More on Making/Saving Money Online...

Jeremy Lustman is not a dumb guy.

When he told me that he didn't understand my explanation of how to make money using Prosper, I figured...don't blame the reader, blame the writer. So, I'll try again.

Let's say you are paying off a high interest (29%) credit card loan of $5,000. You go onto Prosper, put in your financial info, and the site conducts a credit history check on you.

Then, you explain why you would like to borrow money and offer up reasons why you are likely to repay.

This is published on the website where individuals like me can offer to lend you money at, say, 15%. I may lend you $100, but if 50 other people do the same, then, bang, you've got your $5,000 at half the interest rate.

Meanwhile, instead of leaving that cash in the bank at 5%, I've tripled my rate of return.

Everybody wins...except the credit card company.

Of course, there's no guarantee that you get your money back (people default), but that's the risk you take for the higher rate. Plus, you can allocate monies across multiple loans to diversify your risk.

Hope this helps....

Haiti and the Labor of Love...

Spoke to a friend from the old Snickelways days. Pascal Antoine was, I think, the first Haitian I ever met. And he was proud of it. He set up a portal back in 1999 for Haitian-Americans.

Since then, he's worked at it relentlessly, in an effort to build it up.

And, in proof that you can take a long time to become an overnight success, his site has grown to 6,000 visitors a day!

It's All-Haiti, all the time, and he's hoping that in 18 months, he'll be able to do it full-time.

He's also hoping-I think it's ok to post this-that as a result of the merger of his company, he'll get a fat severance package that allows him to do it sooner. In addition to being the first Haitian, he's the first person to whom I ever said "I hope you get fired.

Love to see what focus and commitment can yield.

Rabbi Silton Goes to Washington...

My father-in-law gave the opening prayer to the House of Representatives on Wed. March 28th.

He was introduced by Rep. Mike McNulty (D-NY), who inserted a more detailed account of the Rabbi's credentials into the Congressional Record.

...and it is my first entry into the CR! Thanks, Rabbi

Netflix in a 2.0 world....

So the CEO of NetFlix just joined the board of Microsoft. I'm a big fan of the service (see why here)

Sent him this email the other day:

First off, welcome to the MS board! I’m a big fan/user of Netflix and had a few ideas (read your WSJ article today)….

1. Why not a friend get friend referral program?
   I just hyped your service on my blog (see here). It’d be neat if there were an Amazon affiliates model where I can get a piece of the action for referring you business.
   
2. A blog widget…it’d be great to show on my blog a list of

• Recent Rentals
• Recent Reviews I’ve Posted (it may encourage me to post more)
• What’s in My Queue….

You know, take the conversation outside of NetFlix and let people make suggestions (Fred Wilson would agree, I think)….I post a lot of movie reviews on my blog (cross-posting would be nice too), all from NetFlix…but it’d be neat if they could make recommendations…via my blog…for items to add to my NetFlix queue…

It’s kind of like your collaborative filtering system plus what my friends are thinking about.

New Email Etiquette...Proposed

If it's a 1 word response, don't send it.

No more "ok" or "thanks".

I guess "yes" and "no" may be the exceptions.

Loyalty and Financial Advice

It seems like the Financial Advisor saga won't go away.

A few updates.

1. Ameriprise has been hit by a class action lawsuit for not disclosing how the brokers were compensated and thus "encouraged" investors (like me) to go one way when it may not have been in my best interest. (And look what happens when customers get angry in the digital age)
2. Solid article in SmartMoney about the whole "financial advisor" industry
3. Great comment on my work blog re: the same

I used to think I was savvy re: financial matters. I hate feeling like a fraier

The Rudy bandwagon picks up some steam....

About a month ago, I said that Rudy was the only GOP candidate who could win it all.

Today, the bandwagon picked up some steam (subscription required:WSJ) from Steve Forbes.

A missed opportunity...

So my wife forwards me an email that has all of the markings of a hoax. It reads (in part):

  FOR IMMEDIATE RELEASE: Thursday, February 8, 2007
  Cancer-causing Chemical Found in Children's Bath Products
  Women's Shampoos and Body Wash also Contaminated

I'm skeptical, so I go to my first stop for these things...www.snopes.com

Thing is...there's nothing there saying it's either true or false.

I do a general websearch...there are a bunch of sites quoting this same press release.

Our kids use the Johnson & Johnson No Tears (one of the products mentioned) so I figure..."I'll go to their site, they must have a comment on it one way or another."

I get there...and nothing. It's a static site. I can't find a mention of this issue anywhere.

If I'm J&J, I'm saying either "it's true and we've changed the formula," or "it's a hoax" or anything to address this issue.

A chance to build loyalty with customers...gone.

Things are being said about you all the time..personally and professionally. Best to confront them head-on and let your voice be heard.

The Music Album Re-emerges...

Of all the industries that are being turned upside down by the Internet revolution (heads up on cell phones), none is more fascinating to me than music.

Read another good article today about the changes it is facing and then called an old friend, Andy Bonime, who is in the movie/music industry out in Southern California.

What he described is going on in his world as a music producer is precisely what Chris Anderson describes in The Long Tail...to a "T"

So, what is it?

Well, there are a growing number of artists who are not mega-stars, but who are making a decent living ($100k-$150k per year), making their own music, selling downloads via MySpace, pressing their own CD's, and performing in live venues. You don't need the major labels anymore...the micro-markets are facilitated by a huge group of people in a niche (and looking to fill that niche.) All of this is enabled by technology.

Now, I'm not a huge music person...at all, but a few years ago, I was riding in a car with Rob Hirschmann (who is) and he talked about the "Art of the Album."

I don't remember where, but a few weeks ago, I read about how the Beatles were the last great Album Artists, in that they deliberately laid out the songs in an Album to create a type of Musical Mosaic that had meaning from start to finish.

Then, the labels took over, created a few mega-hits and would just throw fluff songs on record/tape/CD and sell it as an "Album."

So, Andy's new project is part-music, part-Art.  His site isn't up yet (too bad), but his working concept is a compilation of specific artists with specific songs/tunes in the Album as art form. 

What does it all mean?

It means that in times of disruptive technological change, the value doesn't evaporate, it moves...and you have to find it.

The value in music isn't in finding the talent, marketing it through mass distribution channels, or in creating the media (CD, tape, etc.), it's in the experience (album or concert).

There are those who say that the music will be free and that concerts, etc. is how you will make the money in music.

Interestingly enough, I was thinking about this as my kids and I watched Sesame Street this AM. Here's core content being given away...for free...and how do they make money? Not off commercials...off the licensing of products (see my kids' diapers!) and sales of DVD's, etc.

If you want some more deep thoughts on music/technology, you should read Fred Wilson.

And here's a good piece by Mark Cuban (owner of the Dallas Mavericks and founder of Broadcast.com)

 

Work, flexibility, and the digital age

When I talk to people about the flexibility I have in my job, particularly in terms of working from home, they are taken aback (especially government workers).

It's not for everyone, but in a results-oriented culture (post-industrial), as opposed to time-oriented (industrial), it makes sense.

Along those lines, check out NetFlix's vacation policy...it'll rock your world!

Stages of Adulthood...

You know you've moved onto a new stage of adulthood when you are asked by someone to:

1. be the guardian of their children in the event of untimely death
2. serve as the executor of their will

Windows is Most Secure?

It may be hard to believe, but don't take it from me, take it from Symantec: Link to Report Says Windows Gets The Fastest Repairs

Money vs. Flexibility...

You can't have both.

Over the past few weeks, I've gotten together with some folks who make, by my standards, A LOT of money.

Don't get me wrong...they deserve it and work their butts off for it. Good for them.

But it comes at a price.

The price is flexibility.

It's like we said back in the SilentFrog days...we're trying to match up people who have time with those who are willing to pay for it. That's why we called them "TimeBuyers."

In one conversation, I think, I was sitting there saying, "wow, she really makes a lot of money" and she was sitting there thinking, "I can't believe how flexible his (my) work schedule is."

How You Make Them Feel...

Maya Angelou said:

People will forget what you said
People will forget what you did
But people will never forget how you made them feel.

The Rabbi at my Nana's funeral quoted this in terms of how she made people feel.

I have some things to learn...

Unfortunately, 3 times within the past week, I've been told that, because of something I said, I made people feel less than stellar.

Awareness is the first step...

Weight Update...

Either the weight doesn't come off as quickly as it did or I don't have the discipline needed.

Today's weigh-in: 189.

Ugh.

Making Money Online...

Last May, I heard about a fascinating person-person lending site called Prosper. The basic idea is that, by going around the banks as middlemen, lenders can get higher interest rates and borrowers lower ones.

Of course, the lenders pay for that risk with a higher chance that your loan won't be repaid.

I figured I'd give it a whirl, with a grand total of $150.  So far, so good. My average rate of return on loans is 16.27%

I started a group for friends/colleagues/acquaintances.

The benefit is that you have a bit of a trusted network to start with...no guarantees, of course.

Take a look, join my group, and start making...or saving some money.

 

There's also a good article in SmartMoney that highlights the pros...and cons (literally!) of the site. This isn't for everyone, but could be of interest to some.

 

 

Movie Review: Invincible

One of the things I love about Netflix is that I will get a movie recommendation from someone at some point, put it on my queue and then, 4 months later, actually watch it.

Of course, by then, I've forgotten who recommended it to me, so, if you are the one who told me about Invincible...thanks.

It's a familiar story...guy, down on his luck, shoots for the stars...and achieves beyond all possible dreams.

30 year old bartender, Vince Papale, goes to an open tryout for the Philadelphia Eagles in 1976. Improbably, he makes the team, despite never having played college football, becomes a hero to his hometown, and plays for 3 seasons...and the best part...it's a true story.

While Rudy may be the greatest emotional sports movie of all time, this was a solid flick and I enjoyed Mark Wahlberg's acting. The scenery and looks were very 70s. I love football, of course, but in general, a solid 3 star movie. 

Kumquat...

For whatever reason, the Lichts have a kumquat-fetish. They dropped some off.

An acquired taste, for sure.

Giving Presentations Online...

You know how I feel re: PowerPoint, but here's some info on giving an effective Webinar...

 

if you use Microsoft Office Live Meeting (free 14 day demo) :-)

The Comcast Dip...

Thanks to a free offer by Seth Godin and some quick typing by yours truly, I received a copy of Seth's soon-to-be published next book, The Dip.

The basic idea...it's ok (even great) to quit. You just have to know when it's strategic quitting and when it's not.

His argument, your time is your most valuable resource and you need to apply it to the area where you can be "the best in the world." Otherwise, you are wasting your time and burning cycles.

It was a quick read (under an hour) and my wife is now in the middle of it. Best off, I consciously applied "the dip" to a situation I faced over the weekend.

Comcast had sent me a free digital converter box (they want me on the platform-paranoid of Verizon FIOS). I'm fairly technical. Set it up, called the activation number, was told to wait 45 minutes and I'd be good.

Went to bed. Next morning...no picture.

That evening, I tried again. Called tech support 3 times. No good.

Finally, I said, I've spent 59 minutes too long on this. I'm quitting. The tech is coming by to pick it up tomorrow.

Bottom line...I'm not that big of a TV watcher, a few extra channels won't do much for me. It wasn't as easy as it should be (nice to see that Microsoft isn't the only one with this problem), so I quit. My time is better spent on other pursuits (like blogging!) then messing around with TV.

The concept that Seth describes is not rocket science, but as usual, he frames it in a digestible way...and my favorite part, get his most rabid fans (those who read his blog) to be his evangelists to encourage others to buy.