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PDF Ebook The Principles of Success

Submitted by antoq on Mon, 05/11/2009 - 08:52

Everyone has the capacity and potential to be great, to be successful. It’s just a matter of deciding what your purpose is, focus on your intention and manifest your vision and dreams into reality. Most people never determine what it is that they want to achieve, because they don’t have a purpose or a big enough dream. They become complacent and as followers, they help others to achieve their dreams and ambitions, while they never realize their own potential for greatness.

Earl Nightingale once said, “success is the progressive realization of a worthy ideal.” One mans floor, may be another mans ceiling but every man should have his own dream, a purpose, a passion and his own definition of what success means to him. Success is not a specific destination; it is a never ending journey, that you choose. It is your consistent progress toward achieving your highest purpose - your vision in all areas of your life. Success is about achieving balance in all the key areas of your life; financial, relational, spiritual, intellectual and physical.

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Ebook Equity and Efficiency under Imperfect Credit Markets

Submitted by puput on Mon, 12/28/2009 - 02:55

Recent macroeconomic research has brought up credit market imperfections as a key channel through which inequality may affect aggregate output and growth. If borrowing is limited, marginal returns are not necessarily equalized across investment opportunities - which is costly to aggregate output if technologies are convex. Based on this reasoning it has been prominently argued in the literature that more inequality, i.e., shifting resources away from poorer individuals to richer ones, lowers output and the growth rate further since the differences in marginal returns become even larger.

In this paper, however, we show that the above intuition does in general not hold true once the credit market is not completely ”turned off” but only imperfect. Specifically, we show that even with a globally convex technology and limited borrowing an increase in inequality may actually boost aggregate output. At the heart of this result is the interest rate’s endogenous response to more inequality. With convex technologies, a regressive transfer from individuals belonging to the ”middle class” to the rich reduces the interest rate. A lower capital cost softens the borrowing constraints of all entrepreneurs but particularly those of the poorest agents. As a result, the poor may increase their investments substantially, and - since they face high returns - it may well be that this interest rate effect dominates the negative direct effect of more inequality in the middle or at the top end of the distribution.

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Ebook CREDIT CARD: Increased Complexity in Rates and Fees Heightens Need for More Effective Disclosures to Consumers

Submitted by antoq on Thu, 07/09/2009 - 08:38

Since about 1990, the pricing structures of credit cards have evolved to encompass a greater variety of interest rates and fees that can increase cardholder’s costs; however, cardholders generally are assessed lower interest rates than those that prevailed in the past, and most have not been assessed penalty fees. For many years after being introduced, credit cards generally charged fixed single rates of interest of around 20 percent, had few fees, and were offered only to consumers with high credit standing. After 1990, card issuers began to introduce cards with a greater variety of interest rates and fees, and the amounts that cardholders can be charged have been growing. For example, our analysis of 28 popular cards and other information indicates that cardholders could be charged.

  • up to three different interest rates for different transactions, such as one rate for purchases and another for cash advances, with rates for purchases that ranged from about 8 percent to about 19 percent;
  • penalty fees for certain cardholder actions, such as making a late payment (an average of almost $34 in 2005, up from an average of about $13 in 1995) or exceeding a credit limit (an average of about $31 in 2005, up from about $13 in 1995); and
  • a higher interest rate—some charging over 30 percent—as a penalty for exhibiting riskier behavior, such as paying late.

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