While you make money on Uber even if you don’t own a car, Uber also profits even while its drivers aren’t earning money. Jay Cassano wrote on Vice about Uber drivers’ “dead miles” and an algorithm as your boss. Uber collects data from drivers even during their unpaid time to feeds into the company’s supply and demand algorithms. That means Uber drivers continue to generate money for Uber even when they are not carrying a fare. “Uber is the closest thing to an employer we’ve ever seen in this industry,” said Bhairavi Desai, founder of the New York Taxi Workers Alliance. “They not only direct every aspect of a driver’s workday, they also profit off the entire day through data collection, not just the sale of a product.” (vice.com)
Business
Big Lie About Startups
For anyone interests in big bonus and stock options working for startups in Silicon Valley, beware of the big lie about startups. Danny Crichton writes at TechCrunch that startups in Silicon Valley run on an alchemy of ignorance and that lying is a requisite and daily part of being a founder, the grease that keeps the startup flywheel running. The truth is that most startups fail. The vast, vast majority of startup employees will never exercise their options, let alone become millionaires while doing it. “Founders have to tell the lie – that everything is fine, that a feature is going to launch even though the engineer for that feature hasn’t been hired yet, that payroll will run even though the VC dollars are still nowhere on the horizon,” writes Crichton. “For one of the most hyper-rational populations in the world, Silicon Valley runs off a myth about startup success, of the lowly founder conquering the world.” (techcrunch.com)
Do These 3 Things to Motivate Employees
A recent Gallup poll showed that 70% of employees are “not engaged” or “actively disengaged” at work. In order to motivate employees, do these 3 things well.
- Inspiration: “It is important that your culture be infused with meaning. Studies show that people who have a sense of purpose are more focused, creative, and resilient, so leaders should make a point of reminding employees how their work is improving people’s lives.”
- Kindness: “We are profoundly social creatures. Companionship and recognition are more important than even high salaries in promoting employee loyalty. Other research confirms that positive and warm relationships are one of the most important predictors of psychological well-being.”
- Self-Care: “Exercise, breaks from work, relaxation practices, and more strict boundaries between work and home can reduce job stress and increase employee well-being and engagement. A well-rested staff is a happier and higher-performing one.”
(hbr.org)
Automatically Tweet Complaints About Your Slow Internet To Provider
An anonymous reader writes: “Contacting your internet provider to complain about slow browsing speeds is a tiresome chore which none of us enjoy, but one man has found a solution. He has configured a Raspberry Pi computer to automatically tweet a complaint to Comcast when his internet falls below 50Mbps, well below the 150Mbps he pays for.” It would be nice if more providers take the initiative themselves to provide customers easy way to report problems. (ibtimes.co.uk)
Tax Advantages & Disadvantages of Business Entity Selection
An anonymous reader writes: “There is a significant importance for tax professionals to be capable of assisting clients and entrepreneurs with the process of choosing the correct business entity structure. There is a greater importance for entrepreneurs to seek assistance or to also understand the advantages and disadvantages of the available business entity structures available as well. Choosing the appropriate business entity structure will not only assist a business in accomplishing their business objectives, but also will determine aspects regarding taxation of income and how their assets will be protected. The most common business entity structures include: Sole Proprietorship, Limited Liability Companies, Partnerships, and Corporations. Understanding the tax advantages and tax disadvantages of the previously mentioned business entity structures may become the difference of operating a successful business and operating an unsuccessful business.” (cornbeltfinancial.com)
When Should You Give Up On Your Dreams?
Last article talking about are you better off spending your spare time being frugal or earning more money? Now that you’ve decided to pursue your dream in a side business to make more money. However, nearly two-thirds of new businesses are doomed. Havard Business Review has a great advice about whether or not you should give up on your new dream. “You’ve recently launched your brainchild. But things aren’t off to a roaring start. Is it just the low end of the S-curve of growth, the flat line before things start to improve? Or is it just…well…a flat line?” Here’s how to decide to stick with your dream. Does your business occupy an otherwise unoccupied niche? Are you playing to your strengths? Have you assumed the right risks? Do you find your work difficult but not debilitating? Are you gaining momentum? If the answers are yes to those questions, then you’re on the low end of the curve and growth is coming. If you’ve carved a niche that you occupy from a position of strength, then it’s time to settle in and persevere. Otherwise, “knowing when to pull the plug can be the difference between sinking a rowboat and sinking the Titanic.” (hbr.org)
Get Cars for Free by Buying, Fixing, Driving and Selling for Profit
Mr. Money Mustache preaches about minimizing one’s car-related expenses to the bare bone. “When it comes to the Automobile, you really have a choice between two possible relationships. You can be the Master, and thoughtfully use cars as a tool as needed to reach your goals. Or you can be a Slave to the auto – worshiping it, allowing it to steal your money, your physical fitness, and your sense of control over your life.” In his situation, by spending only $1500 per year on vehicles’ expenses comparing to $9000 for the average two-care family’s spending, he’ll come out ahead by $104,751 over 10-year period. However, his friend Ben has a totally different saving route regarding to car-related expenses. Ben shows how he makes profit after he has owned and driven over 50 cars. Basically he gets his cars for free by buying, fixing, driving and selling cars for profit. Ben’s recommendations are to buy low, to look for neglected cars, to research and do as much work as you can on your own. Then sell quickly at a modest price. That way you still save money and have fun at the same time. (mrmoneymustache.com)
Fees for Mutual funds and ETFs Fall Toward Zero
An article on The Wall Street Journey reports that the cost of investing is falling toward zero for mutual funs and ETFs. This is an excellent news for common investors everywhere. However, “some money managers that get much of their revenue from actively managed funds are fighting back, partly by getting more vocal about the potential risks of index investing. They say the strategy forces investors into risky bonds or pricey stocks just because they are part of a benchmark.” Despite their talks, indexed funds consistently out perform actively managed funds. That’s not good news for fund managers. They still don’t accept their fate yet in order to get some revenue by being a market-leader in indexed mutual offerings and by profiting more so due to high volume. The tough time is ahead for actively money manager as fee cutting pressure remains relentless while Vanguard automatically lowers fees as its funds grow. (wsj.com)
How Would You Feel If Your Co-workers Could See Your Paycheck?
More and more employers are opening up companywide salary information to all employees. For instance, This company, Buffer, posts all employees’ salaries on its website. “The idea of open pay is to get pay and performance problems out on the table for discussion, eliminate salary inequities and spark better performance. But open pay also is sparking some awkward conversations between co-workers comparing their paychecks, and puncturing egos among those whose salaries don’t sync with their self-image.”
Tech Salaries Had Biggest Year-Over-Year Increase in 2015
According to Dice’s new survey data, average technology salaries in the U.S. saw the biggest year-over-year leap ever, up 7.7 percent to $96,370 annually. Bonuses and contract rates also rose from 2014, and tech salaries in seven metro areas reached six-figures for the first time since the survey began more than a decade ago. Contract workers saw a rise (5%) in hourly compensation, with contractors earning $70.26 per hour. With the big salary increase, technology professionals are also more satisfied with their pay and confident in job prospects of their field. (dice.com)
Income Inequality Is Higher In Democratic Districts Than Republican
Bloomberg Business reports that 32 of the 35 districts in which inequality is greatest are represented by Democrats. Clearly, extreme inequality correlates strongly with Democratic political representation. Bloomberg Rankings, drawing on U.S. Census data, have measured the level of inequality—the Gini coefficient—in each of the 435 U.S. congressional districts. It’s a fascinating list (and a map) that reveals all sorts of interesting things. Of the 100 districts with the highest levels of inequality, not one held by a Republican is considered to be in play this November. (bloomberg.com)
You Should Start Your Own Website Today
In this day and age, it is easy for anyone to create a website. Domain will cost around $12/year and hosting will cost $3.49/month through BlueHost. WordPress will let you set up and run your website quickly. Anyway, Financial Samurai shows some reason for you to start your own website today. With a website, you can connect with many people and do what you love. You can also make some money along the way and the website looks good on your resume. Finally, with your own website you can create your own legacy.
Master the Habits of Successful People
There’s a lot of guides online giving you advice on how to be successful. Personal finance blogger Ramit Sethi, at I Will Teach You To Be Rich, show us the three critical success habits that he has developed to find success in different areas of life:
- “Success habit #1: Pick one goal
- Success habit #2: Work twice as hard, get 10x the results
- Success habit #3: Always have a mentor.”
As 2016 Starts, China Doesn’t Know What It’s Doing
Instead of laissez-faire economy China’s Communist Party tends to mess with the market. They are attempting the impossible: Stop market volatility. They did it last year just before the market peaked by telling people to buy more stocks. At the beginning of 2016, the Chinese government also halted the stock market for an entire day on January 7 but to no avail as the market continued to tank. It seems that China doesn’t know what it’s doing and it affects many global economies around the world. 2016 will be another uglier year as China still tries to control the market.
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