Wealth

Individual economic activity was less controlled by the custom and tradition of the feudal society and the authority of the church. Production of goods for market became more important and land, labor and capital began to be bought and sold in markets. This laid the groundwork for the Industrial Revolution in the second part in the 18th century. However, we have to remember, that still we are talking about pre-industrial world, where agriculture is the most important sector of the economy.

During this period from 16th to the half of 18th century, economic thinking developed from simple applications of ideas about individuals, households and producers to a more complicated view of the economy as a system with laws and interrelationships of its own. Mercantilism. Mercantilism is the name given to the economic literature and practice in Europe of the period between 1500 and 1750. Although mercantilist literature was produced in all the developing economies of Western Europe (and I should add some Eastern European, for example in Poland, economies too), the most significant contributions were made by the English and the French.

Whereas the economic literature of scholasticism was written by medieval churchmen, the economic theory of mercantilism was the work of secular people, mostly merchant businessmen, who were privately engaged in selling and buying goods. The literature they produced focused on questions of economic policy and was usually related to a particular interest the merchant and writer (in one person) was trying to promote. For this reason, there was often considerable skepticism regarding the analytical merits of particular arguments and the validity of their conclusions.

Few authors could claim to be sufficiently detached from their private issues and offer objective economic analysis. However, throughout the mercantilism, both the quantity (there were over 2000 economic works published in 16th and 17th century) and quality of economic literature grew. The mercantilist literature from 1650 to 1750 was of distinctly higher quality, these writers created or touched on nearly all analytical concept on which Adam Smith based his Wealth of Nations, which was published in 1776.

The age of mercantilism has been characterized as one in which every person was his own economist. Since the various writers between 1500 and 1750 held very diverse views, it is difficult to generalize about the resulting literature. Furthermore, each writer tended to concentrate on one topic, and no single writer was able to synthesize these contributions impressively enough to influence the subsequent evelopment of economic theory. Secondly, mercantilism can best be understood as an intellectual reaction to the problems of the times.

In this period of the decline of feudalism and the rise of the nation-states, the mercantilists tried to determine the best policies for promoting the power and wealth of the nation, the policies that would best consolidate and increase the power and prosperity of the developing economies. What is especially important here is the mercantilistic assumption that the total wealth of the world was fixed and constant. These writers applied the assumption to rade between nations, concluding that any increase in the wealth and economic power of one nation occurred at the expense of other nations (the rest of the world).

Thus, the mercantilists emphasized international trade as a mean of increasing the wealth and power of a nation. Using some modern game-theoretic language, we may say, that they perceived economic activity and international trade in particular as a zero-sum game, that is a game, where it is impossible for both players to win (In a two-person zero-sum game, the payoff to one player is the negative of that going to the other player). So according to mercantilists, it is impossible to increase a global wealth of the world in effect of international trade.

It is a very sad assumption, and modern economists do not snare it. The goal of economic activity, according to most mercantilists, was production, not consumption, as classical economists would later have it. They advocated increasing the nation’s wealth by simultaneously encouraging production, increasing exports and holding down domestic consumption. Thus, in practice, the wealth of nation rested on the poverty of the many members of society. One again, they advocated igh level of production, high level of export and low domestic consumption.

This paper discusses two parallel phenomena that are going on in the world today. One is the concept of globalization, especially in economics where western countries tend to dominate the economic situation all over the world. This paper will argue that globalization, especially economic globalization is creating a culture based on western civilization and through this culture, and there is an increasing cultural convergence that makes standard management practices all over the world possible and even desirable although multiculturalism should still be taken into account.

Broadly speaking, globalization is the increasing integration and cooperation of different countries all over the world in terms of economics, society and culture, technology, ecological and political (McGillivray, 2006: 15). This complex and dynamic process has given birth to a greater convergence of cultures and of social norms and practices. In fact, what Marshall McLuhan (1962: 152) predicted several decades ago is that the world is becoming a “Global Village. ” Alongside this dynamic process of globalization, the convergence of cultures can be readily observed from all over the world.

Due to the pervasive presence of multinational corporations and the global diffusion of mass media, people are now exposed to cultures from other nations. This level of exposure is unprecedented in history. However, even though there are apparent areas of cultural convergence going on, the globalization process has also reinforced the cultural identity of other people, thereby forcing them to define themselves in contrast to the rest of the world (Raskin, et. al. , 2002: 11). Raskin, et. al. , (2002: 8) identified several important trends related to globalization in the world today.

In terms of the diffusion of information all over the world, people from different places are now aware of different issues in the environment, the hole of the ozone layer, and ecological imbalance problems among others. With regards to technology, the personal computer has experienced huge advances and its use has spread all over the world. Through the Internet, everyone can easily connect online and get information about anything at all. The international market for technology is booming and those that seek to deliver these products and services are also experiencing tremendous growth.

Geo-politics has change significantly. In the early 1990s, the Soviet Union collapsed, leaving the United States as the only Superpower left in the world. Likewise, the nature of political relationships between and among the countries of the world has changed dramatically (Raskin, et. al. , 2002: 8).. In addition to this, the global civil society composed of non-governmental organizations multinational companies and even terrorist organizations have proliferated. The setting of the struggles of non-governmental organizations, as well as of terrorists has escalated to the global level (Raskin, et.

al. , 2002: 8). More importantly, in connection with this present study, economic integration is being hastened by globalization. The World Trade Organization (WTO) has been actively promoting free trade and the relaxing of trade restrictions imposed by individual governments on the goods and services from other countries entering their territory (Raskin, et. al. , 2002: 8). Economic Globalization or Economic Imperialism In the realm of economics, there has been an increasing convergence of the kinds of products being marketed in different countries together with their prices.

Moreover, the level of wages, interest rates and profits are now increasingly coming to a convergence. This is partly because of multinational companies that conduct operations in various locations all over the world. Another reason for this is the migration of humans in search of higher-paying jobs (Shariff, 2003: 165). Furthermore, the trade between countries all over the world have increased, thanks to the efforts of the World Trade Organization and to the efforts of these countries themselves in establishing bilateral and multilateral trade agreements.

Capital has become highly mobile and this has enabled multinational companies to invest in developing countries heavily. Financial markets all over the world have also shown increasing integration. If there is any indication that the markets of the world are already integrated, these indications would be the volume of the transactions conducted between and among nations, the free flow of capital from one country to another and the rapid diffusion of technologies, usually from developed countries to less developed ones (Shariff, 2003: 169).

Globalization has been lauded by some as an agent of change and bringer of development to developing and underdeveloped countries. Sachs (2005: 30) in his bold book The End of Poverty argues that through globalization; doors of opportunity are opened up for developing and developed countries alike. These opportunities will then help in the development of democratic principles among peoples and in the allocation of the scarce resources of the society.

Through globalization, the principles of liberty as well as that of capitalism are spread all over the world and will help remove the shackles of poverty all over the world. Economic globalization, however is not without critics. These critics usually point out that although globalization creates wealth, it does not necessarily distribute such wealth equitably. In fact, the inequalities in the wealth of people within the countries, as well as the inequalities of income between and among nations are increasing, despite of the growth rates and increased wealth fostered by globalization.

This led Stiglitz (2006: 5) to criticize the leaders of the largest institutions in the world such as the International Monetary Fund as promoting the interests of western countries without considering fully the impact of this to the developing countries. He claims that wealth generated by globalization is not distributed well and that there should be a way in making globalization work for all nations of the world. Globalization, Cultural Convergence and Management Practices One of the effects of globalization in the social and cultural spheres is the higher level of exposure of different people to different cultures around the world.

It can be noted though that the culture of United States and other western countries are taking centre stage in this convergence of cultures. Although this is the case, through migration and the free exchange of ideas in different areas such as face-to-face interactions and even online conversations, there is a greater degree of understanding among different kinds of people (Martell, 2007: n. p). Bird and Stevens (2003: 397) argues that globalization is creating a new class of individuals and persons who belong to a global culture.

Some of the best means through which this global culture is developed is through the mass media, the workplace in which young professionals are now working. As would be expected, multinational companies operate based on the philosophy and culture of the country where such a company came from. Because of the proliferation of these methods of acculturation, young adults are eventually instructed and immersed in the dynamics of this new global culture. Another result of this global culture is the challenges it poses to the national culture.

Although national cultures may be strong, they would to be flexible in order to survive and become relevant in today’s fast paced and globalising world. Multinational corporations, evidently, would have to deal with the issues of culture in their management practices. They would be confronted with questions on norms and standards of conduct in the country where they are operating. Is there a one-size-fits-all approach for management? Will management practices in the United States be the same for management practices in Malaysia? Pudelko (2006: 12) of the University of Melbourne in Australia explored this issue on one of his studies.

He mapped out the debate between universalism and particularism in regards to the management practices of organizations working in different geographical locations all over the world. If there are best management practices in one particular country, will these practices be effective to the employees in another country? This research has a very profound impact on the way that multinational companies are conducting business operations. If the argument for universalism prevails, it means that multinational companies may establish a global standard of conduct of operations and doing business.

If, however, particularism is proven right, then in each country that a multinational will set its foot on, it would have to study the culture of the country and implement management practices accordingly. Pudelko’s (2006: 18) did not argue for one or the other. Rather, he sought to integrate both ways of looking at the matter and established a framework that will allow the managers of a company to implement universal principles that it adheres to while respecting the cultural nuances and peculiarities of the country hosting the multinational company.

Based on this, it is clear that Pudelko agrees that a global culture is being fostered by globalization, however, the effects of national cultures are still evident in the countries where multinational companies are operating. Management practices can be better understood by looking at the interplay of global culture, national culture and the identity of the individual affected by these cultures. Erez & Gati (2004: 585) proposed that in an individual, there are several levels of culture. They ranked the effects of these cultures from the topmost one down to the level of the individual.

The most macro level culture can be found at the top and this is the global culture. The global culture is then followed by national, organizational and group cultures. In this regard, globalisation impacts greatly the behaviour of people in various cultures. Although the global culture affects the individual, any action committed by the individual on the other hand also affects the culture at the macro level. Hence, Erez & Gati (2004: 585) showed that the interaction of culture is dynamic and any views and research that treats culture as static should be discounted.

Research in management, therefore needs to focus on the different levels of culture in an individual to effectively measure the impact of a global culture and implement any type of intervention should be needed. Based on the foregoing section, it has been shown that indeed a global culture is emerging and yet implementing a one-size-fits all set of management practices is not the best way to deal with such global culture. To illustrate this further, several case studies have been consulted by this researcher to look at the experiences of several countries in management practices. Case Studies on Global Culture and Management Practices

United Kingdom and Management of Human Resources: US Company in UK Ferener, et. al. , (2004: 366) explored management practices of US Companies that are conducting business operations in the UK. They sought to understand whether the policy-making process of US companies is centralised or do they allow relative autonomy to the subsidiaries. They based their data on several previous researches and case studies conducted in this field. In their study, they noted two important aspects of the research topic. They found out that US companies tend to be more formalised, standardised, and centralised in managing their human resources.

As such, there is but little room for the granting of autonomy and decision-making powers to their subsidiaries. Surprisingly, however, the researchers did not find a link between this scenario and the overall management practices of American business system. After exploring the management practices of US companies, Ferner (2004: 370) and his companions turned their attention to the issue of centralisation and decentralisation in managing the multinational company. They found out that there is not much literature exploring the right kind of balance between decentralisation and centralisation in organizations conducting operations worldwide.

Although this may not appear to be an issue in regards to the development of a global culture and the management practices, the level of centralisation or decentralisation also speaks loudly about the kind of culture difficulties that the organization might be facing. European Nations and the United States on Change Management Process Geppert, Matten & Williams (2003: 811) looked at several case studies on four organizations that are offering products and services in the elevator and escalator industry. Since a global culture is already emerging in a lot of subsidiaries of the companies such as those in Finland and Germany.

The researchers wanted to analyse the impact of globalization on the change management process especially in the dynamics of the global culture; the national culture and the diversity that is ever present in the discourse of multinational business. The researchers used the differentiation between two approaches: one is “low context” and the other one is “high context approaches. ” Through these approaches, the researchers were able to show the way in which global and national culture affects the work systems at the multinationals.

Because of these cultural differences, the writers concluded that in making multinational corporations truly global, there is not one best method. In addition to this, the norms and the rules that can be found in the society can be helpful in addressing cultural and societal issues confronted by multinational organizations. These would also provide a way through which national cultures could be better understood. Asian Markets and the Development of Culture on Relationship Creation Fletcher and Fang (2006: 435) also explored the kinds of ethnic cultures in Asia.

They argued against the artificial national groupings as these national groupings can only confuse managers as to the cultures in Asia. Through these groupings, a better understanding of Asians as employees and as customers can be arrived at. Through the process of globalisation, a global culture is also emerging in Asia although the cultural groupings should not be forgotten in implementing management practices for them. The study of Fletcher and Fang highlights the need for managers to draw upon various cultures in dealing with employees, especially in a foreign culture.

On the virtue of the emerging global culture, managers can effectively draw upon standard management practices as these could also be understood by the objects of these practices. Yet, the differences, especially in the details of cultural practices and norms, should be learned by managers so that they can effectively make decisions that make sense and will enhance the overall relationship of management and employees, as well as of the whole company ad its clients. Ethics, Culture and Management Practices

In managing people, it would be necessary to apply a system of ethics since there will be standards and these standards have to be followed and met. There are ethical systems, however, that may run contrary to what is prevailing in the society. Dickerson, Kouzmin & Korac-Kakabadse (2006: 288) explored this kind of study to show that the ethical system that may be contained within the management practices of the organization may be bound by culture. As such, it would be difficult to implement only one system of ethics which is not necessarily shared by everyone in the business. Their study was centred in Latvia and Russia.

The countries in the Baltic States, which used to belong to the USSR, now have free market economies. As such, they are fertile ground waiting for companies and business organizations to grow and thrive in them. In order for these people to be managed effectively, the managers that will be assigned in these countries should either be from neighbouring countries or they should be very aware of cultural issues present in the area. This will ensure that management practices take into account the cultural differences of these countries. Conclusion This paper has shown the importance of culture in managing the workplace.

There is an emerging global culture although its acceptance is not yet very extensive. By taking into account the global culture, some standards of behaviour may be arrived at successfully. However, in order to be effective, the management practices of a manager taking office in a foreign country should reflect cultural sensitivity. One-size-fits all kind of management practice cannot be used all the time. Although global culture can help a manager determine the kinds of intervention and practices he may implement, knowledge and direct experience of the national culture is of utmost importance.

Reference Bird, A. & Stevens, M. J. (2003). Toward an emergent global culture and the effects of globalization on obsolescing national cultures. Journal of International Management, 9 (4), 395-407. Dickerson, D. B. , Kouzmin, A. , & Korac-Kakabadse, N. (2006). Taking ideology out of ethics: from failed business strategies to new cross-cultural platforms. Baltic Journal of Management, 1 (3), 285-299. Erez, M. & Gati, E. (2004). A Dynamic, Multi-Level Model of Culture: From the Micro Level of the Individual to the Macro Level of a Global Culture.

Applied Psychology, 53(4):583-598. Ferner, A. , Almond, P. , Clark, I. , Colling, T. , Edwards, T. , Holden, L. , & Muller-Camen, M. (2004). Dynamics of Central Control and Subsidiary Autonomy in the Management of Human Resources: Case-Study Evidence from US MNCs in the UK. Organization Studies, 25 (3), 363-391. Fletcher, R. & Fang, T. (2006). Assessing the impact of culture on relationship creation and network formation in emerging Asian markets. European Journal of Marketing, 40 (3-4), 430-446. Geppert, M. Matten, D & Williams, K. , (2003).

Change Management in MNCs: How Global Convergence Intertwines with National Diversities. Human Relations, 56 (7), 807-838. MacGillivray, A. (2006). A Brief History of Globalization: The Untold Story of our Incredible Shrinking Planet. New York: Caroll & Graf. Martell, L. (2007). The Third Wave in Globalisation Theory. International Studies Review, Summer 2007. Retrieved 8 Oct 2007 from http://www. sussex. ac. uk/Users/ssfa2/thirdwaveweb. htm. McLuhan, M. (1962). The Gutenberg Galaxy: The Making of Typographic Man. Canada: Toronto University Press. Pudelko, M.

(2006). Universalities, Particularities, and Singularities in Cross-National Management Research. International Studies of Management and Organization. 36 (4), 9 – 37. Raskin, P. , Banuri, T. , Gallopin, G. , Gutman, P. , Hammond, A. , Kates, R. & Schwartz, R. (2002). The Great Transition: The Promise and the Lure of the Times Ahead. Boston, MA: Tellus Institute. Retrieved 8 Oct 2007 from http://www. gtinitiative. org/documents/Great_Transitions. pdf Sachs, J. (2005). The End of Poverty: Economic Possibilities for Our Time. New York: Penguin Press.

Learn how to ensure that the company has sufficient capital for operations, growth, and minimization of shareholder wealth. Demonstrate an understanding of how time value Of money, risk, and diversification can contribute to good decision-making in business and to their own accumulation of wealth and financial security. Learn how to use Finance in many practical applications of everyday life.

Please bring our calculator to class on the first day and every day after that. It is available at Best Buy or Staples and similar stores. Class time will be divided between lectures, quizzes, and open discussion. Lectures highlight the key points of the material on which students will be tested. Therefore class attendance and class participation is crucial to succeeding in this course. Students are expected to arrive on time and should contact the instructor in advance if they cannot attend or will be late for class or exams.

Students must read assigned text material PRIOR to attending class. Completion of assigned homework is also crucial to understanding important concepts. Discussions on current/historical events as they relate to the subject area being studied will make the class relevant and interesting. Credit will be given for class participation and is highly encouraged. Students are advised to see me during office hours if they sense that they are falling behind and need help understanding the material.

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Exams will include multiple choice questions on both lecture material and assigned readings. Students will be tested on problem solving and conceptual understanding. Task % of Course Grade First Mid Term Exam Second Mid Term Exam 25% In class Quizzes Assignments and participation 5% Final Exam Total University Policies Academic integrity Students should know the University Academic Integrity Policy that is available. UDF Your own commitment to learning, as evidenced by your enrollment at San Jose State University and the University integrity policy, require you to be honest in all your academic course work. Faculty members are required to report all infractions to the office of Student Conduct and Ethical Development.Instances of academic dishonesty will not be tolerated.

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Students will turn their cell phones off or put them on vibrate mode while in class. They will not answer their phones in class. Students whose phones disrupt the course and do not stop when requested by the instructor will be referred to the Judicial Affairs Officer of the University. Computer Use: In the classroom, faculty allow students to use computers only for class- related activities. These include activities such as taking notes on the lecture underway, following the lecture on Web-based Powering slides that the instructor has posted, and finding Web sites to which the instructor directs dents at the time of the lecture.

How would you like to become a millionaire?

We all do. But, most of us, including yours truly, have bad habits that get in the way of accomplishing this feat. If you’re able to ditch these bad habits, you should realize that .

For me personally, here are the 20 habits that were holding back me and so many other people from becoming a millionaire.

1. Sleeping-in.

I completely understand that not everyone is a morning person because I struggled with that for years. I still do on those cool, rainy mornings. Here’s the thing.  If you’re not getting-up until noon expect to hustle and work 12 or more hours per day to make up for your late start.

 are known for waking-up early, usually before everyone else in their house, so that they can start cranking out work, catch-up on the news, respond to the emails and exercise without sacrificing to much time with family.

2. Neglecting your health.

 “Poor health habits create detrimental luck,” writes Thomas Corley in 

When you’re unhealthy, you’re tired, less productive, more stressed and far more prone to getting sick. How can you focus on building your health when you’re battling those factors everyday?

3. Not reading.

The rich invest the time and effort necessary to expand their knowledge, keep up with news and trends in their industry, learn from inspirational biographies and remaining relevant.

As Will Lipovsky , reading brings in different perspectives, allows various points of view to broaden your own, pushes you to dream bigger and motivates you to never give up.

Related: 

4. Relying on one source of income.

The wealthy have several streams of income. For those of us aspiring to wealth, that means  to pay-off debt, set aside for your retirement and invest.

This doesn’t mean that you have to get a second job waiting tables (but it’s not a bad idea until you have a better option). It could be something that you’re passionate about, such as writing about technology. You could eventually gain a following for your blog and start earning a passive income through affiliate marketing. Here are  to help you earn some side income.

5. Not setting a budget.

Everyone needs to create a budget and stick to it but, unfortunately, there are plenty of people who don’t. Since they can’t accurately see if they’re spending more than they’re earning, that often leads them to financial trouble. If you notice that that’s the case, then you need to start cutting unnecessary expenses and speak to an advisor to get you back on-track.

This is actually another habit shared by the wealthy as authors Thomas Stanley and William Danko discovered after studying millionaires for their book 

Related: 

6. Spending carelessly.

“Ninety-five percent of the poor in my study did not save and most accumulated debt to subsidize their standard of living,” Tom Corley wrote in . “Consequently, they have no money for retirement, for their kids’ college, or for pursuing opportunities that present themselves.”

As Corley bluntly puts it. “Not saving and spending more than you make create long-term poverty, with no hope of escape.”

7. Not paying attention to the small costs.

You may not think that spending $4 a day on a cup of coffee has an effect on your wealth. The same with that $500 yearly gym membership that you rarely use. Even though in the scheme of things these are small costs, they add-up quickly.

I recently pulled random  data from my company. I found that 35 percent of people that purchase coffee or visit a coffee shop on a daily basis (at least 4x a week) only pay the minimum on their credit card each month.

Again, that’s why a budget is so useful. It helps you pick-up on these small costs so that you can adjust accordingly and stick with the essentials. Instead of going to Starbucks daily, make it a weekly reward after you’ve had a productive week and only keep the subscriptions that you’re actually using.

Related: 

8. Hanging out with the wrong crowd.

“You are only going to succeed in life if you surround yourself with the right type of people,” says Corley. Replace those toxic and negative people in your life with those who optimistic, driven, and supportive.

9. Procrastination.

It’s one thing to say that you want to become a millionaire. It’s another to actually start doing it. If you want to get out of financial stagnation then you need to start taking action as soon as possible. Even if that’s just sitting down with a financial professional to go over your budget. It’s a great place start so that you can stop talking and start doing.

10. Drinking and gambling.

“There is no such thing as getting rich quick,” Corley writes. “Financial success takes time, takes initiative, and requires relentless effort. Those who gamble are deluded into thinking there is a shortcut to success.”

Instead, millionaires “make a habit of pursuing their dreams and their goals.”

Furthermore, excessively drinking alcohol prevents you from achieving that millionaire status since it harms your memory, ability to think clearly and your health. That’s not to say that you can’t have the occasional glass of wine or beer. It means that this should never become a daily habit.

11. Watching too much television.

Zig Ziglar once said, “Rich people have small TVs and big libraries, and poor people have small libraries and big TVs.”

Don’t get me wrong. I enjoy watching Netflix every now and then. But, as Corley has found, the rich would rather read, exercise or educate themselves rather than waste time watching TV. “Making productive use of time is a hallmark of self-made millionaires,” Corley says. “Wasting time is a hallmark of poor people.”

Related: 

12. Not finding a mentor.

I’m confident that if I had found a  years ago I would have struck it rich back then. Why do I feel that way? I could have learned from the successes and mistakes of someone who has proven themselves in the field. Their advice could have helped me skip the constant trial and error that I’ve experienced and get right into making a profit.

While you can go out and hire a mentor, mentors are all around you. It could be the advice from a college professor, your parents or even from Elon Musk by following him on social media or reading his biography.

13. Staying in your comfort zone.

I get it. Taking risks and stepping out of your comfort zone is unsettling. But it’s not until you take that leap that you’ll find financial success. It’s a habit that has worked well for Bill Gates, Richard Branson, Larry Ellison and Warren Buffet.

“The pursuit of wealth requires that you take risks. Most don’t, and that’s why most are not wealthy,” says Corley.

14. Not asking questions.

Put aside your ego for a moment. You don’t know everything. I hate to be the bearer of bad news, but that’s a fact and it will hold you back from becoming wealthy until you face it.

I learned the hard way that guessing your way through leads to failure and poor decisions. If you’re uncertain about an investment or business idea, don’t hesitate to ask for feedback and advice.

Related: 

15. Being consumed by failure.

Entrepreneurs wear failure like a badge of honor. That still doesn’t mean that enjoy or want to fail. Closing a business and losing almost everything sucks but those setbacks are necessary to become as strong as you can be.

Make no mistake about. Failing is pretty awful. But, don’t let that hold you down. Take those risks. And, if you fail, learn from your mistakes and move forward.

Related: 

16. Not setting daily goals.

One of the best habits I’ve picked-up over the last couple of years is writing down my daily goals first thing in the morning. It inspires and guides me to push myself each and every day to achieve those goals.

I’ve found that when setting your daily goals, it helps to prioritize them by most important to least important Prioritization is first doing what matters most. For example, instead of me chasing several $100 past due , I focus on the one or two $1,500 invoices.

17. Thinking negatively.

“Long-term success is only possible when you have a positive mental outlook,” Corley writes.

Here are some of the most  that we have and most overcome;

• Doubting yourself. Training, education and a mentor can change this.
• Not believing your goals can be achieved. Focusing on achieving those daily goals and work your way up.
• Having poor grades. No. Grades and learning disabilities don’t determine your success. Just ask Richard Branson who .
• The competition is too tough.You never know until you try. Worst case scenario? You have to pivot.
• No focus. A healthy lifestyle and setting daily goals can keep you focused.

18. Not collecting assets.

“A job will never make you rich. Neither will saving all your cash in a coffee can. So how can you build that wealth?,”  Brandon Turner, VP of Growth at BiggerPockets.com.

So, what will? Assets, like a profitable business, a growing stock portfolio or investing in the right piece of real estate.

Remember, your car and shiny toys are “liabilities that are robbing you of future wealth.” Focus on “collecting things that will make you money in the long term.”

19. Making excuses.

Making excuses was one of the tallest hurdles between me and wealth. Making excuses is easy when are trying to understand why we’re buried in debt and don’t have a six-figure income. Saying we want to “live in the moment” is a poor excuse for not working today to make a more prosperous future. Stop making excuses and start taking action.

For example, don’t worry about saving when you’re drowning in debt. Pay that debt off first, then you can start saving and investing. If you don’t make enough money, then find another source of income like selling stuff online or delivering pizzas. That won’t solve all of you problems, but it’s a start in getting rid of those excuses.

20. Not following the 70/30 Rule.

Jim Rohn, one of the county’s leading authority figures in business, .

“After you pay your fair share of taxes, learn to live on 70 percent of your after-tax income. These are the necessities and luxuries you spend money on.” Rohn says after that, “it’s important to look at how you allocate your remaining 30 percent.”

He suggests giving a third to charity, a third toward capital investments and the final third should be put in savings. You won’t notice anything at first, but “let five years lapse and the differences become pronounced. At the end of 10 years, the differences are dramatic.”

Wealth Tax FOR NOV 2011 EXAM 2011 – TMI – 203374 – PUNJAB AND HARYANA HIGH COURT Rajiv Kumar. Versus Commissioner of Wealth Tax. Urban land – Agricultural land – the matter is covered against the assessee by order of this Court dated 8. 9. 2003 in W. T. A. No. 1 of 2003 in Jagraj Singh Mann v. CWT, Patiala & another – Decided against the assessee …. ….. 04. 1993 for charging the wealth tax? iii) Whether the order is sustainable by not appreciating that as per Article 246 r. w. List-1 of 7th Scheduled Item No. 6 the tax on the capital value of agricultural lands can not be levied by the Parliament and hence the interpretation rendered is unconstitutional? ” Learned counsel for the assessee fairly states that the matter is covered against the assessee by order of this Court dated 8. 9. 2003 in W. T. A. No. 1 of 2003 in Jagraj Singh Mann v. CWT, Patiala & another. Accordingly, these appeals are dismissed. A photocopy of this order be placed on the file of each connected case. 2011 – TMI – 203338 – PUNJAB AND HARYANA HIGH COURT Commissioner of Wealth Tax. Versus S/Shri Kulbir Singh & Rajinder Singh.

Assets u/c 2(ea)- The appeal of the Revenue by ignoring that under the provisions of section 2(ea) of the Wealth-tax Act the urban land is included in the definition of ‘assets’ w. e. f. 01. 04. 1993 and on merits the value of such urban land was taxable – The Assessing Officer included the agricultural…. ….. with the judgment of the Full Bench of this Court. 5. On merits, view has already been taken in favour of the revenue by order passed today in W. T. A. No. 31 of 2010 Tara Singh v. Commissioner of Wealth Tax etc. 6. In view of judgment of Full Bench of this Court in M/s Varindera Construction Co.

Baghapurana, we are of the view that the impugned order of the Tribunal cannot be sustained and the same is set aside. The matter is remanded to the Tribunal for fresh decision on merits. It is made clear that if the assessee is aggrieved by this order, they will be at liberty to approach this Court. The appeal is disposed of. 2011 – TMI – 203319 – PUNJAB AND HARYANA HIGH COURT Smt. Surinder Kaur. Versus The Commissioner of Wealth Tax & another. Assets u/s 2(ea)- Agricultural Land of which agricultural operation were being carried out – Hence, the matter is covered against the assessee by order of this Court dated 8. . 2003 in Jagraj Singh Mann v. CWT, Patiala & another – Accordingly, these appeals are dismissed…. ….. stantial question of law:- “i) Whether in the facts and circumstances of the case, the Income Tax Appellate Tribunal was right in law in holding that the Section 2(ea) of the Wealth Tax Act would include the Agricultural Land of the Appellant of which agricultural operation were being carried out? ” Learned counsel for the assessee fairly states that the matter is covered against the assessee by order of this Court dated 8. 9. 2003 in W. T. A. No. 1 of 2003 in Jagraj Singh Mann v.

CWT, Patiala & another. Accordingly, these appeals are dismissed. A photocopy of this order be placed on the file of each connected case. 2011 – TMI – 203253 – PUNJAB AND HARYANA HIGH COURT Commissioner of Wealth Tax. Versus S/Shri Kulbir Singh & Rajinder Singh. Assets u/s 2(ea)- The Assessing Officer included the agricultural land falling under the definition of ‘Urban land’ and ‘asset’ under Section 2(ea) for assessment under the Act – CIT(A) deleted the addition – ITAT refused to entertain the appeal on the ground that amount is small – Held that: – the…. ….. ith the judgment of the Full Bench of this Court. 5. On merits, view has already been taken in favour of the revenue by order passed today in W. T. A. No. 31 of 2010 Tara Singh v. Commissioner of Wealth Tax etc. 6. In view of judgment of Full Bench of this Court in M/s Varindera Construction Co. Baghapurana, we are of the view that the impugned order of the Tribunal cannot be sustained and the same is set aside. The matter is remanded to the Tribunal for fresh decision on merits. It is made clear that if the assessee is aggrieved by this order, they will be at liberty to approach this Court.

The appeal is disposed of. 2011 – TMI – 203386 – DELHI HIGH COURT Commissioner of Wealth-tax Delhi-VI Versus Motor & General Finance Ltd. Assessement – (a) Whether on the facts and circumstances of this case, is it mandatory to issue notice under section 16(5) of the Wealth-tax Act before passing best judgment assessment in case where return was not filed pursuant to notice under section 16(4) of the Act? (b) Whether no notice unde…. ….. f the relevant year has gone through various rounds of litigation before the authorities below because of no fault of the revenue. 2. In view of our above discussion we answer question (a) in the negative that where return was not filed pursuant to notice under section 16(4) of the Act, no further notice was mandatory under section 16(5) prior to passing of best judgment assessment. We answer the second question in affirmative in the sense that where notice under sub-section (4) of section 16 had already been issued, no notice was required to be issued in view of second proviso to section 16(5). Both the appeals are disposed of accordingly. 011 – TMI – 203069 – DELHI HIGH COURT Commissioner of Wealth-tax Versus. Motor and General Finance Limited U/s 17 of the Wealth-tax Act, 1957 – The assessee is in receipt of amount from various properties and had shown rental receipts of Rs. 6,14,36,188 (assessment year 1997-98) and Rs. 2,34,18,846 (assessment 1998-99) – The assessee had not filed the wealth-tax returns for these years and there being t…. ….. levant year has gone through various rounds of litigation before the authorities below because of no fault of the Revenue. 22.

In view of our above discussion we answer question (a) in the negative that where the return was not filed pursuant to notice under section 16(4) of the Act, no further notice was mandatory under section 16(5) prior to passing of best judgment assessment. We answer the second question in the affirmative in the sense that where notice under sub-section (4) of section 16 had already been issued, no notice was required to be issued in view of the second proviso to section 16(5). Both appeals are disposed of accordingly. 2011 – TMI – 202991 – ALLAHABAD HIGH COURT

Commissioner Of Income Tax Versus Late Sri Salekh Chand Through Legal Heirs Smt. Uma Rani& Ors Whether asset to be assessed in the hands of each of the co-owners separately and not in the hands of A. O. P. – similar questions were referred in Wealth Tax Reference No. 134 of 1999 which were answered in affirmative i. e. in favour of the assessee and against the Revenue – matter remanded to Tribuna…. ….. ) (b) of the W. T. Act are applicable in this case rather than Section 21-AA? 3.? Assessment Years 1986-1987 and 1987-1988? re involved in all these references. 4. The counsel for the parties also state that similar questions were referred in Wealth Tax Reference No. 134 of 1999 which were answered in affirmative i. e. in favour of the assessee and against the Revenue on 12. 7. 2007. 5. In view of the answer given therein, we also answer the questions referred to us in affirmative i. e. in favour of the assessee and against the Revenue. 6. Let our opinion be sent back to the Tribunal for passing appropriate orders. 2011 – TMI – 203435 – PUNJAB AND HARYANA HIGH COURT

Commissioner of Wealth-tax Versus Shri Charanjit Singh (HUF) Agricultural land – beyond municipal limits – the land measuring 66 kanals 2 Maras is situated beyond the notified distance of 3 kms from municipal limit and as such it is not asset chargeable to wealth-tax with in the meaning of clause (ea) of section 2 …. ….. he CWT(A) and the Tribunal have concurrently recorded a finding of fact that the land in question was beyond the notified distance from the municipal limits, the fact remains that in the case of brother of the respondent-assessee, the revenue has accepted the finding of the CWT(A). . In view of above, we do not find any ground to hold the finding of the Tribunal to be perverse. The question No. 1 has, thus, to be answered against the revenue and in favour of the matter has been decided in favour of the assessee in the order mentioned above, the said question has also to be answered against the revenue. Accordingly, the appeal is dismissed. 2011 – TMI – 203105 – HIMACHAL PRADESH HIGH COURT Commissioner of Wealth Tax Versus. M/s. H. P. Small Industries & Export Corp.

Assets u/s 2(ea) – The assessee which is the State Small Industries and Export Corporation was allotted some land by the State – The assessee constructed sheds on this land and rented out the same to industrialists – The Assessee in its return of income included the rents received on account of t…. ….. never raised before any of the authorities below and further more we are of the view that the words of clause (iii) of Section 2(ea) indicate that the house to be exempt must be in the occupation of the ssessee for the purpose of any business or profession carried on by him. Keeping in view the language of the Section it cannot be said that the assessee was in possession through the tenants. In view of the above discussion, the questions are answered in favour of the Revenue and against the Assessee. The order of the Tribunal is set-aside and the order of the Assessing Officer as confirmed by the Commissioner (Appeal) is restored. No costs. GANESANRAMAN CA FINAL CHENNAI

Poverty, as it is identified, in the grossly underdeveloped areas of Africa and other developing world countries cannot be compared in likeness to poverty situations faced by those in Canada and the United States. In these “rich countries” the poor are characterized as those who have a comparably low level of income, usually measured in the relative approach, one-half the median income whereas poverty as it is faced by those in developing countries is a matter of survival with little or no hope for escape.

With this in mind, the only evidence of poverty being prevalent in rich countries can be found only in the minds of the establishment. In other words, those who may be materialistically rich still prove to be compassionately impoverished. The economic make-up of a countries” infrastructure like Canada”s or the United States” exemplifies not poverty in the sense real threats to survival, as in Africa, but can be better explained in terms of equality or better yet inequality.

The terms equality and inequality for the basis of this essay can be applied to most aspects of what economists in “rich countries” term to be poverty. What is poverty to Canada and the United States are in fact blatant examples of inequality in education. When measuring inequality there are people in Canada and the United States, who are less monetarily fortunate than others. Over 30% of the entire United States” wealth is held by only 1% of its population (The Distribution of Wealth, in class lecture).

There is no need for great concern with the extent of poverty in rich countries; nevertheless inequality is due to lack of education. Instead of offering what politicians term “band-aid” solutions to poverty problems they should look more at the source of the problem which is lack of education. Canada and the United States do not posses the realities of poverty as do other countries, inequality exists and the only way to eliminate inequality is to give everybody the same opportunity in education.

Education is the key to a better standard of living, wiser decisions, and convalescent equality among all. On the Statistics Canada”s website, www. statcan. ca provides insight into the relative success of people possessing some level of education be it a degree, certificate, or diploma. It is suggested by Statistics Canada that those who could establish that they possess a certain level of education were percentage wise higher employed than those who were not as well educated.

Statistics Canada further elucidates the benefits of education by stating that in Canada 15% of the total uneducated population is unemployed and over 50% of all the uneducated were not in the labour force. To compare with educated only 5. 5% of them were unemployed and only 17% of all educated were not in the labour force. If countries such as Canada and the United States centered more attention on education, people would become more equal and poverty would be eradicated.

In rich countries like the United States and Canada poverty should not be an absolute measure, not a relative measure, but rather a measure of inequality. In these countries there is opportunity for everyone to better their way of life. There exist established social programs which aid people searching to progress. Again Statistics Canada states that three out of five people leave poverty within a year compared to only one in ten stay in poverty for longer than five years (Income Mobility, in class lecture).

This statistic led to the belief that there are shifts in inequality and that most people do not continually suffer from it. There are places for the very poor to get food and shelter and support and help to those who want it. In conclusion it has been established, with the support of Statistics Canada, that poverty as it exists in Canada and the United States is nothing more than an example of inequality in education. Equal opportunity in education shall eliminate many of the countries’ problems.

Iambi, India – June 30, 2014 – From a population of 201 million, 4000 people were categorized as high net worth individuals in Brazil in 2013 alone. Brazil holds the record of being the leading economy in Latin America with the most number of ultra- high net worth individuals and factors like wealth creation, GAP growth, and initial public offerings of Brazilian firms driving the Brazil wealth management industry. This report: Brazil 2014 Wealth Book provides intensive research covering the high net worth individual (HON.) population and wealth management market in Brazil.

Foreign firms have encountered strong competition from local firms; besides red-tapirs has been responsible for stalling activity and thwarting growth. Key players Participants in the Brazilian wealth management industry operate one of three different business models: an integrated private bank, an asset manager, or a brokerage. The leading competitors include Brocades Private Bank, Learns Investments, Suntanned Private Banking and Versus Getsäo De Patriaöonion, which nominate the market driving the market trends.

Key opportunities At the end of 2013, Brazilian Wins held 22. 6% (USED 219 billion) of their wealth outside their home country, which is in tune with the global average of 20-30%. Growth in HON. wealth and volumes is set to improve over the forecast period Brazilian wealth management industry to prosper in the coming years By Christianson by 17% to reach 233,837 by 2018, and HON. wealth is expected to grow by 27% to reach USED 1. 32 trillion by 2018. For further insights, click here About Research on Global Markets

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