The Year When I Stopped Going To Holiday Parties And Started Seeing Edna


At around this time over the past few years I’ve written about the posh holiday parties I went to. No luck this year. I went from the A-list to the Shit-list (I blame the blogging). So instead of eating fancy canapés and talking with very important people, I went and saw Edna.

Edna was born in 1918. She’ll be 94 years old in January. Her mother died young, she went to a home for children when she was eight. In 1936 the home went bust due to the depression and a shortage of donors. She has interesting stories of what it was like to live in Jersey City during the second depression of 1937. She remembers where she was when she learned that Pearl Harbor had been bombed. Her husband went to fight in Italy during WWII. She lived an average life, and enjoyed every minute of it.

Two years ago I got a call from an Emergency Room. Edna had arrived in an ambulance. She could not breathe and they were going to vent her. I thought it was over. Not the case. Five days in the hospital (steroids, oxygen, antibiotics and 24 hr. care) followed by twenty-one days in a rehab and she was back on her feet.

Edna’s medical problems were caused by old age. There is a valve that allows food and water to flow to the stomach, but blocks it from getting into the lungs. Edna’s did not work well. The result was "aspiration pneumonia". She had two failed operations operations to repair the valve.

There is a treatment for this. They poke a hole in the patients stomach, put in a tube and tie it to a bag that the patient wears on her on hip. Ensure gets fed to the patient via the bag. Nothing goes down the throat. Problem solved. Edna wanted no part of that.

Edna’s been to the emergency room/hospital a total of six times since that first episode. She averaged four days each time. She has had two operations and spent seven weeks in rehab.

The medical profession can truly work miracles these days. This woman should have been dead (at 92 years old) when she had her first episode. If this were 1981, she would died.

With each brush with pneumonia she was advised that she should opt for the bag. If she didn’t, then she would get sick again. I spoke with her about this on several occasions. She told me the same thing she told her Doctors:

No bag! I’d rather be dead then not eat or drink again!

I can’t blame her. But there is an ugly side to this. Given the cost of the treatment (100drs of thousands?) over the past 24 months there are questions that society has to ask Edna. (1) Does she have the right to say "no" to the medical alternative? (2) If she says "no", does society (Medicare pays for all of Edna’s bills) still have to pay for the repeated hospitalizations?

In 2011 the answers to those questions are "yes" and "yes". No treatment is without patient consent and every hospital would put out a maximum effort if she were wheeled in the ER door again. America can pay for Edna today. She is a very small percentage of the population. We are still a wealthy enough nation that we can afford to give Edna the treatments and the choices. That will not be the case in ten years.

America’s population is aging very rapidly. There will be a bulge over the next twenty years. I’ve looked at these numbers. They are out of control. I don’t think it’s possible that the country can provide the level of care that Edna has gotten to all of those other Edna’s out there.

The Edna story is a death panel story. It’s a horrible discussion to have. Does Edna, at 94, have the same medical rights to make choices as does a thirty year old? If you say no, how do you respond to new knees at 74 and new hips at 84? When you start drawing lines, it’s very hard to stop.

The easiest thing to do about this is nothing. No one wants to touch this hot potato. I can’t blame them. That said, in less than ten-years the question of what to do about Edna will be asked and answered. In the end “she” must lose some of her rights. For the life of me, I can’t figure out how that can be accomplished.

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Hewlett-Packard Isn't Looking Forward to Next Year, Either

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With a disastrous year behind it, does Hewlett-Packard (NYSE: HPQ  ) have much to look forward to next year?

Over the past 12 months, HP has had its reputation shoved into the mud, received a swift kick to its soft underside, and then pulled to its feet only to have tar poured on top of the mud and layered with feathers to boot.

Going forward, CEO Meg Whitman will have to overcome all of the company's public-perception problems while simultaneously refocusing the tech bellwether and reinstilling confidence in shareholders. She'll need to impress enterprise customers that Dell (Nasdaq: DELL  ) has been trying to win amid the turmoil and try to gain re-entry back into the mobile party. (One can only hope HP got its hand stamped before walking out the gate the first time).

Whitman has said the company will be "getting back to business fundamentals" and will need to "fix our execution challenges." She wants to rebuild the balance sheet, and don't expect any big mergers or acquisitions. The next year looks "tough" to her, and rightly so, as turning around a company as large as HP takes time.

She has conceded that Apple (Nasdaq: AAPL  ) may blow past HP in 2012, as the world's top PC maker but that 2013 will be HP's time to shine. If you count the iPad as a computer, the Mac maker is set to dethrone HP. With the resurrection of webOS as an open-source platform and the distinct possibility that HP will reboot tablet hardware, the company will confront Google Android tablet makers again in some form or fashion next year.

Even though Whitman nixed most of her predecessor's moves, she agrees with Leo Apotheker in that HP needs to focus more on software in the coming year, competing more directly with other enterprise-software giants such as IBM (NYSE: IBM  ) and Oracle (Nasdaq: ORCL  ) . She decidedly doesn't want to transform HP into a software company, as Apotheker was clearly trying to do, but rather wants to build up the software segment as a complement for customers.

Whitman has her work cut out for her but has admitted that 2012 is not the year that HP investors should be looking forward to.

The mobile revolution is going to be huge. But just because HP left early, that doesn't mean you have to miss out. We've just released a brand-new, 100% free report that details one stock that is in an enviable position powering the mobile Trillion-Dollar Revolution from the inside, while also having exposure to China's red-hot growth. I like the stock so much I've given it an outperform CAPScall. Grab the report now to find out what company I'm talking about.

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Source: http://www.fool.com/investing/general/2011/12/24/hewlett-packard-isnt-looking-forward-to-next-year-.aspx

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We Really Wish These Athletes Would Join Us At Our Christmas Dinner Table


David, Victoria Beckham

We love spending time with our families on Christmas.

But let's be honest, it would be pretty cool to spend it with some professional athletes too.

Some of these athletes would tell some great stories, and others would just create non-stop laughter.

LeBron James and his son

LeBron is constantly entertaining us on Twitter, and always laughing.

And his son is just adorable.

David and Victoria Beckham

They are the coolest (hottest) celebrity/athlete couple around.

They would make our photo ops look much better.

Chad Ochocinco

How could having Chad Ochocinco at your dinner table NOT be fun?

See the rest of the story at Business Insider

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Source: http://feedproxy.google.com/~r/businessinsider/~3/zOPKQXEDzRo/athletes-on-christmas-2011-12

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Morgan Stanley Names 8 Risks To Equity Markets In 2012


Although I’m not expecting renewed recession in the USA this year, it would be foolish to forget that the equity market is not the economy. Complacency is an investors worst enemy.

As risk managers trying to make it to the top of the investment mountain, we have to always be on the lookout for potentially loose rocks. Remember, it’s not the butterflies and rainbows that ruin our day.  It’s the loose rocks.

Morgan Stanley provides us with 8 risks to the equity markets in 2012:

  • As of the end of October, US unemployment was 8.6%; the broader measure of unemployment, U-6, was 15.6%.
  • Medium-term growth may be held back by: (i) continuing foreclosures, home-price weakness, and a significant inventory overhang; (ii) banks’ and households’ deleveraging and low levels of consumer confidence; (iii) state, local, and federal government fiscal austerity measures; (iv) the likelihood of Europe being or entering a recession; and (v) decelerating growth in China, India, and Brazil.
  • Global investors and officials have continuing concerns about the quality, maturity structure, and magnitude of several countries’ sovereign debt burdens.
  • Economic headwinds include financially stressed US consumers and state and local government employment layoffs and budget cutbacks.
  • Germany, France, several other Euro Zone countries, the UK and the US have been implementing fiscal austerity measures.
  • US stocks are not undervalued using long-term earnings metrics; the Shiller P/E—that is, price divided by 10-year average earnings—for the S&P 500 is 21.0, 28% above its long-term average.
  • Real median household income has fallen 10% since 2007.
  • Analysts’ consensus earnings estimates for 2012 have fallen 4% versus their peak and appear likely to decline further.

Source: Morgan Stanley

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Source: http://feedproxy.google.com/~r/businessinsider/~3/P-tZ3C_YXDU/morgan-stanley-names-8-risks-to-equity-markets-in-2012-2011-12

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Conceptual Framework For Financial Accounting 2012

Conceptual framework is usually defined as being a constitution. It’s an organized routine of interconnected goals and basic concepts. It determines the character, limits and goal of fiscal accounting. What’s more, it bargains with theoretical and conceptual difficulties, bordering fiscal accounting and creating logical and constant foundation that justifies accounting standard. It outlines the grounds [...]

Source: http://www.legaldebthelponline.com/2011/12/23/conceptual-framework-for-financial-accounting-2012/

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Blinds.com CEO Builds $75 Million Company Debt Free

In the last couple of years, a lot people have been forced out of their jobs and into self-employment. Jay Steinfeld can certainly identify. When he was fired from his CPA job in the late 1980s, he went to work with his wife in their drapery design store. At that point, most people would not have described his career as successful.

But, the day Steinfeld went into business for himself, he believed he was already a success.

?Success is not about achieving a certain point,? he said. ?It?s about being on that road. The steps you take to reach that point is success.?

After 24 years on that road, Steinfeld is the CEO of Blinds.com, the largest online retailer of window coverings in the world. Last year, the company did $75 million in sales with 110 employees.

Blinds.com Born on a Borrowed Computer

When Steinfeld started selling drapes and blinds, it was 1987. There was no Internet?he didn?t even own a computer! So how did this modestly successful brick-and-mortar business become the top online retailer in its field?

Much of the company?s success can be traced to two of his core values. First, he is dedicated to continuous improvement. Second, he allows himself to experiment with new ideas without fear of failure.

In 1993, Steinfeld put those values to the test when he decided to try an experiment he hoped would improve his business.

?By that time, I?d heard about the Internet,? he said. ?I thought it could be a good way to promote my business.?

He paid $1,500 to launch his website?the first in the window-covering industry.

Three years later, he launched another website?this one costing $3,000?that would allow him to sell his product online.

?That?s all (the money) I?ve put into it,? Steinfeld said. ?It was just me, in the garage with a borrowed computer.?

By the way, he borrowed that computer from one of his manufacturers. Blinds.com now accounts for a third of that manufacturer?s business?not a bad investment on their part!

For years after that, Steinfeld built the business in both the real world and the cyber world.

?I did all the marketing, all the SEO?even social media,? he said. ?Of course, it wasn?t called social media, then.?

Early in the morning and late at night, Steinfeld posted comments on news groups and bulletin boards, answering people?s questions about widow coverings and establishing himself as a credible industry resource. During the day, he was in his van, selling his product face-to-face.

Eventually, he started hiring employees, and in 2001, he closed the stores and began selling exclusively online.

Steinfeld agrees with Dave on another key factor in Blinds.com?s success?get and stay debt-free.

?It?s been our goal to grow inch by inch, never spending beyond our means,? Steinfeld said. ?We?ve done it all debt-free!?

Because of the company?s careful planning, Steinfeld said his company has continued to grow while most of the industry has suffered a significant drop in sales over the last two years.

?We?ve made some acquisitions, some distribution deals and built up our technology with the money we?d saved up,? he explained.

Core Values and Everyday Life

You?ve seen how Steinfeld?s core values changed his business, as well as the window-covering world. Can dedication to constant improvement and overcoming fear of failure change your life as well?

Absolutely! But Steinfeld knows from experience, the first step is the hardest part.

?The same can be said about getting out of debt,? he said. ?You just have to start, and you?d be surprised what might happen.

?If I think of success as achieving one particular thing,? he added, ?I?ll see myself as unsuccessful until I reach that point.?

Instead, Steinfeld said to make small, incremental changes?baby steps?toward your goal, and count each step as a success.

Do you dream of growing a successful business like Jay Steinfeld has done? At Dave Ramsey's EntreLeadership events, he will give you detailed advice about how to grow your business the right way. Learn more. -->

No leader should lead without these principles. It?s what your team members need to see in you, and what you want to see in them. Learn more about the EntreLeadership Live Events, and put Dave's 20 years of proven business principles to work for you.

In 20 years, Dave has grown his company to a national winning brand with more than 300 team members who have impacted millions of lives. His company has been named one of the ?Best Places to Work in Nashville? four years in a row. EntreLeadership is how he?s done it and how you can do it too. Get your copy of the new book now!

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Source: http://www.daveramsey.com/article/blindscom-ceo-builds-75-million-company-debt-free/lifeandmoney_business

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WATCH: A Bengals Player Flipped Over A Defender For A Touchdown And Stuck The Landing

Unifying Your Team: More From Coach Tony Dungy

In the NFL, there?s only one goal?winning. But for Tony Dungy, former head coach of the Indianapolis Colts and best-selling author, one of the top moments of his life came after an epic failure. In 2002, he was fired as coach of the Tampa Bay Buccaneers after six seasons with the team. A year later, his former team won the Super Bowl without him. He was over the moon.

Why was he so proud? Because the team accomplished the goals they made with Tony during the previous years. Even without their coach, they were unbelievably unified, which was the topic of last week?s EntreLeadership podcast. Host Chris LoCurto talked to Tony about unity and leadership, plus a whole lot more. But like all good things, it had to come to an end. Luckily, we were able to capture the rest of Tony?s interview.

What leaders, legendary or living, do you admire most?

There are really several people. Nelson Mandela is a person who I?ve gotten to know about since my daughter went to South Africa. Going over there to visit and seeing someone who cared more about his people than his personal problems was really stunning to me.

I grew up in the Civil Rights era, so obviously Martin Luther King. I was with George Bush after we won the Super Bowl. He talked about giving the order to go and fight, realizing that it was going to cost a lot of American lives. He really believed it was the right thing to do. People like him, those in leadership positions who make the tough decisions, are who I admire.

What books have most influenced your career?

John Wooden?s autobiography influenced me in terms of coaching. Coach Wooden won a lot in a way that was very dignified and very Christian-oriented. It made me realize you could do things the Lord?s way and still be effective as a coach. Here was one of the greatest winners in the history of college basketball, and he put the Lord first. As a young coach coming up in the profession, it was very encouraging.

After (Philadelphia quarterback) Michael Vick was sent to prison, you began mentoring him. Tell us just a little bit about that.

When I went to see him, I found out about his background. What struck me was that all the benefits I enjoyed, all the lessons I learned from my dad and people around me, like my uncles, he didn?t have. He was blessed with a lot of God-given ability, a great platform, a lot of money and playing in the National Football League; but he didn?t have the foundation I had. And so, he made some mistakes.

Then, the question became, ?What are you going to do once you get out?? You can?t change history, but you can change where you are going. We talked about it, and I felt like he was sincere in his desire to change.

Michael told me one of the toughest moments he had in prison was getting a letter from a young boy who said. ?Michael Vick, you are my favorite player. Why aren?t you playing?? Michael had to write back and tell this young kid who was a fan, ?I?m not playing because I have made some mistakes in my personal life.? Michael said he wanted to get back to show that boy that he made some mistakes but wasn?t a bad person.

When he was telling me that story, I just felt like he was going to make it. I didn?t know he would come back and play as well as he?s played. I felt like he was going to make it personally.

Was your goal to get Michael Vick to return to the NFL?

My first desire was to get him back with his family. So, we talked about it. I told him, ?Hey, you grew up without your dad there. You don?t want your kids to grow up the same way. That?s the first thing you have to do. And then, we need to look at your decision-making and lifestyle.? Football was after all that?way, way secondary. I think that?s why Michael did so well. He put the right things first.

The Easier Way to Make Hard Decisions

Making the tough calls isn?t simple or pretty. But as an EntreLeader, it?s part of your job. On our next EntreLeadership podcast, Dave discusses the easier way to make those hard decisions. Plus, we?ll have a special interview with Jim Collins, author of Good to Great, Built to Last and How the Mighty Fall. It?s a broadcast you won?t want to miss!

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Source: http://www.daveramsey.com/article/unifying-your-team-more-from-coach-tony-dungy/lifeandmoney_business

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