Thursday, February 9, 2012
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Wednesday, February 8, 2012
The secrets to a millionaire's success
The secrets to a millionaire's success
If you want to be a millionaire you have to think differently. Click the title to view the full article.
There's no real practical reason to ask "who wants to be a millionaire?" because the only people who won't put their hand up are religious types who've taken vows of poverty and those who are already multi-millionaires. Unfortunately, there's a big gulf between those who want it and those who do the things to make it happen. Based on recent statistics on UK household income, millionaire-dom is not something that's going to happen for most people, even with the dubious benefits of inflation. An adult earning the median level of income (£26,200 a year in 2011) and saving an impressive 20% of that would need almost 200 years to save £1 million (excluding taxes and investment gains). It's pretty clear, then, that a would-be millionaire has to think outside the boundaries of "median" experience.Start a businessThere are certainly people who can become millionaires by working for other people, but this is not an especially good route to choose. The trouble with trying to become a millionaire by working for other people is that there are always other people siphoning off the value of whatever you produce. Say you're a hotshot salesman – although you're going to get your cut, a lot of the value you create is going to get split among a broader pool of workers, managers and the owner(s) of the business.Start your own business, though, and you get to decide how to divide that pie. Better still, your ownership stake can become more and more valuable over time as that business becomes larger and larger. While a good employee may get raises and promotions as his or her employer grows, they'll never see the same benefits (including the appreciation in the value of the ownership interest) as the owners.Use other people's moneyOne of the remarkably consistent features of stories about people who go from relatively no wealth to major wealth is the role of other people's money in making it happen. Sometimes it's start-up capital from a generous relative, or maybe it's a small business loan or venture capital.Borrowed money can be a major force multiplier. Behind virtually every property empire is borrowed money and the use of leverage in investing (whether through buying stocks on margin, buying options or buying futures) can rapidly magnify a skilful investor's success. Of course, this cuts both ways – just as borrowed money can create a large business (or portfolio) quickly, just one mistake in an over-leveraged enterprise can bring the whole thing crashing down.It comes down, then, to risk tolerance. Those who really want to build large wealth (and do so quickly) through business or investment will have to do so in part with other people's money.Cultivate a valued skillWages respond to supply and demand just like everything else, so it is very important to cultivate a skill that is not only in demand, but scarce enough to be valuable. Architecture and law, for instance, are both specialised skills, but not necessarily rare enough to make their practitioners wealthy unless they are at the high end of their profession.Sports is an obvious example, but most people know in their teens whether they have the rare physical gifts (and perhaps the even rarer mental discipline and dedication) to open the doors to a professional sports career, and it's not really a door that can be opened in college or later. Medicine and engineering, though, are both open to college-aged people who have the requisite abilities and the willingness to put in the effort. The services of these professionals are not only almost always in demand, but the supply is small enough that professionals here can fairly expect to becomemillionaires on the basis of their labours.This is also true for unconventional skills as well. Pursuing a career as a writer, actor or professional gambler is a virtual guarantee of poverty for most people. For those who actually have the skills necessary to succeed, though, it can be their best chance of building real wealth. Out-think or out-hustleLazy and self-made millionaire just don't go together. Going back to that supply-demand equation, anything that's relatively easy, convenient and accessible is going to have ample supply and relatively low payouts. Since most people don't actually want to work that hard, though, there are real wealth-creation opportunities out there for those willing to think and/or work just a little harder than average.One option for building exceptional wealth is to out-think the majority of people out there. While pursuits like writing, investing and inventing all involve a tremendous amount of effort and dedication, there is at least some aspect of out-thinking to them all. Steve Jobs of Apple, Richard Branson of Virgin and Lord Alan Sugar all clearly worked hard to achieve success, but a lot of that success was predicated on seeing things that others didn't see and figuring out how to do them even better.Out-hustling is an undervalued aspect of wealth creation. Success in business is often about the hustle – the willingness to make one more call or work an extra hour later. The field of "hustle" is wide, rich and fertile. You can make good money visiting auctions and reselling undervalued items, just as you can make good money from a variety of multi-level marketing programs. The question is whether you want to spend the hours it takes to drive the process forward.Rental property is a good example. It is actually not all that difficult to find rental properties, buy them and rent them out. Do this well and it's fairly easy to earn an annual return of 8-15%. The problem is that there are a myriad of small annoyances that go with it – hassles in haggling over the purchase price, hassles in getting mortgages, hassles in getting tenants, hassles in dealing with tenants and so on. Some people just don't want to be bothered with this, but those who don't mind the annoyances can reap the rewards.The bottom lineHaving £1 million or more in net worth is still uncommon enough to be special and significant, and it doesn't often come as a by-product of luck or chance. Hard work is a virtual requisite, but so too is a willingness to take on some risk (such as starting a business or using leverage) or cultivate a rare gift (like writing or inventing). Although simple living and sound investing will help anyone build more wealth, a special level of success requires a special person who is willing to do more and risk more than most people.
What guys want in a girlfriend
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What guys want in a girlfriend
He said: “My relationship has to have ____”
By Dave Singleton
We all have our “perfect date attribute” wish lists. Some are short and succinct; some could fill a book (so much for realistic expectations, right?). But the truth is that all of us can name a few traits that are essential for our next romantic partner — whether we admit them or not!
According to many common cultural stereotypes, men put more value on a partner’s physical appearance and passion, while women put financial stability and faithful commitment at the top of their romantic checklists. While there’s usually a grain of truth in those beliefs, the reality probably lies somewhere in the middle — i.e., with men and women valuing similar features in their partners, but perhaps they’re prioritizing (and, in some cases, defining) them differently. Out of all the possibilities, what’s the most important trait that men absolutely, positively must have in a new relationship? I spoke with several single guys to find out. In their own words, hear how they — sometimes after years of dating and self-exploration — discovered the one thing that they care about the most in matters of the heart.
Browse Local Singles at Match.com on Yahoo!
Washingtonian Tim, 36, is quite blunt about what he’s looking for: “She needs to be attractive. For most guys, I bet it’s the same. At first glance, I definitely notice a woman’s looks. That’s the initial spark… and after we’ve been together awhile — even when the initial spark wears off and we’re used to each other — I still like it when she makes an effort for me.” True, this supports the stereotype of men primarily being drawn to a woman’s good looks, but the new twist lies in how that might play out over a longer-term relationship. Tim himself said that good looks are tied to making an effort for your partner; in other words, it’s not necessarily about resembling a supermodel or looking exactly as you did the night you met but the effort itself that counts. A study published in a recent issue of the Journal of Family Psychology supports this idea of how looks continue to matter beyond that initial attraction stage, though in a different way. The same study suggests that the physical attractiveness of men isn’t as paramount to women, who zero in on a guy’s ability to offer support and stability, especially in a partner. “I want to be loved for who I am, not what I can provide”
Marylander Sam, 34, says: “I want a woman who wants me, not one who needs me. I want her to love me for me. I can tell [when] a woman is just interested in the externals, which in my book are the equivalent of being in love for money, appearances, or out of desperation. I’ve dated women who were more into those three [things] than into [who I am as a person]. I don’t want to be looked at like I’m a bank, a daddy on demand, or a means to an end of any kind.” The takeaway lesson here is that men are looking for an authentic connection and really notice its absence. “I’d rather have a real woman who is into me than some idealized version… who wants me to be Ken to her Barbie,” explains Sam. “For me, physical affection is essential”
Sometimes there’s a misperception that men just want to jump into bed. While it’s definitely important (an understatement, perhaps?), men also want to share everyday simple, physical connections — a hug, a touch, a kiss — with their partners. “My friends couldn’t understand when I broke up with my last girlfriend, who I dated for a year before realizing that this was not it,” says Bostonian Anthony, 31. “She was hot, smart and had a lot of good qualities, but I really ended up craving affection. After an initial couple of months that were very touchy-feely, she became a little cold. It was all about my missing feeling the physical connection in regular, daily ways.” Warmth and touch really count in forming romantic bonds. “She has to get my jokes and sense of humor”
Dare I say that humor is an oft-unrecognized but key element of male-centric flirting? That may be a new way of expressing it, but it does exist. “I really like to laugh and have fun,” says Washingtonian Mike, 28. “Life is heavy enough. I work really hard. At the end of the day, yes, I want her to be sexy and for us to have things in common, but I want to laugh, too. It’s been hard to find a woman who laughs with me as much as I want. I’ve dated women who just didn’t get my sense of humor and the relationships always fizzled. I cite that as a big reason.” Laughter stokes a man’s ego when he’s trying to entertain, makes him feel understood, and puts him at ease in a way that few other expressions do, because it makes a man feel powerful. What’s a bigger turn-on than that for any man? “My next girlfriend has got to be straightforward and patient”
“If you’d asked me this question 10 years ago, I would have responded with ‘good-looking’ or maybe ‘passionate’ for my answer,” says Floridian Peter, 39. “But after a string of failed relationships, I know better what really matters now. When I’m dating a woman, I care about physical attraction and excitement, but in the back of my mind, I’m definitely seeing how she responds to challenges. Does she wig out over small things? Do I constantly have to calm her down or reassure her when things don’t go her way? Does she approach our differences straightforwardly by telling me how she feels in a fairly rational way, or is she a passive-aggressive pouter? I don’t care how beautiful she is; if a woman frustrates me, acts out irrationally or makes me feel like I need to be a mind-reader, I’m outta there. My next girlfriend has got to be chilled out and patient.” Any guy who’s been out there dating for a while (and maybe had a few bad breakups along the way) is going to have his own set of red flags. And, like Peter, many men want a woman who won’t play minds games with them in relationships. For the other side of the story, read She said: “My relationship has to have ____”. Dave Singleton, an award-winning writer and columnist for Match.com since 2003, is the author of two books on dating and relationships. Send your dating questions and comments to him at davesingleton.writer@gmail.com.
Why we fall out of love
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Why we fall out of love
By Laura Schaefer
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World's most expensive parking lot
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World's most expensive parking lot
New ‘World’s Shortest Man
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New ‘World’s Shortest Man
New ‘World’s Shortest Man
On Junrey Balawing’s 18th birthday party, he received more than the usual set of gifts: he got a Guinness world record.
Balawing, the son of a poor blacksmith in Sindangan, Philippines, was crowned the world’s shortest man, measuring 23.6 inches tall. The previous record-holder, Nepal’s Khagendra Thapar Magar, is 26.3 inches tall and held the title for about eight months. Although the shortest living man, Balawing missed the title of shortest man in history, which is held by Gul Mohammed of India, who was 22.5 inches tall and died in 1997.
Weighing in at only 11 pounds, Balawing looks like a toddler, and has experienced health and speech problems due to his size. But on Sunday, “dozens of journalists” showed up at his small home city, and he celebrated with a feast of roasted pigs for visitors, neighbors and family (including his three normal-sized siblings).
Balawing reportedly thanked the crowd in his local dialect, and then blew out the candles on his cake after several attempts. The Associated Press reported that he was later heard saying that he was tired.
Balawing’s size has not always been cause for celebration: his family said that he was born as a normal sized baby, but quickly became sickly before his first birthday. He completely stopped growing two months after his birth and was not able to walk until he was five-years old. Around this time, Balawing was removed from school because he had proven distracting to the other students.
Despite health problems, Balawing’s mother said he is a happy teenager. “Although he’s short, he takes that in stride,” Guinness World Records representative Craig Glenday told the AP. “He has this cheeky smile.”
His father Reynaldo Balawing called his son a “lucky charm,” because, after his birth, Reynaldo was able to find a job that could support their family. Although the Guinness world record does not come with a cash prize, Glenday said he hopes that Balawing’s new fame will help in soliciting donations for medical supplies.
The average one-year old boy is 28 inches tall.
7 Things you Didn't Know About Your Skin
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7 Things You Didn't Know About Your Skin
Thu, Feb 02, 2012
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Explore and comparemedicationsTaking care of your skin is probably second nature by now. You know to slather on SPF each morning and scan for new and changing moles to keep your skin happy and healthy. But despite understanding how to combat wrinkles and ward off disease, there’s a fair share that you might not know about your body’s largest organ. Read on for seven interesting facts about your skin.
1. Your skin’s appearance and texture can give you clues about the rest of your health.
Sometimes, changes in your skin can signal changes in your health as a whole. For example, according to Brooke Jackson, MD, Director of the Skin Wellness Center of Chicago, “The hormones that the thyroid produces are directly responsible for the natural fats that protect the skin, as well as hair and cell growth and hair pigmentation.”
She explains that in a person with hyperthryroidism (when the thyroid overproduces thyroid hormone), the epidermis––the outer layer of skin––may thicken and skin may be soft. With hypothyroidism (when the thyroid under-produces thyroid hormone), on the other hand, symptoms include very dry skin and thickened skin on the palms and soles. Another way your skin can tip you off to health issues: Acanthosis nigricans, a condition in which skin around the neck darkens and changes in texture, is often associated with diabetes, according to D’Anne Kleinsmith, MD, dermatologist at William Beaumont Hospital in Royal Oak, MI.
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2. Everyone has the same pigment in their skin that’s responsible for color.
Melanin, explains Josie Tenore, MD, SM, is a coloring pigment that is present in all people’s skin—regardless of race. “The difference in skin tone between people of different races—and between people of the same race––lies in how much of this pigment is present, and its distribution within the skin.”
More specifically, everyone—no matter how dark or pale they are––has the same number of melanocytes, which are the cells that make melanin, explains Arnold Oppenheim, MD, a board-certified dermatologist. “It’s their product, melanosomes—which contain the melanin––that differ. Some people have denser and larger ones, which make their skin darker.” Also, the denser and closer together they are, “the more protection the skin is afforded from skin cancer,” he says.
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3. As we age, our skin sheds cells more slowly.
Ever wonder why children have such naturally rosy and dewy skin? While skin of all ages produces new cells which eventually move to the surface and shed off, young people’s skin does this more often, according to Dr. Tenore. “In kids, this happens every two to three weeks, which gives them that vibrant, shiny skin. But as we age, this process becomes slower. More dead cells stay on the surface, resulting in that dull, dehydrated look.”
She adds that exposure to direct sunlight slows down the sloughing off process even further because UV light decreases cellular turnover. Depending on your skin type—your dermatologist can identify yours––daily exfoliation or a topical antioxidant serum that contains retinoids, vitamins and peptides can help encourage cell turnover, according to Francesca Fusco, MD, a New York City dermatologist.
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4. Stretch marks can be prevented—to a degree.
Pregnancy, weight fluctuations and even teenage growth spurts can all cause stretch marks, those squiggly lines that start out darker than your skin color and often appear on the hips, thighs and abdomen (but can crop up anywhere). When collagen and elastin initially break down, says Dr. Oppenheim, skin creates striae rubrae—red or purple stretch marks on light-colored skin—due to inflammation. When stretch marks are in this phase, applying retinoid creams to them—no matter where they appear––can “considerably lessen their appearance,” says Dr. Fusco. That’s because the medication promotes cell turnover and skin regeneration. Some older stretch marks, which are lighter in color and have indentations, can be treated with lasers to help smooth the skin, says Dr. Kleinsmith, but it depends on where they appear—ask your dermatologist if lasers can help reduce the appearance of your older stretch marks.
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5. The oiliness of our skin dictates what type of hair grows in that area.
The relationship between hair and skin is a close one. “The whole sebaceous (oil) gland and hair apparatus is one unit,” says Dr. Oppenheim. “The oil gland grows out of the hair follicle, which it helps to lubricate.” But it’s the difference in the individual glands that affects hair type. According to Dr. Oppenheim, “Where we have large oil glands, which produce more oil, we have thin hairs; where we have small oil glands, which produce less oil, we have thick hair.” People have oily skin in the middle of their faces because there are large sebaceous glands there, and they have dry skin on the periphery because there are small oil glands there. This is why even men with heavy beards don’t grow hair in the middle of their faces.
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6. Age spots should really be called “sun spots.”
Those brown spots that tend to crop up with age have little to do with the passing years, and much more to do with soaking up rays. “Age spots are the result of cumulative sun exposure and subsequent damage,” says Dr. Fusco. “They appear because pigment cells have accumulated in the top layer of skin.” To prevent sunspots, apply sunscreen in the morning every single day—and every few hours afterward if you’ll be in direct sunlight. “The minimum SPF you should use is 30; be sure that it’s broad spectrum to block UVB and UVA rays.” advises Dr. Fusco. Aim to use a marble-sized amount of block for your face and a shot glass–sized amount for your body. Though age spots aren’t directly related to age, seborriheic keratosis, benign hereditary moles that usually stick out from your skin, are. They vary in color from white to black, says Dr. Oppenheim, and tend to appear on the face, scalp and torso (but can show up anywhere except your palms, the soles of your feet and your mouth) as you grow older.
7. Melanomas don’t always have color.
If you’re on the lookout for dark moles to screen for skin cancer, you’re on the right track. But malignant spots aren’t always so easy to find. “Follow the Sesame Street rule—‘One of these things is not like the other,’” says Barbara Reed, MD, a dermatologist at the Denver Skin Clinic. “Melanomas can be red, purple, flesh-colored or even white. I think I’ve seen them in every color except green,” she explains. If a mole looks funny, grows, itches or just plain makes you obsess over it, Dr. Reed recommends heading to your dermatologist for a check-up. And always tell your doctor about any other new spots or skin irregularities that you notice.
Top 10 Most Expensive Cars in the World
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Top 10 Most Expensive Cars in the World
Bugatti Veyron $1,700,000
The Bugatti Veyron 16.4 is the most powerful, most expensive, and fastest street-legal production car in the world, with a proven top speed of over 400 km/h (407 km/h or 253 mph). It reached full production in September 2005. The car is built by Volkswagen AG subsidiary Bugatti Automobiles SAS and is sold under the legendary Bugatti marque. It is named after racing driver Pierre Veyron, who won the 24 hours of Le Mans in 1939 while racing for the original Bugatti firm. The Veyron features a W16 engine—16 cylinders in 4 banks of 4 cylinders.According to Volkswagen, the final production Veyron engine produces between 1020 and 1040 metric hp (1006 to 1026 SAE net hp), so the car will be advertised as producing "1001 horsepower" in both the US and European markets. This easily makes it the most powerful production road-car engine in history.Ferrari Enzo $1,000,000 The Enzo Ferrari, sometimes referred to as the the Ferrari Enzo and also F60 is a 12-cylinder Ferrari supercar named after the company's founder, Enzo Ferrari. It was built in 2003 using Formula One technology, such as a carbon-fiber body, F1-style sequential shift transmission, and carbon-ceramic brake discs. Also used are technologies not allowed in F1 such as active aerodynamics. After a maximum downforce of 1709 pounds (775 kg) is reached at 186 mph (301 km/h) the rear spoiler is actuated by computer to maintain that downforce.Pagani Zonda C12 F $741,000 The Zonda C12 F debuted at the 2005 Geneva Motor Show. It is the most extensive reengineering of the Pagani car yet, though it shares much with its predecessors including the 7.3 L V12. Power is increased to 602 PS (443 kW/594 hp) with a special clubsport model producing 650 PS (478 kW/641 hp). The company promises a 3.2 second sprint to 60 mph (97 km/h, a top speed over 374 km/h (225 mph) and it will be the queen in braking from 300 km/h to 0 (186 mph to 0). The Zonda F clubsport has a power to weight ratio of 521 bhp/ton (384 W/kg) . Compare, for example, the Enzo Ferrari which has a power to weight ratio of 483 bhp/ton (356 W/kg).Koenigsegg CCX $600,910 The Koenigsegg CCX is the latest supercar from Koenigsegg. CCX is an abbreviation for Competition Coupe X. The X commemorates the 10th anniversary of the completion and test drive of the first CC vehicle in 1996. The CCX is intended to be more suitable for the U.S. market and thus engineered to comply with US regulations. The CCX is powered by a Koenigsegg designed and assembled, all aluminium, 4700 cm³ DOHC 32-valve V8 based on the Ford Modular engine architecture enhanced with twin Rotrex centrifugal superchargers with response system, 1.2 bar boost pressure and an 8.2:1 compression ratio. The engine produces 806 hp (601 kW) and 678 lbf.ft (920 Nm) on 91 octane (U.S. rating) gasoline, 850 hp (634 kW) on 96 octane (Euro rating) gasoline and 900 hp (671 kW) on biofuel.Porsche Carrera GT $484,000 The Porsche Carrera GT is a supercar, manufactured by Porsche of Germany. The Carrera GT is powered by an all-new 5.7 litre V10 engine producing 612 SAE horsepower (450 kW). Porsche claims it will accelerate from 0 to 100 km/h (62.5 mph) in 3.9 seconds and has a maximum speed of 330 km/h (206 mph), although road tests indicated that in actuality the car could accelerate from 0-60 in under 3.5 seconds and to 0-100 in 6.8 seconds and has a top speed of 335-340km/h (209-212.5mph). Mercedes SLR McLaren $455,500 The Mercedes-Benz SLR McLaren is a sports car and supercar automobile co-developed by DaimlerChrysler and McLaren Cars. It is assembled at the McLaren Technology Centre in Woking, England. Most people presume "SLR" to stand for "Sportlich, Leicht, Rennsport" (German for "Sport; Light; Racing"). The car's base price is £300,000 or $455,500. The SLR has a supercharged 5.5 (5439cc) litre dry sumped 90 degree V8. It produces 466.8 kW at 6500rpm (626 hp) and 780 N·m (575 ft·lbf) torque at 3250 - 5000 rpm.Maybach 62 $385,250 The Maybach 57 and 62 were the first automobile models of the Maybach brand since the brand's revival by DaimlerChrysler. They are derived from the Mercedes-Benz Maybach concept car presented at the 1997 Tokyo Motorshow (which was based on the Mercedes-Benz S-Class sedan). DaimlerChrysler attempted to buy the Rolls-Royce/Bentley marque when Vickers offered the company up for sale. When this attempt failed (they were outbid by BMW and Volkswagen respectively) they introduced the Maybach as a direct challenger in 2002. Both models are variants of the same ultra-luxurious automobile. The model numbers reflect the respective lengths of the automobiles in decimetres; the 57 is more likely to be owner-driven while the longer 62 is designed with a chauffeur in mind. The engine is a Mercedes-sourced 5.5-liter twin-turbo V12, generating 550 hp.Rolls-Royce Phantom $320,000 The Rolls-Royce Phantom is a luxury saloon automobile made by Rolls-Royce Motor Cars, a BMW subsidiary. It was launched in 2003 and is the first Rolls-Royce model made under the ownership of BMW. It has a 6.8 L, 48-valve, V12 engine that produces 453 hp (338 kW) and 531 ft·lbf (720 N·m) of torque. The engine is derived from BMW's existing V12 powerplant. It is 1.63 m (63 in) tall, 1.99 m (74.8 in) wide, 5.83 m (228 in) long, and weighs 2485 kg (5478 lb). The body of the car is built on an aluminium spaceframe and the Phantom can accelerate to 60 mph (100 km/h) in 5.7 s.Lamborghini Murcielago $279,900 The Lamborghini Murciélago is a GT and supercar automobile made by Automobili Lamborghini S.p.A. and designed by Luc Donckerwolke. It was introduced in 2002 as the successor to the Diablo. The body style is a two door, two seat coupé. The LP640 version was introduced at the Geneva Motor Show in March of 2006. It features a 6.5 L engine, now producing 640 bhp, improving performance substantially. There were also a few minor external changes, primarily to the low air intakes.Aston Martin Vanquish $255,000 The Aston Martin V12 Vanquish is a supercar manufactured by Aston Martin since 2001. It rose to fame after being featured as the official James Bond car in Die Another Day, the twentieth James Bond film. In the film, the Vanquish has the usual Bond film embellishments, including active camouflage which rendered the vehicle virtually invisible. The Vanquish is powered by a 5.9 L (5935 cc) 48-valve 60° V12 engine, which produces 343 kW (460 hp) and 542 N·m (400 ft·lbf) of torque. It is controlled by a fly-by-wire throttle and a 6 speed 'paddle shift' or semi-automatic transmission. A special V12 Vanquish S debuted at the 2004 Paris Auto Show with the power upped to 388 kW (520 hp) and 577 N·m (426 ft·lbf).
Tuesday, February 7, 2012
The secrets to a millionaire's success
The secrets to a millionaire's success
If you want to be a millionaire you have to think differently. Click the title to view the full article.
There's no real practical reason to ask "who wants to be a millionaire?" because the only people who won't put their hand up are religious types who've taken vows of poverty and those who are already multi-millionaires. Unfortunately, there's a big gulf between those who want it and those who do the things to make it happen. Based on recent statistics on UK household income, millionaire-dom is not something that's going to happen for most people, even with the dubious benefits of inflation. An adult earning the median level of income (£26,200 a year in 2011) and saving an impressive 20% of that would need almost 200 years to save £1 million (excluding taxes and investment gains). It's pretty clear, then, that a would-be millionaire has to think outside the boundaries of "median" experience.Start a businessThere are certainly people who can become millionaires by working for other people, but this is not an especially good route to choose. The trouble with trying to become a millionaire by working for other people is that there are always other people siphoning off the value of whatever you produce. Say you're a hotshot salesman – although you're going to get your cut, a lot of the value you create is going to get split among a broader pool of workers, managers and the owner(s) of the business.Start your own business, though, and you get to decide how to divide that pie. Better still, your ownership stake can become more and more valuable over time as that business becomes larger and larger. While a good employee may get raises and promotions as his or her employer grows, they'll never see the same benefits (including the appreciation in the value of the ownership interest) as the owners.Use other people's moneyOne of the remarkably consistent features of stories about people who go from relatively no wealth to major wealth is the role of other people's money in making it happen. Sometimes it's start-up capital from a generous relative, or maybe it's a small business loan or venture capital.Borrowed money can be a major force multiplier. Behind virtually every property empire is borrowed money and the use of leverage in investing (whether through buying stocks on margin, buying options or buying futures) can rapidly magnify a skilful investor's success. Of course, this cuts both ways – just as borrowed money can create a large business (or portfolio) quickly, just one mistake in an over-leveraged enterprise can bring the whole thing crashing down.It comes down, then, to risk tolerance. Those who really want to build large wealth (and do so quickly) through business or investment will have to do so in part with other people's money.Cultivate a valued skillWages respond to supply and demand just like everything else, so it is very important to cultivate a skill that is not only in demand, but scarce enough to be valuable. Architecture and law, for instance, are both specialised skills, but not necessarily rare enough to make their practitioners wealthy unless they are at the high end of their profession.Sports is an obvious example, but most people know in their teens whether they have the rare physical gifts (and perhaps the even rarer mental discipline and dedication) to open the doors to a professional sports career, and it's not really a door that can be opened in college or later. Medicine and engineering, though, are both open to college-aged people who have the requisite abilities and the willingness to put in the effort. The services of these professionals are not only almost always in demand, but the supply is small enough that professionals here can fairly expect to becomemillionaires on the basis of their labours.This is also true for unconventional skills as well. Pursuing a career as a writer, actor or professional gambler is a virtual guarantee of poverty for most people. For those who actually have the skills necessary to succeed, though, it can be their best chance of building real wealth. Out-think or out-hustleLazy and self-made millionaire just don't go together. Going back to that supply-demand equation, anything that's relatively easy, convenient and accessible is going to have ample supply and relatively low payouts. Since most people don't actually want to work that hard, though, there are real wealth-creation opportunities out there for those willing to think and/or work just a little harder than average.One option for building exceptional wealth is to out-think the majority of people out there. While pursuits like writing, investing and inventing all involve a tremendous amount of effort and dedication, there is at least some aspect of out-thinking to them all. Steve Jobs of Apple, Richard Branson of Virgin and Lord Alan Sugar all clearly worked hard to achieve success, but a lot of that success was predicated on seeing things that others didn't see and figuring out how to do them even better.Out-hustling is an undervalued aspect of wealth creation. Success in business is often about the hustle – the willingness to make one more call or work an extra hour later. The field of "hustle" is wide, rich and fertile. You can make good money visiting auctions and reselling undervalued items, just as you can make good money from a variety of multi-level marketing programs. The question is whether you want to spend the hours it takes to drive the process forward.Rental property is a good example. It is actually not all that difficult to find rental properties, buy them and rent them out. Do this well and it's fairly easy to earn an annual return of 8-15%. The problem is that there are a myriad of small annoyances that go with it – hassles in haggling over the purchase price, hassles in getting mortgages, hassles in getting tenants, hassles in dealing with tenants and so on. Some people just don't want to be bothered with this, but those who don't mind the annoyances can reap the rewards.The bottom lineHaving £1 million or more in net worth is still uncommon enough to be special and significant, and it doesn't often come as a by-product of luck or chance. Hard work is a virtual requisite, but so too is a willingness to take on some risk (such as starting a business or using leverage) or cultivate a rare gift (like writing or inventing). Although simple living and sound investing will help anyone build more wealth, a special level of success requires a special person who is willing to do more and risk more than most people.