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17 Books About Money Everyone Should Read In Their 20s

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backyard reading

Now that we're all headed back to the office to buckle down for fall, it's a great time to work on a little self-improvement. 

Head back to the gym, explore a new neighborhood ... learn more about managing money and building wealth.

If that third one is on your list, you're in luck.

Here, we've highlighted some of the best personal finance books out there for 20-somethings, from expert-recommended classics to some of our favorite new editions. Just because we aren't going back to school doesn't mean there isn't more to learn.

Lydia Dallett contributed reporting to this article.

'I Will Teach You To Be Rich' by Ramit Sethi

In a breezy, irreverent style, Sethi lays out a serious six-week personal finance program for 20- to 35-year-olds who want to master their money with the least amount of effort and then get on with their lives.

Why it's great for young people: 

"'I Will Teach You To Be Rich' is hands down the BEST book out there for the younger generation," says J. Money from Rockstar Finance. "It’s funny, educational, and full of exact 'how tos.' And a super easy one at that — which anyone with A.D.D. can appreciate (like me!)."



'If You Can: How Millennials Can Get Rich Slowly' by William Bernstein

"If You Can: How Millennials Can Get Rich Slowly," was written by William Bernstein, cofounder of investment management firm Efficient Frontier Advisors, for his grandchildren's generation. In it, Bernstein offers a short, 7,000-word guide to retiring with $1 million in the bank. You can read an excerpt on Business Insider.

Why it's great for young people:

Bernstein debunks the "you won't get Social Security by the time you retire" myth, and explains the hurdles specifically facing the millennial generation. Plus, any cash-strapped 20-something can get access: He's giving the book away for free on his website.

 



'The Millionaire Next Door' by Thomas J. Stanley and William D. Danko

First published in 1996, "The Millionaire Next Door" distills Stanley and Danko's findings from more than 20 years of research into seven key characteristics that explain how the elite club of America's millionaires became rich.

Why it's great for young people: 

"'The Millionaire Next Door' is great for people in their 20s because it talks about the basics of personal finance," says Rob Gough, cofounder and president of Eckim (DefinitiveDeals.comCouponChad.com). With simple, commonsense lessons like "spend less than you earn,""avoid buying status objects," and "diversify your investments," the book helps readers develop good habits from the very beginning.



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Deutsche Bank Releases 104-Page Report On What May Be The World's Last Mega-Bubble (DIA, SPY, QQQ, TLT, IEF, IEI, SHY, HYG, TIP, BND, EMB, EU, AUD, CAD, JGBL)

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deutsche bank bubble frontier

Deutsche Bank strategist Jim Reid and his team just released a huge 104-page study that focuses on answering one question: Are bonds in a bubble?

The answer: well, probably. 

Reid writes:

It has long been our view that over the last couple of decades the global economy has rolled from bubble to bubble with excesses never fully being allowed to unravel. Instead aggressive policy responses have encouraged them to roll into new bubbles. This has arguably kept the modern financial system as we know it a going concern. Clearly there have always been bubbles formed through history but has there been a period like the last 20 years where the bursting of one bubble has consistently led directly to the formation of the next?

It's an amazing statement — that the modern financial system doesn't just experience bubbles, but in fact needs them. You could say this makes bubbles a feature, not a bug, of the financial system (which is something many people say already).

And the latest bubble appears to have rolled into bonds, with yields tumbling around the world and government debt in Europe currently at half-millennia lows.

What we found was that bonds are where the bubble has migrated to. This is not to say that the bond market bubble is about the burst — far from it — but that it is a necessary condition for maintaining the debt ladened financial system that has been the by-product of major crisis management over the last two decades. The worry is that there is nowhere left for this bubble to go given that it is now in the hands of the lenders of last resort (governments and central banks with regulators ensuring other large captive buyers). Although we think this bubble needs to be maintained to ensure the solvency of the current financial system, the best case scenario is that it slowly pops over time via negative real returns for bondholders. The worst case scenario being future restructuring.

This figure from Deutsche Bank gives a snapshot of government bond yields around the world.

Everything is low.

Worldwide 10-year

But looking simply at low yields doesn't provide enough evidence to say whether the current environment is a bubble.

Reid says we also need to look at inflation, because if we're in an environment in which inflation remains, "structurally lower for an extended period it might help justify lower bond yields."

Looking deep into history, Reid examines inflation dynamics dated from both 1210 and then from 1800, and he finds that the modern world has generally seen positive inflation as monetary systems became less tied to precious metals.

Reid writes that "the longer-term investor has evidence that we live in a world with a positive inflation bias and as such must approach the current low levels of bond yields with extreme caution."

Here are the two long-dated charts of inflation.

Historical inflation

But whether you think bonds are in a bubble also depends on what you believe the future holds for the world economy.

Reid writes that secular stagnation, the idea popularized last year by Larry Summers that the global economy is facing a new low-growth reality, may support a future of low-inflation, low-growth and consequently, low bond yields.

In his speech at the IMF last year, Summers argued that the economy was showing signs that the natural interest rate, or the rate at which investment and savings result in full employment, may now be negative. Given its recent actions, the ECB appears to be testing this theory.

And while Reid writes that he's a believer in the idea that the economy is experiencing something like secular stagnation, he says bonds have priced in this possibility to a large degree. Additionally, Reid writes that it isn't clear that the long-term consequences of a secular stagnation environment don't include inflation and debt restructuring.

Reid writes: "The longer we live in a weak growth world, the more debt is likely to be built up as fiscal targets are missed and the more difficult it will be to see a way of Governments returning investors’ money back in real adjusted."

So even if we are experiencing secular stagnation, even over the long-term, the risk-reward proposition of buying bonds at current prices might not be worth it. 

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John Travolta's House Is A Functional Airport With 2 Runways For His Private Planes

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john travolta house

John Travolta is a certified private pilot who owns five aircraft, so it's only fitting that the 60-year-old actor's Florida home has two runways that lead directly to his front door.

"We designed the house for the jets and to have at our access the world at a moment’s notice, and we succeeded at that," a bearded Travolta said during an interview Thursday on Australia's "Today.""For the last 11 years, we’ve been able to globe-trot for Qantas and movies … I’ve been really able to operate out of this house for business and personal reasons.

Travolta has been a Qantas "ambassador-at-large" since 2002 and keeps his personal Qantas Boeing 707 in the yard of his Florida home, just a 10-minute flight from Orlando.

john travolta planes Travolta also keeps a Challenger jet parked in his backyard:

john travolta planes"Now I've made a profession out of flying in addition to acting, and at my age I'm glad I did, because it's something to do when you're not working," Travolta told "Today."

But the actor also flies his own planes for work. He flew the Challenger to the Toronto Film Festival to promote his new movie, "The Forger."

Travolta and his wife, Kelly Preston, previously gave a tour of their unique aviation-inspired home to Architectural Digest.

"It was always John’s dream to have planes in his front yard — to practically be able to pull up to the house — so that when you wanted to go to dinner, all you’d have to do was step out the door, get on the plane and whisk off,” Kelly told the magazine.

Travolta added: "You can be the ultimate eccentric, like I am, and bring in a 707, but you can also bring in any corporate jet or airliner."

Although the property came equipped with a 7,500-foot runway, Travolta extended the taxiway to reach the house.

Check out a few of Architectural Digest's pictures below:

john travolta house airplanesjohn travolta house airplanes More Architectural Digest photos here.

Check out an awesome aerial shot of the home here.

Travolta's property, located in the Jumbolair Aviation Estates in Ocala, Florida, is situated on Greystone Airport. The actor was reportedly the first resident of the 550-acre community that caters to people who want fly-in, fly-out access.

The aviation community allows homeowners to land their planes, including Travolta's Boeing 707 airliner, and taxi up to their homes. travolta airport

There is a private control center:travolta airport

And a bed-and-breakfast where pilots and prospective homeowners can stay overnight:travolta airport

Watch Travolta's full interview about his airport-home with Australia's "Today" below:

Travolta waves from the cockpit of an Airbus A380 in 2005 in Brisbane, Australia:

John Travolta planeThe Qantas Airlines Global Goodwill Ambassador poses near two Qantas planes during a press conference in 2006 at San Francisco International Airport. Travolta was on hand to welcome the first direct Qantas flight from Sydney, Australia.

john travolta qantas airplane

SEE ALSO: NBC Is Paying For Matt Lauer's Helicopter Rides To Work From The Hamptons

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One-Eighth Of Harvard Undergraduates Are Enrolled In The Same Computer Course, And It Says A Lot About The Future

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harvard students graduationThis semester, a record-breaking 818 Harvard students — nearly 12% of the entire college — enrolled in one popular class, reports The Crimson

The course, Computer Science 50: "Introduction to Computer Science I" (CS50), pulled in 100 more students than the 700 that signed up last fall, making it the single largest class in the course's 30-year history, as well as the biggest class at Harvard College this semester. 

Economics 10a: "Principles of Economics," which attracted more students last year, now comes in second with only 711 currently enrolled.

CS50, taught by David J. Malan, PhD., provides an introduction to computer science and programming, covering topics such as algorithms, software engineering, and web development, according to Harvard's course catalog. Students also learn computer languages including PHP and JavaScript.

As STEM-based occupations — those in science, technology, engineering, and math — continue to be some of the highest-paying and in-demand, it's no wonder so many students are clamoring for a chance to learn these valuable skills. While computer science used to be a specialized skill set, it's now widely utilized across a number of industries.

"Harvard students are smart people," Harry R. Lewis, director of undergraduate studies for Computer Science, told The Crimson. "They have figured out that in pretty much every area of study, computational methods and computational thinking are going to be important to the future."

A recent study supports this, finding that students with strong math and social skills earn more money over the course of their careers.

SEE ALSO: 19 Incredibly Impressive Students At Harvard

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Alberto Contador wins 2014 Tour of Spain

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Tinkoff's Spanish cyclist Alberto Contador celebrates as he crosses the finish line to win the 20th stage of the 69th edition of

Santiago de Compostela (Spain) (AFP) - Alberto Contador won his third Vuelta a Espana as Italian Adriano Malori took victory on the final stage 9.7km timetrial in Santiago de Compostela on Sunday. 

Spaniard Contador finished 1min 40sec down on Malori on the rain-affected course as he took no chances.

But although he lost 27sec to Chris Froome, he did enough to add to his 2008 and 2012 Vuelta victories, taking his Grand Tour successes to six.

New Zealander Jesse Sergent and Australia's Rohan Dennis were second and third on the stage at 8sec and 9sec respectively.

But the day belonged to Contador whose gritty win on Saturday's 20th stage at Puerto de Ancares set the seal on an incredible triumph.

It was less than two months ago that the 31-year-old broke his leg in a crash that forced him out of the Tour de France.

Froome, too, broke his hand and wrist in a crash that also ended his defence of the Grand Boucle he won in 2013, but he did not recover as well or as quickly as Contador.

Neither managed a particularly impressive final timetrial but that was mostly down to the weather.

While Malori, the Italian timetrial champion, set off and came home in 11min 12sec under blue skies, sunshine and on a dry course, that was not the case for everyone.

A torrential downpour seriously hampered the middle order and by the time the favourites set off at the end, the roads were still wet, making the tricky, technical course treacherous.

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How Jack Ma Went From Being A Poor School Teacher To Turning Alibaba Into A $160 Billion Behemoth

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 Alibaba Group Jack Ma

In 1995, a former school teacher from China named Jack Ma visited the United States for the first time. 

Ma had recently started a translation company to capitalize on China's export boom.

When he was in the U.S., as part of his translation business, a friend showed him the internet. His friend told him that just about everything was on the internet.

Ma decided to search for beer. The results didn't turn up a single Chinese option. In fact, he could hardly find anything about China on the Internet at all. 

When he returned home, he decided to found China Pages, a directory of various Chinese companies looking for customers abroad, and some say, the country's first internet business.  

China Pages was a flop. But four years later, Ma took another stab at an internet business. He called his second company Alibaba. 

Next week, Alibaba will start trading on the New York Stock Exchange, in what could be the biggest offering in U.S. history. Bloomberg reports that Alibaba wants to sell 12% of the company. Analysts value the company at $160 billion. Tht would mean Alibaba raises ~$20 billion, which is more than Visa, the current high for an IPO which raised $19.65 billion.

Ma still owns a 8.9% stake in the company, which means he'll be worth ~$14.5 billion if the $160 billion valuation holds. Ma is no longer the CEO of Alibaba. He's the chairman, but he's still the face of the company. 

Ma has never been a typical tech CEO. He failed the college entrance exam twice before he finally got in. He founded an enormous tech company, yet he had studied to become a teacher and still doesn't know how to code. Back in the mid-2000s, when Alibaba was battling eBay in China, reporters used to call him "Crazy Jack" because of his animated manner of speaking and bold goals.

Ma's story starts in Hangzhou, China, a city of 2.4 million people near Shanghai, where he was born  in 1964 to parents who made a living as professional ping tan performers (a traditional style of storytelling and ballad singing).

"I was scrawny when I was young, but I was a terrific fighter," Ma recalls in "Alibaba," a book by Liu Shiying and Martha Avery. "I was never afraid of opponents who were bigger than I."

AlibabaAlthough he got into fights with classmates — he was teased for his size — he turned on the charm when it came to foreign tourists. He used to go to a local hotel every day so that he could meet people and learn English. He also bought a radio so that he could listen to the English broadcast every day.

Despite how well he took to learning another language, he never excelled at math. Low marks on the mathematics portion of China's college entrance exam caused him to fail twice.

Finally, after rigorous prep for his third try at the test,  he passed, and eventually graduated from Hangzhou Teacher's Institute in 1988. He says that he was rejected for a number of jobs — including a manager position at Kentucky Fried Chicken — right after he graduated. 

However, he eventually became an English teacher, making about $12 a month at a local university. Here's a shot from the documentary Crocodile in the Yangtze, an amazing film that shows the rise of Alibaba: 

UniversityDuring China's export boom, Ma ended up starting a translation company, which would ultimately lead him to visiting the United States for the first time in 1995 where he discovered the Internet. 

China Pages, his first attempt at an internet business, was ultimately frustrating. Ma was pressured into a joint venture with China Telecom and ultimately lost control of the company, according to The New York Times

Alibaba2But Ma was determined to try again. In 1999 — as Internet fever was hitting Wall Street in the U.S. — Ma corralled 17 friends into his apartment. The team set to work building their own online marketplace. 

The site, Alibaba.com, let exporters post product listings that buyers could browse, and it started to attract members from all around the world. By October 1999, the company had raised $5 million from Goldman Sachs and $20 million from SoftBank, a Japanese telecom company that also invests in technology companies. 

Footage from those early days (which you can see in "Crocodile in the Yangtze") reveal Ma as a captivating speaker who could make his big dreams infectious. Even as the team began to grow, Porter Erisman — the creator of the documentary and an early Alibaba employee — says it felt more like a close-knit family. Ma motivated the team by creating an ethos of being a scrappy little company ready to take on giants. 

"We will make it because we are young and we never, never give up," he says on tape to gathering of employees. 

He made bold claims to the press about how fast the company would grow, at one point telling Erisman that if the company wanted to get some free advertising, they had to say some crazy things. 

AlibabaWith a love of performance (probably inherited from his parents), Ma also helped create a quirky, fun atmosphere at the company. When Alibaba first became profitable, Ma provided every employee with a can of Silly String to go wild with. When the company decided to start Taobao, its eBay competitor, in the early 2000's, he got the team working on it to do handstands during breaks to keep their energy levels up. 

Even today, Alibaba hosts an annual talent show every year in an enormous stadium that gets employees rehearsing for weeks. Ma has blessed hundreds of newlywed Alibaba employees in wedding attire during an annual ritual, according to The Wall Street Journal.

Of course, he wasn't without mistakes in those early days. The company grew very fast but was burning through cash, and in 2001 Ma had to lay off his entire international staff. Erisman can remember a phone call after Ma had decided to close Alibaba's U.S. office, where Ma was questioning himself, wonder whether or not he was a bad person. 

Ultimately though, it was Ma's willingness to take risks and his dedication to creating a website that catered to the needs of China's citizens — many of whom were just discovering the Internet — that helped the company beat eBay in China in the mid-2000's. Taobao is now one of the top twenty most-visited websites globally, and, combined with another Alibaba site, Tmall, it had a total transaction volume of $240 billion in 2013Taobao

Ma stepped down as the CEO of the company in 2013. The new CEO is Johnathan Lu, who had previously been the company's senior vice president.

"I thought it would be easier when I stepped down from CEO," he told The Wall Street Journal, "But now I'm finding out being a chairman, if you want to be a good chairman, is much busier than being a CEO."

After the company filed for its IPO, Ma wrote a letter to Alibaba employees, which was printed by The Wall Street Journal. In it, Ma tells the team that there is "unparalleled ruthlessness and pressure" ahead, but that the company can overcome it by sticking to its original mission and culture.

Here's a nugget from the letter:  "We know well we haven’t survived because our strategies are farsighted and brilliant, or because our execution is perfect, but because for 15 years we have persevered in our mission of 'making it easier to do business across the world,' because we have insisted on a 'customer first' value system, because we have persisted in believing in the future, and because we have insisted that normal people can do extraordinary things."

SEE ALSO: The Remarkable Story Of How Alibaba Defeated eBay In China

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Johnny Manziel Made His NFL Debut In Unspectacular Fashion

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Johnny Manziel

Johnny Manziel made his much-anticipated NFL debut with the Cleveland Browns on Sunday but unlike Johnny Football, his debut was pretty boring.

Manziel came in on second down during the Browns' opening drive of the second half. The Browns lined up in the pistol formation and Manziel handed the ball off for a short 2-yard gain.

 

Browns coach Mike Pettine had indicated that he would occasionally use Manziel. After this particular play, starting quarterback Brian Hoyer was immediately brought back into the game.

Brian Hoyer

Manziel did return on the Browns' next drive for two plays, including a very Manziel-like pass attempt.

Manziel scrambled to avoid the rush and threw a nice pass downfield that was dropped by his receiver.

 

Afterwards, Manziel found his more familiar spot, on the Browns' bench.

Johnny Manziel

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The Syrian Civil War Is On The Verge Of Getting Even Worse

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syria aleppo

Syria's secular and moderate rebels could be on the brink of their biggest defeat yet.

According to a report published by the International Crisis Group on September 8, the regime of Syrian president Bashar al Assad and the jihadist group ISIS are squeezing the rebels out of Aleppo, the strategic and symbolic center of the country's three-year-old revolution.

The report warns that if the rebels' hold on the city is broken, Syria's conflict could slip into an even more dangerous and anarchic phase — and the U.S. and its allies would lose their most valuable partners on the battlefield, a fighting force with local credibility and years of experience fighting both ISIS and Assad.

"Rebel-held areas in and around Aleppo remain the most valuable of the mainstream opposition's dwindling assets," the report states. The Assad regime is "on the verge of severing the last rebel supply line linking it to Turkey." And although the Syrian rebels handed ISIS one of its most significant defeats in January of 2014, when it drove the jihadist group from the city, that achievement is now in danger: ISIS is attacking the rebels from the north, as the city's defenders remain bogged down against regime forces moving in from west of town.

The national-level appeal, and indeed the very survival of the Syrian revolution, depends largely on its ability to hold Aleppo.

Syria Iraq Map_updated_05

The rebels have endured a series of setbacks since mid-2012, when some observers believed the Assad regime was on the brink of collapse.

The American-brokered Syrian chemical weapons deal effectively destroyed any chance of game-changing U.S. support against Assad, a development that the Crisis Group says fractured the rebel coalition and forced certain factions into a pragmatic alliance with al Qaeda affiliate Jabhat al Nusra.

Subsequently, the Assad regime's brutal barrel-bombing campaign against rebel-held areas, its systematic murder of over 10,000 anti-government activists, internal fracture within the rebel coalition, and the rapid advance of ISIS, have diminished the Syrian opposition to the point where it no longer appears a realistic, viable alternative to Assad, as it did throughout 2012 and much of 2013.

But it isn't totally beaten, partly because of its ability to hold Aleppo.

"What's at stake in Aleppo is not regime victory, but opposition defeat," the report states — with ISIS sweeping through former rebel territory in Syria's east, and Assad laying siege to rebel areas "to the point of starvation in some cases," Aleppo is the revolution's last remaining beachhead.

The International Crisis Group predicts that if the rebels lose Aleppo, the war would continue between ISIS and Assad. The regime isn't strong enough to reconquer territory taken by ISIS, who would probably begin hunting down the remnants of the secular revolution while consolidating control over its vast domain in eastern and northern Syria.

In such a situation, there would be even less of a credible path to a negotiated solution to Syria's civil war — and, most importantly, no fighting force committed to Syria's survival as a country.

The Assad regime has an Alawite-sectarian bent, and has retreated to the Syrian coast, where most of the minority religious sect lives. Assad has conceded territory in the east to ISIS, a group that's unilaterally nullified the Iraqi-Syrian border and whose declaration of a Caliphate highlights its trans-national ambitions. ISIS's Caliphate runs counter to Syria's very existence.

If Aleppo falls, the idea of a united Syria could fall with it. The only combatants left would be a serial human rights abuser that's beat a tactical retreat to a sectarian enclave in the west — and ISIS, perhaps the richest and best-armed jiihadist group in history.

The Syrian civil war has already displaced over 9 million people, and killed over 200,000. A conflict that's already one of the worst humanitarian and political cataclysms of the 21st century could be on the verge of getting even worse.

Read the entire report here.

SEE ALSO: Syria's secular rebels are running out of hope

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Here's What The Global Economy Looked Like In Year 1

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Raphael Sistine Madonna

Have you ever wondered what the economy looked like in the year 1 AD?

Deutsche Bank released a note that included a chart of major global economies in the first year of the common era.

They're ranked by "economic power,"  which is measured in terms of economic output compared to the total world output.

Unsurprisingly, Augustus' Roman Empire ranked first. It controlled slightly over 25% of total world output. Rome's largest competitors, Parthia (whose modern territory is roughly modern day Iran) and Germany controlled only 2% and 1%, respectively, of the global economic output.

Deutsche Bank's note added that, "whilst economic output is not the only important variable in understanding the ability of a nation or empire to exert global power, it is probably the most important basic element as it determines the total pool of resources that can be devoted to war."

world economy pax roman 1 AD

"Here the 'world' is defined as the empire's contemporaries would have thought of it — as Western Europe, North Africa and the Middle East," noted Reid.

As you can see from the chart, certain empires such as China under the Han Dynasty are excluded.

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The 20 Best Cities For Job Seekers This Fall

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Last week we got mixed news on the jobs front. The U.S. Bureau of Labor Statistics reported that the country's unemployment rate fell slightly from 6.2% to 6.1% in August, but the economy added just 142,000 nonfarm jobs — the smallest monthly increase of 2014 — missing economists' expectations.

If you're one of the three million Americans who have been out of work for 27 weeks or more, it may be difficult to be optimistic after hearing such news. But a new survey released today by employment services firm Manpower Group offers some hope.

The survey found that employers in almost all 50 states expect to increase their staff levels next quarter, and most plan to finish the year on a more confident hiring note than they did in 2013. 

Manpower asked more than 18,000 employers in the 100 largest U.S. metropolitan areas about their hiring plans for the three-month period ending in December and found that employers in 47 states plan to increase their payrolls during the fourth quarter of 2014.

Of the surveyed employers, 19% expect to increase their payrolls and 7% say they'll decrease their staffing levels. This yields a net increase of 12% that plan to hire — or 15% when seasonally adjusted, which is up 1% from last quarter and 2% from the fourth quarter of 2013. 

manpower infographic

"The fourth quarter survey results are positive overall," says Jonathan Means, a vice president and general manager for Manpower. "The labor market is improving, and the survey has shown incremental growth across industries and regions as employers rebuild their internal teams and implement new operational strategies."

However, "unlike other recessions," Means continues, "where improvement happens at the same time across all markets, this time growth is spotty. Each city or market has its own dynamic, and that's different from before. At the local level, job prospects depend on the companies and industries represented."

Here are the 20 best cities for job seekers this fall, ranked by the net percentage of employers in each city that plan to hire:

Dallas-Fort Worth-Arlington, Texas
Net Increase: 27%

Houston-Sugar Land-Baytown, Texas
Net Increase: 25%

McAllen-Edinburg-Mission, Texas
Net Increase: 25%

Phoenix-Mesa-Scottsdale, Arizona
Net Increase: 25%

San Jose-Sunnyvale-Santa Clara, California
Net Increase: 25%

Cape Coral-Fort Myers, Florida
Net Increase: 23%

Grand Rapids-Wyoming, Michigan
Net Increase: 23%

Baton Rouge, Louisiana
Net Increase: 22%

Jackson, Mississippi
Net Increase: 22%

Madison, Wisconsin
Net Increase: 22%

Seattle-Tacoma-Bellevue, Washington
Net Increase: 22%

Orlando-Kissimmee, Florida
Net Increase: 21%

Provo-Orem, Utah
Net Increase: 21%

San Diego-Carlsbad-San Marcos, California
Net Increase: 21%

Colorado Springs, Colorado
Net Increase: 20%

San Antonio, Texas
Net Increase: 20%

Tampa-St. Petersburg-Clearwater, Florida
Net Increase: 20%

Atlanta-Sandy Springs-Marietta, Georgia
Net Increase: 19%

Charleston-North Charleston-Summerville, S.C.
Net Increase: 19%

Oxnard-Thousand Oaks-Ventura, California
Net Increase: 19%

"This survey is telling a positive story when it comes to hiring," says Means. "Employers plan to hire, and their confidence about adding staff has been edging up gradually since the end of the recession. Adding staff at a slow but steady pace gives them the room they need to be agile and adapt along the way." 

SEE ALSO: The 10 Companies With The Best Career Opportunities For High School Graduates

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Get Ready For A Massive Week For The Economy — Here's Your Complete Preview

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scotland bagpipes

In the U.S., all eyes will be focused on the Federal Reserve as it holds its Federal Open Market Committee meeting on Tuesday and Wednesday.

Not much is expected in terms of policy shifts. But with U.S. economic activity picking up, everyone will be parsing the Fed's words for clues regarding the exact timing of interest rate hikes.

Meanwhile, Scotland has attracted the attention of the world. On September 18, Scots will vote "yes" or "no" to Scottish independence from the U.K.

Here's your Monday Scouting Report:

Top Stories

  • Scottish Independence Would Be A Disaster: Wall Street is in broad agreement that Scotland voting for independence from the UK would be a big disaster.

    "A 'Yes' vote for Scottish independence on Thursday would go down in history as a political and economic mistake as large as Winston Churchill's decision in 1925 to return the pound to the Gold Standard or the failure of the Federal Reserve to provide sufficient liquidity to the US banking system, which we now know brought on the Great Depression in the US," Deutsche Bank Chief Economist David Folkerts-Landau wrote. "These decisions – well-intentioned as they were – contributed to years of depression and suffering and could have been avoided had alternative decisions been taken."

    For Scotland, the big issue is how it would unwind and rewind all of its financial obligations. The uncertainty alone threatens to put the country's financial system into a negative feedback loop of rising risks and costs.

    "In our opinion Scotland would fall into a deep recession," Credit Suisse's Andrew Garthwaite wrote. "We believe deposit flight is both highly likely and highly problematic (with banks assets of 12x GDP) and should the BoE move to guarantee Scottish deposits, we expect it to extract a high fiscal and regulatory price (probably insisting on a primary budget surplus). The re-domiciling of the financial sector and UK public service jobs, as well as a legal dispute over North Sea oil, would further accelerate any downturn. In our opinion, as North Sea oil production slows, we estimate that the non-oil economy would need a 10% to 20% devaluation to restore competitiveness. This would require a 5% to 10% fall in wages, driven by a steep rise in unemployment."
  • It's Already A Disaster. "Even if it doesn't pass, people are not going to want to invest there because they might do it again," economist Ken Rogoff said to CNBC. "People will migrate out of there."

    Furthermore, the whole thing sets a precedent for other parts of Europe like Catalonia in Spain. "Other places in Europe will say, 'Hey, we can do that too.' So it's certainly quite a wild card there," Rogoff added.

Economic Calendar

  • Empire Manufacturing (Mon): Economists estimate this regional activity index climbed to 16.00 in September from 14.69 in August. "The manufacturing ISM index surged in August, the current activity index in the Empire State factory survey was left behind, and we forecast some catch-up in early September," UBS's Sam Coffin said. "Six-month outlook measures in the Empire Survey have also accelerated. The capex outlook bears watching as a signal of faster likely business spending."
  • Industrial Production (Mon): Economists estimate the production climbed 0.3% in August while capacity utilization ticked up to 79.3% from 79.2%. "With regional purchasing manager surveys continuing to firm and the solid jump in the ISM manufacturing index in August, we expect another monthly gain in manufacturing output in August," Wells Fargo's John Silvia said. "However, the flat reading in average weekly hours of production workers in the factory sector suggests there could be some downside risks to the forecast. That said, average weekly hours declined in June and July while manufacturing output eked out gains in both months."
  • Producer Price Index (Tues): Economists estimate PPI went nowhere month-over-month in August. Excluding food and energy, core-PPI is expected to have climbed by just 0.1%. On a year-over-year basis, both PPI and core-PPI is expected to have increased by 1.8%. "Farm and energy prices declined in August and should put downward pressure on headline PPI," Nomura economists said.
  • Consumer Price Index (Wed): Economists estimate CPI went nowhere month-over-month in August. Excluding food and energy, core-CPI is expected to have climbed by 0.2%. On a year-over-year basis, both CPI and core-CPI is expected to have increased by 1.9%. "We expect a gradual pickup in core inflation going forward," Nomura economists said. "Lower seasonally adjusted gas prices should put downward pressure on headline CPI in August. In addition, food prices might provide some additional downside risk."
  • NAHB Housing Market Index (Wed): Economists estimate this homebuilder sentiment index climbed to 56 in September from 55 in August. "The strong incoming economic data are a sign of momentum continuing to build in the economy,which will support the housing market," Bank of America Merrill Lynch economists said. "However, builder sentiment will be tempered by the recent two-month decline in new home sales as of July."
  • FOMC Statement (Wed): The FOMC statement will be published at 2:00 p.m. ET. Economists estimate the Fed will reduce its monthly asset purchases by $10 billion (Treasuries by $5 billion and mortgage-backed securities by $5 billion). Here's Barclays: "The statement is likely to be modified to reflect the committee’s view that purchases will end in October. We look for the statement to retain the phrases “there remains significant underutilization of labor resources” and “it likely will be appropriate to maintain the current target range for the federal funds rate for a considerable time after the asset purchase program ends.” However, the Fed is likely to highlight that monetary policy is not on a preset path; rates could go higher sooner if convergence toward the dual mandate is faster than anticipated. Forecast revisions should lead to steeper median policy path and we look for a median policy rate of 1.25% at end-15, 2.75% at end-16, and 3.5% at end-17. We believe the committee will reach a consensus on exit principles, although this may not be clear until the minutes are released."
  • Initial Jobless Claims (Thurs): Economists estimate claims fell to 305,000 from 315,000 a week ago. "This week’s initial jobless claims data correspond to the survey period for September nonfarm payrolls," Deutsche Bank economists said. "At their current level, claims are consistent with payroll gains well in excess of 200k per month."
  • Housing Starts (Thurs): Economists estimate starts fell 4.9% in August to an annualized rate of 1.04 million. Permits are estimated to have declined 1.6% to 1.04 million. "On balance, the trend is still positive, as housing starts have run above 1.000mn only two months so far this year," Bank of America Merrill Lynch economists said. "Building permits likely increased to 1.075mn amid better homebuilder sentiment — the NAHB housing index climbed to 55 over the month from 53."
  • Philadelphia Fed Business Outlook (Thurs): Economists estimate the Philly Fed index fell to 23.0 in September from 28.0 in August. "The current activity index in the Philadelphia Fed manufacturing survey surged in July and August, and we forecast a bit of slowing to a still healthy level in early September," UBS's Coffin said.

Market Commentary

Deutsche Bank's David Bianco and Wells Fargo's Gina Martin Adams came into 2014 betting the S&P 500 would end the year at 1,850. Those calls made them tied for most bearish strategist on Wall Street.

In the past week, both pulled the plug on their calls.

Here's Bianco, who now sees the S&P at 2,050 by year end and 2,150 in 2015: "We still expect a long lasting economic expansion of moderate growth, which should rival the US record of 10 years with S&P EPS growth averaging 6% until the next recession, on 5% sales growth, flat margins, 1% share shrink. Despite entering the latter years of a typical expansion and high margins vs. history, we now think the trailing S&P PE should average 17 vs. 16 until elevated recession risk returns."

Here's Adams, who sees the S&P at 2,100 12 months from now: "Our earnings growth estimates continue to improve given improving domestic economic data and the Fed continues to signal they will tread very carefully in their attempt to unwind accommodative policy... Tactically, we continue to believe that equity investors should be on guard for a more challenging investment climate in the near term, as monetary policy certainty fades to uncertainty this autumn... In sum, we think it wise for investors to remain relatively selective toward stocks in the short term, but buy any policy-related weakness that develops over the next few quarters."

For more insight about the middle market, visit mid-marketpulse.com.

SEE ALSO: Warren Buffett's 23 Most Brilliant Insights About Investing

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Jonathan Bush: We Can Fix Healthcare In The US — If We Stop Pretending It's Not A Business

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Jonathan Bush Athenahealth

Jonathan Bush grew up in a lifestyle he describes as "comfortable house, college for kids, vacations in Maine," with "much of the family settled into politics and finance." His uncle served as the 41st President of the United States; his cousin followed soon after.

But while wealth and success may seem baked into the Bush name, Jonathan Bush sees himself as something of a black sheep. "I've always had trouble succeeding along traditional Bush family lines," he writes, in the introduction to his book, "Where Does It Hurt? An Entrepreneur's Guide To Fixing Health Care."

Bush ultimately achieved success in the business world as the founder and CEO of Athenahealth, a public company that provides a suite of cloud-based billing and records software to doctors and hospitals. He's also become known for his tendency to speak with almost unnerving sincerity and frenetic urgency, showing virtually no resemblance to the cool-headed reserve of the politicians that populate his family ranks.

So perhaps it's no surprise that he's not afraid to weigh in unequivocally on one of the most polarizing issues of our time: what health care in this country should look like. Bush has spent time in the driver's seats of ambulances and in the board rooms of hospitals, and he sees the system as broken at almost every level. Somehow, he argues, plenty of people with the best of intentions are stuck in a system that stifles significant innovation while providing unequal, often abysmal service and astronomical costs across the board.

The solution? Run healthcare like a business, Bush says. Treat patients like customers. Staid institutions, backwards practices, snail's-pace progress, and sky-high prices — how would such obvious failures ever survive?

The Business Of Health

Though supporters and opponents of the Affordable Care Act would both agree that healthcare still needs a lot of fixing, the idea that it should be more businesslike is antithetical to those who see the Canadian and European universal healthcare systems as closer to the ideal.

comparison of international health care spending chart

Many people argue that the problem with American healthcare is not that it isn't enough like a business, but that it is too much like one already — with no sign of the improvements Bush foretells from such a system.

"We have transformed health care in the U.S. into an industry whose goal is to be profitable, and the health of the patient is not really in the equation," neurosurgeon Russell J. Andrews, the author of Too Big to Succeed: Profiteering in American Medicinewrote for CNN. "Imagine if such a transformation from a societal good into a profit-making industry occurred in public safety (police and fire), clean air and water or basic education?"

For Bush, profit-making itself would not be a problem if there was more competition and less attention to saving outdated ideas and bloated institutions that should be allowed to falter. As an example, he points to small rural hospitals that offer all kinds of complicated surgery and care, when an emergency room with the ability to helicopter complex cases to larger, better-equipped and more expertly staffed hospitals would be better for patients and more economical for the system — if not more cost-effective for the individuals being treated.

On the other end of the spectrum, he says, are massive hospital systems that sometimes have virtual monopolies in a local market, giving them unchecked power to negotiate with insurance companies. Often, these hospitals are technically nonprofits but take in many millions of dollars from donors and from the government. Bush doesn't think the government should bow out of health care altogether, but argues that it should have no role in supporting such institutions.

"We're pretending [healthcare] is not really a business, but it's acting like a business," he says, in an interview with Business Insider. "Healthcare businesses are getting away with [things] that we wouldn't let any other businesses get away with." 

That's bad not just for prices, Bush thinks, but for patients. "The biggest problem with health care is not how expensive it is — it's how inhumane it is," he says. The solution, Bush suggests, is "to wake up the ability for consumers to shop without pulling the social safety net out."

In the healthcare ecosystem Bush imagines, providers would compete to offer the best healthcare at the most affordable prices. 

athenahealth jonathan bush

Consumer-Driven Healthcare

Throughout his book, Bush returns to the idea that buying healthcare should be no different from shopping, where consumers are empowered with enough information to compare services and seek out the best values. He sees hospitals as old-fashioned department stores, which win out on convenience but not usually on efficiency or price. Instead, he says, specialty services should prevail.

For an example of what that might look like, he points to LASIK, the laser-based procedure that can permanently improve patients' eyesight, removing the need for glasses or contacts. Because LASIK was viewed as "risky and expensive" when it debuted in the U.S. in the early 1990s, Bush writes, "insurance didn't cover it [and] providers operated in office parks and strip malls far from the respectable medical establishment." 

What happened when this market was allowed to essentially run free, with potential patients shopping around? "The industry has seen steady improvements and innovations," Bush writes. "The process is safer, with a 95 percent satisfaction rate. It costs 70 percent less, about $2,000 per eye on average."

Of course, poor vision is not the same as cancer, heart disease, or transplant surgery.

"When the physician informs you, as you lay on the table in the catheterization lab, that a stent is required to open up that clogged artery which is failing to feed your heart, you will not ask for a comparative price analysis between one brand of stent versus another,"argues Rick Ungar, a Democratic strategist and Forbes contributor. "You are going to want the very best on the market and the cost will be the last thing on your mind."

While Ungar offers an extreme example, most would agree, at least, that treatment for life-threatening diseases and injuries should not be available only to those who can afford it — even if the prices are very competitive. And such problems often require highly complex and coordinated care, not strip-mall-style specialization. But Bush notes that the vast majority of necessary care is routine, and our system is not set up to deal with this basic reality.

Doctors, Bush writes, are embarrassingly underused, often at a high cost to patients, insurers, and the government. Bush trained as an Army medic, and while he never made it to Iraq, the training left a lasting impression on him. 

A great deal of medical interventions, he now thinks, could be done by ordinary people who simply learn how, not just doctors who train for many years to be able to handle the most complex cases. "Doctors are very special," he writes. "They should focus on doing work no one else can do." He is a big advocate of medics, midwives, physician assistants, and others who can do the work that doctors, in many cases, may be overqualified and overpaid to do. 

"Think of people who cannot see a specialist, but are carrying around a crippling anxiety. Is a one-on-one $200 session the only way to get support?" Bush asks, in his book. "I bet that with the right training, someone with the friendliness and people skills of a Starbucks barista could provide a valuable service."

'A Shopping Revolution'

This proposed framework doesn't mean, Bush is quick to say, that he doesn't believe in a safety net. But his ideas aren't the kind of "safety net" that typically comes to mind when thinking of a national health care system.

"My version of the safety net is to help people have enough basic knowledge to be safe, and then make the products really cheap," he says. "The less you [rely on] a third party safety net, the more quickly the product improves." As national retailers like CVS and Walmart enter the healthcare market, certain basic services are already becoming more accessible and affordable — newly within reach for many people, though certainly not all.

With a little push, and a lot more competition in the open market, Bush thinks the health care industry could be poised to offer lower prices and better service across the board — what he calls a "shopping revolution." The idea is controversial, if not unique.

"We can transform [health care] from an increasingly monolithic and inhuman bureaucracy into a flourishing marketplace, one in which we're free to make our most important decisions," he writes. "This market will allow a broad range of people, from doctors to nurses to entrepreneurs, not only to do good, but also to do well."

Whether this country will ever get the chance to find out whether such a market would work as Bush envisions remains to be seen.

Want to learn more about how technology can influence healthcare? Jonathan Bush will be siting down with Business Insider to                                                    share his thoughts about how we can fix the system at 
                                               IGNITION: Future Of Digital Reserve your seat now»

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The 32 Most Trendsetting Looks Of The Year

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 Cara Delevingne cannes earrings

It's only September, but there have already been tons of memorable style moments this year.

Now that the biggest award shows and fashion shows have whizzed by, we took a moment to collect the most buzzworthy and breathtaking fashion looks we've seen so far. 

From Pharrell's hat seen round the world to Lupita Nyongo's fairytale Oscar gown, these are the looks that set the trends for the rest of us.

While murmurs of divorce have swirled around the couple as of late, Jay-Z and Beyonce continue to hold a special place in American hearts by dominating the red carpet, like at the Met Gala this year.



Cara Delevingne is one of the world's most in-demand models, and her personal style and silly persona is what makes her so likable. This Chanel look was a Cannes Film Festival favorite.



Dutch designer Iris Van Herpen was one of the first to use 3D printing techniques in fashion, and in January 2013, she debuted this intricate, lace-like dress that was created with a laser printing technique by Belgian company Materialise.

 



See the rest of the story at Business Insider

New head for Portugal's 'good bank' Novo Banco

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A man takes a photo of the changed advertising at a branch of the former Portuguese bank BES now called Novo Banco (New Bank) in Lisbon on August 26, 2014

Lisbon (AFP) - Former Lloyds banker Eduardo Stock da Cunha is to take over the helm at Novo Banco, the "good bank" created after the bail-out of stricken Portuguese lender Banco Espirito Santo (BES), after its president stepped down on Saturday.

Stock da Cunha, 51, who worked in the US and London after beginning his career in Lisbon, is "tasked with forming and leading an experienced team" to build up the bank so it can be sold, the Bank of Portugal said in statement Sunday.

He replaces economist Vitor Bento who was brought in to salvage crisis-hit BES in mid-July after Portugal's biggest private lender collapsed after allegations of accounting fraud in its parent companies.

The management team of Novo Banco on Saturday announced their intention to give up their roles while "leaving time for a smooth transition to be prepared".

They said they had decided to leave because "circumstances have changed", rebuffing media reports they had come into conflict with the authorities.

Both Lisbon and the Portuguese banks that contributed to the 4.9 billion euro bailout have pressed for the bank to swiftly be sold on the market to help taxpayers already hit hard by austerity.

Stock da Cunha, who worked for the Spanish bank Santander in the US before joining the British bank Lloyds, has brought in three other Portuguese bankers to head his team -- Jorge Freire Cardoso, Vitor Fernandes and Jose Joao Guilherme -- the central bank said.

Bento's sudden departure after only six weeks came because he believed more time was needed to prepare the sale of Novo Banco, according the Portuguese press. The central bank reportedly disagreed.

The Bank of Portugal admitted Saturday that the bail-out plan to save the bank had effectively changed the brief given to Bento's management.

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Refs Give Seahawks A Touchdown Even Though Percy Harvin Clearly Stepped Out Of Bounds

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Seahawks wide receiver Percy Harvin beat the entire Chargers defense on a 51-yard touchdown run in the first quarter. But it's clear Harvin stepped out of bounds around the 25-yard line, and the refs still awarded the Seahawks the 6 points.

harvin

All scoring plays in the NFL are further reviewed, but even those working in the review office in New York City missed Harvin stepping out of bounds. This gave the Seahawks a 7-3 lead.

Here's his whole run. You can see him step out at the 25-yard line to avoid a defender.

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Here's What Science Says Is The Best Way To Cool A Case Of Beers

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A lot of science is dedicated to big questions, like mapping the universe or figuring out which virus will try to kill us off next.

But sometimes, scientists take what they've learned from their research and show us how it can make our lives a lot easier in a cool way — like using chemistry to chill beers super fast or to cook the perfect burger.

These are the life hacks that really matter, and the American Chemical Society has put together a list of four great ones in one of the latest videos in their Reactions series.

The video itself explains the science behind the tricks, but here are the tips themselves:

To chill beers in under 20 minutes, pour a whole bunch of salt into a bucket of water, then add ice and then beer.chill beers super fast chemistry life hacks

Create the ultimate fruit fly trap and eliminate the bugs by adding some dish soap to a bowl containing apple cider vinegar. Cover the top with plastic wrap and poke a few holes in there, and the pest problem will be solved.fruit fly trap chemistry life hacks

Cook the perfect burger by poking a hole in the middle as you shape the patty. The change in surface area will make it easier to cook the burger to an even temperature throughout, making it easier to avoid under or overcooking the meat — and don't worry, the hole will close.cook the perfect burger chemistry life hack

Don't let your kitchen sponges get stinky or mildewed by using two sponges — rinsing and letting one dry thoroughly before using it again will prevent odor-causing bacteria from growing in the first place, and both sponges should last longer than if you just kept one going at a time.two sponges prevent stink chemistry life hack

Watch the full video to understand the chemistry behind these tips and tricks. One that's not on the list: To koozie or not to koozie?:

MORE CHEMISTRY LIFE HACKS: These Chemistry-Based Hacks Will Change Your Life

MORE COOL SCIENCE: Jetpacks Help Soldiers Run At The Speed Of Olympic Athletes

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Here's The Town With The Most Immigrants In Every State

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America has always been a land of immigrants. In our ongoing search for demographic outliers in the US, we found the place in every state with the highest proportion of foreign-born residents.

The American Community Survey is conducted annually by the Census Bureau to better understand the changing demographics of the US population. One of the many questions on the survey asks whether the respondent was foreign-born. Using estimates from the 2008-2012 ACS, we found the place (a legally incorporated town, city, or village, or a Census-designated statistical equivalent) with at least 1,000 population that had the highest proportion of residents born in another country. Here are those places, color coded by the world region where the largest part of the place's residents were born:

Most Immigrants Places Map Fixed

There's a very large spread in the top places among the states: while 74.4% of the residents of Sweetwater, FL were born in another country, in Montana, only 4.7% of Bigfork's residents were foreign-born, and yet this is the highest rate in the state.

Unsurprisingly, in most of the places, Latin America is the most common birthplace among immigrants. However, in some places in the northeast and midwest, and in Alaska and Hawaii, immigrants from Asia were most common in the towns with the most immigrants. Madawaska, ME and Bigfork, MT are both quite close to the Canadian border, and their biggest source of foreign-born residents was Northern America.

Here's a table showing the places and the percent of their populations that was foreign-born:

most immigrants places table

SEE ALSO: RANKED: The 50 US State Economies From Worst To Best

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4 Things Young Self-Made Millionaires Have In Common

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Mark Zuckerberg and Facebook

Most people work their entire career without becoming a millionaire — but some achieve that level of wealth before turning 30. 

As it turns out, there are a few key characteristics that set certain people up to earn big early on, according to Peter Voogd, founder of the Game Changers Academy, who made his first million before turning 26.

"You don't make a million by accident," he says in a recent LinkedIn post. "If it's not a goal you sure as hell won't hit it."

Here are four vital traits young, successful millionaires share, as observed firsthand by Voogd:

They have a sense of urgency.

Young millionaires become successful so early in life because they constantly work toward success instead of waiting for opportunities to come to them. "Now matters more than any other time, and the 'someday isle' mentality is killing so many dreams," Voogd says. Millionaires make monetary success a top priority from day one instead of pushing it to the back burner as something they'd like to achieve someday.

They find a strong mentor. 

Millionaires don't reach that status alone, and even self-made millionaires find smart, wise mentors to guide them as they build their careers. "Success rises and falls on who you associate with, so make sure you stay aware of your surroundings," Voogd says. Learning from those who came before you is key to making the right business decisions, and a good mentor will challenge you and help you focus on bigger thinking, Voogd adds.

They focus on leverage.

Time is money, and while the traditional method of trading your time for a proportional payment will earn you a decent salary, it won't make you a millionaire. "At some point you have to focus on scaling and leverage," Voogd says. "Investment properties, membership sites, building a brand, partnerships, affiliate marketing, different types of programs, etc." Young millionaires maximize their time to make sure they're always earning as much as possible. 

They don't care what other people think.

"People who care what others think of them will always be limited to others' opinions," Voogd says. Young millionaires don't waste time trying to please people who don't believe in them or win over those that don't support them. Instead, they focus on their own vision and learn to believe in themselves. To become truly successful, "you must give up the need to be liked by everybody," Voogd warns. 

Click here to read the full post. 

Want your business advice featured in Instant MBA? Submit your tips to tipoftheday@businessinsider.com and be sure to include your name, your job title, and a photo of yourself in your email. 

SEE ALSO: 8 Ways To Look Like A Millionaire, Even If You're Not

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20 Years Ago, Airbus Created A Bizarre Plane To Fly Jumbo Jet Parts Around The World

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airbus beluga transport plane

European planemaker Airbus is based in Toulouse, France, but produces planes in the United Kingdom, Spain, Germany, and China.

To transport the wings and fuselages of half-built planes from one factory to another, it needed a plane bigger than any standard cargo jet.

So it built the Beluga.

Developed in the 1990s and based on the A300 (the wings, engines, landing gear, and lower portion of the fuselage are the same), the Beluga has one of the biggest cargo holds in the world.

It's the best way to get the body of a jumbo jet, a fleet of helicopters, or even a priceless painting across the planet. It's also one of the strangest looking planes in the skies today.

In celebration of the 20th anniversary of the Beluga's inaugural flight on September 13, 1994 (via Jalopnik), we're taking a closer look at this unique plane.

Alex Davies wrote the original version of this post.

Here's the Beluga. It's official name is the A300-600ST Super Transporter.



Seen from an airborne A380, it still looks huge.



From the ground, it seems almost like a normal jumbo jet — but not quite. Its wingspan measures more than 147 feet.



See the rest of the story at Business Insider

UBER DRIVERS PROTEST: 'You Can't Make A Living Working Only For Uber'

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uber nyc protest

On Monday morning, a group of New York City-based Uber drivers protested the company outside of its Long Island City, Queens office.

The protest was planned by a group of drivers known as the Uber Drivers Network NYC. The group's first protest happened last Monday at Uber's offices. The disgruntled drivers have been protesting against Uber policies.

Last week, Uber reversed a policy that made its Black Car and SUV drivers pick up less-lucrative Uber XL and Uber X customers. But drivers are still unhappy.

A group of about 60 protesters showed up around 10 a.m. on Monday for the protest, carrying signs and a megaphone. "I've been driving for Uber for two years, and when I started, I loved it," an Uber driver named Numan Tarik told Business Insider at the protest.

uber nyc protestTarik says Uber's steep discounts, intended to give the company a competitive edge over competitors like Lyft and Gett, as well as yellow cabs, are hurting Uber drivers.

"Uber is charging us [drivers] 20% before they deduct New York sales tax. We have to get car washes daily, we get our cars detailed once a month, we get regular oil changes and pay for insurance." Tarik said. According to Uber, these are just suggestions for its drivers, and not a company policy. Tarik also drives for competing car companies. "You can't make a living working only for Uber."

Protesters carried signs saying "Uber X should not be cheaper than a taxi" and "Uber: the most valuable asset is the drivers."

uber nyc protestThe New York City Police Department also showed up for the protest. About six NYPD vehicles and a dozen officers were there to monitor the protest. NYPD blocked off access to 42 Road and monitored traffic on Jackson Avenue in front of Uber's offices.

Oris Fortuna has been an Uber X driver for four months. He told Business Insider he quit his old job because he thought Uber would be a more lucrative way to make money.

"Since Uber implemented the 20% off discount on all Uber rides, I've been losing $200 a week," Fortuna said. "To make up for it, you have to work 20% more. That means more mileage and more gas. An $8 trip is not worth it." Fortuna wants better representation for himself and other Uber drivers. "There's no union representing us, so we have to protest."

uber nyc protest

Uber NYC's general manager Josh Mohrer was at the protest as well.

"We have, and have always had, an open-door policy with our drivers," Mohrer told Business Insider. "The majority of our drivers communicate with us. We're always happy to welcome them and talk to them."  

Mohrer spoke to the journalists who had showed up to cover the protest, though he and the protesting Uber drivers didn't communicate.

The group has been planning its protests and meetings largely via Facebook. On Friday, the drivers held a meeting in Queens' Forest Park to meet face-to-face for the first time. Roughly 100 drivers showed up for the informational meeting, which started at 4 pm and went until 7:30, with Uber drivers individually voicing their concerns about the company. 

"Uber wants us to have all these amenities — water bottles, mints for our customers — but they're cutting the prices. So how can I, as a professional driver, provide all of this?" asked Ajit Singh at Friday's meeting.

The Uber Drivers Network NYC group plans to continue protesting Uber at its offices.

Hilal Aissani, an Uber SUV driver, is unhappy with Uber because of what it tells customers about tipping their drivers. "Uber tells the customer that their tip for the driver is included, but it isn't," Aissani said at Monday's protest. "Drivers never see a dollar of that tip money." Uber hasn't explained how its tipping policy works — a blog post on its website says that by default, 20% of the customer's fare is paid to the driver as a gratuity.

SEE ALSO: A Group Of Unhappy NYC Uber Drivers Is Staging A Massive Protest

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