Tuesday, July 12, 2011

Making Money Fast

Legendary entertainment entrepreneur, and a very wealthy American in his day, PT Barnum wrote an excellent primer on how to get your personal finances in order (and eventually get rich).


It's called The Art of Money Getting Or, Golden Rules for Making Money and the Kindle edition is actually 100% free to read and download, as it has long since slipped out of copyright.


I downloaded it and devoured it shortly after I converted to the cult of Kindle, vowing to never again purchase a book made from slaughtered trees (a promise I have kept thus far).


Obviously, life for an entrepreneur in the 1840s and 1850s was radically different from the environment that small business owners and tech billionaire wannabes face in 2011.


But just as we are intrigued by Barnum's world (no income tax, for one thing, and very few worker protections), he would be impressed and intrigued by ours: he talks at length about the importance of repetitive, targeted text advertising -- in newspapers.


He would be blown away by the capabilities of modern online advertising. 


There is still opportunity out there, although your "circus" might very well reach fans on YouTube, instead of under the tent.


Barnum's free read is definitely worth checking out if you own an Amazon Kindle. And if not, the paperback edition is only a few bucks. Here are a few of the points that stuck with me:


- Ditch alcohol and tobacco, which Barnum refers to as "the weed." He was way ahead of his time in calling out the negative health effects of smoking, and he doesn't like the psychological weakness that is produced when a man becomes dependent on tobacco. Same with alcohol -- you can't be focused on the end goal (e.g. accumulating a large sum of cash) if you are constantly drunk, or recovering from the night before. If you want to get rich the PT Barnum way, going straight-edge appears to be a prerequisite. 


- Always spend less than you earn. No exceptions. Barnum does a surprisingly contemporary-sounding/self-help job of convincing readers that paying for the "trappings" of wealth are not nearly as worthwhile as actually holding onto that wealth!


- Find your niche. OK, he doesn't use the Web 2.0 buzz word "niche," but he means exactly the same. He also warns about those who do become rich, and then get enchanted by a business idea totally unrelated to the area of expertise that made them wealthy in the first place -- an almost certain recipe for disaster.


- Avoid excessive debt. Credit cards didn't exist in Barnum's day, but department stores "lent credit" to just about anyone with a heartbeat and the ability to earn an income.


In closing, Barnum's book is a great, fast read, and I highly recommend it to fellow wealth seekers!


-- provided by Outlaw





(photo credit: Steve Clemons, The Washington Note)

(This article is appearing simultaneously at TheAtlantic.com)

News is breaking that the prosecutor's case in the rape allegations against former IMF Director and French political kingpin Dominique Strauss-Kahn is collapsing.

According to reports, the accuser who worked at New York's Hotel Sofitel has allegedly been engaged in money laundering activities and has had substantial contact with an incarcerated drug dealer.  Strauss-Kahn's bails and terms of detention are reportedly going to be lightened today -- and others are suggesting that felony charges may be dropped against him.

Maybe he did harass this woman -- but it is also possible that he did not.  That's what the system of justice is for -- to presume innocence until guilt is determined.  That no longer sounds likely in this case.

But this week, former French Finance Minister Christine Legarde was named Strauss-Kahn's successor at the International Monetary Fund, and back at home, French Socialist Party Leader Martine Aubry declared her candidacy for President.

Strauss-Kahn, who may be innocent, who even Sarkozy said should be presumed innocent unless evidence led to a different conclusion, now cannot return either to the IMF or to his position as the next likely President of France.

One of the fears that I often hear from people when talking about the growing power of social network sites, blogs, as well as micro-journalism and micro-comment platforms is the one of scandalmongering, or a tsunami of mistruths and reputational attacks that take down some high profile person.

A good read on this sort of thing is the late William Safire's historical novel, Scandalmonger, which shares what slander blogging might have been like in late 18th century America in the person of James Callender who doggedly pursued, occasionally inventing, sleazy stories about both Alexander Hamilton and Thomas Jefferson.

I have generally argued, and may be wrong, that the internet is a much more honest and disciplining arena than print, that errors, mistakes, or misreporting would be instantaneously sniffed out and corrected by a global audience.  I know I have gotten things wrong before and had emails or posted comments that helped me put my information on a better, more accurate track.  But that isn't always the case, particularly in growing clusters of same-thinking people who care less about sorting out the facts than they do about the frame (or bias) they bring to some respective issue.

But in today's fast-paced world, a reputation can be destroyed rapidly -- and if, as in the case of Strauss-Kahn it seems, the consequences of charges made actually precede the processing of those charges, then we as a society are no longer extending the benefits of presumed innocence that are core to our form of democracy and our legal system.

I realize given the proliferation of commentary about Strauss-Kahn's alleged womanizing and the bandwaggoning criticism of him that built after his arrest that he is perhaps a flawed and tragic figure. 

But the problem of reputation wrecked still stands whether the target is warm and likeable or a brilliant storm, as I see Strauss-Kahn, and that lesson is a bad one for people on the internet, who are becoming commentators and writers, to learn.  They see the successful effects of attack, whether based in truth and credibility or not, and sense that the downsides of backlash and consequence to an accuser's or scandalmongerer's credibility are not serious.

When Georgia State USDA rural development director Shirley Sherrod was fired by Agriculture Secretary Tom Vilsack for making 'alleged' racially-tinged remarks, we also saw consequences meted out before the entire story of that video, brought to light by Andrew Breitbart, was properly considered.

There is no clear fix to these problems.  We don't have a system that would let Strauss-Kahn have his job back, and Aubry is not likely to step aside in her presidential quest and let DSK go back and take the top spot challenging Sarkozy. 

Again, I am not saying that I know if he did or didn't engage in lewd conduct against a hotel chambermaid -- but his legally-based presumed innocence has been inconsequential to the penalties that he's already received, and that's something that should worry us.

-- Steve Clemons is Washington Editor at Large at The Atlantic and can be followed on Twitter at @SCClemons






<b>News</b> Corp Launches $5B Stock Buyback – Deadline.com

This could provide some pop for News Corp shares, which have declined more than 12% over the last five days as the News Of The World phone-hacking scandal mushroomed. The company says this morning that its board of ...

<b>News</b> Corp Launches $5B Stock Buyback – Deadline.com

Will <b>News</b> Corp. leave the <b>news</b> business? « BuzzMachine

So I wonder whether News Corp. will have to get out of the news business to save the business of News Corp. For it's not so bad to be rapacious when you're in the entertainment business. ...

Will <b>News</b> Corp. leave the <b>news</b> business? « BuzzMachine

Jon Stewart Tackles the <b>News</b> of the World Scandal

But before Stewart could expound on his point, correspondent John Oliver presented him with a recap of Rupert Murdoch's News of the World scandal--a friendly reminder that the British will always find a way to out-shame ...

Jon Stewart Tackles the <b>News</b> of the World Scandal

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<b>News</b> Corp Launches $5B Stock Buyback – Deadline.com

This could provide some pop for News Corp shares, which have declined more than 12% over the last five days as the News Of The World phone-hacking scandal mushroomed. The company says this morning that its board of ...

<b>News</b> Corp Launches $5B Stock Buyback – Deadline.com

Will <b>News</b> Corp. leave the <b>news</b> business? « BuzzMachine

So I wonder whether News Corp. will have to get out of the news business to save the business of News Corp. For it's not so bad to be rapacious when you're in the entertainment business. ...

Will <b>News</b> Corp. leave the <b>news</b> business? « BuzzMachine

Jon Stewart Tackles the <b>News</b> of the World Scandal

But before Stewart could expound on his point, correspondent John Oliver presented him with a recap of Rupert Murdoch's News of the World scandal--a friendly reminder that the British will always find a way to out-shame ...

Jon Stewart Tackles the <b>News</b> of the World Scandal

Legendary entertainment entrepreneur, and a very wealthy American in his day, PT Barnum wrote an excellent primer on how to get your personal finances in order (and eventually get rich).


It's called The Art of Money Getting Or, Golden Rules for Making Money and the Kindle edition is actually 100% free to read and download, as it has long since slipped out of copyright.


I downloaded it and devoured it shortly after I converted to the cult of Kindle, vowing to never again purchase a book made from slaughtered trees (a promise I have kept thus far).


Obviously, life for an entrepreneur in the 1840s and 1850s was radically different from the environment that small business owners and tech billionaire wannabes face in 2011.


But just as we are intrigued by Barnum's world (no income tax, for one thing, and very few worker protections), he would be impressed and intrigued by ours: he talks at length about the importance of repetitive, targeted text advertising -- in newspapers.


He would be blown away by the capabilities of modern online advertising. 


There is still opportunity out there, although your "circus" might very well reach fans on YouTube, instead of under the tent.


Barnum's free read is definitely worth checking out if you own an Amazon Kindle. And if not, the paperback edition is only a few bucks. Here are a few of the points that stuck with me:


- Ditch alcohol and tobacco, which Barnum refers to as "the weed." He was way ahead of his time in calling out the negative health effects of smoking, and he doesn't like the psychological weakness that is produced when a man becomes dependent on tobacco. Same with alcohol -- you can't be focused on the end goal (e.g. accumulating a large sum of cash) if you are constantly drunk, or recovering from the night before. If you want to get rich the PT Barnum way, going straight-edge appears to be a prerequisite. 


- Always spend less than you earn. No exceptions. Barnum does a surprisingly contemporary-sounding/self-help job of convincing readers that paying for the "trappings" of wealth are not nearly as worthwhile as actually holding onto that wealth!


- Find your niche. OK, he doesn't use the Web 2.0 buzz word "niche," but he means exactly the same. He also warns about those who do become rich, and then get enchanted by a business idea totally unrelated to the area of expertise that made them wealthy in the first place -- an almost certain recipe for disaster.


- Avoid excessive debt. Credit cards didn't exist in Barnum's day, but department stores "lent credit" to just about anyone with a heartbeat and the ability to earn an income.


In closing, Barnum's book is a great, fast read, and I highly recommend it to fellow wealth seekers!


-- provided by Outlaw





(photo credit: Steve Clemons, The Washington Note)

(This article is appearing simultaneously at TheAtlantic.com)

News is breaking that the prosecutor's case in the rape allegations against former IMF Director and French political kingpin Dominique Strauss-Kahn is collapsing.

According to reports, the accuser who worked at New York's Hotel Sofitel has allegedly been engaged in money laundering activities and has had substantial contact with an incarcerated drug dealer.  Strauss-Kahn's bails and terms of detention are reportedly going to be lightened today -- and others are suggesting that felony charges may be dropped against him.

Maybe he did harass this woman -- but it is also possible that he did not.  That's what the system of justice is for -- to presume innocence until guilt is determined.  That no longer sounds likely in this case.

But this week, former French Finance Minister Christine Legarde was named Strauss-Kahn's successor at the International Monetary Fund, and back at home, French Socialist Party Leader Martine Aubry declared her candidacy for President.

Strauss-Kahn, who may be innocent, who even Sarkozy said should be presumed innocent unless evidence led to a different conclusion, now cannot return either to the IMF or to his position as the next likely President of France.

One of the fears that I often hear from people when talking about the growing power of social network sites, blogs, as well as micro-journalism and micro-comment platforms is the one of scandalmongering, or a tsunami of mistruths and reputational attacks that take down some high profile person.

A good read on this sort of thing is the late William Safire's historical novel, Scandalmonger, which shares what slander blogging might have been like in late 18th century America in the person of James Callender who doggedly pursued, occasionally inventing, sleazy stories about both Alexander Hamilton and Thomas Jefferson.

I have generally argued, and may be wrong, that the internet is a much more honest and disciplining arena than print, that errors, mistakes, or misreporting would be instantaneously sniffed out and corrected by a global audience.  I know I have gotten things wrong before and had emails or posted comments that helped me put my information on a better, more accurate track.  But that isn't always the case, particularly in growing clusters of same-thinking people who care less about sorting out the facts than they do about the frame (or bias) they bring to some respective issue.

But in today's fast-paced world, a reputation can be destroyed rapidly -- and if, as in the case of Strauss-Kahn it seems, the consequences of charges made actually precede the processing of those charges, then we as a society are no longer extending the benefits of presumed innocence that are core to our form of democracy and our legal system.

I realize given the proliferation of commentary about Strauss-Kahn's alleged womanizing and the bandwaggoning criticism of him that built after his arrest that he is perhaps a flawed and tragic figure. 

But the problem of reputation wrecked still stands whether the target is warm and likeable or a brilliant storm, as I see Strauss-Kahn, and that lesson is a bad one for people on the internet, who are becoming commentators and writers, to learn.  They see the successful effects of attack, whether based in truth and credibility or not, and sense that the downsides of backlash and consequence to an accuser's or scandalmongerer's credibility are not serious.

When Georgia State USDA rural development director Shirley Sherrod was fired by Agriculture Secretary Tom Vilsack for making 'alleged' racially-tinged remarks, we also saw consequences meted out before the entire story of that video, brought to light by Andrew Breitbart, was properly considered.

There is no clear fix to these problems.  We don't have a system that would let Strauss-Kahn have his job back, and Aubry is not likely to step aside in her presidential quest and let DSK go back and take the top spot challenging Sarkozy. 

Again, I am not saying that I know if he did or didn't engage in lewd conduct against a hotel chambermaid -- but his legally-based presumed innocence has been inconsequential to the penalties that he's already received, and that's something that should worry us.

-- Steve Clemons is Washington Editor at Large at The Atlantic and can be followed on Twitter at @SCClemons







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<b>News</b> Corp Launches $5B Stock Buyback – Deadline.com

This could provide some pop for News Corp shares, which have declined more than 12% over the last five days as the News Of The World phone-hacking scandal mushroomed. The company says this morning that its board of ...

<b>News</b> Corp Launches $5B Stock Buyback – Deadline.com

Will <b>News</b> Corp. leave the <b>news</b> business? « BuzzMachine

So I wonder whether News Corp. will have to get out of the news business to save the business of News Corp. For it's not so bad to be rapacious when you're in the entertainment business. ...

Will <b>News</b> Corp. leave the <b>news</b> business? « BuzzMachine

Jon Stewart Tackles the <b>News</b> of the World Scandal

But before Stewart could expound on his point, correspondent John Oliver presented him with a recap of Rupert Murdoch's News of the World scandal--a friendly reminder that the British will always find a way to out-shame ...

Jon Stewart Tackles the <b>News</b> of the World Scandal

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<b>News</b> Corp Launches $5B Stock Buyback – Deadline.com

This could provide some pop for News Corp shares, which have declined more than 12% over the last five days as the News Of The World phone-hacking scandal mushroomed. The company says this morning that its board of ...

<b>News</b> Corp Launches $5B Stock Buyback – Deadline.com

Will <b>News</b> Corp. leave the <b>news</b> business? « BuzzMachine

So I wonder whether News Corp. will have to get out of the news business to save the business of News Corp. For it's not so bad to be rapacious when you're in the entertainment business. ...

Will <b>News</b> Corp. leave the <b>news</b> business? « BuzzMachine

Jon Stewart Tackles the <b>News</b> of the World Scandal

But before Stewart could expound on his point, correspondent John Oliver presented him with a recap of Rupert Murdoch's News of the World scandal--a friendly reminder that the British will always find a way to out-shame ...

Jon Stewart Tackles the <b>News</b> of the World Scandal

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