Cyber Security Awareness: Ransomware

Posted on October 14, 2021 by admin

“Organizations and consumers are frequently exposed to the clear and present danger of sophisticated phishing and ransomware cyber attacks.”

Over the last several years, ransomware has remained a “clear and present” cyber security threat for organizations and individuals around the world. As companies have gone increasingly digital, cyber criminals have sought to maximize their profits by exploiting the vulnerabilities that come with a rapidly expanding cyber ecosystem.

Global cyber threats include ransomware, common hacks such as phishing and malware, or complex state- sponsored spying efforts like with SolarWinds. And, the frequency of today’s cyber attacks is growing and compelling companies to secure their networks with the most modern threat detection technology.

Ransomware is a malware that infects computers (and mobile devices) and restricts their access to files, often threatening permanent data destruction unless a ransom is paid. It has reached epidemic proportions globally. According to the Cybersecurity and Infrastructure Assurance Agency (CISA): “Ransomware is an ever-evolving form of malware designed to encrypt files on a device, rendering any files and the systems that rely on them unusable. Malicious actors then demand ransom in exchange for decryption. Ransomware actors often target and threaten to sell or leak exfiltrated data or authentication information if the ransom is not paid.”

These cyber attacks against U.S. companies and organizations result in shutdown of critical infrastructure, which can create shortages, increased cost of goods/services, financial loss due to shutdown of operations, and loss of money due to having to pay the ransom to the hackers, and worse.

Ransomware costs include ransom payouts, damage and destruction (or loss) of data, downtime, lost productivity, post-attack disruption to the normal course of business, forensic investigation, restoration and deletion of hostage data and systems, reputational harm, and employee training in direct response to the ransomware attacks.

Source: Cybersecurity Ventures

For example, the DarkSide hacker gang is an organized group of hackers set up along the “ransomware as a service” business model, meaning they develop and market ransomware hacking tools, and sell them to other cyber criminals who then carry out cyber attacks. Additionally, DarkSide steals private data and threaten to make it public unless the victim pays a large sum of money — typically in the range of $200,000 to $2 million, according to CNBC. The FBI has determined that DarkSide was behind the devastating Colonial Pipeline ransomware cyber attack which targeted the company’s billing system and internal business network. Subsequently, the company reportedly paid out $4.4 million dollars in bitcoin. Fortunately, US law enforcement was able to recover much of the $4.4 million ransom payment.

Human element

“Ransomware is expected to attack a business every 11 seconds by the end of 2021.” Steve Morgan, Editor-in-Chief, Cybersecurity Ventures

Ransomware still uses social engineering as its main infection vector,” says KnowBe4’s Sjouwerman. “Some 91% of cyberattacks begin with a “spear phishing” email, according to research from security software firm Trend Micro.

Spear phishing is an increasingly common form of phishing that makes use of information about a target to make attacks more specific,sophisticated and “personal”. These attacks may, for instance, refer to their targets by their specific name or job position, instead of using generic titles like in broader phishing campaigns.

According to research firm Cybersecurity Ventures, ransomware damages will reach $20 billion this year, up more than 100% from 2018 and 57 times higher than in 2015.

As cyber attacks and ransomware continues to grow in frequency and severity, it’s essential that individuals receive security awareness training that specializes in making sure they understand the mechanisms of spam, phishing, spear phishing, malware, ransomware and social engineering and apply this knowledge in their day-to-day online activities.

Additionally, it’s imperative that organizations employ an endpoint detection and response (EDR) tool which can provide the visibility and cyber protection that organizations need.

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October is National Financial Planning Month

Posted on October 13, 2021 by admin

“Financial Planning Month is a great opportunity to get your finances and budgets in order before life gets too busy.”

See the source image

October is National Financial Planning Month—an ideal time to plan your financial health and future. Research from the Brookings Institution shows that just one-third of Americans are truly financially healthy. Half are just coping, while nearly one in five are financially vulnerable, acdording to The U.S. Financial Health Pulse 2020 Trends Report. Financial health at a minimum addresses the ability of individuals and families to meet their current obligations and needs, absorb and recover from financial shocks, secure their future, and improve their financial situation over time. And, financial planning can be an essential tool in improving an individual and family’s financial health.

As of August 2020, 33% of people in America were Financially Healthy, 50% were Financially Coping, and 17% were Financially Vulnerable U.S. Financial Health Pulse 2020 Trend Report, Financial Health Network

Many individuals think financial planning is only needed for wealthy investors with complex financial asset portfolios, but the reality is a financial plan is something that can help everyone — not just the wealthy. Financial planning simply means having a well-thought-out strategy that helps you achieve longer-term financial goals and build wealth while meeting near-term money needs.

You should have a financial plan in order to increase your likihood of reaching your financial goals and maintaining your lifestyle. Financial planning includes budgeting, emergency planning, investing, tax planning, retirement planning, and basically other ways to get your finances in order and create mindful budgets to ensure a safe and secure future.

Financial planning applies to everyone, whether you’re just starting out or are a wealthy investor.
A financial plan answers real questions to help you make better day-to-day decisions and reach your financial goals—and it doesn’t have to be expensive or complicated.

With a plan, you can set short-term and long-term financial goals and benchmarks. You can estimate the amount of money you will likely need to meet retirement, college, and health care expenses. You can also get a good look at your present financial situation—where you stand in terms of your net worth and cash flow, which will thehelp you understand the distance between where you are financially and where you would like to be in the future.

Growing and retaining wealth takes more than just investing. Along the way, you must plan to manage risk, manage and eliminate bad personal debt, and defer or reduce taxes. A good financial plan addresses those priorities while defining your investment approach. It changes over time, to reflect changes in your life and your financial objectives.

Having a savings account is a good start, but money in a savings account simply won’t produce the total returns and dividends that are needed for long-term financial success and very few Americans retire on savings alone. Rather, they invest some of their savings and retire mostly on the accumulated earnings those invested dollars generate over time.

Investing your money and capital in assets is essential to achieve financial freedom. In fact, most Americans retire with the money that they earned from investing, not the money they set aside in their savings account.

Last year, a Gallup poll found that just 38% of investors had a written financial plan. Gallup asked those with no written financial strategy why they lacked one. The top two reasons? They just hadn’t taken the time (29%), or they simply hadn’t thought about it (27%).

Paying down debt is also an integral part of a financial plan. Many people get overwhelmed when thinking about debt and developing a strategy to pay it down. Debt, not including your mortgage, should consume less than 20% of your income. With your mortgage, debt should equal 40% or less. Paying the debt with the highest interest first will reduce the amount of interest you pay and saves more money; however, paying the smallest balances first allows you to see progress quicker.

Financial planning is the key to getting on the road to financial success and freedom.

A financial plan simply means knowing where you want to go financially and figuring out how best to harness your resources to get you there. And it’s not just about money. It’s about your “why” (purpose, cause or belief that drives you), your aspirations, your priorities for you and your family, and how to protect yourself both now and in the future.

To get started mapping out your financial future, it’s essential that you understand why you’re doing what you’re doing. Knowing your why is the single most important question you can ask with respect to your financial future.

Failure to ask and answer the question “why” can be the single greatest oversight you can make when it comes to your quest for financial freedom. Those who do have a strong sense of why they are “saving and investing” are more likely to reach their financial goals.

After determining your why, here are 10 Steps you can follow to prepare a do it yourself (DIY) Financial Plan, according to Charles Schwab:

Write down your goals—The first thing you should ask yourself are what are your short-term needs? What do you want to accomplish in the next 5 to 10 years? What are you saving for long term? It’s easy to talk about goals in general, but get really specific and write them down. Which goals are most important to you? Identifying and prioritizing your goals will act as a motivator as you dig into your financial details.
Create a net worth statement—Achieving your goals requires understanding where you stand today. So start with what you have. First, make a list of all your assets—things like bank and investment accounts, real estate and valuable personal property. Now make a list of all your debts: mortgage, credit cards, student loans—everything. Subtract your liabilities from your assets and you have your net worth. But whatever it is, you can use this number as a benchmark against which you can measure your progress.
Review your cash flow—Cash flow simply means money in (your income) and money out (your expenses). How much money do you earn each month? Be sure to include all sources of income. Now look at what you spend each month, including any expenses that may only come up once or twice a year.
Zero in on your budget—Your cash-flow analysis will let you know what you’re spending. Zeroing in on your budget will let you know how you’re spending. Write down your essential expenses such as mortgage, insurance, food, transportation, utilities and loan payments. Don’t forget irregular and periodic big-ticket items such as vehicle repair or replacement costs, out of pocket health care costs and real estate taxes. Then write down nonessentials—restaurants, entertainment, even clothes. Examining your expenses helps you plan and budget when you’re building an emergency fund. It will also help you determine if what you’re spending money on lines up with what is most important to you.
Focus on debt management—Debt can derail you, but not all debt is bad. Some debt, like a mortgage, can work in your favor provided that you’re not overextended. It’s high-interest consumer debt like credit cards that you want to avoid. Try to follow the 28/36 guideline suggesting no more than 28 percent of pre-tax income goes toward home debt, no more than 36 percent toward all debt. Look at each specific debt to decide when and how you’ll systematically pay it down.
Get your retirement savings on track—Whatever your age, retirement saving needs to be part of your financial plan. The earlier you start, the less you’ll likely have to save each year. You might be surprised by just how much you’ll need—especially when you factor in healthcare costs. But if you begin saving early, you may be surprised to find that even a little bit over time can make a big difference. Calculate how much you will need and contribute to a 401(k) or other employer-sponsored plan (at least enough to capture an employer match) or an IRA.
Check in with your portfolio—If you’re an investor, when was the last time you took a close look at your portfolio? Market ups and downs can have a real effect on the relative percentage of stocks and bonds you own—even when you do nothing. And even an up market can throw your portfolio out of alignment with your feelings about risk. Don’t be complacent. Review and rebalance on at least an annual basis.
Make sure you have the right insurance—Having adequate insurance is an important part of protecting your finances. We all need health insurance, and most of us also need car and homeowner’s or renter’s insurance. While you’re working, disability insurance helps protect your future earnings and ability to save. You might also want a supplemental umbrella policy based on your occupation and net worth. Finally, you should consider life insurance, especially if you have dependents. Review your policies to make sure you have the right type and amount of coverage.
Know your income tax situation—The Tax Jobs and Cuts Act of 2017 changed a number of deductions, credits and tax rates beginning in 2018. And that caught a lot of people by surprise as they filed last year’s taxes. For instance, standard deductions were increased significantly, eliminating the need to itemize for a lot of people. To make sure you’re prepared for tax season, review your withholding, estimated taxes and any tax credits you may have qualified for in the past. The IRS has provided tips and information at https://www.irs.gov/tax-reform. Taking advantage of tax sheltered accounts like IRAs and 401(k)s can help you save money on taxes.
Create or update your estate plan—At the minimum, have a will—especially to name a guardian for minor children. Also check that beneficiaries on your retirement accounts and insurance policies are up-to-date. Complete an advance healthcare directive and assign powers of attorney for both finances and healthcare.

“Saving is a great start, but planning to reach your financial goals is even better.”

A financial plan can be especially important if you don’t have a lot of money because it can help you get on the path to greater financial strength and health. Think of it like a roadmap. Specifically, if you want to enjoy your senior years to the fullest, taking the time to financially plan for retirement is a smart bet to enhancing your financial health. Financial health at a minimum should address the ability of individuals and families to meet their current financial obligations and needs, absorb and recover from financial shocks, secure their future, and improve their financial situation and build wealth over the long term.

Successful investing starts with knowing your purpose why and with financial planning. Investors who stick to a financial plan have an average total net worth that’s 2.5 times greater than those who don’t follow one, according to Charles Schwab research. Financial planning helps you understand where you are today. It also creates a roadmap to get you where you want to be.

References:

U.S. Tax Policy Favors Savings

Posted on October 12, 2021 by admin

As prices rise, the existential risk in the market is related to inflation. As inflation goes up so will interest rates which has negative implications to future cash flows (this disproportionately negatively affects tech companies). Regarding rising interest rates and during a rising inflationary period, the surest way to survive is to keep growing faster than the rate of rising costs. Chamath Palihapitiya, Social Capital 2020 Annual Letter

While investors react nervously regarding factors like inflation, government gridlock in Washington, and geopolitical and macroeconomic issues around the world, the stock markets continue their broad selloff. While the $1.5 trillion bipartisan infrastructure bill has passed the Senate, the legislation has been stalled in the House of Representatives, and some pundits are questioning whether the legislation can be passed due to political wrangling among Democrats.

The U.S. tax code broadly incentivizes savings for two different reasons:

To ensure that people accumulate enough wealth to be able to support themselves during retirement.
The nation’s savings provides capital for businesses to borrow, invest, and expand, which is necessary to increase economic growth.

The tax code incentivizes savings in several different ways:

The U.S. does not tax investment returns until the person actually realizes it—an investor who owns a stock that doubles in price doesn’t pay the IRS until he sells it.
It taxes certain investment income—most notably capital gains—at a lower rate than ordinary income.
Investors can make investments via a variety of tax-preferred savings accounts, such as individual retirement accounts (IRAs) or their 401(k) retirement accounts set up by their employer.

An investor can either deduct the money he puts into the account from his ordinary income and then pay taxes on the money only when he takes it out upon retirement (traditional IRA and 401(k), or he can pay taxes up front on the income and then the money in the account goes untaxed upon withdrawal (Roth IRA).

A retiree with $1.5 million in his or her 401(k) will discover that taxes will consume 25 to 35 percent of every withdrawal which dramatically reduce the financial freedom of the retirement nest egg.

Proposals in Congres to pare back this tax break—such as by assessing a tax on unrealized capital gains each year or treating capital gains income the same as ordinary income—have fortunately foundered. The former would be unworkable for many people (the year after a robust stock market would a trigger a big tax bill for anyone with a stock portfolio and force millions to dispose of a portion of their investments) and the latter would also effectively reduce savings by greatly reducing the long-term real returns.

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5 Rules to Buy Low and Sell High in the Stock Market

Posted on October 11, 2021 by admin

“The reason people buy high, besides the fact that they are investing on emotion, is because they don’t know how to value a business.” Tom Vilord

The exact same events can be interpreted differently by investors.

Stock prices fluctuate based on many factors: world events, the Treasury bond interest rate, a company’s growth earnings, the perceived risk of a stock, inflation, the economic strength of the market, and so on. The price of a stock at any given time is based on the supply and demand driven by emotions at that specific moment in the market.

Most investors buy high and expect to sell higher. “I think the reason people buy high, besides the fact that they are investing on emotion, is because they don’t know how to value a business,” says Tom Vilord, president and CEO of Wall Street Value, an investor consulting and education company. “It’s as simple as that.”

In contrast, to buy low and sell high, here are five rules, according to Value Walk:

Buy Stocks That Are Out-of-Favor – One way to find a company trading at a terrific value is to select a stock that is out-of-favor – meaning that people are selling the stock for a reason. If a stock is low, it’s low because people don’t like it. Whether the stock is down due to macroeconomic events, industry specific downturns, or company disasters, the majority of investors will want to steer clear. The uglier a company’s future looks, the cheaper the stock will be.
Sell Stocks That Are In-Favor – Typically, in-favor stocks are expensive. If investors are excited about the prospects of a particular company, they will pay more to own it. This is precisely the time when a stock should be sold, not bought. The brighter a company’s future appears to be, the more someone will be willing to pay you for the stock.
Ignore Sell-Side Analysts – A sell-side analyst is a professional money manager who analyses a stock for the purpose of selling a report of his or her analysis. The problem with sell-side analysis is that there are some significant career risks which influence an analyst’s opinion. The first risk has to do with an analyst’s fear of being different. This results in most sell-side analysts playing it safe and making most sell recommendations when a stock is widely disliked and already low.
Overcome Your Emotional Instincts – Your biggest enemy as an individual investor is yourself. Investing does not come naturally to humans. Our emotional instincts make us panic at the first sign of danger and become euphoric as circumstances improve. Following these instincts causes people to make terrible investment decisions and ultimately to buy and sell at the wrong times. When stocks are at all-time highs, we become excited and buy because everything is great. When stocks are falling, we panic and sell because there’s no saying how far prices will go. Investors who can overcome these deep-rooted emotions will ultimately outperform everyone else who simply follows the herd.
Base Decisions on Fundamental Data – Using current and historical financial statements to calculate a company’s value prevents overly optimistic or pessimistic analysis. Actual data removes any sense of emotion and uncertainty when evaluating an investment.

When it comes to investing, emotions are best ignored. Fear, greed and other emotional signals from the amygdala part of your brain, can easily derail even the best-laid investing plans.

Emotional investing occurs when investors make reactionary decisions about their assets based on a feeling of how the market is performing rather than on the company’s fundamentals and how the market is likely to perform long term, says Zack Shepard, vice president of Matson Money in Scottsdale, Arizona.

Individual investors who buy low and sell high in the stock market often do well in the stock markets. Thus, it’s important to ignore past price levels. Failing to do so will cause anchoring bias. Investors often determine whether a stock is high or low based on what the price was in the past, instead of a company’s fundamental.

Having a plan, even if you don’t follow the plan, is better than having no plan at all. Peter Thiel

References:

World Mental Health Day

Posted on October 10, 2021 by admin

“Nothing can dim the light that shines from within” ~ Maya Angelou

Today, Sunday, October 10, 2021, is World Mental Health Day.

World Mental Health Day is an opportunity to increase awareness of mental health issues and break down stigma.

This year’s theme is: “Mental Health Care for All: Let’s Make it a Reality” #WorldMentalHealthDay.

The pandemic has had a major impact on people’s mental health, so it is important to take a step back and focus on maintaining a healthy mind and to focus on mental and emotional well-being.

Today, October 10, is World Mental Health Day. The pandemic has had a major impact on people's mental health, so it is important to take a step back and focus on maintaining a healthy mind.
What are some more ways you can prioritize your mental health? #mentalhealth #mindfulness pic.twitter.com/vKdo1AzyIa

— unlearn. (@unlearn_com) October 10, 2021

Key Mental Heath facts:

Close to one billion people globally have a mental disorder and anyone, anywhere, can be affected.
Young people are struggling most with their mental health. The proportion of youth ages 11-17 who accessed screening was 9 percent higher than the average in 2019. Not only are the number of youth searching for help with their mental health increasing, but throughout the COVID-19 pandemic youth ages 11-17 have been more likely than any other age group to score for moderate to severe symptoms of anxiety and depression.
Depression is a leading cause of disability worldwide and is a major contributor to the overall global burden of disease. Globally, it is estimated that 5% of adults suffer from depression.
Globally, one in seven 10-19-year-olds experience a mental disorder. Half of all such disorders start by age 14 years but most are undetected and untreated.
People with severe mental disorders such as schizophrenia tend to die 10-20 years earlier than the general population.
One in every 100 deaths is by suicide. It is the fourth leading cause of death for young people aged 15-29 years.
The COVID-19 pandemic has had a considerable impact on people’s mental health. People screening at risk for mental health conditions are struggling most with loneliness or isolation. From April to September 2020, among people who screened with moderate to severe symptoms of anxiety or depression, 70 percent reported that one of the top three things contributing to their mental health concerns was loneliness or isolation.

Today is an excellent opportunity to discuss mental health in general, how to eliminate the stigma associated with it, and the necessity of speaking out when dealing with a mental health problem.

Simple ways to focus on your mental health and emotional well-being

Taking care of yourself emotionally and mentally should start with your first thoughts and actions of the day. Instead of checking social media, draw in a few deep breaths, and think of three things you’re grateful and thankful for. These can be significant, like your spouse, job or health, or modest, like the weather, the view from your window, or even the luxury of those first breaths.

There are a number of actions or activities you can try if there are times when you’re not feeling at your best mentally or emotionally:

Take part in a physical activity – this can include things like walking, dancing, cycling and even a game of hide and seek or tag!
Spend time with supportive people – these could be friends, family members or people at school or church – even if you aren’t able to meet in person, virtual meetings can be just as beneficial.
Make sure you’re getting enough sleep.
Spend time outdoors.
Plan something to look forward to like reading a new book, baking something tasty, or taking part in a sport or activity you love.
Consume a healthy and balanced diet, which includes treating yourself occasionally, and eliminating alcohol and drugs.
Help others as giving back can help you feel better.

Source: Mental Health America

References:

Systemic Racism and Unconscious Bias in America

Posted on October 10, 2021 by admin

“I look to a day when people will not be judged by the color of their skin, but by the content of their character.” Reverend Dr. Martin Luther King, Jr., “I have a dream speech”

Over the past centuries, Americans have permitted systemic racism and unconscious bias to affect how an entire race and class of people are mistreated – by the justice system, by the penal system, by the social welfare system, by the education system, by the financial system, and the list goes on – because of the color of their skin, stated Chamath Palihapitiya, founder and CEO of Social Capital. In no reasonable, moral worldview is this acceptable.

The salient point is that equality, for all Americans, is an essential pillar of the US democracy and its capitalist economy…not a discretionary feature that can be arbitrarily turned off and turned on based on the whim of public and private leaders.

Conversely, we, as a nation, can’t fix what we don’t acknowledge and we need to acknowledge that systemic racism and unconscious bias have happened and continues to happen, and begin the hard work of finding solutions.

One solution

“We can’t solve problems by using the same kind of thinking we used when we created them.” Albert Einstein

In the past eighteen months since George Floyd murder at the knee of law enforcement, many private sector companies are embracing their role in creating more equitable workplaces, addressing societal racial inequality and even donating to causes working to end racism. Robert F. Smith, Founder, CEO and Chairman of Vista Capital, argues that if we want to see lasting, meaningful change, the private sector’s efforts to address structural racism, we need the private sector to step up and deploy “permanent capital” — meaning investments and commitments that are scalable and focused on the long-term.

Specifically, companies should designate 2% of their yearly earnings to closing racial opportunity gaps, diversifying their boards and pension managers, making higher education more affordable, and addressing disparities that they’re uniquely qualified to help solve.

For example, telecommunications companies have a “special responsibility to end connectivity deserts” where one in three Black households have no broadband internet or computer access, according to Smith.

Health care companies can work to address racial health inequities, and software companies can make affordable tools to help Black sole proprietors and small business owners better handle payroll and customer acquisition.

“It is all too easy to let the urgency of a moment fade away with little to show for it,” Smith said. “Let’s meet this moment. We have the tools, the technologies and the access to capital to do it. All we need is the willpower to see this through.”

References:

Robert F. Smith, Blazing a Remarkable Path

Posted on October 9, 2021 by admin

American investor, inventor, engineer, philanthropist, entrepreneur. Robert F. Smith is the Founder, Chairman and CEO of Vista Equity Partners, focused on investing and partnering with leading enterprise software companies.

The software titan Robert F. Smith is a philanthropist and the wealthiest African American in the U.S., with a self-made net worth of more than $5 billion. He was raised in a working-class Denver neighborhood in the 1970s. And, it was a high-school science class in his junior year that sparked his interest in transistors, the building blocks of computers, cellphones and other electronic devices.

Mr. Smith was educated as an engineer at Cornell University, earning his B.S. degree in Chemical Engineering in 1985. After graduation, he worked at Goodyear Tire and Rubber, followed by Kraft General Foods, where he obtained two United States and two European patents for coffee filtration systems.

Upon receiving his MBA in 1994, he joined Goldman Sachs in tech investment banking, first in New York City and then in Silicon Valley. At Goldman, he advised tech companies such as Apple, Yahoo and Microsoft on over $50 billion of mergers and acquisitions activities. Mr. Smith knew his talents and his niche, and Goldman gave him the platform to showcase them. He became the first person at Goldman to focus purely on mergers and acquisitions of technology and software companies.

In 2000, Mr. Smith founded Vista Equity Partners to invest in businesses that develop and use technology, software and data to promote economic equity, ecological responsibility and diversity and inclusion for the prosperity of all. Vista invests and develops businesses focused on using tech to create value, new businesses, or helping to solve some of the world’s issues.

He is Founder, Chairman and CEO of Vista Equity Partners, which includes 64 companies. Companies like TIBCO, a technology company. He climbed from humble roots in Denver to the pinnacle of the 1990s dot-com boom as a Goldman Sachs banker in San Francisco; he went on to found Vista in 2000 in Austin, Texas.

Vista currently manages equity assets under management of over $81 billion and oversees a portfolio of more than 70 enterprise software, data and technology-enabled companies that employ over 75,000 people worldwide.

Vista had grown into an impossible-to-overlook force, delivering a 31 percent average annual return since its founding. “Vista Equity Partners Emerges from Private-Equity Shadows” read a Wall Street Journal headline.

Mr. Smith is also the founding director and President of the Fund II Foundation. Started in 2014, the foundation has made significant contributions to support scholarships for minority students interested in science, engineering and math, research on breast cancer in Black women and the preservation of Martin Luther King Jr.’s birth and family homes. It also backed Mr. Smith’s recently announced Student Freedom Initiative to ease the debt burden of students at historically Black colleges and universities.

This is another great example of institutions and corporations joining forces to do well and do good. We know that social and economic justice are inextricably linked, and we can tear down barriers when strategically allocate capital at scale. https://t.co/MXzAzW5ET4

— Robert F. Smith (@RFS_Vista) September 24, 2021

Throughout all of his successes, Mr. Smith has demonstrated the importance of giving back. In 2017, Mr. Smith signed the Giving Pledge and was the first African American to do so. In his pledge, Mr. Smith committed to investing half of his net worth during his lifetime “to causes that support equality of opportunity for African Americans, as well as causes that cultivate ecological protection to ensure a livable planet for future generations.”

But it took a grand gesture at Morehouse College to cement Smith’s status as one of the world’s most interesting philanthropists. To the shock of Morehouse officials, Smith went off-script during his commencement speech and told the 396 graduating students that he would pay off their student loans at a cost to him of about $40 million.

“I was looking at 400 students 400 years after 1619,” he says, referring to the beginning of American slavery. “And they were burdened. And their families were burdened. They had taken on a tremendous amount of debt to get that education. And liberating them was the right thing for me to do. Honestly, I didn’t think it was going to be that big of a deal,” he continued. “I mean, globally. I didn’t realize how many people understood the pain and debilitating effect that student debt has for decades—not just on that individual but on families.”

Mr. Smith believes strongly that “anyone can achieve success if they believe they are worth it and think deeply about how to achieve their goals.”

From an August 2020 article in Urbjournal.com, here are 5 pieces of advice Mr. Smith gives to all young professionals:

You need to recognize and use all your skills – Understanding and evaluating your skillset is important; it will let you know what skills you have and more importantly, which ones you need to improve or acquire. It will also give you a very good indication as to who you need on your team, depending on what skills they have.
Give yourself the best chances of succeeding – To achieve a level of success, you’ll need to give yourself the best chances of succeeding by picking promising sectors and business industries which are projected to grow in the long-term. By focusing on growing and promising industries, you’ll give yourself the best chance of coming up with innovative products, services or solutions that create demand.
Learn to take risks – Taking risks whilst you’re young is important. Smith has consistently taken risks. “So what makes me tick? I didn’t want to be ordinary. I wanted to create something that had not been done on this planet,” Smith said. Taking risks doesn’t mean jumping into any and everything – that can be as detrimental as not taking enough risks. In Smith’s words, “take thoughtful risks”.
Recognize the importance of diversity, and work to increase it – Diversity has become increasingly important to companies, everyone is looking at ways to increase the diversity of their leadership and people. And, Black professionals have an important role to play: yet, to become successful, you first have to get through the door by creating processes and institutions which value equal opportunity above all else. “We must get as much mass pushed through the system by opening up the process as wide as you can. We need to take that approach instead of going retail in which corporations only select one or two exceptional students from elite schools,” Mr. Smith said.
You’ll need to make sacrifices – It’s no secret that to achieve success, you’ll need to make some sacrifices. For Mr. Smith, it was work-life balance: “Our world isn’t designed for spectacular success and a balanced life” he said in an interview.

References:

The Youtube video interview features Robert F. Smith and Robert Green, President & CEO of the National Association of Investment Companies (NAIC). NAIC is the largest network of diverse-owned private equity firms and hedge funds. NAIC is focused on increasing the flow of capital to high-performing diverse investment managers often underutilized by institutional investors.

Cybersecurity Awareness Month Safety Tips

Posted on October 8, 2021 by admin

Each and every one of us needs to do our part to make sure that our online lives are kept safe and secure.

Cybersecurity Awareness Month is a government and private sector partnership that raises awareness about cybersecurity and stresses the collective effort required to stop cyber crimes, online thefts, and scams.

Malicious cyber activity threatens the public’s safety and America’s national and economic security. Taking the right security measures and being alert and aware when connected are key ways to prevent cyber intrusions and crimes.

It’s important to understand the more common cyber crimes and risks online, which include:

Business e-mail compromise (BEC) scams exploit the fact that so many of us rely on e-mail to conduct business—both personal and professional—and it’s one of the most financially damaging online crimes.
Identity theft happens when someone steals your personal information, like your Social Security number, and uses it to commit theft or fraud.
Ransomware is a type of malicious software, or malware, that prevents you from accessing your computer files, systems, or networks and demands you pay a ransom for their return.
Spoofing and phishing are schemes aimed at tricking you into providing sensitive information to scammers.
Online predators are a growing threat to young people.

The FBI is the lead federal agency for investigating cyber crimes and intrusions. They recommend that you should follow the cyber safety tips below to help protect yourself and your family:

Cyber Safety Tips

Keep software systems up to date and use a good anti-virus program.
Examine the email address and URLs in all correspondence. Scammers often mimic a legitimate site or email address by using a slight variation in spelling.
If an unsolicited text message, email, or phone call asks you to update, check, or verify your account information, do not follow the link provided in the message itself or call the phone numbers provided in the message. Go to the company’s website to log into your account or call the phone number listed on the official website to see if something does in fact need your attention.
Do not open any attachments unless you are expecting the file, document, or invoice and have verified the sender’s email address.
Scrutinize all electronic requests for a payment or transfer of funds.
Be extra suspicious of any message that urges immediate action.
Confirm requests for wire transfers or payment in person or over the phone as part of a two-factor authentication process. Do not verify these requests using the phone number listed in the request for payment.

Only together can we achieve safety, security, and confidence in a digitally connected world.

References:

Financial Paradigm

Posted on October 7, 2021 by admin

“We think we see the world as it is, when in fact we see the world as we are.” Stephen R. Covey

Paradigms [pronounced para-dimes], like mindset, represent your views of the world, your explanations for what you observe in and think about the world around you.

You think that you see the world as it is. In fact, you really see the world as you are, Stephen Covey wrote in his seminal book, The 7 Habits of Highly Effective People. “We project onto the outside world, our environment, the people we associate with, including how we see ourselves. We project out of our own conditioning experiences, our own background, a certain representation, a certain model, a certain set of expectations, a certain assumption on that reality out there. We think that’s the way it is.”

As a metaphor, compare your paradigms to the lenses in your glasses. What you see isn’t a completely accurate reflection of reality, it is shaped by your beliefs, thoughts, feelings, attitudes, behaviors and perceptions. Yet, “We are not our feelings. We are not our moods. We are not even our thoughts… self-awareness enables us to stand apart and examine even the way we ‘see’ ourselves,” according to Stephen R. Covey.

Your paradigms shape how you interpret the world, and your interpretation governs how you behave; thus, changing the lens we use in deciding how to change your behavior. Each person’s experiences and biology creates different paradigms, so two people with different paradigms can look at the same facts, interpret them completely differently, and both be right.

Covey referred to paradigm as a map; it is a map of your perceptions, your frame of reference, your worldview, your value-system, your autobiography that you’re projecting upon the outside world.

Paradigms are natural and inevitable, and they are useful to you in many ways. However, sometimes your paradigms can become so far removed from reality that they become dysfunctional.

A “paradigm shift” occurs when your paradigms change, allowing you to see the world in a new and different perspective. Sometimes this can happen suddenly, and sometimes very gradually.

“Paradigms are powerful because they create the lens through which we see the world. If you want small changes in your life, work on your attitude. But if you want big changes, work on your paradigm.” Stephen R. Covey

Any true happiness or fulfillment or success will have to come from the inside-out, and be based upon a sound character, Covey repeatedly stated. His message was a simple one: “for true success and meaning in life, we must be principle-centered in all areas [purpose, health, emotional well-being and financial] of life”. A teacher at heart, he often taught, “There are three constants in life: change, choice and principles.”

"If you want small changes, work on your behavior; if you want quantum-leap changes, work on your paradigms." – Stephen R. Covey #Paradigm #7Habits #Behavior #Leadership #QOTD
For more on The 7 Habits of Highly Effective People, visit here: https://t.co/Wq3DBVP5Kq pic.twitter.com/HuCsm4rTE5

— Stephen R. Covey (@StephenRCovey) May 31, 2021

“The significant problems we face cannot be solved at the same level of thinking we were at when we created them.” Albert Einstein

Most behavioral financial experts focus on an investor’s behavior and on emotions. Without a doubt, both of those concepts are very important regarding investing, but far more fundamental than either behavior or emotion, is a positive paradigm and a financial mindset.

When you understand what’s guiding your emotions, thoughts and behavior, you can make a conscious effort to refrain from acting out of those paradigms and actually choose how you respond to a person or situation.

Dr. Stephen R. Covey often proclaimed that, “the quickest way to change your paradigm is to change your role.” Become a successful investor. A parent. A leader. A business owner. It will alter your perspective overnight. You’ll see everything from a different point of view and mindset.

Be Grateful. Be Kind. Be Generous. Be at Peace.

And, Have a Positive Financial Mindset: When People are Genuinely Happy at the Financial Successes of Others, the Wealth Pie Gets Larger.

References:

Emotional Well-Being: Be at Peace

Posted on October 6, 2021 by admin

“If you are depressed, you are living in the past, if you are anxious you are living in the future, if you are at peace, you are living in the present.” Lao Tzu

Being at peace with yourself simply means that you have an ability to focus on your natural emotions of joy and feelings of calm. But, what is peace. Peace is not the absence of conflict; instead, peace is the presence of joy, kindness, love, generosity, patience and self control. It’s about being in the present.

Often, we undermine our inner peace and joy by failing to be grateful and thankful for whom we are, for what we have, and for what we have accomplished. We painstakingly compare our real day-to-day lives with the “highlights of life” depicted and embellished on in social media posts.

Marketers and advertisers constantly have you feeling that you haven’t got enough and that you are inadequate. But, it’s important to realize that you do not have to listen to everything entertainment media or your inner thoughts say. You are not your thoughts and you’re not the marketers or advertisers victim. You are in control of the things that you can control, like muting or turning off the constant media sales and marketing pitches of a better and more exciting life.

Often, we create unnecessary struggle because we believe that wherever we are is not already good enough in its own way. We focus on doing more, having more, and being more so much that we imply to ourselves that we are not yet good enough.

Being able to accept the balance between continuing to learn and grow while accepting your present life’s journey right where you are will dramatically increase your inner peace and joy.

Peace is valuable because it brings together many things that are important for our well-being, such as joy, emotional well-being, health, and fulfillment. Essentially, peace is the quiet joy and contentment of being who you want to be.

Accept the peace of the present moment and release the misgivings of the past and worries of future.

References:

From Gratitude to Greatness: Brownlee Global's Path to a Purposeful Life

Guide and Educate Individuals How to Build Long-Term Wealth, Better Manage Their Money, and Achieve Financial Freedom

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