Russia’s Currency Keeps on Crashing - Fortune

http://time.com/3635534/russia-ruble-interest-rates/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+timeblogs%2Fcurious_capitalist+%28TIME%3A+Business%29

• Fortune / Geoffrey Smith
 

Dec. 16, 2014

    

Russia's President Vladimir Putin (C) chairs a meeting with permanent members of the Security Council at the Kremlin in Moscow, December 12, 2014. Michael Klimentyev—Ria Novosti/Reuters 

Ruble falls another 8% early Tuesday despite emergency 6.5% percent rate hike, while contagion starts to spread

The rout in emerging markets continued Tuesday with Russia again to the fore, as an emergency interest rate hike by the central bank failed to stop panic selling of the local currency, stocks and bonds.

MORE

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Selling across emerging markets has intensified and spread out this week as fears about tighter U.S. monetary policy, slowing global growth and country-specific problems in Russia and Ukraine have combined to create a storm which, if not perfect, is at least pretty adequate.

The Federal Reserve’s Open Market Committee meets later this week and is expected by many to drop its commitment to keeping interest rates at their current low level “for an extended period of time,” as the U.S. economy gains strength. That will end a period of nearly six years of nearly free money for global capital markets, raising problems for those who have squandered it in the meantime.

By early afternoon in Moscow, the dollar had surged 8.6% to a new all-time high of 71.26 and the dollar-denominated RTS stock index had fallen 15% to its lowest level since March 2009, as investors ignored the central bank’s decision to raise its key refinancing rate to 17% from 10.5% as of midnight. The pace of selling had eased off by mid-morning, but picked up again as the U.S. woke up.

In a television interview, central bank governor Elvira Nabiullina saidthe ruble was now clearly undervalued, but stressed that Russian companies would be able to repay their foreign debts, one of the biggest concerns among market participants right now.

The ruble had risen by more than 9% initially in response to the central bank’s move, but quickly gave up all its gains as world oil prices–on which Russia depends for its budget–fell further in response to weak economic data from China. The benchmark price of crude fell to its lowest level since April 2009, trading as low as $54.34 a barrel, before rebounding later on more encouraging news out of the Eurozone.

30 Things You Should Never, Ever Say in an Interview - TIME

http://time.com/3626465/never-say-job-interview/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+timeblogs%2Fcurious_capitalist+%28TIME%3A+Business%29

• The Muse
 

Dec. 10, 2014

    

In an interview, your primary goal is to get across to the hiring manager why you—above all the other candidates—are the right person for the job. That you have the right set of skills, a great personality, and the drive to really make things happen in your new role.

But as you’re preparing answers to interview questions that’ll let you do all of those things, it’s equally important to know what the hiring manager will consider a red flag. After all, a wrong move or two, and it won’t matter how great your sales numbers at your last job were.

To help you out, steer clear of these 30 messages. You’ll make sure that your awesome abilities and accomplishments—not a totally avoidable faux pas—will be what your interviewer remembers.

1. “So, tell me what you do around here.”

Rule #1 of interviewing: Do your research. You never want to walk into an interview knowing next to nothing about the position or company—you want to show that you’re excited enough that you’ve done some homework and thought about how you’d fit in. To get started, do some online research (here’s your game plan), and try to find a current or past employee you can talk to before the big day.

2. “Ugh, my last company…”

No matter how bad a job was, you never, ever want to badmouth a former employer in an interview. Keep your tone somewhere between neutral and positive, focusing on what you’ve learned from each experience and what you’re hoping to do in the future. This especially applies when you’re talking about why you’re leaving—here are a few tips on how to do it right.

3. “I didn’t get along with my boss.”

Similarly, you don’t want to speak negatively about anyone you’ve worked with in the past. Even if a previous manager could put the characters in Horrible Bossesto shame, your interviewer doesn’t know that—and could wonder whether you’re the difficult one to work with.

4. “I’m really nervous.”

Even if you’re more nervous than you’ve ever been, no company wants to hire someone who lacks confidence. “So, in this case, honesty is not the best policy,” says Amy Hoover, president of the job board TalentZoo. “Fake it ’til you make it!”(Via Business Insider)

5. “I’ll do whatever.”

Most hiring managers are looking for people who are incredibly passionate about the role they’re taking on. So when you say something to the effect of, “I don’t care what jobs you have available—I’ll do anything!” that’s a big red flag. Instead, target your search to a specific role at each company, and be ready to explain why it’s exactly what you’re looking for.

6. “I know I don’t have much experience, but…”

This mistake is easy to make, especially if you’re a recent grad or career changer. Problem is, when you apologize for experience you don’t have, you’re essentially saying that you’re not a great hire, that you’re not quite the right fit for the role, or even that you would be starting from square one. And that’s just not the case! Instead of drawing attention to your weaknesses, stay positive, focus on your strengths, and immediately launch into your transferable skills and infectious enthusiasm for the position. Here are a few better phrasesto try instead.

7. “It’s on my resume.”

“Here’s the thing; I know it’s on your resume, but if I’m asking you about a particular job or experience, I want you to tell me more beyond a written word. I’m actually evaluating your communication and social skills. Are you articulate? Should you be client-facing, or are you someone we need to keep hidden in the basement next to the IT lending library?” says Nando Rodriguez, Head of Employment Branding at Ogilvy & Mather. “If a recruiter is asking you about a certain skill, don’t reference your resume, and instead use it as your moment to shine.”

8. “Yes! I have a great answer for that!”

Practiced your answers to some interview questions? Great. But don’t memorize them word for word. When you’re hyper-prepared and hanging on the edge of your seat waiting for certain questions for which you’ve prepared to be asked, you will likely have a very hard time engaging in genuine conversation with the interviewer. And interviewers don’t tend to hire detached people who can’t seem to have a genuine conversation. Certainly, walk in prepared, but force yourself to not memorize or over-rehearse the practice questions.

9. “Perfectionism is my greatest weakness.”

Here’s the thing: Chances are, telling a hiring manager that perfectionism is your greatest weakness won’t surprise him or her—and it might come off as sounding like an overly rehearsed cliché. It also doesn’t offer much of a true insight into your work style or personality (especially if half the other candidates are giving the same response). Try a more genuine response (here are some ideas)—and if perfectionism really is your greatest weakness? Use these tips to spin it right.

10. “I’m the top salesperson at the company—and I have two semesters worth of Spanish.”

In an article for the Harvard Business Review, Heidi Grant Halvorson gives an excellent example of a case in which less is more: Instead of stopping after describing your degrees from Harvard, your relevant internships, and your technical expertise—you tack on your two semesters of college-level Spanish. Maybe Spanish is relevant to the job, but even so, according to the “Presenter’s Paradox,” rather than seeing that as a bonus, our minds tend to average out the impressiveness of the listed achievements. Try to keep any string of accomplishments you mention within the same range of impressiveness as others, and either leave out the outliers or wait for a better opportunity to talk about them (when they won’t be stacked against your highest achievements).

11. “I think outside the box.”

Resume buzzwords make hiring managers’ eyes glaze over, and similarly, using clichés in an interview won’t get you very far. Skip these overused business phrases, and describe your skills and abilities using stories about things you’ve actually done.

12. “I, like, increased our social following, like, 25%…”

Filler words like “like” and “um” can make you look like you lack confidence—or worse, the ability to communicate clearly on the job. Try these tips to erase “like” from your vocabulary for good.

13. “On my third goose-hunting trip to Canada…”

Stories are a great way to connect with the interviewer—they’re more memorable than facts, help you build rapport, and can help you to quite literally share an experience with your interviewer. But, as highlighted in this SlideShare (see Mistake #4), you need to tie that story back into what the company’s needs are, your interviewer’s experience, or, more specifically, to the position he or she is trying to fill, or you risk being forgotten (or looking a bit strange).

 

 

14. “I built a synergistic network of strategic alliances…”

If your interview answers sound a little too much like Weird Al’s song, “Mission Statement,” you’re probably not going to be the most memorable candidate. Turns out, listening to abstract words (think “strategic alliances” and “cutting-edge technology”) only activates areas of the brain related to language processing. Alternatively, concrete words like “carrot juice,” “smoking car engine,” and “stood in front of 150 people” are easier to picture, activate more areas of the brain, and are therefore more memorable. Pull in the five senses and describe actions taken. You’ll be remembered positively rather than for being a jargon bot.

15. “I pulled together the STF reports.”

Unless they’re absolutely industry-standard terms, don’t use acronyms or jargon when you’re describing your responsibilities. You’ll be much more compelling (not to mention interesting) using language that everyone gets right off the bat.

16. “Um, I don’t know.”

Even if you practice, and practice, and practice, you could still get a question that stumps you. But saying “I don’t know” is rarely the right approach. Two strategies that work well are repeating the question thoughtfully before answering or saying (slowly), “Now, that is a great question. I think I would have to say…” Still stumped? Ask for what you need—whether that’s a pen and paper, a glass of water, or a quick minute to think.

17. “How much vacation time do I get?”

When you bust out with an immediate litany of WIIFM (what’s in it for me?) questions, you look both arrogant and, frankly, unappealing. Guess what interviewers want to know when they meet with you? First and foremost, they want to know what you can do for them. What can you do to make that company money, improve businesses processes, grow the organization and, importantly, make their lives easier? Making you happy will be important if they want you, but you’re not even going to get to that stage if you make your list of demands clear too early.

18. “How soon do you promote employees?”

“An individual asking this question may come off as arrogant and entitled,” says recruiter Josh Tolan of SparkHire.com. A better way to ask this? “I’m really interested in staying at a place for a while. What do career paths within the company typically look like?”

19. “Nope—no questions.”

Not having any questions for the interviewer basically says that you’re not interested enough to learn any more. Have some thoughtful questions prepared (here are more than 50), and your interview will feel more like a conversation than a firing squad.

20. “Then, while I was at happy hour…”

Is your underwear riding up your rear end as you sit in that interview? Did you totally run a red light (and nearly sideswipe a school bus) so that you could be on time? Did your husband lose $15,000 at a craps table in Vegas last weekend? How interesting—yet all completely off-limits conversation topics while you’re in the interview. Even if you’re interviewing for a role within the most free-wheeling, fun-loving organization, the fact remains that you are in an interview. Never, ever get wooed into believing that the casual nature of the environment frees you to enter the TMI zone.

21. “I’ll have the steak and a glass of Cabernet.”

If your meeting takes place over a meal, take the lead from your interviewers. Casually ask if they’ve been to the restaurant before and what they think are good options—hopefully their recommendations will give you a sense of an appropriate price range. If not, try to have your interviewer order first and choose something at that price point (or less). And put down the drink menu—even if your interviewer imbibes, you should stay on your best behavior.

22. “I’d like to start my own business as soon as possible.”

Entrepreneurial ambitions are great—but if you’re applying for a job to work for someone else, you probably want to downplay the fact that you’re trying to get funding for your burgeoning startup. Most employers want to hire people who are going to be around for a while, and if there’s any suspicion that you’re just collecting a paycheck until you can do your own thing, you probably won’t get the job.

23. “What the hell!”

You’d think not swearing is Interviewing 101, but you’d be surprised how often people still do it. Even if your interviewer drops a few S- or F-bombs, you’re better off keeping your language PG.

24. “So, yeah…”

“Even with the most prepared interview candidates, I’ve found that a lot of people still make one critical mistake,” says career counselor Lily Zhang. “They’ll deliver absolutely fantastic and relevant stories, and I’ll be completely hooked—all the way up until they end with, ‘and… yeah’ or just an awkward pause.” Instead, try one of these three approaches to perfectly wrap up your answers.

25. “Do you know when we’ll be finished here?”

You should never give the impression that you’re in a hurry or have somewhere else to be. “What could be a 30-minute interview might turn into a 90-minute interview if all goes well, and if you seem like you have somewhere more important to be, the interviewer will definitely be turned off,” Hoover explains. (ViaBusiness Insider)

26. “I’m going through a tough time right now.”

Yes, most people would be incredibly sympathetic to someone who has been laid off, is going through a divorce, or is dealing with family drama. And even if your interviewer is, he or she may also wonder how your personal life will affect your performance on the job. So, keep your problems under wraps and keep the conversations focused on your professional life.

27. “Sorry I’m so late.”

Just be on time. Enough said.

28. “Sorry I’m so early.”

But don’t be too punctual. When you arrive more than five or 10 minutes before your meeting, you’re putting immediate pressure on the interviewer to drop whatever she may be wrapping up and deal with you. Or, she’s going to start the interview feeling guilty because she knows she just left you sitting in the lobby for 20 minutes.

29. “Would you like to see my references?”

“Interviewing is a lot like dating,” says Jacqui Barrett-Poindexter of CareerTrend.net. “It’s important to entice with your value and attract them to call you for the next ‘date.’” Offering up your references too soon may hint at desperation. Plus, you don’t want to run the risk of overusing your references.(Via LearnVest)

30. “I just wanted to follow up—again.”

As with most relationships, looking interested is good, but looking too interested makes you less desirable. You may think you’re showing your future company that you’re ready to hit the ground running, but if you come on too strong post-interview (think “checking in” to restate your interest less than a week after the interview or double communicating—emailing and then emailing again without a response from the other party), you look less like a candidate they’d be lucky to hire and more like someone who’s anxious to leave your current role.

10 Ways Truly Successful People Basically Never Act - TIME

http://time.com/3620937/successful-behavior/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+timeblogs%2Fcurious_capitalist+%28TIME%3A+Business%29

• Jonathan Long / Entrepreneur
 

Dec. 8, 2014

    

Want to stack the odds of being a successful entrepreneur in your favor? You can start by taking note of the following 10 things that you should never do.

1. Be jealous or envious

Seeing other people around you succeed should motivate you, even if they are your competitors. You should understand that every single person has the ability to become successful, and wasting time focusing on other people’s success or achievements will just sidetrack your own progress.

Related: 7 Things Confident Entrepreneurs Never Do

2. Look back

You are going to face hard times, difficult decisions and possibly even failure at some point. Don’t let small bumps in the road stop your forward progress. Find ways to maneuver around obstacles and continue to push forward, never looking back.

3. Make excuses

If you make a bad decision and screw up, own it. If something doesn’t work out as planned, don’t look for excuses. Search for the cause of the problem and chalk it up to a valuable business lesson. If you identify and own the problem you will not make the same mistake again. If you are constantly making excuses for your mistakes, you will continue to make them because you haven’t properly identified the root of the problem.

4. Stop learning

Your age, years of experience or level of success should never prevent you from learning. There isn’t a single person on this planet who knows everything. We can all continue to learn and be inspired from other entrepreneurs, whether they are billionaire household names or those just starting his or her entrepreneurial journey.

5. Associate with negative individuals

People who constantly make excuses, complain and have a negative outlook should be avoided like the plague. We all know people like this. No matter what you say or what the situation is, they always chime in with negativity. People like this are a cancer and their negative aura can rub off on you. Surround yourself with like-minded individuals that are as focused and determined as you are.

6. Wake up without a plan

Time management is a crucial part of being an entrepreneur. There are only so many hours in a day, so to be efficient you need to know what your goals are and what tasks you need to get done prior to starting your day. If you are scrambling to create a plan of attack every day you are going to be in trouble. End each day by mapping out the following day’s to-do list.

Related: Don’t Delude Yourself. These 3 Common Behaviors Hold Your Business Back.

7. Be scared to make changes and adapt

You need to be willing and able to adjust your plan and overall strategy, because there is a very good chance that you will need to adapt to maintain success in the future. Imagine if Apple never adapted and just stuck to making computers? After releasing the iPod it started manufacturing smartphones, tablets and now are releasing its first wearable technology, the Apple Watch. Once just a computer company, it is now a consumer-electronics powerhouse.

8. Let your bark be bigger than your bite

Successful entrepreneurs don’t sit back and talk about what they are going to do. They plan, follow through and conquer. Nothing is going to get accomplished just by talking about it, and nobody is going to be impressed with words alone.

9. Focus solely on dollar signs and decimal points

Instead of chasing the money, focus on creating products and services that make a difference and provide value. If you do this, the money will come. I would be lying if I said the goal of my company wasn’t to make money, but focusing on providing a great service paves the path for the money to follow.

10. Let failure stop you

Most statistics state that eight out of every 10 new businesses fail. Successful entrepreneurs go into everything knowing that there is a chance of failure. If in fact they fail it is viewed as part of their growth and they keep plugging along.

James Dyson is a perfect example, as his first 5,126 prototypes were failures, but the 5,127th one worked and went on to become the top-selling vacuum in the U.S. He is now worth $4.5 billion because he never once let failure stop him.

7 Things You Can Learn From the Greatest Businessman of All Time - TIME

http://time.com/3582082/warren-buffett-lessons/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+timeblogs%2Fcurious_capitalist+%28TIME%3A+Business%29

• Inc.
 

Nov. 13, 2014

    

Billionaire investor Warren Buffett speaks at an event on Sept. 18, 2014 in Detroit, Michigan. 

Warren Buffett shares words of wisdom from decades of experience, success, and failure

The “most successful investor of the 20th century” has a thing or two to teach you about being a great leader. Warren Buffett is a famed philanthropist, business magnate, and sharklike investor. As the CEO and biggest shareholder of Berkshire Hathaway and someone who consistently ranks among the richest people in the world, he’s smart, business savvy, and slick, even into his 80s.

However, the “Oracle of Omaha” is also a notoriously frugal spender and reveres value investing. Having pledged to donate 99 percent of his wealth, he’s proof that sometimes old-school techniques work. If you’re an up-and-coming leader (or just want to be), check out what Buffett can teach you about leadership, wise moves, and humility.

1. On Risk

“Risk comes from not knowing what you’re doing,” says Buffett, which means you can do one of two things. Either you can be a big risk taker and gambler, or you can learn what you need to do, play it a little slower, and minimize your risks. Obviously the latter approach is best, but it doesn’t lead to instant gratification. Put those multimillion-dollar fantasies on the back burner long enough to get in control of your risk factor.

2. On Reputations

“It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.” This is especially true in the digital era, when, if something’s in writing or on video, it’s forever. You can even take a screencap of a Snapchat, so be diligent when building your reputation—online and off. Remember Congressman Anthony Weiner tweeting pictures of his genitalia? Yeah, don’t be that guy. His reputation is toast.

3. On Who You Surround Yourself With

“It’s better to hang out with people better than you. Pick out associates whose behavior is better than yours, and you’ll drift in that direction.” Birds of a feather flock together, and you’re probably not in the position to be anyone’s mentor yet. If you surround yourself with better people, they’ll inspire you to do better yourself.

As I tell my children, “If you want to soar like an eagle in life, you can’t be flocking with the turkeys.”

4. On Hindsight

“In the business world, the rearview mirror is always clearer than the windshield,” quips Buffett. Of course, this is true in every other aspect of your life, too. Stop focusing on that rearview mirror, though, after you’ve gleaned the necessary lessons from it. Move forward, even if that direction isn’t quite as streak-free.

5. On Stupid Mistakes

“I bought a company in the mid-’90s called Dexter Shoe and paid $400 million for it. And it went to zero. And I gave away about $400 million worth of Berkshire stock, which is probably now worth $400 billion. But I’ve made lots of dumb decisions. It’s part of the game.”

No successful person is mistake-free, and that’s a good thing. Each stumble is a chance to learn and a warning when you’re tempted to do something similar in the future.

6. On Knowing When to Quit

“Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks.” In other words, ditch the stubbornness and know when to call it quits. Not every project is worth saving.

7. On Frugality

Buffett is legendarily frugal. He lives in the same house in Omaha, Nebraska, that he purchased in 1958 for $31,500. He is well known for his frugality, which includes enjoying McDonald’s hamburgers and cherry Coke, and his disdain for technology, such as computers and luxury cars. Despite a net worth measured in billions, Buffett earns a base salary of $100,000 a year at Berkshire Hathaway. It’s a salary that has not changed in 25 years.

Today, many top leaders take as much as they can and live as extravagantly as possible. More leaders should take a page from the book of Buffett.

Listen to the Wisdom of the Oracle of Omaha

These words of wisdom come from decades of experience, success, and failure. Why make the same mistakes somebody else has already made all over again if you don’t have to? With the likes of Buffett doling out advice by the shovelful, take advantage of it–then spend that saved time putting his words into practice.

It’s certainly worked for Buffett.

The 8 Indispensable Elements of Real Wealth - TIME

http://time.com/3544301/elements-of-real-wealth/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+timeblogs%2Fcurious_capitalist+%28TIME%3A+Business%29

The 8 Indispensable Elements of Real Wealth

• Peter Voogd / Entrpreneur
 

Oct. 29, 2014

    

That’s a powerful question that deserves your attention. My answer has drastically changed the past five to 10 years, and will continue to evolve. Success is part of life’s purpose but I know that on the other side of success is the quest for more success, more milestones, more achievements, more people to help and learn from, more money to be made. That’s great. Life becomes mundane and boring without goals and dreams to reach for but I believe there is more to life and real wealth.

Don’t get me wrong. Becoming a millionaire is a valid desire for everyone, but there is no higher success than building and maintaining a world class life with meaning and significance. Awareness precedes choice, and your choices determine the quality of your life. I’ve put some serious thought into what makes a world class life. Here are the eight forms you must adapt and start improving if you want to live an exceptional life with no regret.

Related: Find Your Purpose

1. A world-class inner life.

Your outer world, who you are and the quality of your life, is 100 percent determined by your inner world. Your inner world consists of your peace of mind, the quality of your thinking and living authentically. Are you living your true values or doing things based out of fear and worry? Your inner world determines your self worth and how connected you are to your core.

2. World-class health.

Your health is a very important part of wealth. If you don’t have your health, you have nothing. At the end of your life, the things you now perceive as the big things might be the little things. When we are young, we will compromise our health for wealth, but when we are old we will gladly sacrifice all of our wealth for just a little bit of health.

It’s extremely important to put health first, if you really want a world class life. We take our health for granted until we lose it, then we spend all our waking time trying to get it back. Those who don’t make time for exercise must eventually make time for illness.

3. World-class family life.

Having loved ones around you, and being able to see your family whenever you choose, is a crucial part of success. Gary Vaynerchuktold me his business is extremely important, but a distant second to his family. The greatest support system in the world is good family and friends. You can’t be careless here, you need great relationships and those who make you better. Remember, you can’t change your family, and trying to do so will cause you endless stress and frustration. Love them and appreciate them for who they are.

4. World-class profession/career.

The attitude you bring to your days determine your destiny and it’s extremely hard to carry a great attitude when you don’t enjoy what you do. According to the new Gallup survey “71 percent of employees are activity disengaged at work.”

Be patient and figure out your strengths. Purposefully choosing (or creating) your ideal professional is crucial to a world-class life. When you love what you do, you’ll never work a day in your life. It’s important to get to the end of your career knowing you gave your best. Yes, unexpected circumstances do happen but you are in control of your own future through the choices you make. Life is not easy nor promised, but it’s how you adapt and adjust that determines what happens next. Never settle.

Related: 7 Steps to Find Meaning in Your Work

5. World-class financial freedom.

Less than 5 percent of our society will be financially stable by age 65. WTF? Money is extremely important and makes the world go round. It also gives you one of the most important aspects of a world-class life — freedom.

Money allows you the choices to do what you want, when you want, wherever you want, so you can live on your own terms. What’s your game plan to assure a financially free future?

6. World-class circle of genius.

You become who you spend the most time with. Are the people you’re associating with holding you to higher standards and challenging you? If you spend time with people who are playing at a world class level, you drastically increase your chances of doing the same. Their ways of being will rub off on you. You’ll adapt their philosophies and perspectives.

Start surrounding yourself with people whose lives you want to emulate. Keep company with those who are thinking and acting at an extraordinary level.

7. World-class experiences.

Ultimately, life is an adventure. Experiences and memories are what separate the elite lives from the mediocre. I’ve recently started focusing more on producing instead of consuming, and valuing experiences over material things. I like both, and appreciate the finer things in life, but after studying countless world-class people, it’s clear they are constantly creating memorable experiences. What’s the point of doing something if you’re not having fun?

8. World-class impact and legacy.

The worthiest aim of life is service to the world around us. How much difference are you making in the world around you? Are you adding consistent value that improves the lives of others?

Generosity the key that unlocks happiness. There is no greater feeling than when you help or give to others, asking for nothing back. Whether it is a compliment or a small gift, do something nice for somebody every day. Realize every tweet, every blog post and every conversation you have is part of your legacy.

I challenge you not to postpone your life. Most say “when I have more time I will take time for myself” but the reality is life waits for no one. Don’t postpone travel or chasing your dreams. Nobody knows when their time is up, so make the most of it by focusing on these eight forms of real wealth.

Study Suggests Banking Industry Breeds Dishonesty - Associated Press

http://time.com/3595882/bank-industry-dishonesty-study/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+timeblogs%2Fcurious_capitalist+%28TIME%3A+Business%29

• Maya Rhodan @m_rhodan
 

Nov. 19, 2014

    

Bank industry culture “seems to make [employees] more dishonest,” a study author says

Bank employees are more likely to exhibit dishonesty when discussing their jobs, a new study found.

Researchers out of Switzerland tested employees from several industries during a coin-toss game that offered money if their coins matched researcher’s. According to Reuters, there was “a considerable incentive to cheat” given the maximum pay-off of $200. One hundred and twenty-eight employees from one bank were tested and were found to be generally as honest as everyone else when asked questions about their personal lives prior to flipping the coin, the Associated Press reports. But when they were asked about work before the toss, they were more inclined toward giving false answers, the study determined.

The author of the study says bankers are not any more dishonest than other people, but that the culture of the industry “seems to make them more dishonest.”

The American Bankers Association rebuffed the study’s findings to the AP.

“While this study looks at one bank, America’s 6,000 banks set a very high bar when it comes to the honesty and integrity of their employees. Banks take the fiduciary responsibility they have for their customers very seriously,” the Association said.

[AP]

    

9 Things to Know Before Buying Another Supplement - Health.com

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9 Things to Know Before Buying Another Supplement - Health.com

November 10, 2014 at 12:38pm

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http://time.com/3554782/dietary-supplement-safety/

• Health.com / Catherine DiBenedetto @goodhealth
 

Nov. 8, 2014

    

 A guide to avoiding sketchy ingredients and choosing the most trusted brands

The supplement aisle at the drugstore is lined with products that promise to prevent illness, improve energy, boost metabolism, even brighten your skin. You probably already know these capsules aren’t necessarily silver bullets to perfect health. (Whatever benefits your multivitamin or omega-3 supplements offer, you still have to exercise and eat right, for example.) But you do expect them to be safe to swallow, at the very least.

Sadly, a new study in the Journal of the American Medical Association suggests otherwise. After analyzing supplements that had been recalled by the FDA for containing banned substances—such as steroids or powerful prescription medications like Viagra and Prozac—researchers found that roughly two-thirds of the tainted products were back on store shelves with the same illicit ingredients at least six months later.

HEALTH.COM: 6 Myths (and Facts) About Weight Loss Supplements

Because supplement makers are subject to little regulatory oversight from the U.S. Food & Drug Administration, they aren’t required to prove a product’s safety (or efficacy) before it goes to market. And as this study shows, some fail at accurately providing the most basic safety information.

That said, the supplement industry is vast; Americans are expected to spend $32.4 billion on vitamins and dietary supplements in 2014, according to a Euromonitor International report. And there arereputable, safe supplement-makers out there.

Our buyer’s guide can help you avoid sketchy ingredients and choose the most established, trusted brands.

Be wary of certain types of pills

Namely exercise, weight-loss, and sexual-enhancement supplements. The products analyzed in the JAMA study fell into these three categories. Several of the weight-loss supplements actually contained an amphetamine-like drug called sibutramine, which is banned in the U.S., Asia, and Europe.

HEALTH.COM: Warning: Do Not Mix These Supplements

Shop selectively

Big-chain drugstores, pharmacies, and supplement stores like GNC or the Vitamin Shoppe may act faster to pull recalled items.

Don’t bargain-hunt

A University of Minnesota analysis found that for six types of herbal products, the more expensive the supplement was, the more likely it was that the recommended dosage would be consistent with established standards.

Steer clear of supplements made in China

Lack of regulation and poor manufacturing practices in China mean their goods may be more likely to be contaminated with substances like lead.

HEALTH.COM: Probiotic Foods and Supplements That Really Work

Check for a USP Verified Mark

It means that the nonprofit US Pharmacopeia has verified that a product contains the ingredients on the label in the amounts specified and doesn’t contain unacceptable levels of contaminants.

Do research at reputable sites

You can read supplement fact sheets from National Institutes of Health Office of Dietary Supplements to get all the info you need on everything from the recommended daily amount (RDA) to the latest on the health benefits of a certain supplement. It’s also a good idea to stay on top of warnings or recall alerts from the FDA. When you’re ready to buy, the USP website has a store directory and list of all the participating supplement companies if you want to check before you head to the store.

HEALTH.COM: Vitamins: What to Take, What to Skip

Consult the experts

Namely, the store pharmacist and your doctor. The former can alert you to any potential adverse events or drug interactions, and your doc can advise you on which supplements are safe and effective.

Skip dubious ingredients

These four have been linked to serious side effects, and aren’t worth the risk.

1. Kava. It has been reported to cause liver damage.
   2. Bitter orange. It contains the chemical syndephrine, which has been linked to heart attacks and strokes in healthy people when taken alone or combined with caffeine.
   3. Contaminated L-tryptophan. It’s associated with neurotoxic reactions.
   4. Chromium. When overused, it’s been linked to anemia—even kidney failure.

HEALTH.COM: Best Foods For Every Vitamin and Mineral

With additional reporting by Hallie Levine

Man Accused of Running the First Ever Bitcoin Ponzi Scheme - Reuters

http://time.com/3571415/bitcoin-ponzi-scheme-trendon-shavers-bitcoin-savings-and-trust/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+timeblogs%2Fcurious_capitalist+%28TIME%3A+Business%29

• Rishi Iyengar
 

Nov. 6, 2014

    

He allegedly raised the digital equivalent of $4.5 million by offering insanely high interest rates

A Texas man was charged with fraud in New York on Thursday, in what federal authorities claim is the first-ever Ponzi scheme involving the unregulated digital currency Bitcoin.

Trendon Shavers, 32, who runs a company called Bitcoin Savings and Trust, allegedly raised the equivalent of $4.5 million by offering investors weekly interest rates of 7%, Reuters reports. That translates to a 3,641% annual rate of return.

Shavers is suspected of embezzling about 146,000 of the 764,000 bitcoins he raised between Sept. 2011 and Sept. 2012 and allegedly using the proceeds to buy a BMW sedan, spa treatments and a $1,000 steak dinner, among other things.

If convicted, Shavers could serve up to 20 year.

5 Holiday Spending Mistakes That Can Kill Your Credit - TIME

http://time.com/3559640/5-holiday-spending-mistakes-that-can-kill-your-credit/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+timeblogs%2Fcurious_capitalist+%28TIME%3A+Business%29

• Martha C. White
 

Nov. 6, 2014

    

This time of year can be brutal on your credit score

Now that the holiday shopping season is here (what, you didn’t know Halloween is thenew Black Friday?), companies are pulling out all the stops to get us to spend. But watch out: There are some fairly common holiday spending behaviors that can do a number on your credit score. Here’s what the experts say you need to avoid.

Maxing out your cards. In truth, getting anywhere near your credit limit is a bad idea. “Your credit card utilization rate accounts for nearly a third of your credit score,” says Charles Tran, founder of CreditDonkey.com. This percentage of the credit you’ve used compared to how much you have available should be at 30% or less, and if you’re actively trying to raise your score, you should aim for as little as 10%.

This holds true even if you don’t revolve a balance, Tran says. “Even if you religiously pay off your credit card balance in full, the snapshot that the credit report captures might show a high balance, which has a negative impact,” he says.

Loading up a low-limit card. This is a corollary to not maxing out your cards because your credit is scored based on both your per-card as well as aggregate limits, explains John Ulzheimer, credit expert atCreditSesame.com. “The closer your balance is to your credit limit, the lower your credit scores,” he says. If you put $1,000 on a card with a $1,500 limit, that looks much worse than putting the same amount on a card with a $15,000 limit, he says, even though the amount you’re spending and the total amount of credit you have available hasn’t changed.

Ulzheimer notes this is even more important if you plan to pay off your holiday purchases over a number of months, because this maximizes the amount of time you’ll have a harmfully high ratio on the card.

Opening a slew of store cards. Yes, we know — you’ll get 10% or 15% off, or maybe you’ll even be able to jump that insane line on Black Friday. Opening a bunch of store credit cards is still a bad idea. Every time you apply for credit, your score takes a (small) ding, so making your way through the mall filling out applications can cumulatively have a noticeable effect on your credit score.

Closing a bunch of cards. “It can… be damaging to panic and close credit cards because you’re afraid of overspending for the holidays,” warns Bankrate.com analyst Jeanine Skowronski. If you know you can’t handle the temptation, then go ahead and close cards, but this should be a last resort because it can hurt your score because closing a card takes that credit away from your utilization calculation, she says.

Similarly, a lot of people think they’ll sign up for a store card just to get the one-time discount, pay it off and then cancel it. This is really a double-whammy for your score because you ding your credit profile twice, once when you open the card and again when you close it.

Taking the deferred-interest bait. “One marketing strategy that can get folks in trouble is the delayed interest offer,” says Beverly Harzog, consumer credit expert and author of “Confessions of a Credit Junkie.” Not paying by the end of the grace period or even missing a payment could trigger retroactive interest on your purchase, often at sky-high retail card rates. “You’ll owe the interest that would have been charged during that time period,” Harzog says. Not only does this make that purchase ultimately more expensive, it also increases the likelihood you’ll need to revolve that debt, which hurts your utilization.

Here’s What Basically Everybody Gets Wrong at Work - TIME

http://time.com/3557040/work-mistake/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+timeblogs%2Fcurious_capitalist+%28TIME%3A+Business%29

• Justin Bariso / Inc.
 

8:22 AM ET

    

The one quality you need to make your mark

Ever wonder why some managers just can’t get along with their teams? Or have you seen a boss who’s lost touch with reality?

Maybe you’re the leader, and you’ve noticed a slow-but-sure disconnect from your team. What can you do about it?

You’ve heard the advice time and again: Learn to show moreempathy.

Empathy is considered by many to be a basic human quality. So why is it often still missing in our day-to-day work?

Many persons confuse empathy with its closely related cousinsympathy. The two qualities are definitely related, but the key to demonstrating empathy is knowing the difference.

According to Merriam-Webster, empathy is “the feeling that you understand and share another person’s feelings and emotions.”

Whereas sympathy involves feeling sorry for someone, empathy requires us to go a step further, and it lasts longer. Here’s an example:

Imagine a colleague goes through a difficult situation; let’s say he loses a close family member in an accident. We naturally feelsympathy for him. We may even write a card or express those feelings somehow. For the most part, though, we move on with our lives.

But when we show empathy, we take more time–time to remember how we felt when we lost someone close to us (or how we would feel, if we haven’t had this experience). We think about how this affected our work, our relationships with others.

Even further, we try to imagine specifically how our colleague feels in this situation. We recognize that he (like every individual) will deal with the trauma in his own unique way.

Empathy has been described as “your pain in my heart.”

The problem is, despite the fact that we crave for others to try fitting into our shoes, we’re often not ready to do the same for them. We see this every day: broken marriages, strained parent-child relationships, deteriorating communication in the workplace. (Author Mike Robbins illustrates this perfectly here.)

If a leader can demonstrate true empathy to individual team members, it will go a long way toward encouraging them to perform at their best.

It may even inspire the team to show empathy for the leader.

That’s right—empathy begets empathy.

So how do you get your company leaders—and employees—to be more empathetic?

• If you’re a manager, the next time an employee comes to you with a problem or complaint, resist the ‘Not again. What now?’ attitude. Try to remember: You once had a similar problem. If not, someone you respect did. Ask yourself: Why does this person feel this way? What can I do to make the situation better?

• If a specific task or process is causing problems, try to work alongside a disgruntled team member, to better understand the person’s point of view. Showing empathy in this way takes time, but you will often motivate the one(s) you are trying to help. Not to mention the benefits this will bring to your working relationship.

• If you are an employee who feels your manager is being especially unreasonable, try to understand why. Maybe the manager is dealing with extreme pressure of his or her own, or maybe there’s a problem at home, or maybe … you get the drift.

Simply put, empathy starts with giving others the benefit of the doubt.

Once, I learned the value of showing empathy firsthand. I had been working a number of years for the same organization, and was now engaged to my fiancée from Germany. As we were trying to determine where to start our new life together, my office made it clear that it was reducing personnel, and my department was being reorganized. I was being considered for a new position, and my fiancée and I decided that if I got it, I would remain in New York City and she would join me. If not, we would move.

I was told I would be informed of the decision within four to six weeks. Six weeks came and went. Then seven. Eight. Nine. The wedding date was getting closer, and I wasn’t sure how much longer I could take the suspense—I didn’t care anymore what happened; I just needed to know something.

After going through the normal HR channels, I decided to try something different. I wrote an email directly to Mr. Pierce—a member of the executive board who was the head of personnel (whom I had never met). Since our organization had about 6,000 staff members at the time, I wasn’t sure how he would take this: I was traveling to Germany to see my fiancée in a few days, and I thought it would be great to have some news to share with her personally. (Call me a romantic. Or call me stupid–I’ve heard both.)

After two months of anticipation, it took exactly two days after my email to get a decision. I then boarded a plane to Germany, and less than 12 hours later, my fiancée and I were planning our new life together—in New York City. We couldn’t have been happier.

Sadly, Mr. Pierce passed away some months ago. I’ve often wondered how many similar emails, letters, and requests he read throughout the years. A press release issued by my former agency made the following statement:

Mr. Pierce served on various committees … [and] his organizational responsibilities required that he travel extensively … Despite his workload, he was well known for never being too busy to listen to those needing assistance or advice, and he put others at ease with his warm smile and good sense of humor. His closest associates noted that people from different backgrounds or cultures were naturally drawn to him.

When Mr. Pierce read my email all those years ago, he wasn’t just reading the random request of a junior manager. He was reading mydeep concerns and feelings. The problem was important to me, so it was important to him.

Mr. Pierce knew empathy. My pain in his heart.

Employer or employee, empathy makes us more flexible and compassionate. It makes us easier to work with, and in the eyes of others, it makes us more human.

So the next time you realize that the relationship you have with a colleague is not what you want, take the time to show some empathy.

It might be just what the person needs.

One day, it’ll be what you need, too.