Disqus - Latest Comments for Shawn@MoneyBrick

Re: Japanese customized bikes - Luxurylaunches.com

Shawn@MoneyBrick — Mon, 29 Sep 2008 12:31:55 -0000

These scooters are awesome! I especially like the silver Yamaha Maxam... that looks totally awesome. The two bubbly ones at the end are cool, too.

Re: are you ready to own a company?

Shawn@MoneyBrick — Fri, 25 Jan 2008 14:41:00 -0000

I thought you were going to start talking about really owning a company for a moment there! But, your post went in a nice direction. I feel that what you said has Buffett written all over it. According to those who let out his secrets, he basically looks at companies in the same way you mentioned (you were very brief, of course) and it's all about the bottom line for him. Companies like Coke that don't spend much on capital machinery and aren't so glamorous are great for him - as opposed to companies that appear in the sky like fireworks and then just as quickly disappear.

However, I'd like to say that the basic goal of any company is profit. Maybe the goal is not profit for the investors, but profit for the entrepreneurs, managers and board-of-directors, surely. It's only when things go awry that a company is putting out goods or services at a loss. The ideal situation for any company is to give the customer what he or she needs/wants, and to make a healthy net profit. So basically, no company really aims for that negative situation you mentioned.

I say this because you said that great products mean nothing to you as an owner. However, as a follower of Seth Godin, I feel that a great product equals a great company! If a company's product is desirable to its audience, that audience will expand and grow and thus profits will do the same. Companies do, of course, have to make sure that people will buy their products/services for more than it cost them to develop, produce and market.

Re: credit card debt is not pandemic

Shawn@MoneyBrick — Mon, 28 Jan 2008 14:55:02 -0000

Hmm... this post seems to me to be half-conventional and half-unconventional thinking.

Point #1 is definitely unconventional! I think most people would pay off that mortgage right away.

Point #2 is well-taken and it is common advice, but as you said, easy to say, hard to do. I like how you advise to just totally avoid temptation... no Doritos in this house!

Point #3 is great! I agree with you. But of course, those getting insurance should make sure that it's exactly what they need and that they aren't paying for frivolous extras that aren't needed. Insurance is just to cover big disasters - not little ones.

Point #4 is where I'm going to have to disagree with you! I do agree that people should stop thinking short term... but, you said, "I would rather minimize potential loss than maximize potential gain." I feel that, actually, most people are already like this. For example, people would gladly fork out $1 for a chance at winning $1,000,000... even at a nearly impossible 1 in almost-14 million chance. However, if asked how much they'd sell a lottery ticket with the same chances for the ticket-holder to win their ENTIRE net worth, it's doubtful whether they'd even sell that ticket for $10,000! I think it was Seth Godin that wrote about this... basically, people are so scared of loss, that they don't change the way they do things - even if there's the potential for a real improvement or gain.

Re: credit card debt is not pandemic

Shawn@MoneyBrick — Tue, 29 Jan 2008 11:09:34 -0000

Steve, oh yeah... I see what you're saying now. Yeah... thinking like that is real detrimental. Even thinking, "I'll deal with it tomorrow..." is just asking for disaster!

Re: 6 ways to retire poor

Shawn@MoneyBrick — Tue, 29 Jan 2008 11:22:48 -0000

Hahaha... I LOVE preparing TPS cover sheets!

This is great... sarcasm is great!

Re: to tip or not to tip

Shawn@MoneyBrick — Tue, 29 Jan 2008 12:22:28 -0000

I grew up in Toronto, Canada and now live in Taipei, Taiwan and I can tell you that there are huge differences between the tipping habits in Canada vs. those in Taiwan. According to what I've read in the comments, however, the tipping situation in Canada is much better than that in the US.

I'd first like to say, however, that paying under minimum wage should be illegal! I know that it's illegal in Canada, but lots of various restaurants, bars, etc. still carry on this practice. TIPS = to insure proper service, right? So basically, the service people should get their minimum and only receive a tip should they provide service excellence.

In any case, Taiwan is great! In Taiwan, there is no tip. As with Australia, taxes and tip are included in the price you see on the menu. It's so great and relaxed compared to Canada. Even delivery people and such don't expect tips. Taxi drivers? No way!

In Canada, however, Torontonians generally tip 15%. Chinese people, however, tip 10%. Haha... Chinese restaurants only expect a tip of 10%. There was even one restaurant where regular customers didn't give tips, because they knew that the owner's daughter would just come by and take all the tips away and leave nothing for the cooks and wait-staff (stealing).

I also have an anecdote that I've never had the opportunity to tell anyone! Basically, a co-worker of mine was telling me how he tipped 10% at a posh restaurant one time, and he overheard the waitress call him a "cheap Chinese". So, he vowed from then on to always make a point of tipping 20% no matter what. As for me, I don't take racism lightly... and I wouldn't let one person's vulgar disposition make me do something against my will. If anything... I'd perpetuate the stereotype even more and go back to that restaurant and leave 5%!!!

guiness416... I think your boss wasn't wrong. I wouldn't have lost respect for him at all. If he really thought the service was that bad, he's entitled to leave a couple pennies as tip (maybe not in the dirty beer glass, however). And don't you think that busy restaurants should hire more wait-staff? It's their business and one should expect proper service at any time of the day.

As for my own personal habits (in Canada), I don't tip Starbucks employees. If Tim Hortons employees don't get tips - why should I give Starbucks "Baristas" tips? Actually, Starbucks does have better service... but that's built into the price of the coffee! As for people who come to your home to do stuff... I don't tip them, either, and I've never met one who seemed like he expected a tip.

As for restaurants, if the service was satisfactory, I give 15%. If it was really excellent, I would give 20% and upwards. If it was horrible, however... I would give 5%-0%. Really. I've given nothing in tip before, because the service was just that bad. REALLY bad. I also hate restaurants that include a 10%-15% "service charge" in the bill... I think that's illegal. And it's up to the customer to decide an appropriate tip.

In terms of your own finances, I think it's best to just give the minimum tip possible (or none at all). If you're tight for money or are wanting to save it - you shouldn't be going out that much, anyway! Everyone is only looking out for themself... and your extra-large tip can be put to more charitable use, such as lending on Kiva.org

Re: an interview with Ur

Shawn@MoneyBrick — Sat, 16 Feb 2008 06:30:05 -0000

Hmm... what should I be thinking right now?

Well, it was a unique post, I must say... and Ur did give some useful advice. Saving 20%, or one fingers in five, of your income for when you can't earn income sounds like a good idea!

But, is Ur's advice on diversifying really a good one? What if Ur found out the secret of how to make lighters, and he invested the majority of his energy into making great lighters and trading them for wolverine pelts, grain, etc.? Would that not be prudent? I once read that the super-rich actually have all their eggs in one basket - one extra-strength, insured and well cared-for basket. "Diversification" is thrown around so much these days (and apparently, since the caveman days), that it's become such a cliche and people follow it blindly. Isn't specialization what brought the human race greatness? Adam Smith has a lot to say about the division of labor (and thus, specialization)...

In regards to Iraq and war of all sorts... every time I see images of massive displays of military might, it just amazes me. It amazes me not how much power is on display, but it amazes me that humans as a race spend so much effort in the quest to kill each other. Amazing.

Re: a little-too-late advice on building wealth

Shawn@MoneyBrick — Sat, 16 Feb 2008 06:44:42 -0000

Thanks so much for this post! It's an amazing list and one that everyone should follow. I'm sure people might have more than 13 pieces of advice for their own lives, but I'm sure you covered the absolute basics here.

I especially liked #6, although I must disagree a little. If you spend your time watching channels such as Discovery, National Geographic Channel and other such educational TV, I'm sure you're not wasting time at all. It's the pointless TV programs meant purely for entertainment that zombieize people and lead to meltdown of consciousness. I totally agree, however, that watching a movie is so much greater than watching anything on TV (aside from mentioned channels...). The whole story starts and is over in two hours, and you feel a sense of satisfaction knowing the whole story. Sitcoms, however, just keep you dangling there. I'm proud to say I haven't watched a sitcom in more than ten years. Honestly!

Re: this thin filament

Shawn@MoneyBrick — Sun, 24 Feb 2008 11:16:50 -0000

Your post is good, Steve, but I think you've got one thing wrong! The treasure trove of free information we know as the Internet (more than just public domain works) has broken down all the barriers previously preventing many things from being free. In ten years, things will be even freer than they are now! Publishers probably won't even be able to sell books at that point in time; they'll have to search for other means of an income. I think it was ten years past (even longer) that things were privatized and monetized.

Re: 38 random thoughts on building prosperity

Shawn@MoneyBrick — Sat, 19 Apr 2008 12:31:07 -0000

Nice post and lovely comments!

5. I especially like the comment about having an iPhone 40 years from now. Well, maybe in two years, when you're looking to upgrade to iPhone 2.0, you can lock it away in a metal box and one day it'll become a priceless antique?

14. I totally, totally agree.

19. Wait... don't you know that those who look good actually earn more over their lifetime? No joke... I read it in TIME or maybe Newsweek? Anyway, thinking that you're going to become a pop-star or a model is a sure waste of time, because those things are tournaments where only one person out of hundreds wins. BUT, I think that investing your time into certain skills (languages, etc.) and into self-grooming are definitely worth it.

23. Oh! I love this one. I just hate it when I get totally defined into a certain occupation just because I have the prerequisites.

28. The Chinese have a saying, "Family is family and business is business." So, the Chinese are totally willing to borrow and lend family and friends money, but it's in the culture that the things are separate. If I lend my brother money, he'll definitely be paying me interest, and it wouldn't be rude of me to ask for it back if he is taking too long to repay. I think that lending to family and friends could work, given the proper laying-out of rules beforehand.

Keep up the interesting posts!

Re: 38 random thoughts on building prosperity

Shawn@MoneyBrick — Tue, 22 Apr 2008 02:49:29 -0000

@Thomas... that is amazing advice! I've read all about real estate, but nowhere have I come across the concept of keeping your debt always at the 70/30 ratio. That's weird - how come I have not heard of this? It sounds excellent, however, and thanks for sharing that with us! Do you have a blog, by the way? (Where you write about amazing stuff like this?)

Re: 38 random thoughts on building prosperity

Shawn@MoneyBrick — Wed, 30 Apr 2008 16:02:52 -0000

Thomas... cool, I will check you out there!

Re: make money now versus make money later

Shawn@MoneyBrick — Tue, 03 Jun 2008 23:17:20 -0000

Steve,

You mentioned that Warren Buffett says he takes no risks, but at the same time your grandfather was making loads of money up until 2000... so that really goes to show that Buffett in fact was not taking any risks and that your grandfather did. Don't feel bad, however, as I think the majority of people in the stock market took a hit around that time. I would argue that your grandfather (if he had the time) could've also dug up all the same research which Buffett had.

One last thing; in your example about the job offerings, I feel that taking the $50,000 job is actually the ONLY choice! The other job does not seem a "risk" as you're trying to define it - it's something like MLM... lure you in in hopes of the BIG PAYOFF. Or like the lottery, "The more you play, the more you are sure to lose." (Adam Smith). Basically, money today is worth more than money tomorrow for two reasons; inflation and the power of compound interest (or investment returns).

Shawn

Re: The Holy Grail: How to Outsource the Inbox and Never Check Email Again

Shawn@MoneyBrick — Tue, 05 Feb 2008 16:21:12 -0000

I never knew that someone could actually spend so much time checking e-mail everyday! I didn't realize that one person could receive so much e-mail that the checking of it would have to be outsourced... What if we didn't have e-mail? Would there still be the same insane amount of correspondence? I think not...

Re: 4 Anti-Cold Cocktails That Work: From Ancient China to German Alcoholics and Modern Labs

Shawn@MoneyBrick — Fri, 21 Mar 2008 17:01:03 -0000

Hey Tim,

I noticed that you use an electric stovetop! Would it not be more efficient if you switched over to an induction cooktop? They boil water as fast as gas ranges and use much less electricity than the conventional electric stovetops. Also, you could set the time, so that if you fell asleep in your Epsom Salt bath, it wouldn't boil out (and even if you forgot to set the timer and left it, the cooktop will detect that all liquid is gone somehow, and turn off). It's all about efficiency and effectiveness, ain't it?

Shawn