. A long term goal is what you want to be in another five years down the line. Your long term goal needs to be pretty tangible and also, your long term goal should help you in achieving your ultimate vision. So, you might have to do a bit of homework before settling down for one. Gather information - the most important. Know the means to achieve your mission.
3) Come up with a list of short term goals to achieve your long term goal. Since your long term goal is tangible, it will be easy to come up with a list of short term milestones. Short term goal is something you can finish off in a three to six months time frame.
4) You can even break down your short term goal and come up with list of ultra-short term milestones. The whole idea of the process is to be informed about what you've to do.
Be informed about your future, so that you can be prepared.
Now, all that you have to do is to stick to your plan. Of course, there will be deviations, but at the least now you have your route map. Do not worry.
Achievers do not believe in luck and they do not achieve by chance. They always knew what they want to be, and they concentrate on what have to be done. If they happen to achieve something else on the way to their ultimate goal, it is just a by-product of their hard work. Take control of your present actions and thus, take control of your future.
Achieve more by doing less
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Personal Development
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I have always believed in knowing where am going. It's kinda difficult for me to leave my landing destination to chance. So, Goal setting have been one of my favorite topics and tasks too. Don't grin, I'm not that bad in it.
I always try my best to stick to my plans. Anyway, Day one - I'll be all enthusiastic about doing stuffs. Day two, fine. Not that bad. Then, over a period of time my interest and perseverance used to deteriorate. I have observed this many a times and I used to call it off whenever I'm on the verge of collapse - Buddy, YOU NEED A BREAK!!! And that break would be the end of it.
Have you faced this issue anytime? Don't think about bluffing a NO.
One boring day, I decided to find out whats going wrong every time. After thinking about this cycle a lot, it dawned on me. Holy cow!!! I always try to over-do things, push myself to the limits. And because of this nature of mine, I found it very difficult to continue doing anything.
So, I decided to deceive myself a bit. I found a trick. Rather than over-do something I started to under-do it. Blimey! It paid off very well, over the period of time I wasn't wearing off as I used to. Also, day by day I found more interest in doing everything with involvement rather than doing it as a ritual.
Still confused, may be you need valiant example. Suppose, you want to have a great body and you also know what you have to do to achieve it. You know that you've to workout, control your diet and keep an eye on your calorie in-take. So, you prepare yourself for the journey and in the very beginning you start to over-do everything.
You spend an hour in the gym, follow a crash diet and you are all into low calorie food. Soon you will be overwhelmed with what you are doing and sooner, you'll be back to square one. In no time, you will call it off and take a break - eat everything you like, more of pastries and ice creams with less or no workouts.
And you very well where this small break will lead to - a big break. It takes all the effort in this world to start it all over again.
Instead of this, try to underwhelm yourself. Start off with 20 minutes of work out a day, be conscious about your food but do not starve in the name of a crash diet. Give yourself some credit. Soon you will feel the difference. Instead of being overwhelmed, you will be underwhelmed and you will be more interested to stick to your plan.
Over a period of time, this method of achieving your goals yields superior results.
Remember the old saying, "Drops of water, makes mighty ocean." Won't you be happy to achieve more by doing less? Give it a shot, friend!
I always try my best to stick to my plans. Anyway, Day one - I'll be all enthusiastic about doing stuffs. Day two, fine. Not that bad. Then, over a period of time my interest and perseverance used to deteriorate. I have observed this many a times and I used to call it off whenever I'm on the verge of collapse - Buddy, YOU NEED A BREAK!!! And that break would be the end of it.
Have you faced this issue anytime? Don't think about bluffing a NO.
One boring day, I decided to find out whats going wrong every time. After thinking about this cycle a lot, it dawned on me. Holy cow!!! I always try to over-do things, push myself to the limits. And because of this nature of mine, I found it very difficult to continue doing anything.
So, I decided to deceive myself a bit. I found a trick. Rather than over-do something I started to under-do it. Blimey! It paid off very well, over the period of time I wasn't wearing off as I used to. Also, day by day I found more interest in doing everything with involvement rather than doing it as a ritual.
Still confused, may be you need valiant example. Suppose, you want to have a great body and you also know what you have to do to achieve it. You know that you've to workout, control your diet and keep an eye on your calorie in-take. So, you prepare yourself for the journey and in the very beginning you start to over-do everything.
You spend an hour in the gym, follow a crash diet and you are all into low calorie food. Soon you will be overwhelmed with what you are doing and sooner, you'll be back to square one. In no time, you will call it off and take a break - eat everything you like, more of pastries and ice creams with less or no workouts.
And you very well where this small break will lead to - a big break. It takes all the effort in this world to start it all over again.
Instead of this, try to underwhelm yourself. Start off with 20 minutes of work out a day, be conscious about your food but do not starve in the name of a crash diet. Give yourself some credit. Soon you will feel the difference. Instead of being overwhelmed, you will be underwhelmed and you will be more interested to stick to your plan.
Over a period of time, this method of achieving your goals yields superior results.
Remember the old saying, "Drops of water, makes mighty ocean." Won't you be happy to achieve more by doing less? Give it a shot, friend!
Debugging - The Sherlock Holmes Way
Monday, October 26, 2009
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"When you have eliminated the impossible, whatever remains, however improbable, must be the truth." - It is one of my most favorite quote made by Mr. Sherlock Holmes to Dr. Watson. Anybody, who doesn't know about Mr. Sherlock Holmes, here you go:
Name : Mr. Sherlock Holmes
DOB : January 6, 1954
College : Sidney Sussex, Cambridge University
Profession : Consulting Detective
Siblings : Mycroft, elder brother
Marital Status : single
Knowledge and Skills : Profound knowledge in Chemistry, accurate but unsystematic in Anatomy. An expert slingstick, boxer and swordsman. Practical knoledge in Botony and Geology.Good practical knowledge of British law. A very good observant and excellent at logical deduction. Also, a competent cryptanalyst. Very good in analysis of physical evidences.
History : Sherlock Holmes is a fictional detective character created by Sir Arthur Conan Doyle, who made his appearance in publication in 1887. Conan Doyle wrote four novels and fifty six short stories that features Sherlock Holmes.
Okay. Enough of the introduction. If you want to know anything more please visit Wiki - Sherlock Holmes
Coming back to the topic, I just love Conan Doyle's stories featuring Sherlock Holmes. I'd say that the character made a huge impact on my thought pattern. Holmes' primary intellectual detection method is deductive reasoning of the solution to the crime. Adding to that he had this excellent skill, he would pick up the bits and pieces and then try to build a hypothesis that fits the conclusion, the crime. It's quite fascinating to see the way he does.
I'm a programmer and I always look at the problems in the code from Holmes point of view. I consider the problem as the crime. I know the premises, the arguments, the actors and the conditions - the bits and pieces of the crime scene. And then, I try to run it backwards from the crime scene to the initial condition - from the bug to the initial condition of the software. And thus form a hypothesis which would fit the conclusion - the crime - the bug. This helps me to corner up the problematic area of the code as easily as picking up a black ball from the red ones rather than searching for a needle in a hay stack. It had always worked for me. Try it out friends!!! You will really admire its simplicity.
Name : Mr. Sherlock HolmesDOB : January 6, 1954
College : Sidney Sussex, Cambridge University
Profession : Consulting Detective
Siblings : Mycroft, elder brother
Marital Status : single
Knowledge and Skills : Profound knowledge in Chemistry, accurate but unsystematic in Anatomy. An expert slingstick, boxer and swordsman. Practical knoledge in Botony and Geology.Good practical knowledge of British law. A very good observant and excellent at logical deduction. Also, a competent cryptanalyst. Very good in analysis of physical evidences.
History : Sherlock Holmes is a fictional detective character created by Sir Arthur Conan Doyle, who made his appearance in publication in 1887. Conan Doyle wrote four novels and fifty six short stories that features Sherlock Holmes.
Okay. Enough of the introduction. If you want to know anything more please visit Wiki - Sherlock Holmes
Coming back to the topic, I just love Conan Doyle's stories featuring Sherlock Holmes. I'd say that the character made a huge impact on my thought pattern. Holmes' primary intellectual detection method is deductive reasoning of the solution to the crime. Adding to that he had this excellent skill, he would pick up the bits and pieces and then try to build a hypothesis that fits the conclusion, the crime. It's quite fascinating to see the way he does.
I'm a programmer and I always look at the problems in the code from Holmes point of view. I consider the problem as the crime. I know the premises, the arguments, the actors and the conditions - the bits and pieces of the crime scene. And then, I try to run it backwards from the crime scene to the initial condition - from the bug to the initial condition of the software. And thus form a hypothesis which would fit the conclusion - the crime - the bug. This helps me to corner up the problematic area of the code as easily as picking up a black ball from the red ones rather than searching for a needle in a hay stack. It had always worked for me. Try it out friends!!! You will really admire its simplicity.Love @ First Sight - Does it work for everyone?
Friday, October 23, 2009
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Does it work for everyone? No, It doesn't.
A survey conducted by a professor from the University of Ben-Gurion, Isreal, shows that only 11 percent of the 493 respondents said that their long term relationships started that way.
What happens with the rest of us?
Most of us decide our life partner, after knowing a lot about them. After spending a lot of time with them. Even if we are slightly attracted to someone, over a period of time there are high chances of falling in love with them. The more we know about someone, the more commonalities we have, the more we will be attracted towards that person.
May be there is no magical moment in here, the decision is quite rational. For starters, we liked the person and then, over a period of time we get to know them well and then our analytical brain decides upon whether we can spend the rest of our life with that person or not. And the best part is it happens without our knowledge. Many a situations add up together and one fine day it would dawn on us or we may not recognize it for ever.
When your heart reaches out for someone, let it go. You might have just realized your soul mate.
A survey conducted by a professor from the University of Ben-Gurion, Isreal, shows that only 11 percent of the 493 respondents said that their long term relationships started that way.
What happens with the rest of us?
Most of us decide our life partner, after knowing a lot about them. After spending a lot of time with them. Even if we are slightly attracted to someone, over a period of time there are high chances of falling in love with them. The more we know about someone, the more commonalities we have, the more we will be attracted towards that person.
May be there is no magical moment in here, the decision is quite rational. For starters, we liked the person and then, over a period of time we get to know them well and then our analytical brain decides upon whether we can spend the rest of our life with that person or not. And the best part is it happens without our knowledge. Many a situations add up together and one fine day it would dawn on us or we may not recognize it for ever.
When your heart reaches out for someone, let it go. You might have just realized your soul mate.
Love @ First Sight - The Magical Moment
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You're in your friend's marriage party and one of your friend's introduces someone to you. In that immediate moment you get an overwhelming feeling that he or she is "The one" for you. As you spend more time with that person, you more and more fall for that person. Love at first sight. It does seems like a familiar story, isn't it? You might have got used to it by now, one of the most sought after movie story plot - success guaranteed. Whenever you see such a movie, I'm sure we all would have wished for such an incident in our personal life too. Because, it is magical.
I can hear your murmur, "Oh, yeah! Many a stuffs happen very easily in movies and if I expect them to happen in my life I'd be doomed". Though art forms imitates life, movies have always been exaggeration of real life rather than being a portrayal. I agree to you. But, most of the time they take cues from real life. It is not such a bad idea to give it a thought.
I personally believe, even science says so, that humans have an excellent instinct to differentiate a friend from a foe. We might have developed this instinct millions of year ago and we've mastered it over a period of time. Believe me, recent studies shows that it only takes less than 3 seconds to form an opinion about some one. And it takes less than 30 seconds to decide whether somebody looks attractive or not.
Whenever we meet up somebody for the first time, it just takes less than 30 seconds to decide whether we are attracted to them or not. Too short, too tall, too stout, too lean, too grumpy - he or she's out. All that takes is 30 seconds. If at all, if we are attracted to the other person, our mind races behind forming an opinion about them. The next important thing that makes a huge impact is how they present themselves or behave. Needless to say, the kind of dress they wore, their hair do, their expressions all makes an impact. Next, we pay more importance to the other persons words - what they speak takes the final call. And, your mind can analyze all these information and can just inform you if it feels that person may be the one for you - all it takes is less than three seconds.
Most importantly, if you feel this magical moment with someone there is high chance that you will get back to that person over and over again. On the course, you will really cherish the love for that person and on top of that, you will fight your way back to keep it alive at any cost. So, when do you feel your magical moment, don't neglect it. Go ahead and give it a shot! All the best.
I can hear your murmur, "Oh, yeah! Many a stuffs happen very easily in movies and if I expect them to happen in my life I'd be doomed". Though art forms imitates life, movies have always been exaggeration of real life rather than being a portrayal. I agree to you. But, most of the time they take cues from real life. It is not such a bad idea to give it a thought.I personally believe, even science says so, that humans have an excellent instinct to differentiate a friend from a foe. We might have developed this instinct millions of year ago and we've mastered it over a period of time. Believe me, recent studies shows that it only takes less than 3 seconds to form an opinion about some one. And it takes less than 30 seconds to decide whether somebody looks attractive or not.
Whenever we meet up somebody for the first time, it just takes less than 30 seconds to decide whether we are attracted to them or not. Too short, too tall, too stout, too lean, too grumpy - he or she's out. All that takes is 30 seconds. If at all, if we are attracted to the other person, our mind races behind forming an opinion about them. The next important thing that makes a huge impact is how they present themselves or behave. Needless to say, the kind of dress they wore, their hair do, their expressions all makes an impact. Next, we pay more importance to the other persons words - what they speak takes the final call. And, your mind can analyze all these information and can just inform you if it feels that person may be the one for you - all it takes is less than three seconds.
Most importantly, if you feel this magical moment with someone there is high chance that you will get back to that person over and over again. On the course, you will really cherish the love for that person and on top of that, you will fight your way back to keep it alive at any cost. So, when do you feel your magical moment, don't neglect it. Go ahead and give it a shot! All the best.
Simple rules to become wealthy
Thursday, October 22, 2009
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Your wealth is not estimated based on the kind of lifestyle you follow. Your wealth is derived from your assets. Mr. Jim, who lives next door may have got a well furnished house, drive a posh car and go on partying everyday. Can we decide that he is wealthy enough? No, he may not be.
Your house or the kind of car you have doesn't determine your wealth. What if he spends everything he earns? Takes debts extensively, thinking that he can afford it? A posh lifestyle need not necessarily showcase the wealth of someone.
A wealthy person may chose to live a posh life or in the other hand, a billionaire like Warren Buffet can chose to live frugally. Everything depends upon one's perspective towards life and money. Nevertheless, one common characteristic of wealthy people is, they do live well below their means. Even if they chose to live a posh lifestyle.
So, what does this indicate to a common man? The first and foremost thing, how much ever you earn, your lifestyle should not engage you in spending more than what you earn. Avoiding unnecessary expenditures and living well below your means do not increase your wealth. Well, it is the starting point and the important means to become wealthy. As I said already, it is all about your mind set and perspective.
Lets assume that you have decided to become wealthy. Whats next?
1) Live frugally. Learn to live well below your means. I don't mean you to lead a cheap life, there is a big difference. Be fair to give your share of the dinner check or your share for your friend's marriage gift. Be conscious about money and what do you spend for. When you are 65, most probably you will look back and say, "I should have invested another 20 grands in XYZ mutual fund." rather than, "I should have leased that BMW."
2) Be an early investor. It doesn't matter how old you are now, start your investments. At the least, try to invest 15% of your monthly income. It's your hard earned money, think and analyze before investing in any instrument.
3) Invest in your own financial literacy. Financial awareness and knowledge is a must if you want to be a successful investor. It doesn't mean that you should complete your degree in finance. Rather, you should be able to read financial statements and count numbers.
4) Train your brain to see what your mind cannot see. Most of the times, because of financial illiteracy we depend on someone else's opinion and we are forced to see 95% of the information with our eyes and the rest 5% through our brain. It should be the other way around.
5) Always look out for various opportunities to earn money. If you are an employee of a company, it doesn't means that your job should be your only source of income. In this information era, the virtual internet space provides you with a lot of opportunities to earn money. Make use of it.
6) Never ever end up paying interest for your credit card debt. Now-a-days, everyone out there is looking forward to improve their wealth at your cost. Getting a credit card is much easier than getting a meal. Don't get fooled. Plan for your emergencies, build an emergency fund. Don't get trapped in the credit card debt pit.
These are some basic rules which followed might give you a very high yield in a long run.
Your house or the kind of car you have doesn't determine your wealth. What if he spends everything he earns? Takes debts extensively, thinking that he can afford it? A posh lifestyle need not necessarily showcase the wealth of someone.
A wealthy person may chose to live a posh life or in the other hand, a billionaire like Warren Buffet can chose to live frugally. Everything depends upon one's perspective towards life and money. Nevertheless, one common characteristic of wealthy people is, they do live well below their means. Even if they chose to live a posh lifestyle.
So, what does this indicate to a common man? The first and foremost thing, how much ever you earn, your lifestyle should not engage you in spending more than what you earn. Avoiding unnecessary expenditures and living well below your means do not increase your wealth. Well, it is the starting point and the important means to become wealthy. As I said already, it is all about your mind set and perspective.
Lets assume that you have decided to become wealthy. Whats next?
1) Live frugally. Learn to live well below your means. I don't mean you to lead a cheap life, there is a big difference. Be fair to give your share of the dinner check or your share for your friend's marriage gift. Be conscious about money and what do you spend for. When you are 65, most probably you will look back and say, "I should have invested another 20 grands in XYZ mutual fund." rather than, "I should have leased that BMW."
2) Be an early investor. It doesn't matter how old you are now, start your investments. At the least, try to invest 15% of your monthly income. It's your hard earned money, think and analyze before investing in any instrument.
3) Invest in your own financial literacy. Financial awareness and knowledge is a must if you want to be a successful investor. It doesn't mean that you should complete your degree in finance. Rather, you should be able to read financial statements and count numbers.
4) Train your brain to see what your mind cannot see. Most of the times, because of financial illiteracy we depend on someone else's opinion and we are forced to see 95% of the information with our eyes and the rest 5% through our brain. It should be the other way around.
5) Always look out for various opportunities to earn money. If you are an employee of a company, it doesn't means that your job should be your only source of income. In this information era, the virtual internet space provides you with a lot of opportunities to earn money. Make use of it.
6) Never ever end up paying interest for your credit card debt. Now-a-days, everyone out there is looking forward to improve their wealth at your cost. Getting a credit card is much easier than getting a meal. Don't get fooled. Plan for your emergencies, build an emergency fund. Don't get trapped in the credit card debt pit.
These are some basic rules which followed might give you a very high yield in a long run.
Assets - Check what you have got.
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In my last article on Assets and Liabilities we saw that traditionally anything and everything that appreciates in its value over time is considered to be an asset. But, our traditional explanation doesn't holds good in this information era.were money holds an important place as never before. Hence, I suggested you to take a different perspective towards Asset, the Rich Dad, Poor Dad way.
An asset is something that not only appreciates in its value over time, but also brings cash inflow from time to time.
Going by this standard for assets, we can consider all the following instruments as assets.
1) If you are a business man, your business is your biggest asset. If you manage to make it successful, your business will bring you lot of cash inflow on top of appreciating in its value.
2) If you are an employee, your exclusive skill on your career domain is your important asset. You are paid for your skill. So, you need not hesitate to invest on your self improvement which would help you grow in your career.
3) Properly planned and rented buildings are absolutely wonderful assets. Of course, only if they are not mortgaged or the income from those rented properties is actually more when compared to your monthly installment.
4) Any virtual asset that brings you money is an asset. Virtual asset is something that exists in the virtual space, i.e., over the internet. There are several instruments available in this information era to make money via internet. Your speciality website can bring you lots of money through advertisements, blogs also work in the same way. The notable thing is, these assets also grow in its value over time.
5) All your investments are assets. Money invested in stocks, mutual funds, bonds, PPF etc,.
Build more and more assets if you want to become wealthy over time.
Assets and liabilities - The Rich Dad, Poor Dad way
Wednesday, October 21, 2009
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On the surface most of us will be clear about what does asset and liability means. Traditionally, an asset is something that appreciates in its value over time, and a liability is an obligation to pay money to another party or legally responsible for a debt. With this traditional notion of asset and liability we've always been told that our house is an asset. Of course, it is an asset, everybody is correct about that. But, they never tell us whose asset it actually is.
Most of us who are salaried always consider our house to be the largest investment in order to get some relief from taxation [Nevertheless, salaried employees are the people who end up paying more tax. In most of the countries, always the lowest earner end up paying high taxes. That's actually a separate topic altogether]. And the worst part is, most of the times they give 20% down payment from their pocket and take up a housing loan with their house as the mortgage.
Now comes the best part, you bought a house, your largest investment, with 20% down payment from your pocket, thinking that you got a tax rebate along with an asset of your lifetime. But, on the course of your investment you have actually created a liability in the name of an asset because of your housing loan.
According to Rich Dad, Poor Dad, anything that brings cash inflow is an asset and anything that takes money from your pocket is a liability. If you think about this idea for a minute, you will get a whole new perspective towards your expenditures. Suddenly, it would dawn on you that buying a posh car is actually a liability since it takes up bulk of your money and doesn't gives you anything of monetory value in return. With this new definition for asset and liability, it becomes clear that your house is a liability for you and an asset for the bank where you mortgaged your house.
See this in fresh light, you pay your monthly installments along with interest to the bank for your mortgage. You bought a house with some investment, and end up paying interest to the bank. This is a clear indication that your house on mortgage is not an asset according to our new definition. And in the bank's front, your house actually attracts interest to the bank. It brings in money every month, and hence it is an asset for the bank rather than you. On top of this, you will have to pay the property taxes to the government every year and do not forgot about the maintenance charge.
According to me, your house becomes an asset only when you actually sell it and get more money than what you paid on the course of acquiring the house and it includes your interest paid to the bank, property taxes and money spent on maintenance. Till then it is a liability on your side.
Most of us who are salaried always consider our house to be the largest investment in order to get some relief from taxation [Nevertheless, salaried employees are the people who end up paying more tax. In most of the countries, always the lowest earner end up paying high taxes. That's actually a separate topic altogether]. And the worst part is, most of the times they give 20% down payment from their pocket and take up a housing loan with their house as the mortgage.
Now comes the best part, you bought a house, your largest investment, with 20% down payment from your pocket, thinking that you got a tax rebate along with an asset of your lifetime. But, on the course of your investment you have actually created a liability in the name of an asset because of your housing loan.
According to Rich Dad, Poor Dad, anything that brings cash inflow is an asset and anything that takes money from your pocket is a liability. If you think about this idea for a minute, you will get a whole new perspective towards your expenditures. Suddenly, it would dawn on you that buying a posh car is actually a liability since it takes up bulk of your money and doesn't gives you anything of monetory value in return. With this new definition for asset and liability, it becomes clear that your house is a liability for you and an asset for the bank where you mortgaged your house.
See this in fresh light, you pay your monthly installments along with interest to the bank for your mortgage. You bought a house with some investment, and end up paying interest to the bank. This is a clear indication that your house on mortgage is not an asset according to our new definition. And in the bank's front, your house actually attracts interest to the bank. It brings in money every month, and hence it is an asset for the bank rather than you. On top of this, you will have to pay the property taxes to the government every year and do not forgot about the maintenance charge.
According to me, your house becomes an asset only when you actually sell it and get more money than what you paid on the course of acquiring the house and it includes your interest paid to the bank, property taxes and money spent on maintenance. Till then it is a liability on your side.
Architectural Service Layers of Cloud Computing
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Cloud computing can be pretty much anything provided as a service over the network. It can be the ability to rent a single server or thousands of servers and run a large scale distributed application on those servers. It can be the ability to deploy an application with multi-tenancy in a platform without having to worry about the infrastructure needed for the peak usage. It can be the ability to store peta scale of data over the network, while providing restricted access and protection to the data via a service. As I said initially it can pretty much be anything, from Network bandwidth as a service to security as a service.
The use of virtualization in clouds has created a new set of layers: applications, services, and infrastructure. These layers don't just encapsulate on-demand resources as services, they also define a new development model. Within each layer of abstraction there are several business opportunities for defining services that can be provided on a pay-per-use basis.
Software-as-a-service [SaaS]
SaaS is the topmost layer and features a complete application offered as a service, on-demand. A single instance of the application runs in the providers platform and services multiple clients. The most widely known example of SaaS is SalesForce.com. Now we have many other players in this layer including Google.
Platform-as-a-service [PaaS]
The middle layer, or PaaS, is the encapsulation of a development environment abstraction offered as a service. It includes a payload of services. For example, a PaaS might consists of an OS, Web Server and a Database instance bundled bundled with a programming environment provided as a service. PaaS services can be provided for every phase of software development and testing or they can also be specialized around a particular area. Google App Engine is the best example.
Infrastructure-as-a-service [IaaS]
IaaS is the lowest layer and it delivers basic storage and compute capabilities as standardized services over the network. Servers, storage systems, routers, switches and other hardware resources are pooled to provide support for particular type of workload. IaaS allows efficient expansion of resources on-demand and peak workload can be easily handled. Enterprises need not spend money on infrastructures for peak usage. The best known commercial example is Amazon web services.
The use of virtualization in clouds has created a new set of layers: applications, services, and infrastructure. These layers don't just encapsulate on-demand resources as services, they also define a new development model. Within each layer of abstraction there are several business opportunities for defining services that can be provided on a pay-per-use basis.
Software-as-a-service [SaaS]SaaS is the topmost layer and features a complete application offered as a service, on-demand. A single instance of the application runs in the providers platform and services multiple clients. The most widely known example of SaaS is SalesForce.com. Now we have many other players in this layer including Google.
Platform-as-a-service [PaaS]
The middle layer, or PaaS, is the encapsulation of a development environment abstraction offered as a service. It includes a payload of services. For example, a PaaS might consists of an OS, Web Server and a Database instance bundled bundled with a programming environment provided as a service. PaaS services can be provided for every phase of software development and testing or they can also be specialized around a particular area. Google App Engine is the best example.
Infrastructure-as-a-service [IaaS]
IaaS is the lowest layer and it delivers basic storage and compute capabilities as standardized services over the network. Servers, storage systems, routers, switches and other hardware resources are pooled to provide support for particular type of workload. IaaS allows efficient expansion of resources on-demand and peak workload can be easily handled. Enterprises need not spend money on infrastructures for peak usage. The best known commercial example is Amazon web services.
Magic mouse - The world's first Multi-Touch Mouse
Tuesday, October 20, 2009
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Today Apple unveiled its first multi-touch mouse - The Magic Mouse.
The Multi-Touch area covers the top surface of Magic Mouse, and the mouse itself is the button. Scroll in any direction with one finger, swipe through web pages and photos with two, and click and double-click anywhere. Inside Magic Mouse is a chip that tells it exactly what you want to do. Which means Magic Mouse won’t confuse a scroll with a swipe. It even knows when you’re just resting your hand on it.
Apple claims the following features:
1) You can click and double-click anywhere on the mouse's Multi-Touch surface.
2) Works as a standard two buttoned mouse when you enable Secondary click in system preferences.
3) Scrolls in any direction and pans to a full 360 degrees with a brush of a single finger along the Multi-Touch surface.
4) Using two fingers, swipe left and right along the Multi-Touch surface to advance through pages in Safari or browse photos in iPhoto.
More than its features it certainly looks sleek, elegant and beautiful.
The Multi-Touch area covers the top surface of Magic Mouse, and the mouse itself is the button. Scroll in any direction with one finger, swipe through web pages and photos with two, and click and double-click anywhere. Inside Magic Mouse is a chip that tells it exactly what you want to do. Which means Magic Mouse won’t confuse a scroll with a swipe. It even knows when you’re just resting your hand on it.Apple claims the following features:
1) You can click and double-click anywhere on the mouse's Multi-Touch surface.
2) Works as a standard two buttoned mouse when you enable Secondary click in system preferences.
3) Scrolls in any direction and pans to a full 360 degrees with a brush of a single finger along the Multi-Touch surface.
4) Using two fingers, swipe left and right along the Multi-Touch surface to advance through pages in Safari or browse photos in iPhoto.
More than its features it certainly looks sleek, elegant and beautiful.
Ten things to do with 5000 rupees right now.
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If you are a salaried employee, you might be well trained in planning your monthly expenditures. You know the amount of money that flows in every month and hence, you plan your expenditures accordingly.
What would you do if you happen to get a sum of 5000 rupees unexpectedly? May be as a bonus from your employer or from a tax refund or the amount which you thought that you won't get back. Most of the time, our immediate reaction would be spend the money. Again we can attribute this to our human nature, if we do not have a plan in place, we normally spend for a lovely day.
I don't say that you should not spend; instead, all that am saying is to have a plan and then think about how much you want to spend on what. In case if you get an unexpected 5000 bucks, I would suggest the following ideas for you.
1) Top up your emergency fund. If you have not started your emergency fund, or just started recently, this 5000 rupees will do a very good contribution. What is an emergency fund? Generally, the total amount of money required for your and your dependents survival for a time period of 3 - 6 months is considered as an emergency fund. It is necessary that you build your emergency fund along with your investments. Put your emergency fund in a savings account that yields best of interests in the market.
2) Subscribe for a good financial magazine. Financial literacy is more important for every individual in-order to live a decent life in this information era. Investing in your own financial knowledge will pay off very well in the long run.
3) Pay off your credit card debts. If you have credit card debts with interests, pay them off first. Paying interest for your credit card debt will be the worst sin you can force yourself to do.
4) Consult an investment analyst to plan your investments. Early investment is the key to a successful and wealthy retirement. A person who starts his investment by the age of 25 will have a substantial difference in the wealth accumulated when compared to someone who started off at an age of 35.
5) Join a gym. If you are not a member of a gym already, think about joining a gym. Your physical fitness has direct correlation with your mental acumen as well as your financial fitness. Note of caution: If you don't behave yourself, gym will be an instrument which sucks your money in.
6) Invest for your career. See if you can learn something new in your career domain. Register for a technological training or if you are an avid reader, you can invest in books.
7) Give a good service to your vehicle. If you have your own vehicle, a good service on time will save you a lot of trouble and maintenance costs.
8) Upgrade your house-hold appliances. You can use this money to fix the problematic appliances in your house or upgrade to a more energy efficient utilities.
9) Invest a part of it in mutual fund and forget about it. All you need is a thousand rupees to invest in any of the available top rated funds.
10) Use it for the greater good. Last but not least, you can be a philanthropist at last. Since, you hadn't planned anything for this unexpected money, use it to provide a meal for kids in an orphanage or use it to plant trees in your community.
So, What are you going to do when you have your unexpected Rs. 5000?
Why financial literacy is important?
Wednesday, October 14, 2009
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How much you earn is not really important. What's more important is, how much you are able to save? People, all over the world earn money in one of the four ways.
1) By working for someone
2) By providing services
3) From their business
4) From their investment
These four categories of revenue generation is present always, even in the industrial age. When we moved out of industrial age to information age, many a things got changed. One important change is the way people looked at their money. In the industrial age, people from the first two category had very less means for investments if they wanted to build wealth. And the major notion was to save money, rather than invest and build wealth. But, in this information age with a global economy, there are umpteen number of tools available for investment.
People from the last two categories - business men and investors, are already well educated financially. Otherwise, there is no way they could be successful. By financial education I doesn't mean a doctorate or a degree from a highly acclaimed university. All you need to know is basic financial instruments and mainly, one should learn to read financial statements and numbers. People who make money by working for someone or by providing services to others are in a real need of financial literacy in the current scenario.
Simply saving money in your bank account will not do any good. Though your money is secured, it is hardly working for you. You have to get out of thesaving mode and start investing your money. Your money should work for you. It should generate more revenue. And there are a lot of financial vehicles available to do that. In India, you can invest your money in,
1) Equities,
2) Mutual Fund,
3) Government bonds,
4) Gold funds,
5) Retirement plans
6) Post-Office saving schemes,
7) Real estate etc.,
Every investment instrument has lots and lots of providers. You should be able to pick up the good ones and financial education will really help your brain to see what your eyes cannot see. It will help you to differentiate facts from opinions. Its your hard earned money and I'm sure, you will not prefer a blind date with it.
Well, do not hesitate to invest in yourself. Spend enough time and if needed, necessary money to train and equip yourself with knowledge. Your financial knowledge will pay you off very well in the long run.
1) By working for someone
2) By providing services
3) From their business
4) From their investment
These four categories of revenue generation is present always, even in the industrial age. When we moved out of industrial age to information age, many a things got changed. One important change is the way people looked at their money. In the industrial age, people from the first two category had very less means for investments if they wanted to build wealth. And the major notion was to save money, rather than invest and build wealth. But, in this information age with a global economy, there are umpteen number of tools available for investment.
People from the last two categories - business men and investors, are already well educated financially. Otherwise, there is no way they could be successful. By financial education I doesn't mean a doctorate or a degree from a highly acclaimed university. All you need to know is basic financial instruments and mainly, one should learn to read financial statements and numbers. People who make money by working for someone or by providing services to others are in a real need of financial literacy in the current scenario.
Simply saving money in your bank account will not do any good. Though your money is secured, it is hardly working for you. You have to get out of thesaving mode and start investing your money. Your money should work for you. It should generate more revenue. And there are a lot of financial vehicles available to do that. In India, you can invest your money in,1) Equities,
2) Mutual Fund,
3) Government bonds,
4) Gold funds,
5) Retirement plans
6) Post-Office saving schemes,
7) Real estate etc.,
Every investment instrument has lots and lots of providers. You should be able to pick up the good ones and financial education will really help your brain to see what your eyes cannot see. It will help you to differentiate facts from opinions. Its your hard earned money and I'm sure, you will not prefer a blind date with it.
Well, do not hesitate to invest in yourself. Spend enough time and if needed, necessary money to train and equip yourself with knowledge. Your financial knowledge will pay you off very well in the long run.
