Kenneth Boyd's Blog, page 17

12 Steps to Building the Ideal Life You Dream of

Everyone has their idea of what the perfect life looks like for them. But whether you want to live a lavish lifestyle with all the bells and whistles or keep things stress-free and straightforward, everyone can follow a few basic steps to get closer to their ideal life. While there is no one-size-fits-all approach, there are definitely a few things that everyone should keep in mind when it comes to creating the life they want

Here are 12 of the most important ones:

Define Your Goals

The first step to building the life you want is defining your goals. What do you want to achieve in life? What are your biggest dreams and aspirations? Once you have a clear idea of what you want, it will be much easier to make a plan of action and start working towards them.

Make a Plan

Once you know your goals, it’s essential to make a plan of action. How are you going to achieve your dreams? What steps do you need to take? Breaking things down into smaller, more manageable tasks will help make the process less daunting and more achievable.

Take Action

Now that you have a plan, it’s time to take action! Don’t let the fear of failure hold you back — every step, no matter how small, brings you one step closer to your goals. Actions speak louder than words, so start moving and make your dreams a reality.

Join Conference Room: More content on accounting, personal finance, and humor/ short story topics. Video, blog posts.

Be Persistent

Building the life you want isn’t going to be easy. There will be setbacks and challenges along the way, but it’s important to be persistent and never give up. Keep your eye on the prize, and don’t let anything get in your way.

Stay Motivated

It can be challenging to stay motivated when progress is slow, or you hit a snag along the way, but it’s important to find ways to keep your motivation high. This could be anything from setting smaller goals to keeping a journal of your progress or even simply reminding yourself why you want to achieve your dreams.

Take Risks

One of the best ways to progress is to take risks. This doesn’t mean taking reckless risks but rather stepping out of your comfort zone and trying new things. Sometimes the most significant rewards come from the things that scare us the most. Risk-taking also helps us learn and grow as individuals.

Be Flexible

The world is constantly changing, and so are our goals and dreams. It’s essential to be flexible and adaptable, ready to change with the times and go with the flow. Things may not always go according to plan, but you can adjust and still achieve your goals if you stay flexible.

Go to Accounting Accidentally for 540+ blog posts and 450+ You Tube videos on accounting, personal finance, and humor/ short story topics.

Set Boundaries

To have a successful life, it’s important to set boundaries. This means knowing your limits and saying no when necessary. If you don’t set boundaries, you’ll quickly find yourself overwhelmed and stressed out. Boundaries help you stay in control and maintain a healthy work/life balance.

Don’t Compare Yourself to Others

Comparing yourself to others is a never-ending cycle that will only lead to frustration and unhappiness. Everyone has their own unique path in life, and there is no one right way to achieve success. So focus on your own journey and don’t worry about what everyone else is doing.

Take Time for Yourself

It’s important to take time for yourself, especially if you’re always putting others first. This could be anything from taking a relaxing bath to going on a peaceful walk or simply spending some time alone doing what you love. Taking time for yourself allows you to recharge and come back stronger than ever.

Celebrate Your Victories

It’s important to celebrate your victories, no matter how big or small they are. This could be anything from taking a day off to enjoy your success to throwing a party with your friends and family or buying a condo. Celebrating your victories is a great way to stay motivated and keep pushing forward.

Live in the Present

Finally, one of the most important things to remember when building the life you want is to live in the present. The past is gone, and the future is yet to come, so focus on the here and now and enjoy every moment.

It’s Worth It

Building the life you want is a long and challenging process, but it’s worth it. Creating your ideal lifestyle takes time, effort, persistence, flexibility, and patience. For this to happen successfully, twelve steps of action need to be taken in sequence because each one builds on top of the previous step. The steps discussed above can help an individual live a successful life. These steps are the accumulation of a lifetime of wisdom from personal experiences and the experiences of others.

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

 

 

The post 12 Steps to Building the Ideal Life You Dream of appeared first on Accounting Accidentally.

How Difficult (Horrible?) People Lose the Room

Have you ever been asked to do something really bad- and said no?

 

It’s happened to me several times, and I’ve said no… at least that’s what I remember.

 

One time stands out.

 

I was a senior in high school, and some friends asked me to “damage the school”- I’ll keep it vague. Now, I always had a great excuse.

 

“My Mom used to teach in the school district, so all the teachers know me and my parents. I can’t do it.”

 

Turns out that they all got caught, couldn’t graduate, and had to go to summer school.

 

Find other humorous stories here.

 

One way the world gets rid of horrible people is when the people around them say no. This is a concept Vladimir Putin may want to keep in mind, as he tries to level Ukraine in the spring of 2022.

 

The Plot to Kill Hitler

 

In July of 1944, a group of high-ranking Nazi officer attempted to kill Adolph Hitler. It’s becoming clear to many Germans that the war is lost, including a number of senior military officers. A group planted a bomb that went off during a meeting at the Wolf’s Lair (I love a good lair), one of Hitler’s military headquarters.

 

The group had a plan in place to arrest Nazi leadership and put others in charge that would negotiate and end to the war.

 

The parallels to Putin are interesting- Putin also spends a great deal of time isolated in the woods. Both men were concerned for their safety- makes sense. A quote from the article:

 

“Since the late 1930s and his rise to the top of Germany’s political scene, assassination attempts against him had become somewhat routine. Growing increasingly paranoid, Hitler routinely changed his schedule at the last minute and with no prior notice.”

 

The attempt failed, but it illustrates the fact that many Germans- including senior military officers- were willing to turn on Hitler.

 

Hitler committed suicide in April of 1945, as the Allied forces closed in.

 

As John Lennon once sang:

 

“Instant Karma’s going to get you
Going to knock you right on the head
You better get yourself together
Pretty soon you’re going to be dead”

 

Not Everyone Was on Board With Napoleon

 

Like Hitler, Napoleon Bonaparte made the really bad decision to invade Russia and didn’t withdraw before winter set in. It is estimated that the French army lost 50,000 deserters during the winter retreat. A Napoleon biography explains that, each day on the frigid march home, you could hear frequent gunshots from soldiers killing themselves in the woods.

 

Yikes!

 

As explained here: “after a disastrous French invasion of Russia in 1812, Napoleon abdicated the throne two years later and was exiled to the island of Elba.”

 

Napoleon’s escaped from exile, reformed an army in France, and ultimately lost the battle of Waterloo.

 

So, what do we learn from Napoleon and Hitler?

 

When you start to wear on people, you “lose the room.” People just don’t buy what you’re selling anymore. Both leaders wore down their supporters with an iron-fisted rule and bad decision-making. Losses pile up, morale sinks, and the military starts to wonder if they really want to keep going.

 

We see a similar pattern with coaches. It’s not as gruesome as war, but there are parallels.

 

Join Conference Room: More content on accounting, personal finance, and humor/ short story topics. Video, blog posts.

 

How Urban Meyer Lost the Room

 

Remember when Urban Meyer could do no wrong?

 

He was the head football coach at Florida and Ohio State (among others), and won National Championships. He was fired after just 13 games as head coach of the Jacksonville Jaguars in the NFL.

 

So what happened?

 

Caustic: He frequently criticized players, coaches, and staff- many times while they were present. He also violated NFL policy on the amount of contact allowed during practices.

 

Unprepared: He didn’t educate himself on players and teams in the NFL before he took the job.

 

Poor hiring decisions: Hired a coach who resigned 48 hours later, after complaints of abuse by former players. Meyer claimed that he vetted the coach before the hiring.

 

Perhaps the worst issue:

 

“Meyer didn’t take a plane ride home with the Jaguars after a tough “Thursday Night Football” loss to the Bengals, deciding to stay in Ohio — unorthodox behavior for an NFL head coach. Two days later, a video went viral of Meyer dancing with a young female in a Columbus bar that wasn’t his wife.

Meyer issued an apology two days later.”

Ok, enough piling on…but you get the point. Football is the ultimate team sport, and the season is physically grueling. If a coach doesn’t have each player’s back, he’ll lose the room quickly.

So, what can you do in an interview situation to avoid a problem boss?

Prepare to learn from my mistake.

Employee Turnover: The Canary in the Coal Mine

 

In 1997, I interviewed for a sales position for a business that sold employee benefit plans. I thought the CEO was a little strange, but the people he hired were impressive, so I took the job.

 

There’s one question I should have asked the CEO.

 

“What percentage of your salespeople earned a sales bonus in the last five years?”

 

The answer? Zero.

As it turns out, the CEO set unachievable sales goals for bonuses- and no salesperson during his tenure as CEO ever earned a bonus. He hired great people, who would get frustrated and leave. Employee turnover for salespeople was about two years- why stay?

 

But then karma entered the picture.

 

Each salesperson’s bonus was based on individual (and impossible to achieve) goals, while the CEO’s bonus was based on company-wide sales. So, in early December of each year, he’s gather his salespeople to see which deals could be closed before year end to meet the company goal.

 

The result?

Silence. None of the salespeople were close to a bonus- they were trying to close deals for NEXT YEAR- when they had a better shot (a long shot) at a bonus.

 

I left in two years, and the CEO was forced out shortly after.

 

The world has a way of dealing with difficult people.

 

 

Food for thought

 

Ken

 

Image: Frustration

The post How Difficult (Horrible?) People Lose the Room appeared first on Accounting Accidentally.

You’re Killing Me With All These Choices

All I needed was deodorant.

 

The exact type was: Dove Men+Care Extra Fresh, gray packaging with a light green square on the label. I’ve used it for years.

 

When I got to Target, I was faced with a tsunami of choice. Dove alone had dozens of deodorant options- and the differences in packaging were only slight.

 

I had to lie down in the aisle, take a nap, and then make a choice.

 

OK, I’m lying about the nap, but I’m sure you’ve experienced the same thing. We have far too many choices with everything: food, clothing, entertainment, business products, and tools. We’ve reached a point where it’s impacting out sanity, and I think I have a solution.

 

Join Conference Room: More content on accounting, personal finance, and humor/ short story topics. Video, blog posts.

 

Lots of choices isn’t a great thing

 

If you listen to the Tim Ferriss Podcast (which I highly recommend), you’ll often hear about the Paradox of Choice. Here’s the definition:

 

“The paradox of choice stipulates that while we might believe that being presented with multiple options actually makes it easier to choose one that we are happy with, and thus increases consumer satisfaction, having an abundance of options actually requires more effort to make a decision and can leave us feeling unsatisfied with our choice.”

 

More effort to make a decision, which means more time and more distraction. The quote continues:

 

“When the number of choices increases, so does the difficulty of knowing what is best. Instead of increasing our freedom to have what we want, the paradox of choice suggests that having too many choices actually limits our freedom.”

 

Many people believe that having dozens (or hundreds) of choices is a good thing. Turns out it may not be.

 

Not sure if you buy the argument? Think about investing.

 

Complexity is harming investors

 

Here’s a CNBC article from April of 2022:

 

“As more cutting-edge investment products work their way into the marketplace, there’s growing fear retail investors and even professional brokers are getting in over their heads.”

 

Note the end of the sentence- it’s important. Investing may now be too complex for professional brokers, those who do investing for a living. Complex product offerings is part of the problem:

 

“The Financial Industry Regulatory Authority, or FINRA, considers leveraged and inverse ETFs, equity indexed annuities and reverse convertibles as complex products.”

 

I was in the investment business for years, I stay informed- and I’ve never heard of an inverse EFT. I guess the joke is on me…

 

Find other humorous stories here.

 

Too many choices

 

Consider this: The more investment choices there are, the more your investment advisor must learn- and monitor- to stay informed. So how many investment choices are out there?

 

Mutual funds- they’re straightforward right? Over the past 40 years, individual investors have used mutual funds with great success. However, Statista reports that there are over 126,000 mutual funds (as of 2020).

 

What about exchange traded funds (ETFs)- another investment product used by individual investors. Statista reports over 2,200 ETFs in the US.

 

Warren Buffet, possibly the world’s most successful investor, says “Don’t invest in businesses you don’t understand.” With so many choices, it’s hard to make decisions and understand your investments.

 

Is your insurance agent or CPA soliciting your investment business? You’re not alone.

 

Too many advisors

 

In the late 90s and early 2000s I trained over 1,000 people in a crash course to become licensed as investment advisors though FINRA, the regulatory agency. I worked for a company that is now part of Kaplan, and I taught a 40-hour course once a month (one of the hardest things I’ve ever done).

 

Many of the people in my classes were CPAs and insurance agents who were moving into the investment advisory field. This trend creates confusion for investors, because professionals in other fields are now licensed as investment advisors.

 

Wait, I though Bob was an insurance agent- why is he asking about my retirement plan?

 

Too many investment choices, and too many advisors. So, what’s the answer?

 

Find one advisor and stick with them- that’s my two cents. Keep it simple, and don’t do business with multiple advisors. I’m not here to give investment advice, so find one professional for the long term.

 

Whew- I feel better.

 

I’m continually amazed at the number of companies selling a product or service in a niche- even a tiny niche.

Is everyone selling the same product?

 

Let’s start bigger: how about dog food?

 

According to an industry source: “The American Pet Product Association 2017-2018 Pet Ownership Survey found that 68% of US households own a pet and spend an average of $300 annually on pet food and treats. The US pet food market is expected to reach $30 billion in 2022.”

 

That’s a lot of Alpo– does anyone remember when Ed McMahon used to do live commercial spots on the Tonight Show for Alpo? They’d have a dog on set when he did the spots- here’s a video of a commercial.

 

Another quote from the same source: “Pet food and treat options available to US pet owners have exploded in recent years. GfK reports the number of brands has increased 71% since 2011 and now totals 630.”

 

Really? 630?

 

Given the overload of choices, why would anyone want to change the brand they buy? Interestingly, the number one reason why customers change brands: poor customer service.

 

OK, I get it. As long as the brand doesn’t drop the ball, I’ll stick with what I normally buy…. and that applies to just about everything.

The decision that eliminates 100 future decisions

 

This is a phrase that Tim Ferriss talks about frequently, and I embrace it. Here’s are some future decisions I’ve eliminated:

 

Same clothes

 

Unless it’s a special event (dinner, wedding, funeral), I wear hiking pants and rotate a small number of shirts and sweaters, depending on the weather. Warm outside? I unzip the bottom of the hiking pants and wear the shorts.

 

Same food

 

If I’m home, I eat the exact same thing for breakfast and lunch 7 days a week.

 

“Don’t you get tired of it?”, you may ask.

 

No, because I don’t need to think about what I eat for those meals. Shopping (and we get everything delivered) is easy, because my food choices don’t change. I’d rather eliminate the decision to simplify my life.

 

So who’s with me? Embrace the simple and reduce the need to deal with choices.

 

Food for thought.

 

 

Ken

 

Image: Virginia Retail, WalMart

The post You’re Killing Me With All These Choices appeared first on Accounting Accidentally.

Financial Tips For Upsizing Your Family Home

You love the home (and the area) that you’re currently living in; it’s a wonderful place to live. But the fact is that it’s just not big enough for your family anymore – your kids have grown and the amount of space that you once had now feels very limited. Your home is no longer big enough for you and your children and the time has come to upgrade your property for somewhere a little larger.

 

The issue is that you’re not quite sure how to go about doing so, as there’s a lot that you need to think about and take into account, including the financial side of things and making sure that the move is as affordable as possible.

 

Join Conference Room: More content on accounting, personal finance, and humor/ short story topics. Video, blog posts.

 

Bearing that in mind, below is a guide to a few financial tips to help make upgrading your family home a little more affordable (and achievable). Read on for everything that you should know about upsizing to a larger property and gaining a larger family space.

 

Get your home valued

 

The first step to upgrading your home for a larger property is to get your property valued. It’s a good idea to find out what the value of your property currently is and to work out a rough estimate of what you might be able to make from it.

 

This is an important step because it will help you to determine how much money you will have from the sale of your current home to put into a new, larger property as a deposit.

 

Look at the support that’s available

 

The next step is to look at the support that you have available to you. Take the time to look at your mortgage and jumbo loan options, to see if you might be able to borrow a larger amount of money, to make buying a larger property a little more affordable.

 

If you’re not sure what’s available to you, you might want to take the time to speak to a financial advisor, to see if they are able to advise you about what your options are. Sometimes, there are more options available to you than you might think, so it’s worth taking the time to have a chat and discuss what they are.

 

Go to Accounting Accidentally for 540+ blog posts and 450+ You Tube videos on accounting, personal finance, and humor/ short story topics.

 

 

Determine areas prices

 

If you are serious about buying a larger property to give your family some much-needed space, then it’s a good idea to determine area prices. It might be that you’re currently living in a more expensive area, which means that property prices are higher for less property. Whereas, if you were to move your family to a more affordable area, the chances are that you could buy a larger property for a similar price.

 

You might not want to move to somewhere else, but if doing so will give you more bang for your buck, then surely it’s a worthwhile compromise to make?

 

There you have it, a few financial tips for upsizing your family home and finding yourself a larger property that will give everyone the additional space that they need.

 

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

The post Financial Tips For Upsizing Your Family Home appeared first on Accounting Accidentally.

Smoking Hot: Balancing Humility and Self Confidence

“SMOKN HT”

 

I laughed as I walked by the license plate at the airport parking lot, and wondered how the conversation at Department of Motor Vehicles went:

 

“Hi, I’d like to apply for a personalize license plate.”

 

The DMV staffer smiles: “OK- what would you like it to read?”

 

“Well. I’m trying to figure out a way to use ‘Smoking Hot’ without all the letters.”

 

Self-confidence.

 

I think you need to have a balance of humility and self-confidence in order to reach goals in life- and to simply be a normal person. Whenever I’ve been overly confident- maybe even a little cocky- I’ve gotten hit in the face with a frying pan. On the other hand, if you’re all humility and no self-confidence, that’s also a problem.

Find other humor stories here.

One Group I’ll Leave Out

 

I’m excluding narcissists from this discussion. These are people who “tend to be selfish and self-involved and are usually unable to understand what other people are feeling. They expect others to think and feel the same as they do and seldom give any thought to how others feel. They are also rarely apologetic, remorseful, or guilty.”

 

By the way, here are two great songs about narcissists: Strange Brew (Cream) and On Your Way Down (Little Feat). Listen to the lyrics…

 

I mentioned narcissists, because I’ve had to deal with my share (maybe more than my share) of these people in recent years. Let’s leave this discussion to those of us who mean well, but sometimes don’t have our act together.

 

First, some definitions.

 

Humility and Self-Confidence: Defined

 

Humility means “a modest or low view of one’s own importance”. I’ll stick with modest view for this discussion. Self-confidence is “a feeling of trust in one’s abilities, qualities, and judgment.”

 

I think both of these traits impact how I deal with failure. Do I have enough humility to admit fault and gain wisdom from a failure? In The Last Lecture, professor Randy Pausch explains, “experience is what you get, when you don’t get what you want.”

 

So, do I have the humility to recognize and use what I learn from failure?

Join Conference Room: More content on accounting, personal finance, and humor/ short story topics. Video, blog posts.

Some Thoughts on Failure

 

No such thing as failure- instead you’ve produced as result. Thomas Edison felt that each of his failures helped him gain wisdom, and failures got him closer to discovering the light bulb and other inventions. James Dyson worked on 5,127 prototypes (not a typo) before inventing the world’s first bagless vacuum cleaner.

 

I’ve had a Dyson for years, and swear by it.

 

Henry Ford puts it another way: “Failure is the opportunity to begin again more intelligently.”

 

Both Edison and Dyson knew where they were headed: they had a specific goal is mind. Without a goal, I drift, I lose confidence, I question myself.

 

Fear and Excitement

 

“The journey to greatness begins at the intersection of fear and excitement.”

 

This quote, from Alan Cohen, points out that every success has a real risk of fear, so how you I handle that fear? I have to be self-confident enough to accept the risk and move forward.

 

It’s impossible to avoid challenges if you attempt something difficult. In the book, A Separate Reality, Carlos Castaneda says: “A warrior sees everything as a challenge, while a ordinary man sees everything as either a blessing or a curse.”

 

Humans love the word “new”, and starting something new is exciting. But I need the self-confidence to overcome the obstacles- because they always get in the way. Lewis Carroll, the author of Alice in Wonderland said that: “If you don’t know where you’re going, any road will take you there.”

 

If I know where I’m headed, you can manage fear more effectively.

 

So, how do I know if I’m making progress?

 

Measurable progress in reasonable time

 

Jim Rohn suggests making “measurable progress in reasonable time”, which makes sense to me. What do I consider reasonable? As time goes on, I have more patience when it comes to making progress. Experience (there’s that word again) tells me that it always takes longer than I think- so why sweat it?

 

The answer to the humility vs. self-confidence issue may be…. confident humility.

 

Confident humility

 

Yep- this term really exists, and it’s defined in the book: “Confident Humility: The Paradox of Successful Leadership.” Here are some quotes from the book:

 

“Confident humility is the confidence in a leader’s ability to make the right decision while acknowledging that they need others to do it right. It’s knowing what they don’t know and having trust in what they do.

 

As C.S. Lewis puts it ‘It’s not thinking less of yourself, it’s thinking of yourself less.’ It means staying grounded, admitting that you don’t know everything and accepting that you still have a lot to learn.”

 

Inc.com has some thoughts on the subject:

 

“You’re not perfect- but you’re strong enough to face uncertainty. Humility helps you see your blind spots, own up to your mistakes, and develop your problem-solving skills.

 

Experts agree that emotional intelligence is important for productivity because it promotes self-motivation and emotional regulation. Those qualities also make it an excellent tool for improving your confidence without giving your ego the reins.”

 

So it turns out that you can have confidence, achieve goals- and not become a jerk in the process.

 

Who knew?

 

Food for thought.

 

 

Ken

The post Smoking Hot: Balancing Humility and Self Confidence appeared first on Accounting Accidentally.

Keith Richards Quits Smoking: A Problem Solving Discussion

Keith Richards quit smoking.

 

According to People: “The Rolling Stones guitarist, 78, told CBS Sunday Morning in a new interview that after 55 years, he quietly put down his cigarettes two years ago with the help of nicotine patches.”

 

I heard Keith talk about his decision on Marc Maron’s WFT podcast. Now, Keith deserves credit for kicking the smoking habit (particularly after 55 years), but there are some other “lifestyle choices” that may also affect his health.

 

But what do I know? Mick and Keith are still rocking in their late 70s, so maybe they know more about self-care than I do.

 

This news did make me think about problem solving, and whether or not I go “all in” to solve problems. Am I making a real effort to address a problem, or simply kidding myself?

 

Find other humor stories here.

 

Addressing a problem- before it’s a problem

 

We get our groceries delivered, and normally the driver drops off the bags at the front door and sends a text to my wife. Last Saturday, there was a knock on the door.

 

“Just wanted to let you know”, the driver said. “I couldn’t find the exact kind of soup you wanted, so I found a substitute. It was buy one, get one free, so you got 4 cans instead of 2. I wanted to tell you in person, so you don’t think it’s intentional.”

 

Smart. Address the issue before it’s a problem. He’s assessed based on customer reviews, and didn’t want to get a bad review for the out-of-stock item.

 

Another example.

 

Every few months, I get calls from accounting students or CPAs who watch videos on my YouTube channel. A CPA called the only day and told me that he had a disagreement with another CPA over a tax issue. The tax issue will create a problem when he and the other CPA generate tax returns.

 

“I’d call a tax attorney.”

 

“Well, nothing has happened yet”, said the CPA.

 

“If you think it’s going to be an issue, find out what you need to do now, not when you’re under pressure later.”

 

I learned this lesson the hard way.

 

If I get so much as a sniff that an issue is going to hurt me down the road, I try and force myself to take action. I’m sooooo much better off, and I have peace of mind.

 

Join Conference Room: More content on accounting, personal finance, and humor/ short story topics. Video, blog posts.

 

Thinking outside the box- using a box

 

Daniel Pink is a best-selling author, and a very funny interview. In this podcast, he explains the Duncker Candle Problem. As this article explains:

 

“The Candle Problem is a test of creative problem solving developed by psychologist Karl Duncker in 1945. The test challenges ‘functional fixedness’, a cognitive bias that makes it difficult to use familiar objects in abnormal ways.

 

Subjects are given a candle, a box of thumbtacks, and a box of matches, and asked to fix the lit candle to the wall so that it will not drip wax onto the table below.”

 

The thing that people miss?

 

They don’t use the box to solve the problem- they think it’s only provided to hold the thumbtacks. One solution is to tack the box to the wall, and put the candle inside the box.

 

I think I missed it, too.

 

Solving a problem that may not exist

 

I have two friends who each spent over $250,000- each- on software products that never got off the ground.

 

Both were successful in their careers. One was a remodeler, and the other a corporate IT manager. Another trait they had in common: both were burned out on their jobs, and were excited about creating something new.

 

Which is great- I think we can all relate.

 

However, both started building a product without clearly determining a customer need. Here’s the tricky part: there was some customer need, but not enough to justify starting a business.

 

So how do your find out if there’s a real, quantifiable customer need?

 

The answer is to start small by trying to determine a minimum viable product, which is defined as the version of a new product that allows you to collect the most information about a customer with the least amount of effort.

 

Here’s how.

 

Start small to solve a customer problem

 

There’s nothing more frustrating for a cyclist than struggling to change a flat tire on the side of the road. The tire tube might tear when you try to inflate it, and that’s a bummer if you’re in bad weather. More than once, I’ve had to call a family member to pick me up.

 

Sounds like a problem that needs to be solved. If the problem you’re trying to solve is urgent, customer demand will be higher.

 

You do the research and create a bike tire tube that is far more durable and less likely to go flat.

 

There may be competitors who are trying to solve the same problem. To get attention and generate interest, your solution must be seen as different from your competitors.

 

Let’s say that your tire uses a different type of plastic material that reduces flats.

 

Now you need customers to test it.

 

You go to bike shops and cycling events, and offer free tire tubes, in exchange for the rider’s email address. “Please try our tires, and tell us what you think.”

 

Next, determine what customers are willing to pay for your product. The price you charge must cover all of your costs, and generate a reasonable profit.

 

Serious bike riders- people who ride most weekends- put in more mileage and are more likely to have a flat. These riders value a more reliable tire, because they may be far away from home when a flat happens.

 

So ask people: If you’re currently paying $4 for a tire tube, would you be willing to pay $7 for a tube that’s more reliable? How about $6?

 

Finally, estimate the number of customers who may be interested in your product. The number of customers, multiplied by the product price, gives you the size of your market.

 

If the numbers seem to work, start small. Produce 100 tubes, sell them, and wait for feedback. Think of this approach as a test drive, to see if it make sense to expand.

 

Use these tips to validate your product idea before you go to market.

 

 

Food for thought.

 

 

Ken

 

Image: Guitar, Photo Cindy

The post Keith Richards Quits Smoking: A Problem Solving Discussion appeared first on Accounting Accidentally.

Everything You Imagine Is Real: Facts, Predictions, and Innovation

“Everything you imagine is real”

I was looking at the back of a t-shirt in yoga class. The girl wearing it was a class “regular”, and confident enough to put her mat down toward the front of the studio. (I hang in the back-middle).

 

So it got me thinking about what’s real and imagined, particularly in a technology age when it’s tough to know the difference.

 

Here’s an example.

 

I was leaving McGurk’s, a popular Irish bar at about 10pm on St. Patrick’s Day 2018. There was a line to get in, and other people hanging out in front. A guy in his late 20s was arguing with two St. Louis police officers about getting kicked out of the bar.

 

“I wanna talk to the owner- this is BS!”

 

His girlfriend chimed in.

 

“Just ignore him- he’s drunk.”

 

Apparently, her love for him only goes so far. Unconditional love was only in his imagination.

 

Or Kim, the lady who walks her dog Lilo in my neighbor. As we walked toward each other, she told a cell phone caller. “Hey, hey- I’ve got to let you go.”

 

“That was my sister. She’s getting ready to board a flight and already had two screwdrivers… says that she’s pretty buzzed.”

 

The current time was 7:15am.

 

“She calls me like four times a day- it’s annoying.”

 

The sister thinks that Kim enjoys talking to her four times a day- which is an illusion.

 

Wikipedia defines futurists as people who “attempt to systematically explore predictions and possibilities about the future and how they can emerge from the present.” They even have a professional association– who knew?

So, can futurists really make an impact? It turns out that they can.

Join Conference Room: An accounting, personal finance, and humor/ short stories. Blog posts and video.

Predicting the Pandemic- In 2010

 

Jane McGonigal is a futurist whose primary occupation is created video games. She also runs trials and performs studies on futurist topics.

 

One of McGonigal’s studies is to put on social simulations involving thousands of people. As you’ll hear in this podcast (starting at about 16 minutes), more than 20,000 gamers participated in a simulation in 2010. She created a fictional social network, and people shared messages and photos- just as they would on Facebook or Twitter.

 

The difference is that the participants imagine that it’s 10 years into the future. Here are the scenarios (“cascading global crises”) that participants were asked to imagine for the year 2020:

 

A respiratory pandemic starts in ChinaA conspiracy theory group, called Citizen X, starts to put out misinformation about the pandemic. This creates confusion about whether or not the government is trustworthyThe US West Coast starts to experience wildfires, due to climate change

 

The group was asked: How would they feel, what would they do, and how would they try to help others?

 

They were given more specifics. If, for example, you were asked to quarantine for weeks, under what conditions would you not comply with the rules?

 

Again, this simulation took place in 2010…

 

When the actual pandemic occurred in 2020, McGonigal started hearing from the 2010 participants. Many thought that, because they had imagined what they would do ten years before, they were more prepared- and less anxious- when the pandemic happened.

Which is the whole point. By using imagination about events good and bad, you’re better prepared to respond. Imagination prepared individuals for what became real.

There are other instances when we need imagination.

Go to Accounting Accidentally for 600+ blog posts and 450+ You Tube videos on accounting, personal finance, and humor/short stories.

If you image it, someone may just build it

 

Senior year of college, I took a “Capstone” course. The class was supposed to bring together concepts that I learned in Business school into a single course. Now, part of the problem was that my class attendance was….“spotty”.

The bigger issue was something the professor said. It was too bad that we were graduating into the job market, he said, because most of the great innovations in business and society had already happened.

 

It was spring of 1985.

 

Microsoft went public a year later. As a friend of mine says, some people are “always certain and rarely right.”

 

The world gives us geniuses- like Edison or Steve Jobs – who are so creative that they come up with innovations that filled a future need. No one knew that they needed a light bulb or personal computer, but these inventors created them.

 

Here’s what Edison achieved:

 

“By the time he died on October 18, 1931, Thomas Edison had amassed a record 1,093 patents: 389 for electric light and power, 195 for the phonograph, 150 for the telegraph, 141 for storage batteries and 34 for the telephone.”

 

If you can image it, someone may eventually help you build it.

 

Imagination drives innovation

 

I watch CNBC each day, usually when I’m getting ready in the morning. I’m particularly interested when company earnings are announced, and guest analysts talk about a company’s future prospects.

 

Recently, an analyst said that he expected Apple to underperform the broad market over the next 10 years, in part because so many people worldwide already own an iPhone- over 1 billion active phones in use.

 

The other analysts disagreed. This narrow view doesn’t value all the innovation that Apple could roll out over the next decade. Their ability to innovate differentiates Apple for the competition- and they stand out.

 

Always bet on imagination.

 

Food for thought.

 

 

Ken

 

Image: Martin John- Magician (CC BY 2.0)

The post Everything You Imagine Is Real: Facts, Predictions, and Innovation appeared first on Accounting Accidentally.

How Young Professionals Can Start Building Their Net Worth From a Young Age

In our fast-paced, ever-changing world, it’s more important than ever to start building your net worth from a young age. Whether you’re just starting in your career or have been working for a few years, you can take steps to make sure you’re on the right track financially. Here are some tips to get you started!

Join Conference Room: An accounting, personal finance, and humor/ short stories. Blog posts and video.

Understanding Net Worth

The first step to building your net worth is understanding what it is. Net worth is the total value of your assets minus your liabilities. In other words, it’s what you own minus what you owe. Your assets can include things like your savings, investments, and property. Your liabilities might include student loans, credit card debt, and mortgages.

If you want to get an idea of your net worth, you can use a personal finance calculator or create your own spreadsheet. This will give you a starting point to see where you need to improve.

Building Assets

There are many different ways to start building your assets. One of the most important things you can do is to start saving early and often. You should create a budget and make sure you’re automatically transferring a fixed percentage of your income into savings. This will help you make headway on big financial goals, like buying a home or saving for retirement.

Buying real estate is another great way to build assets. If you can purchase property, you can rent it out and earn income from it. In addition, real estate is an excellent net worth builder because property typically appreciates over time.

If you’ve managed to build a diversified real estate portfolio, consider buying real estate in high-value areas such as Monaco or other high-wealth areas. Finding the right Monaco real estate can be tricky, but the fundamentals of real estate investing will always hold true.

Go to Accounting Accidentally for 540+ blog posts and 450+ You Tube videos on accounting, personal finance, and entrepreneurship.

Managing Liabilities

While it’s important to focus on building assets, you can’t forget about your liabilities. One of the best ways to manage your liabilities is to make sure you’re not taking on more debt than you can handle. This means being mindful of things like credit card spending and student loans. If you’re able to pay off your debts quickly, you’ll be in a much better financial position.

You can also work on building your credit score. This is the three-digit number that lenders use to determine your creditworthiness.

A high credit score will give you access to lower interest rates, saving you money over time. You can do a few different things to improve your credit score, such as paying your bills on time and keeping your credit card balances low.

Consult with a financial advisor regarding investment decisions.

It is essential to review your net worth every quarter to ensure you can hit your financial goals. If you follow these tips, you’ll be well on your way to building your net worth. Remember to start as early as possible and be consistent with your efforts. With a little bit of planning, you can reach your financial goals in no time!

Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

The post How Young Professionals Can Start Building Their Net Worth From a Young Age appeared first on Accounting Accidentally.

How Technological Advancement Changed Public Transport in Singapore

Public transportation has come a long way in the past few years with the advent of new and innovative technologies. In Singapore, for example, public transportation is now largely reliant on technology in order to function. This change has not been without its challenges, however, as the government and transit operators attempt to keep up with ever-changing technologies and ensure that passengers have a positive experience.

1. Mobile ticketing

One of the most recent changes in public transportation technology has been the introduction of mobile ticketing. This allows passengers to purchase and use tickets on their smartphones, which has many advantages over traditional methods. For one, it’s more convenient for passengers as they can purchase and use tickets without having to go through the hassle of finding a ticket counter or waiting in line. It’s also more efficient for transit operators as they can sell tickets through their existing mobile apps and avoid the need to set up physical ticketing infrastructure.

Join Conference Room: An accounting, personal finance, and humor/ short stories. Blog posts and video.

 

2. Real-time data

Another change that has been brought about by technology is the availability of real-time data. This includes things like live arrival and departure times, as well as service alerts. This information is now available to passengers through their smartphones, as well as online and on various apps like SMRT. Having access to this data allows passengers to plan their journeys more effectively and avoid delays.

3. Automated vehicles

One of the most exciting changes in public transportation technology is the introduction of automated vehicles. Automated vehicles come in the form of self-driving cars and buses. While these technologies are still in their early stages, there is potential for them to revolutionize public transportation. Automated vehicles could not only improve passenger experience but also reduce costs and congestion for the transportation companies.

4. Safer journeys

Technology has also made public transportation safer. For example, CCTV cameras are now commonplace on trains and buses. This allows authorities to monitor journeys and respond quickly to any incidents. In addition, new technologies like facial recognition can be used to identify criminals and terrorists. Neo Kian Hong of SMRT is exploring technological innovations not only to make public journeys safer but also to promote a positive cultural environment for all employees

Go to Accounting Accidentally for 540+ blog posts and 450+ You Tube videos on accounting, personal finance, and entrepreneurship.

5. Improved passenger experience

Technology has also improved the overall passenger experience. For example, many public transportation companies are making sure that customers are comfortable while riding their vehicles. They are making use of technologies like air conditioning and purification to keep passengers cool and safe from pollutants. In addition, many companies are offering free WiFi and charging stations so that passengers can stay connected while on their journeys

6. Green transportation

Technology is also being used to promote greener transportation options. There are now many electric vehicles on the market, and many public transportation companies are investing in them. Some companies are experimenting with autonomous vehicles that run on alternative fuels like natural gas. All of these changes are helping to reduce greenhouse gas emissions and make public transportation more environmentally friendly. In the future, we can expect to see even more environmentally-friendly options as technology improves.

7. Faster journeys

Technology is also helping to make public transportation journeys faster. Due to the importance of being on time in the present world, many public transportation companies are investing in technologies that can help them speed up their services. For example, many trains and buses are now equipped with GPS so that they can avoid traffic congestion. In addition, many companies are now offering express services that bypass stops to get passengers to their destinations more quickly.

8. Cheaper journeys

Technology is also helping to make public transportation journeys more affordable. Commuters are choosing public transportation because they are more cost-effective compared to driving personal vehicles. So as technology is allowing public transit to lower their costs, it is helping to increase the number of passengers that they can carry. This is especially beneficial for those living in large, congested cities where the cost of living is high. In addition, many public transportation companies are offering discounts and promotions. This is making public transportation even more affordable for everyone

Public transportation is constantly changing with technology, and this is benefiting passengers in a number of ways. With automated vehicles, mobile tracking apps, and real-time data, commuters are getting safer, more comfortable journeys with faster trips and cheaper fares. In the future, we can expect even more advancements in technology that will continue to improve public transportation for everyone. This is helping society in the battle against climate change, as well as making our cities more livable and efficient.

Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

 

The post How Technological Advancement Changed Public Transport in Singapore appeared first on Accounting Accidentally.

Where To Find Career Inspiration

It’s not recommended to sleepwalk your way through life. And this is especially true when it comes to life’s most important elements. For instance, you shouldn’t sleepwalk your way into a marriage. That requires careful consideration, because it’s the most important decision you’ll ever make.

The same, to a slightly lesser degree, can be said of your career. It’s something that you should have high expectations of. After all, if you’re going to spend 40+ hours doing something, the least you can hope for is that it’s satisfying on some level.

 

That doesn’t mean that decisions regarding your career will be easy. They sometimes are, but not always. From time to time, you’ll need a dose of inspiration. In this blog, we’re going to run through some of the best places you can look.

 

 

Look at Yourself

 

There are external factors that can be important. But the most important factor is you, there’s no question. If you’re not happy with the work that you’re currently doing, look within. What is it that you like to do? What aspects of your current job have you enjoyed (and is there a way to do more of it if you change jobs?)?

You’ll be your most reliable and brightest guiding star. Don’t underestimate just how valuable a little bit of self-reflection can be.

 

Join Conference Room: An accounting, personal finance, and humor/ short stories. Blog posts and video.

 

 

Consider Other People

 

But at some point, you might find that you’ve hit something of a dead-end when you’re looking within. In that case, what about looking at what other people are doing? By this, we don’t mean eyeing up the jobs that your friends and family are doing (though feel free to take a glance if it’s something interesting!).

We mean looking at what some of the world’s success stories are doing — and the approach that got them to where they are. You can learn a lot from reading the thoughts of Leigh Morgan of Bill and Melinda Gates Foundation or by getting an insight into the mindset that drove Jeff Bezos to start Amazon. Once you’ve got all those nuggets of wisdom, you might just find that you know where you should turn.

 

Read Insightful Books

 

Another way to get to know yourself is to dive into one of the many books that are designed to help people make decisions relating to their careers. The biggest book on this topic is ‘What Color Is Your Parachute?’ which leads the reader through questions and scenarios and then pairs them with a specific type of work.

 

Go to Accounting Accidentally for 540+ blog posts and 450+ You Tube videos on accounting, personal finance, and entrepreneurship.

 

 

Simple Browsing Job Posts

 

Finally, if you don’t know what to do, you can consider doing nothing more than browsing what jobs are available. You might learn of a job that you didn’t know existed until now — and that job could be the one that’s right for you!

 

Wrapping Up

 

Considering all the factors outlined above won’t miraculously put you into a career that you adore. But it will help to make things take shape. It’ll help you to focus, and eventually, a picture should emerge that’ll show you what kind of work you’re doing.

 

Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

 

The post Where To Find Career Inspiration appeared first on Accounting Accidentally.