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Thursday 31 January 2019

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What are the ten most important things about personal finance that someone without a finance background must know? originally appeared on Quora: the place to gain and share knowledge, empowering people to learn from others and better understand the world.

Answer by Franklin Parker, 2017 Winner - NAAIM Founder's Award for Investment Research, on Quora:

What are the ten most important things about personal finance that someone without a finance background must know?

1. The Nature of "Risk".

Risk is a bad word to most laymen. We are encouraged from an early age to avoid risk at all costs. We look to mitigate it in our lives as much as possible; buy insurance, avoid "risky" investments, jobs, etc. We try to avoid risk in our personal lives, too. We don't ask the risky question, we don't say the risky thing, we don't speak up because of what might happen next...

What we in finance understand is that risk equals reward. You cannot gain something without the willingness to give something up.

There is a passage in the New Testament: "Whoever would save his life will lose it." Whether you agree with the context of the passage is irrelevant, the wisdom is still there. If you hold so tightly to the status quo that you are not willing to see it change, then the status quo won't change! You must be willing to lose the status quo to gain something better.

Try taking a risk in your career, in your investments, in your relationships. Of course, the definition of risk is that the outcome is uncertain. Each decision may or may not pay off. But, in the end, the person who lives a life of taking smart risks is the person you want to be.

2. Low Fees Does Not Equal Low Cost.

I recently sat in a meeting with a very, very wealthy person. We were all discussing the potential hiring of an expensive, but well versed employee, or contracting the service out to a third party. The third party was considerably less expensive, but probably not as experienced or concerned with our well being as the potential employee.

His only point: "low fees do not mean low cost."

Over time, bad decisions, mistakes and poor planning can add up to a higher cost than simply paying to have it done right in the first place. This doesn't mean spending extra money just to spend it, his point simply expresses the importance of paying for value.

3. The Only Personal Financial Advice I've Ever Gotten From Really Wealthy People.

One very big difference between the extremely wealthy and the rest of us is this: the world is malleable. With enough effort, time, capital—something—you can literally change the world.

This applies to your personal situation, too. It isn’t a given, it can be changed. You may need to be creative, or do tons of research, or put in lots of hours, but you can change your situation, dramatically.

Stop thinking of your situation as static. It is as big or little as you want it to be.

4. Money Is Not the Main Concern.

Interestingly, the biggest concerns of the wealthy have absolutely nothing to do with money. Money is just a magnifying glass: everything great about you gets bigger, everything bad about you gets bigger.

Bottom line: money comes and goes. Wealth is more than money. Cultivate your relationships, family, friends.

5. You Can Be President, If...

We are all taught in kindergarten that we could be president of the United States. You can be an astronaut if you want. You can be....

What they don't teach you is that, yes, you could be anything you want to be if you are willing to make the sacrifices necessary to achieve it. The world doesn't owe you anything. If you want something, you have to be willing to give up something. No one teaches that anymore.

6. How Markets Work.

We live in a golden age of investing. If you can dream it, you can do it. There is a tyranny in that choice. Furthermore, studies show over and over that individual investors are really bad at managing their money.

Gaining a basic understanding of what markets are and how they work can really go a long way in giving you a comfort level when you go to participate in them. It will also give you a healthy dose of cynicism.

Public markets were designed, first and foremost, to take money from the public. That doesn't mean you can't profit from them, it simply means that you must be very, very careful.

7. Cash is Not "Safe".

I can't tell you how many questions I've fielded from folks concerned about investing their cash. "Cash is safe," I hear over and over again.

In one way, yes, cash is safe. What you need to understand, though, is that no matter what, you are taking a risk. Every year, your cash loses about 2.7%. That means your $100,000 in cash is going to be worth $99,775 next month, then $99,550 the month after that.

See the point? Yes, your cash is "safe" in that it is predictable. But don't be fooled, it is losing value. Cash has a role, but that role is not to maintain your wealth.

8. You Need to Know the Truth About Gold.

Let's be real about the role of gold in a portfolio. Yes, it can be part of an overall allocation. But, gold is not a replacement for a diversified portfolio.

The advertisers on CNBC are really good at making gold sound like the answer. Especially during times of crisis. "It's the only real money!" I've heard it all.

But here is the hard truth about gold:

Gold has lost value relative to inflation since 1981. Despite what gold proponents will tell you, gold is a terrible long-term hedge against inflation.
Gold is three times more volatile than stocks. For investors fleeing the stock market because it is too volatile, gold is not the answer. It is a bigger roller coaster ride than the stock market!
It's all that matters in a failed economy. See my rant which follows: Here's the deal. We can look at real examples of failed economies. Take New Orleans after Hurricane Katrina as an example. First of all, if you could get to your gold, I doubt you could have bought much with it. On the other hand, you could trade anything for a bottle of water or gallon of gasoline.

In the event of a zombie apocalypse, gold is not very useful. What matters in that environment? Guns. Water. Food.

9. Get Enough Sleep.

It's true. Getting enough sleep will help you make clearer daily decisions (which add up to big consequences), and help maintain your willpower, which is vital to sticking to a plan, budget and maintaining an appetite for risk.

In fact Jimmy Wales (on Quora) has often advised others to get enough sleep.

Sleeping is worth the time. Do it.

10. If You Don't Understand it, Don't Do It.

This is simple, but true. You need to understand why you are doing something to do it properly.

This cuts both ways, though! There are many things in life that require you to wrestle with the knowledge in order to reap the rewards. In finance, knowledge really is power. The more you know and understand, the more you can leverage that knowledge into resources. Resources get things done.

Just because you don't understand it, doesn't mean it is scary or evil or terrible. It does mean that you shouldn't do it until your learn it.

So learn all you can, then you can do more.

Reference : www.forbes.com

10 Things Every Non-Finance Person Should Know About Finance

So you notion the honey you devour on a every day basis turned into a hundred% pure? Think once more, for there can be more to that bottle of honey than meets the eye.

Making tall claims about the purity of honey in television and prints advertisements is one issue and what the customer gets bought is a distinct ball sport all together. Many a instances, as misinformed clients, we do emerge as buying the reality the organizations need us to believe in only to find out a whole lot later that it was all nothing but honey coated lies.

So is there a way you can still recognize the difference between natural honey and an adulterated one? Without checking the purity of honey, it can get barely hard to attain any conclusion. To decide the first-rate of honey, honey purity check can effortlessly be carried out at home.

Raw honey vs faux honey

Not all honey are created similarly. Raw honey is the maximum authentic and unadulterated shape of honey produced by means of the bees from the concentrated nectar of the flora. Collected directly from the source, it's far definitely unpasteurized, unheated and unprocessed. The nectar accrued from the bees goes through 3 levels of processing earlier than it reaches the give up user.

The first stage includes processing wherein the enzymes are injected into the honey to thicken it. The manner also aids in fermentation of the nectar. Once the honey has fermented, it's far in addition processed to feature greater thickness to its consistency. In the third and the final step, water is extracted out of honey to make it lose 80% of its total water content, make it thick and upload a deep, rich golden brown coloration to it.

Fake honey, additionally referred to as adulterated impure or artificial honey, is the honey that has delivered sugar syrups, molasses, corn syrup, dextrose, and different flavours and components. It is probably top to have a look at, but has all its vitamins and nutritional fee sucked out of it at some stage in the producing procedure.

Want to understand how to test if honey is pure? By inspecting the physical characteristics of honey, it is very easy to realize whether or not it's miles natural or impure. Look out for these signs and symptoms:

- Pure honey has a sweet aroma while faux honey smells bitter or maximum of the times has no aroma
- One feels a moderate burning sensation in the throat while eating natural honey. But in case of faux honey no such aspect happens
- Pure or uncooked honey by no means separates into layers. However, equal is not the case with fake honey and you'll constantly see formation of layers in it
- Raw honey would possibly come filled with herbal impurities like pollen, bee bread and micro-debris of wax, however they're suitable for eating and causes no damage. Fake honey then again has no such impurities in it.
- Raw honey has a smoother texture compared to faux hone that usually is on the tough facet
- The consistency of raw honey is generally thick and it trickles down in a thin movement. Fake honey then again is pretty runny and right now spreads along the surface

How to identify natural honey?
With a number of options to be had at the high-quality market, you could without problems get swayed by means of factors like rate, packaging, emblem etc., while selecting the right kind of honey. Sadly, there are lot of adulterated honey brands which are being bought at inexpensive charge inside the call of naturally and organically produced honey. Therefore, it will become crucial to note that most of the honey to be had isn't always exactly what the bees produce evidently however are manufacturing facility made, chemical-laden variations of them.

If you desire to enjoy all the blessings of honey, you must maintain elements like exceptional, health and consider in thoughts earlier than deciding on a logo. Yes, it isn't always an easy mission to understand that this or that is faux or actual. But you may want assessments to distinguish among the two because it has been determined out that maximum of the goods you spot in shops are not clearly the organic product you are searching out.

Here are some honey purity checks that you can easily behavior at domestic and get a solution to the everlasting question of the way to check purity of honey.
A) The thumb check:

- If the honey sticks to it and stays intact in your thumb, it method you have got managed to get yourself natural honey.
-If it spills or spreads around, just too bad, for what you've got gotten is a bottle of adulterated honey.

B) The water take a look at:

- Fill a tumbler with water
- Adulterated or artificial honey will dissolve in water and you will see it across the glass
- Pure honey, on the other hand will settle proper at the lowest of your glass

c) The fireplace test:

- Take a dry matchstick
- Dip its tip proper into the honey
- Strike the stick at the matchbox as though to mild it
- If the honey is pure, the matchstick will mild conveniently
- The flame may even hold burning off the honey
- However, if it's miles with impurities, it's going to not mild because fake honey contains moisture as one of the impurities

Apart from these test, every other common technique to inform the difference among natural and impure honey is to add a few water and a pair of-3 drops of vinegar essence into the honey and mix well. If the solution turns into foamy, this is clearly adulterated honey.

Honey is nature's sweetest present to mankind and springs packed with a multitude of health blessings. Deemed as a pinnacle fitness food across the globe, honey is a wealthy supply of antioxidants, flavonoids, antibacterial and antiseptic residences. From boosting one's energy to decreasing gastronomical problems to decreasing cough & throat irritation; honey in its purest form is nothing brief of a miracle meals that you can consume on a daily foundation to live fit and healthy.

A few spoons of honey can do wonders in your pores and skin, hair, weight and typical properly-being.

How to Identify Pure Honey?

According to a survey file, all doctors emphasized the importance of clinical gadgets. The survey become conducted that allows you to discover what will be the future of clinical tool in 12 years from now i.E., 2030. Let's know extra about it.

The survey concerned 200 doctors and 2000 patients within the US and UK. Both the doctors and the sufferers have been requested approximately their agree with within the medical gadgets. They were additionally requested approximately the concerns that they may have about the medicine.

The role of clinical gadgets

Most cardiologists, oncologists, endocrinologists and pulmonologists said that they need the transport tool a good way to make the first-class choice for a affected person. Actually, this device is the interface of "drug-to-affected person". Moreover, it makes matters loads clean and handy for sufferers. As a depend of fact, the importance of the gadget is going up in case of some particular fitness conditions.Nowadays, people need to deal with themselves. Taking an oral pill is straightforward, however the use of a special clinical device requires guide and education. But schooling is required on the a part of docs as properly.

Pharmaceutical groups of today have been dealing with an growing opposition from other "time-honored" businesses. So, this tool gives them a prime battleground where they could provide docs something which could assist their sufferers.

Key findings

Like different medical devices, the delivery devices contains a variety of significance for doctors once they need to prescribe new drug treatments no matter their specialization.Around four in 10 oncologists denied the importance of the device, even as 25% said that it performs a primary function.More than eighty% endocrinologists and pulmonologists agreed that the device is without a doubt critical.

Medical devices of 2030

The thrilling element is that the mobile communication enterprise offers incredible stuff, and they'll have evolved a lot by 2030. Let's pass again in time. If we go returned just 10 years in the past, we realise that the usage of a digital dose counter with any other tool became taken as a excessive risk. Aside from this, tracking compliance with a few different devices requires a bargain of bespoke docking stations, bespoke electronics and a connection to a pc. On the alternative hand, nowadays, it has come to be a lot simpler and safer to apply a variety of clinical gadgets in every medical institution.

Nowadays, it is not difficult to connect clinical tool with each other. As a count number of reality, you could use the equal technology designed for pill and smartphones. So, the future of medical gadgets appears very vivid. The most effective issue that is wished is attempt on a part of doctors. They should recognize the importance of the scientific device so that they may serve their sufferers in a higher manner.

Long tale short, in case you are a medical doctor and also you need to serve your sufferers higher, we advocate which you start the use of accurate clinical system and different computerized system. This will make your patients happy and you may additionally be capable of expand your exercise. Of course, it will likely be a win-win deal for each you and your patients.

The Importance Of Medical Devices And Automated Systems For Doctors

Many clients nowadays get their health facts from the net, TV, and magazines. It is likewise genuine that most of the published substances also are availed on line at some point. While the sources are fantastic, a few offer facts that is good and up to date whilst others do no longer. Things have grow to be very convenient in recent times and there are many health magazines which have end up available online these days.

If you are the use of the web, you then ought to find out extra about who precisely is running that site. You should constantly base your focus on the quality. You need to be skeptical. When you study things and that they sound as if they are too properly to be authentic, most in all likelihood they're. You need to usually are searching for information that is based on research, is unbiased, and is cutting-edge specially while it has to do with health.

There are a few steps that can be observed to make sure that you acquire simply that.

Consider the source

You should simplest use the sources which are accountable and identified. Find out whether the statistics is from an individual, a commercial institution, a health system, a expert business enterprise, a non-income corporation, or even the federal government. This can make a completely big difference within the kind of fabric which you grow to be studying. A internet site ought to also show the touch facts because lack of data is mostly a terrible sign.

Quality

Websites are not created the same. There are those that have a piece of writing board, that means that records is first reviewed earlier than it is published. You can locate the facts at the task statement or the approximately us page. Sometimes the internet site could also have a phase in which statistics about the fitness writes is given or the authors. Sometimes, despite the fact that the mag isn't posted by way of fitness professionals, there may be hyperlinks to sources from people who truely are authorities in that vicinity. These are a number of the matters in order to guarantee which you genuinely end up with the great records.

Cyber-skepticism

Sometimes a number of the things written seem to be out of this global. Beware of magazines that provide therapies for extraordinary contamination and get in touch with them breakthroughs or sites that deliver secret elements. Also, be cautious with a website that uses sensational writing wherein so many exclamation marks are used and so on. The excellent fitness mag should use easy language.

Evidence

You need to look for the proof behind claims made. Be reliant on clinical research in place of opinion. Look for references or author information. Testimonials and case histories have to have touch data. Anonymous testimonials must never be trusted.

Timeliness

This is the alternative aspect which you clearly need to test. Consider how modern-day the facts given is. Look on the dates on the documents. Latest remedies need to constantly be very present day.

Biased records

You should always be very aware about any type of bias. Find out the primary cause of the website online and if it is supported by using business advertising and marketing. Always make sure that you protect your privateness too. Make sure the magazine has a privateness coverage in place.

Finding an Authoritative Health Magazine

In US there are government recognized groups which certify the environment safe homes. Such licensed buildings normally expend to 40% much less power compared to the commonplace buildings. Keeping this idea in thoughts how satisfactory we will intend our future dream domestic is extraordinarily big. The sustain-ability of this earth with the existing reckless development is inflicting challenge.

So the people are looking for surroundings friendly homes. This is usually referred to as herbal living under herbal buildings. When we undertake this attitude we will feel at ease that we're in our own process adding less to the destiny damages to the earth.

To come to a decision approximately the ecosystem pleasant houses, you have to first determine your self approximately your lifestyles style and your destiny requirements. If you are someone who is received to stay under a roof in which you are require a groovy ecosystem at some stage in summers and lot of heat at some stage in height winter, then you will have to pick out those atmosphere pleasant materials which have proper insulation in winters and preserve an extremely cool atmosphere at some stage in summers. With the proper combination of creation substances that are ecosystem pleasant you can go approximately with out eating excess energy.

However if you are not nevertheless at ease, you may have the choice of going for sun power. These solar panels will contend with your fancy gadgets almost free of cost. It is likewise probable that if the power generated out of your sun panels aren't absolutely applied you've got got the option of giving returned to the power grid. They take delivery of this gesture with gratitude and even pay for it.

Going herbal in food manufacturing is also catching up. Prepare your self for growing something probably vegetable to your returned backyard in natural instructions, with even so little area you might have. This will lessen your grocery bill and also it will give you physical exercising on tending the vegetable lawn.

When you renovate the cleaning substances and other components you use, you are causing to some extent dent to the environment. You should be selective in going for the cleansing substances which are not harming the atmosphere.

Similarly, while you do the muse work for your buildings you may be turning out several soil. You have to make in no question to place slit traps to avoid the run off closer to the streams and lakes. The slit can erect the smooth waters into a mess of slush and choke the residing organisms there. When the construction is over, the planting of grass and different seasonal plants will manipulate the extra runoff of the slit.

If you browse the internet you may locate details about numerous corporations which might be doing herbal pleasant initiatives. Study them and act upon them in your very own survival.

We Have to Safeguard the Health and Well Being of Future Generations

No rely in case you are suffering from excessive blood stress, blood sugar or obesity, going to the physician each month for checkups can end up a actual ordeal in our busy lives. Blood glucose meters are transportable devices which are used to degree the amount of glucose in the blood. They are often utilized by diabetic human beings to monitor and control their situation. These handheld machines are important in determining the weight loss program you may observe and how well any medicinal drug you are on is working in controlling your blood sugar levels. Since they can be used at domestic, they come up with the benefit of immediately remarks and help you preserve a file of your consequences that may be proven for your health practitioner to get an accurate photo of ways nicely your treatment is working.

But with the appearance of domestic health tracking devices like glucometers, blood pressure monitors and weighing scales, maintaining track of your fitness has in no way been easier. They now not handiest save you from the weekly trips to the physician but additionally offer accurate readings that help you manipulate your situation correctly.

Read directly to discover greater about a few beneficial health monitoring gadgets in the marketplace-

Blood glucose meters

Blood glucose meters are portable gadgets which might be used to degree the amount of glucose in the blood. They are frequently used by diabetic people to screen and control their circumstance. These handheld machines are vital in figuring out the diet you can follow and the way nicely any remedy you are on is running in controlling your blood sugar levels. Since they can be used at domestic, they give you the convenience of immediate remarks and assist you hold a document of your effects that can be shown in your doctor to get an accurate photo of the way well your remedy is running.

Blood pressure monitors

As the call suggests, blood strain video display units are gadgets that can help you take a look at your blood stress stage inside the comfort of your property. There are numerous varieties of blood strain monitors which are available inside the marketplace, the most popular being wrist monitors, upper arm video display units and digital monitors. Blood stress monitors help with high blood pressure detection; irregular heart beat detection and frame motion detection. They additionally store the last studying for destiny use. Blood pressure monitors normally include a wrap cuff and an LCD show.

Weighing scales

Most of you're acquainted with weighing scales, having visible and used them at gyms and medical doctors' clinics. Weighing scales are used to measure several forms of readings, which includes frame fat, muscle tissues, BMI, lean mass in conjunction with frame weight. The digital types include superior capabilities like vehicle power-on and energy-off mechanism, LCD display and high precision stress gauge and cargo cellular sensors that make sure accurate reading. Weighing scales can be used at home to control and hold track of your weight.

But before shopping those health tracking gadgets on line, there are sure belongings you ought to preserve in thoughts-

· Make positive the tool is 'clinically verified' in order that it offers accurate results. It should have long gone thru a chain of tests and have to be certified.
· It must come with a assurance to make sure you can replace it if some thing goes amiss.
· You should always buy these gadgets from reputed manufacturers who come up with the warranty of quality and authenticity.
· Read up on the features and examine them so one can find the device that fits your wishes and requirements.
· Always search for discounts at on-line shops to make it easy for your pocket.

Health devices ought to usually be bought after consulting with a physician or a healthcare expert who can provide you with important advice on a way to use it effectively at home. Also, have the device checked as a minimum once a yr to make certain the readings are accurate.