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World's millionaire ranks seen soaring through 2020 Can a small business really create a plan on a postcard? “Yes! An effective small business plan that covers no more than a postcard is more than possible, it’s practical and effective” =>...
Why I Fired My Father From the Family Business Can a small business really create a plan on a postcard? “Yes! An effective small business plan that covers no more than a postcard is more than possible, it’s practical and effective” =>...
Welfare mom creates million dollar biz: how she did... Can a small business really create a plan on a postcard? “Yes! An effective small business plan that covers no more than a postcard is more than possible, it’s practical and effective” =>...
The Apple Billionaire That Could Have Been Can a small business really create a plan on a postcard? “Yes! An effective small business plan that covers no more than a postcard is more than possible, it’s practical and effective” =>...
Tech mogul pays bright minds not to go to college Can a small business really create a plan on a postcard? “Yes! An effective small business plan that covers no more than a postcard is more than possible, it’s practical and effective” =>...
Can a small business really create a plan on a postcard?
“Yes! An effective small business plan that covers no more than a postcard is more than possible, it’s practical and effective”
World’s millionaire ranks seen soaring through 2020
NEW YORK (Reuters) – The rich keep getting richer, both here in the United States and especially in the world’s emerging markets.
Public and private investments controlled by the richest families are expected to more than double in value to $202 trillion by 2020, from $92 trillion this year, according to survey of millionaires in 25 countries by Deloitte LLP.
Meanwhile the ranks of families with more than a million dollars will also increase, by two-thirds to 55.5 million in the developed world. They will more than double to 10 million in emerging markets such as China, India and Brazil.
Still, Deloitte predicts the bulk of the world’s wealthiest families will continue to be found in the United States and Europe, despite the wealth management industry’s obsession with emerging markets.
“There’s no question these markets are of fundamental importance over the long term, but wealth managers can’t overlook the value of their home base,” said Andrew Freeman, executive director of the Deloitte Center for Financial Services.
Deloitte notes that China, Brazil, Russia and other emerging markets are minting new millionaires at a faster rate than established markets, powered by economic expansion, commodity prices and development.
Across 10 emerging markets, millionaire household wealth is seen tripling to $25 trillion from $7 trillion this year. By 2020 China will likely join the ranks of the top 10 richest economies with $3.6 trillion of wealth.
India’s average millionaire would be wealthier than the average American millionaire
Among emerging markets, Deloitte expects China to continue to be the driving force in the growth of millionaire wealth, followed by Brazil and Russia. In the developed markets, Australia and Singapore will have the fastest growth rate of millionaire households.
Millionaires in Singapore, a hub for wealth management in the Far East, may surpass Switzerland as the world’s highest per millionaire wealth by 2015 with $4.5 million, according to the study, conducted by Oxford Economics.
That said, the United States is likely to remain home to the most millionaires, doubling to 20 million households by 2020 from this year. The total wealth among U.S. millionaires will reach $87 trillion by 2020, an annual growth rate of 9 percent.
As a result, Deloitte’s Freeman said banks, brokers and trusts have plenty of growth opportunities in states like California, Florida and New Jersey, which has the greatest density of U.S. millionaires.
Wealth in the study includes financial assets (stocks, bonds, and other investments) and nonfinancial assets including primary residence, durables, business equity and other assets.
By Joseph A. Giannone. Editing by Steve Orlofsky
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Can a small business really create a plan on a postcard?
“Yes! An effective small business plan that covers no more than a postcard is more than possible, it’s practical and effective”
The Apple Billionaire That Could Have Been
Meet Ron Wayne, the senior in the triumvirate that founded Apple in 1976. He lasted just two weeks with the company, and says he realized he was too advanced in years to deal with the roller coaster ride of launching a new company.
Wayne sold his 10 percent stake in the company back to the other two founders, Steve Wozniak and the late Steve Jobs, for about $2,300, and went back to his job at Atari.
What might that 10 percent stake be worth today? $35 billion.
He’s at peace with the decision, according to the New York Daily News:
Wayne, now 77 and semi-retired in Nevada, recently wrote a memoir about his small place in business history, “Adventures of an Apple Founder” – available, ironically enough, on Apple’s iBooks store. In a Bloomberg Television interview this week, Wayne reiterated that his decision to leave Apple was the right one at the time.
“If I’d stayed with them, I was going to wind up the richest man in the cemetery, so I figured it was best for me to go off and do other things,” Wayne said.
He talked to Bloomberg Television about the experience, and about Jobs, who died last week at 56. “I’ve never regretted pulling out,” Wayne said.
By Ted Mann | The Atlantic Wire
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Can a small business really create a plan on a postcard?
“Yes! An effective small business plan that covers no more than a postcard is more than possible, it’s practical and effective”
Tech mogul pays bright minds not to go to college
SAN FRANCISCO – Instead of paying attention in high school, Nick Cammarata preferred to read books on whatever interested him. He also has a gift for coding that got him into Carnegie Mellon University’s esteemed computer science program despite his grades.
But the 18-year-old programmer won’t be going to college this fall. Or maybe ever.
Cammarata is one of two dozen winners of a scholarship just awarded by San Francisco tech tycoon Peter Thiel that comes with a unique catch: The recipients are being paid not to go to college.
Instead, these teenagers and 20-year-olds are getting $100,000 each to chase their entrepreneurial dreams for the next two years.
“It seems like the perfect point in our lives to pursue this kind of project,” says Cammarata of Newburyport, Mass., who along with 17-year-old David Merfield will be working on software to upend the standard approach to teaching in high school classrooms.
Merfield, the valedictorian of his Princeton, N.J., high school class, is turning down a chance to go to Princeton University to take the fellowship.
Thiel himself hand-picked the winners based on the potential of their proposed projects to change the world.
All the proposals have a high technology angle but otherwise span many disciplines.
One winner wants to create a mobile banking system for the developing world. Another is working to create cheaper biofuels. One wants to build robots that can help out around the house.
The prizes come at a time when debate in the U.S. over the value of higher education has become heated. New graduates mired in student loan debt are encountering one of the toughest job markets in decades. Rising tuitions and diminishing prospects have led many to ask whether college is actually worth the time and money.
“Turning people into debt slaves when they’re college students is really not how we end up building a better society,” Thiel says.
Thiel made his fortune as a co-founder of online payment service PayPal shortly after graduating from Stanford Law School. He then became the first major investor in Facebook. In conversation and as a philanthropist, Thiel pushes his strong belief that innovation has stagnated in the U.S. and that radical solutions are needed to push civilization forward.
The “20 Under 20″ fellowship is one such effort. Thiel believes that the best young minds can contribute more to society by skipping college and bringing their ideas straight to the real world.
And he has the shining example of Facebook to back up his claim. Thiel’s faith in the world-changing potential of Harvard dropout Mark Zuckerberg’s idea led him to invest $500,000 in the company, a stake that is now worth billions.
Still, the Zuckerbergs of the tech industry are famous because they are the exceptions. Silicon Valley is littered with decades-worth of failed tech startups.
Vivek Wadhwa, director of research at Duke University’s Center for Entrepreneurship and a writer for TechCrunch and Bloomberg Businessweek, has assailed Thiel’s program for sending what he sees as the message that anyone can be Mark Zuckerberg.
“Silicon Valley lives in its own bubble. It sees the world through its own prism. It’s got a distorted view,” Wadhwa says.
“All the people who are making a fuss are highly educated. They’re rich themselves. They’ve achieved success because of their education. There’s no way in hell we would have heard about Peter Thiel if he hadn’t graduated from Stanford,” he says.
Thiel says the “20 Under 20″ program shouldn’t be judged on the basis of his own educational background or even the merits of his critique of higher education. He urges his critics to wait and see what the fellows achieve over the next two years.
According to data compiled by the Georgetown University Center on Education and the Workforce, workers with college degrees were laid off during the Great Recession at a much lower rate than workers without degrees. College graduates were also more likely to be rehired.
But for fellowship recipients like John Burnham, 18, such concerns pale next to the idealism of youth. At his prep school in western Massachusetts, Burnham started an alternative newspaper to compete with the school’s official publication.
The entrepreneurial experience of creating something out of nothing captured his imagination. Now his ambitions have grown.
Burnham believes that the world’s growing population will put an unsustainable strain on the planet’s natural resources. That’s why he’s looking to other worlds to meet humanity’s needs.
Specifically, he believes that mining operations on asteroids could hold the key. For the next two years, he’ll be studying rocket propulsion technology and puzzling through the economics of interplanetary resource extraction.
“This fellowship is so much of a better fit for my personality than I think college would be,” Burnham says. “When you get an opportunity of the magnitude of this fellowship, I couldn’t see myself being able to wait.”
By MARCUS WOHLSEN, Associated Press
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