Sunday, May 20, 2012

NATO chief: No rush for exits in Afghanistan

Jason Reed / Reuters

NATO Secretary General Anders Fogh Rasmussen speaks to the media at the start of the NATO summit on Sunday.

By NBC News and news services

CHICAGO -- The United States and NATO leaders insisted Sunday?that the Afghanistan fighting coalition will remain whole despite France's plans to yank combat troops out early.

"There will be no rush for the exits," NATO Secretary General Anders Fogh Rasmussen said at the NATO summit. "We will stay committed and see it through to a successful end. Our goal, our strategy, our timetable remain unchanged."


NATO leaders gathered in Chicago on Sunday to chart a path out of Afghanistan as war-weary Western nations seek to fend off dissent in their alliance and ensure Afghanistan can hold a still-potent Taliban at bay when foreign troops withdraw.

President Barack Obama was hosting the two-day summit in his hometown, a day after leaders of major industrialized nations tackled Europe's debt crisis, backing keeping Greece in the euro zone and vowing to take steps necessary to revitalize the world economy.

Public opinion in Europe and the United States is solidly against the war, with a majority of Americans now saying it is unwinnable or not worth continuing.

Newly elected French President Francois Hollande has said he will withdraw all French combat troops from Afghanistan by year's end ? a full two years before the timeline agreed to by nations in the U.S.-led NATO coalition.

"President Hollande has stated that France would be prepared to support Afghanistan in a different way," Rasmussen said.

Information from The Associated Press and Reuters?is included in?this report.

More NATO coverage:

US veterans to return medals as protesters march
Great-grandmother: Ready to 'lose my life' protesting

Storify: Scenes from NATO summit protesters

Video: Police: Chicago protestors planned bombings

?

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Saturday, May 19, 2012

Manage Your Finances and Think Like a ... - Free Money Finance

My favorite personal finance book of all time, The Millionaire Next Door: The Surprising Secrets of America's Wealthy, lists the following seven common denominators among those who successfully build wealth as follows:

1. They live well below their means.

2. They allocate their time, energy, and money efficiently, in ways conducive to building wealth.

3. They believe that financial independence is more important than displaying high social status.

4. Their parents did not provide economic outpatient care.

5. Their adult children are economically self-sufficient.

6. They are proficient in targeting market opportunities.

7. They chose the right occupation.

Here are my thoughts on these:

  • I know you know what I think of spending less than you earn. I've mentioned several times that it's the best piece of financial advice I could give anyone.

  • Yes, you have to spend time to make and manage your money properly. But it's generally a lot less time than most people assume. All told I probably spend a couple hours a month managing my finances.

  • Put succinctly: millionaires don't worry about keeping up with the Joneses.

  • My parents certainly didn't provide economic outpatient care -- they didn't have anything to provide. It will be interesting to see what we'll do for our kids as they get older. Will we be able to resist helping them financially (more than appropriate) when/if they need it?

  • I don't think I'm proficient in targeting market opportunities (for instance, to develop a business of my own), but I certainly did choose the right occupation. Specifically, getting an MBA has been a goldmine for me!

After The Millionaire Next Door, Dr. Stanley wrote The Millionaire Mind. This book went a step further into (as you might imagine) the mindsets of millionaires and attempted to determine the traits they felt had caused them to be wealthy. Dr. Stanley distilled there success to these five things:

  • Integrity -- being honest with all people

  • Discipline -- applying self-control

  • Social skills -- getting along with people

  • A supportive spouse

  • Hard work -- more than most people

Notice how these are simple concepts to define and understand, but they are not easy to implement. They require effort and determination, something that's in short supply among most Americans when it comes to money. That's why, IMO, most Americans are not doing well financially.

It's hard for me to honestly evaluate myself on these five factors, but of the group, there are three that I think have been a major part of my success to date:

  • Discipline -- I have always been a pretty disciplined person, whether it's in academics, business, or personal habits. I generally use lists and measurement tools to help me achieve many of my goals and keep myself accountable. Others would likely call me anally retentive. :)

  • Spouse -- As I've noted, my wife plays GREAT defense. She is even more frugal than I am (I know, you probably find that hard to believe, but it's true.) She fits the mold that Dr. Stanley talked about in Stop Acting Rich -- she's not interested in displaying our economic success. This is an awesome characteristic to have in a spouse because without it, you can be sunk. It doesn't matter what one spouse earns, if the other spends that much and more, the family's finances are doomed.

  • Hard work -- I have always succeeded by hard work, not raw ability. For example, my intelligence is (IMO) a bit above average at best (even though I always tested well and was at the top of my class.) But my "secret weapon", what set me apart academically, was the fact that I was willing to work harder than almost anyone. I was willing to spend three hours (or more) studying every night of college when most others weren't. Then in grad school I was willing to spend five hours (or more) studying every night when most others weren't. In my career I've been willing to put in the extra hours and work as hard as needed to do a good job. And all that effort has paid off quite nicely.

I realize this can sound like bragging, and I really don't mean it that way. Believe me, I have a whole laundry list of stuff I could do better in all areas of my life. But fortunately Dr. Stanley doesn't have that list for me to comment on. :) Anyway, I'm simply trying to reinforce the fact that much of what he's said in his book has held true in my life. I'm sure there are others of you out there that have had similar experiences.

So what's your take on this information? Does it fit with what you've seen in life yourself or is there something missing? Give us your thoughts in the comments below.

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Friday, May 18, 2012

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