Action Gamessys

Thursday, July 22, 2010

personal finance planning

Last August there was much criticism over the fact that President Obama agreed to give Brazilian Owned Oil Company Petrobras up to $10 Billion Dollars to look for Oil off the Brazil Coast. At the time it was especially disturbing because the Administration objected to the US Drilling off its own coast, which would have worked toward keeping the price of oil low and help wean us off foreign oil.

Today it is even more disconcerting, Obama's drilling moratorium may have been blocked by a judge today, but Secretary of Interior Salazar intends to announce a new one tomorrow. And the longer this "moratorium" lasts, the more likely we are to see the Oil Rigs in the gulf move down to Brazil where they are planning to drill for oil in seas twice as deep as the Deepwater Horizon site.

Why would the POTUS pay for a foreign country to drill for oil but object to his own country taking advantage of his own country's resources? And worse why would he fund the oil drilling of another country for it to "steal away" drilling resources from the Gulf sites? Payback.

Last August Ed Morrissey at Hot Air discovered that "coincidentally" just a few days before the announcement of the US Oil Exploration Aid, George Soros the presidential puppet-master, set himself up to make a lot more money from Brazilian Oil Exploration:

His New York-based hedge-fund firm, Soros Fund Management LLC, sold 22 million U.S.-listed common shares of Petrobras, as the Brazilian oil company is known, according to a filing today with the U.S. Securities and Exchange Commission. Soros bought 5.8 million of the company’s U.S.-traded preferred shares.

Soros is taking advantage of the spread between the two types of U.S.-listed Petrobras shares, said Luis Maizel, president of LM Capital Group LLC, which manages about $4 billion. The common shares were 21 percent more expensive than preferred today, according to data compiled by Bloomberg. …

Petrobras preferred shares have also a 10 percent additional dividend, said William Landers, a senior portfolio manager for Latin America at Blackrock Inc.

“Given that there will most likely never be a change in control in the company, I see no reason to pay a higher price for the common shares.” Brazil’s government controls Petrobras and has a majority stake of voting shares.

NICE! Making money on the spread, and putting himself in a position to make more money from higher dividends just before all the big bucks "donation" from President Obama. Soros must be master of the deal or Obama is the master of the quid quo pro.

According to Front Page Magazine, this Petrobras deal was put in place by the President as a nice way to say thank you to Mr Soros.

Now it’s time for Soros to collect on his investment. The Wall Street Journal recently reported that the Obama administration has committed up to $10 billion to Brazil’s state-owned oil company Petrobras to finance oil exploration off of Brazil’s coast.

Yet Obama historically has opposed expanded oil drilling. This was not only a strategic decision, aimed at pleasing the environmental Left, but also a personal choice, since Obama sincerely believes that drilling is deeply destructive to the natural environment. Thus, as a Senator, Obama voted against permitting the U.S. to drill for oil and natural gas in the Arctic National Wildlife Refuge on the grounds that it would be a crime to despoil such “beautiful real estate.” Similarly, during last year’s presidential campaign, he warned of the “environmental consequences” of oil drilling, and insisted that “we cannot drill our way out of the problem.”

But apparently George Soros can. The president has elected to help another nation with the same type of drilling that he opposes so vehemently for this country, and the reason seems to be Soros’s $811-millon investment in Petrobras. The company just happens to be the largest holding in Soros’s investment fund. Soros’s connection to the company is no secret; he has been investing in Petrobras since 2007. A profitable venture, Petrobras has estimated recoverable reserves for the so-called Tupi oil field of between 5 and 8 billion barrels. With his billion-dollar loan, Obama has taken patronage politics to striking new level.

The Petrobras loan may be a windfall for Soros and Brazil, but it is a bad deal for the US. The administration is prepared to lend up to $10 billion to a foreign company to drill off its coast, when it could bring in $1.7 trillion in government revenue, as well as create thousands of new jobs, by allowing drilling off the coast of the United States.

....The oil deal stinks for other reasons, as well. For instance, there is the rank hypocrisy of Soros – an enthusiastic proponent of global warming theory and environmental liberalism – investing in the fossil fuels whose use he otherwise condemns – and doing so in part with the aid of taxpayer funds. For years, Soros has urged the adoption of a global carbon tax that would punish companies that contribute to global warming. But that didn’t prevent him from plowing money into Petrobras.

The cozy Soros-Obama alliance goes beyond favorable oil deals. It’s also playing a role in the health care debate. Huge demonstrations dedicated to enacting Obama’s universal health care are largely a Soros-financed operation. When tens of thousands of people rallied in the nation’s capital in support of Obama’s health care plan, the demonstrations were organized by Health Care for America Now! (HCAN), a new national grassroots movement of more than 1,000 organizations in 46 states encompassing 30 million people dedicated to winning health reform now.

The “grassroots” organization appears to be more like a gang of interconnected ultra-liberal pressure groups. Among the 21 members of its steering committee are such Soros-funded groups as ACORN, MoveOn.org, and the Center for American Progress (CAP), headed by Clinton former chief of staff John Podesta, who also has been a key adviser to Obama. Soros’s charity, the Open Society Institute, in 2007 gave CAP $1.75 million and approved added grants of $1.25 million.

Obama’s collusion with Soros and his agenda-driven squadrons is an unfortunate turn from an administration that entered office promising unprecedented transparency in the White House. Soros certainly did his share for Obama. Now, with his backing for a billion-dollar oil loan to a Brazilian company, the president has proven more generous to Soros than to the American voters who put him in office.

There is that Old Saying, Payback's a bitch. Obama's ten billion dollar gift to Petrobras along with the drilling moratorium designed to give the Brazil-based company partially owned by his good friend George Soros, proves that sometimes payback is not a bitch, its a wallet fatten-er.

Kelley wrote recently with the sort of dilemma I get asked about all of the time: Is it better to invest or to prepay a mortgage? We’ve covered this topic in the distant past, but it’s time to review the debate for current readers. First, let’s look at Kelley’s e-mail:

My husband and I are on the right track. At age 25, our only debt lies in our home mortgage. We have the six-month emergency fund in place, I currently meet the 3% 401(k) match offered by my employer, and I started a Roth IRA for myself and my husband last year. I started each Roth IRA with $4,000.

My financial advisor recommended for us to max out each of our Roth IRAs each year. My husband disagrees. He thinks paying off the house is a bigger priority. Starting this year, we’ve made an extra payment on our house each month. If we continue doing this, we can have our house paid off in nine years rather than 30 years. However, we can’t do both.

Currently we’ve decided to throw $1,000 into each Roth each year until the house is paid off. Is this the wise decision? Or is it better to put more toward the Roth IRA and less toward the house?

I understand either option is good because I’m saving money. I’m just curious of which route would be wiser.

Kelley’s right: Both of these options are good. This is like choosing between an apple and an orange. Both taste good, and they’re good for you &madsh; but is one better for you in the long run?

What the experts say

Three years ago, when we last covered this topic (holy cats! — where has the time gone?), I collected the following roundup of advice from personal-finance books:

Ric Edleman (Ordinary People, Extraordinary Wealth): Never own your home outright. Instead, get a big 30-year mortgage and never pay it off — regardless of your age and income. “Every time you send an extra $100 to your mortgage company, you deny yourself the opportunity to invest that $100 somewhere else.”

Suze Orman (The Laws of Money): Invest in the known before the unknown. Paying off your mortgage offers a guaranteed return on investment. “You cannot live in a tax return. You cannot live in a stock certificate. You live in your home.”

Elizabeth Warren (All Your Worth): Save 20% of your income. Use 10% for retirement savings, 5% to accelerate your mortgage, and 5% to save for future dreams. “Paying off your home also does something many financial planners neglect to mention: It gives you freedom. Once that mortgage is gone, just imagine all the freedom in your wallet.”

Dave Ramsey (The Total Money Makeover): Prepay your mortgage if you can, but only after you’ve saved an emergency fund, and only if you’re putting at least 15% of your income toward retirement. Don’t use a program designed by a broker; use your own self-discipline.

Dominguez and Robin (Your Money or Your Life): “Pay off your mortgage as quickly as possible.” This book, too, was written when interest rates were higher. Also, the authors emphasize frugality over investing.

Financial authors don’t agree on this subject. Maybe the personal finance gurus writing for the web can clear things up?

Liz Pulliam Weston at MSN Money: Don’t rush to pay off the mortgage. “You’ve got better things to do with your money, like saving for retirement, building an emergency cushion or even living it up a little.”

Walter Updegrave at CNN Money: If you’ve funded your retirement, and if it will make you happy, then pay down the mortgage. Otherwise, it makes more sense to invest.

Laura Rowley at Yahoo! Finance: Using very conservative figures, investing instead of prepaying the mortgage yields an extra $400 per year. If you feel compelled to pay down your mortgage, do it. But realize you’re paying a price to do so. (She offers more details at her blog, as well as tips on how to estimate the investment return you need to earn to make it worthwhile.)

Bankrate: Pay down your mortgage if your investments would be conservative. Invest if you’re planning to do so for the long term.

USA Today: It depends on your income, your monthly expenses, your risk tolerance, and your desire to own your home free and clear.

Kiplinger’s: Invest unless you’re near retirement

The Dollar Stretcher: Mathematically, it makes more sense to invest, but it all depends on your risk tolerance.

My fellow pfbloggers at Bargaineering and Million Dollar Journey recommend that a person do a little of both: pay down the mortgage some and invest some. Free Money Finance says: “If you have the discipline to save/invest the money you would be using to pay off the mortgage, it’s likely that saving/investing is the better option. But if you’re more the “average” person out there managing your money, I still believe it’s a better option to pre-pay your mortgage.”

The Rowley article offers some interesting background to this debate:

Why do so many people choose to put extra money into a mortgage when other options would likely increase their wealth? “This is really remnant of Depression mentality that has persisted from generation to generation,” says [one expert]. At the time, most mortgages had one- to five-year terms, with a lump sum payment due at the end.

“Any shock to income meant you couldn’t afford your payment — mortgages were much more susceptible to economic uncertainty,” [the expert says], and roughly one-quarter of Americans were unemployed during the Great Depression. “It’s fine to pay down your mortgage if it gives you peace of mind, but you should recognize what that peace of mind costs.”

If you’re facing a similar decision, you may find this calculator useful: prepaying your mortgage vs. investing.

The bottom line

My conclusion in 2007 (and the one I still hold today) is that unless your mortgage rate is very high, it makes more sense mathematically to invest your money. But most gurus agree that psychologically, you should do what works for you. If paying off your mortgage would take a weight off your shoulders, then pay off your mortgage. Sure, you might be losing a bit in the long-term, but you’re still making a smart choice. As I said earlier, it’s like choosing between an apple and an orange. One may be better for you, but they’re both good.

Ultimately, I kind of like the choice that Kelley and her husband have made. They’re prepaying their mortgage and putting some toward retirement. But enough of what I think. Kelley really wants to know what you think.

Which option is better? Should she and her husband be pumping as much as possible into their Roth IRAs? Or should they be paying down their mortgage as quickly as they can? Have you been faced with a similar dilemma in the past? What did you choose to do? And would you make the same choice again?

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Wednesday, July 21, 2010

managing personal finances

Elon Musk, the CEO of electric-car startup Tesla Motors and rocket-launcher SpaceX, should be applauded for the mighty challenges he's taken on and the powers of persuasion he has deployed to build his companies. But along the way, he discovered that he could stretch the truth, casually and frequently, as a shortcut to getting things done.

Clad in a sheen of bubbly optimism, his mendacity nonetheless has consequences. Through Tesla's IPO, he has now taken hundreds of millions of dollars from taxpayers and public investors who expect not just a return but square dealing from the man who is managing their company for them.

So where has Musk spun the facts?

Critical reporting

Well, let's go with the most recent one: He's lied about me, and VentureBeat, apparently in retaliation for our aggressive and accurate reporting.

In an article published by the Huffington Post, he calls me "Silicon Valley's Jayson Blair." He accused me of making errors, but never once specified them. Here's the truth: I cited Musk's own words from court filings, which we had paid a freelance reporter to find and copy, legally, from a courthouse in Van Nuys, Calif. I also interviewed a host of other sources. I emailed Musk questions and called his lawyer repeatedly before publishing. We went to extra lengths to nail down the facts: Before publishing, VentureBeat editor-in-chief Matt Marshall called Musk and had interviews with at least three Tesla board members.

We make no apologies for seeking the truth about Tesla Motors and Elon Musk, a vital company and an iconic entrepreneur of Silicon Valley. Our reporting (here's one example of our series) helped investors get a more truthful picture of a company that was going public and the man behind it.

Musk also accused me of "collaborating" with the lawyer representing Justine Musk, his ex-wife, in their divorce case. Also false: I picked up the phone and called her lawyer, and he had the courtesy to answer my questions.

Now, we should all be used to Musk insulting journalists who don't report what they're told to. But calling someone a "Jayson Blair" is a troubling assertion to anyone who prefers his insults to have a factual basis.

When I ran fact-checking at Business 2.0 magazine, here's what I would have asked the writer to prove before I'd let him get away with that kind of factual assertion: So, you want to compare this Owen Thomas person to one of journalism's most infamous miscreants. Is Owen Thomas a drug addict? Is Owen Thomas mentally unstable? Has Owen Thomas plagiarized or invented facts? The answer to all of those, in case you were curious, is no.

And so out comes the chief of reporters' red pen.

The one specific claim Musk made about my reputation was that I had written that he was broke. Not true. If you review the story I reported on his personal finances and their impact on Tesla, you'll see I merely quoted Musk's own words from his divorce filing, in which he said that he "ran out of cash."

When VentureBeat first started raising questions about Musk's personal finances, his expensive divorce case, and the impact they might have on Tesla's IPO, a Tesla spokesman initially said that the company had no plans to update its IPO prospectus to reflect our reporting. However, in the end, Tesla updated its SEC filings to acknowledge substantially all of the concerns we raised as potential risk factors investors should consider.

That is the ultimate correction of the record, and it stands today.

Musk's personal spending

There are other whoppers in Musk's piece, such as the suggestion that of the $200,000 per month he's spending, a mere $30,000 a month is going to his own personal household expenses, with the rest going to legal fees in his divorce case. Actually, the figure he told a court is $98,023 a month, according to filings in that case, including $50,000 a month in rent.

The founding of Tesla Motors

An aside to Musk: Making false statements is something the law frowns on.

Oh, but wait, Musk should already know that. He and I met in San Francisco in 2008 for drinks, and over the course of the evening, he made several disparaging remarks about Tesla Motors cofounder Martin Eberhard's management of the company before Musk had ousted him as CEO -- specifically, Musk alleged, for misrepresenting the cost of making the Tesla Roadster. In 2009, Eberhard sued Musk for defamation, citing the comments Musk had made to me, among others. Musk filed a scathing response to the lawsuit, repeating many of his negative claims about Eberhard.

Then it headed to mediation, and the case was settled. Eberhard's lawyer declared himself "very pleased" with the result, and Tesla issued a press release in which Musk said that Eberhard had been "indispensable" to the company in its early days.

The safety of customers' deposits

When Tesla's finances were at their most perilous, in the winter of 2008 and spring of 2009, the company was dependent on advance reservation payments from customers for cash flow. The company's cash balance had run down to $9 million, and the company was struggling to raise $40 million in convertible debt. (He announced that that round had closed in November 2008, while in fact, according to Tesla's SEC filings, it did not close until March 2009.) To raise funds in the meantime, Tesla began taking deposits on the Model S sedan, even though that car was far from production, and continued taking deposits on Roadsters. Musk first told customers that he would personally guarantee the deposits they were placing, "even in the worst case of an Armageddon scenario." Then he said that their deposits were completely at risk and they could lose all their money. One of those statements had to be false.

Musk's history as an entrepreneur

In persuading other investors to back Tesla Motors, Musk has frequently traded on his past success as an entrepreneur at companies like Zip2 and PayPal. But Zip2 was so troubled that one of its venture capitalists, Derek Proudian, had to step in as acting CEO, a move rarely seen at venture-backed companies. And Musk was ousted as CEO of PayPal by his own management team. To this day, Musk tells a version of PayPal's history that few who were there at the time agree with.

Tesla's investors

Most dangerously, Musk has repeatedly made misrepresentations about Tesla's finances. In February 2009, he sent a letter to customers saying that Tesla would start getting funds from a Department of Energy loan in four to five months. In fact, it had not received the loan at that point and there was no certainty it would get it, a point a Tesla spokeswoman had to clarify. (Tricky, that, saying your CEO had misrepresented the facts without calling him a liar.)

He also said Tesla would turn profitable in 2009. Of course, it didn't, as the company's published financials later revealed. (Musk later claimed, using questionable accounting whose details have never been revealed, that the company had been profitable for one month of the year.)

In an interview for the May 2009 issue of Car and Driver, he told that magazine's readers that General Electric had become an investor. It hadn't, and it never did, according to Andy Katell, a GE spokesman who spoke with me at the time.

The Toyota deal

After unveiling an agreement to buy the NUMMI plant in Fremont, Calif., from the Toyota-backed joint venture which owned it, Musk claimed that Tesla and Toyota planned to jointly develop several models of cars and build them at NUMMI. It's true that he got Toyota CEO Akio Toyoda to stand next to him and make grand promises. But in fact, as the company later revealed in its SEC filings, Tesla and Toyota had no agreement to develop any cars, and there was no guarantee that they ever would.

The pity of it all is this: I don't believe Musk twists the truth out of malice. Rather, at this point, it may well be out of habit. He's so used to getting his way that future possibilities just seem like present realities to him. And pragmatically, it's worked. Whenever Tesla has been in a bind, Musk has spun his way out of trouble.

It's a character trait of which elements are found among many successful entrepreneurs: the compelling presentation of an alternate reality in the hopes that so many people will sign on to the vision that it comes true. Apple CEO Steve Jobs, for example, is so masterful at this that people speak of his reality distortion field. But Musk may have taken distortion to extremes.

The question now is whether Musk's past habits will serve him well as the CEO of a publicly traded company. Already, it seems the investors who have entrusted Musk with hundreds of millions of dollars are having doubts. With shares of Tesla having already fallen by nearly half since their post-IPO pop, perhaps Musk's bubble is finally deflating.

But those who are still sticking with the company should ask themselves this: Has Tesla adequately disclosed to investors the risk of its CEO's curious relationship with the truth?

Originally posted at VentureBeat.

Elon Musk, the CEO of electric-car startup Tesla Motors and rocket-launcher SpaceX, should be applauded for the mighty challenges he’s taken on and the powers of persuasion he has deployed to build his companies. But along the way, he discovered that he could stretch the truth, casually and frequently, as a shortcut to getting things done.

Clad in a sheen of bubbly optimism, his mendacity nonetheless has consequences. Through Tesla’s IPO, he has now taken hundreds of millions of dollars from taxpayers and public investors who expect not just a return but square dealing from the man who is managing their company for them.

So where has Musk spun the facts?

Critical reporting

Well, let’s go with the most recent one: He’s lied about me, and VentureBeat, apparently in retaliation for our aggressive and accurate reporting.

In an article published by the Huffington Post, he calls me “Silicon Valley’s Jayson Blair.” He accused me of making errors, but never once specified them. Here’s the truth: I cited Musk’s own words from court filings, which we had paid a freelance reporter to find and copy, legally, from a courthouse in Van Nuys, Calif. I also interviewed a host of other sources. I emailed Musk questions and called his lawyer repeatedly before publishing. We went to extra lengths to nail down the facts: Before publishing, VentureBeat editor-in-chief Matt Marshall called Musk and had interviews with at least three Tesla board members.

We make no apologies for seeking the truth about Tesla Motors and Elon Musk, a vital company and an iconic entrepreneur of Silicon Valley. Our reporting (here’s one example of our series) helped investors get a more truthful picture of a company that was going public and the man behind it.

Musk also accused me of “collaborating” with the lawyer representing Justine Musk, his ex-wife, in their divorce case. Also false: I picked up the phone and called her lawyer, and he had the courtesy to answer my questions.

Now, we should all be used to Musk insulting journalists who don’t report what they’re told to. But calling someone a “Jayson Blair” is a troubling assertion to anyone who prefers his insults to have a factual basis.

When I ran fact-checking at Business 2.0 magazine, here’s what I would have asked the writer to prove before I’d let him get away with that kind of factual assertion: So, you want to compare this Owen Thomas person to one of journalism’s most infamous miscreants. Is Owen Thomas a drug addict? Is Owen Thomas mentally unstable? Has Owen Thomas plagiarized or invented facts? The answer to all of those, in case you were curious, is no.

And so out comes the chief of reporters’ red pen.

The one specific claim Musk made about my reputation was that I had written that he was broke. Not true. If you review the story I reported on his personal finances and their impact on Tesla, you’ll see I merely quoted Musk’s own words from his divorce filing, in which he said that he “ran out of cash.”

When VentureBeat first started raising questions about Musk’s personal finances, his expensive divorce case, and the impact they might have on Tesla’s IPO, a Tesla spokesman initially said that the company had no plans to update its IPO prospectus to reflect our reporting. However, in the end, Tesla updated its SEC filings to acknowledge substantially all of the concerns we raised as potential risk factors investors should consider.

That is the ultimate correction of the record, and it stands today.

Musk’s personal spending

There are other whoppers in Musk’s piece, such as the suggestion that of the $200,000 per month he’s spending, a mere $30,000 a month is going to his own personal household expenses, with the rest going to legal fees in his divorce case. Actually, the figure he told a court is $98,023 a month, according to filings in that case, including $50,000 a month in rent.

The founding of Tesla Motors

An aside to Musk: Making false statements is something the law frowns on.

Oh, but wait, Musk should already know that. He and I met in San Francisco in 2008 for drinks, and over the course of the evening, he made several disparaging remarks about Tesla Motors cofounder Martin Eberhard’s management of the company before Musk had ousted him as CEO — specifically, Musk alleged, for misrepresenting the cost of making the Tesla Roadster. In 2009, Eberhard sued Musk for defamation, citing the comments Musk had made to me, among others. Musk filed a scathing response to the lawsuit, repeating many of his negative claims about Eberhard.

Then it headed to mediation, and the case was settled. Eberhard’s lawyer declared himself “very pleased” with the result, and Tesla issued a press release in which Musk said that Eberhard had been “indispensable” to the company in its early days.

The safety of customers’ deposits

When Tesla’s finances were at their most perilous, in the winter of 2008 and spring of 2009, the company was dependent on advance reservation payments from customers for cash flow. The company’s cash balance had run down to $9 million, and the company was struggling to raise $40 million in convertible debt. (He announced that that round had closed in November 2008, while in fact, according to Tesla’s SEC filings, it did not close until March 2009.) To raise funds in the meantime, Tesla began taking deposits on the Model S sedan, even though that car was far from production, and continued taking deposits on Roadsters. Musk first told customers that he would personally guarantee the deposits they were placing, “even in the worst case of an Armageddon scenario.” Then he said that their deposits were completely at risk and they could lose all their money. One of those statements had to be false.

Musk’s history as an entrepreneur

In persuading other investors to back Tesla Motors, Musk has frequently traded on his past success as an entrepreneur at companies like Zip2 and PayPal. But Zip2 was so troubled that one of its venture capitalists, Derek Proudian, had to step in as acting CEO, a move rarely seen at venture-backed companies. And Musk was ousted as CEO of PayPal by his own management team. To this day, Musk tells a version of PayPal’s history that few who were there at the time agree with.

Tesla’s investors

Most dangerously, Musk has repeatedly made misrepresentations about Tesla’s finances. In February 2009, he sent a letter to customers saying that Tesla would start getting funds from a Department of Energy loan in four to five months. In fact, it had not received the loan at that point and there was no certainty it would get it, a point a Tesla spokeswoman had to clarify. (Tricky, that, saying your CEO had misrepresented the facts without calling him a liar.)

He also said Tesla would turn profitable in 2009. Of course, it didn’t, as the company’s published financials later revealed. (Musk later claimed, using questionable accounting whose details have never been revealed, that the company had been profitable for one month of the year.)

In an interview for the May 2009 issue of Car and Driver, he told that magazine’s readers that General Electric had become an investor. It hadn’t, and it never did, according to Andy Katell, a GE spokesman who spoke with me at the time.

The Toyota deal

After unveiling an agreement to buy the NUMMI plant in Fremont, Calif., from the Toyota-backed joint venture which owned it, Musk claimed that Tesla and Toyota planned to jointly develop several models of cars and build them at NUMMI. It’s true that he got Toyota CEO Akio Toyoda to stand next to him and make grand promises. But in fact, as the company later revealed in its SEC filings, Tesla and Toyota had no agreement to develop any cars, and there was no guarantee that they ever would.

The pity of it all is this: I don’t believe Musk twists the truth out of malice. Rather, at this point, it may well be out of habit. He’s so used to getting his way that future possibilities just seem like present realities to him. And pragmatically, it’s worked. Whenever Tesla has been in a bind, Musk has spun his way out of trouble.

It’s a character trait of which elements are found among many successful entrepreneurs: the compelling presentation of an alternate reality in the hopes that so many people will sign on to the vision that it comes true. Apple CEO Steve Jobs, for example, is so masterful at this that people speak of his reality distortion field. But Musk may have taken distortion to extremes.

The question now is whether Musk’s past habits will serve him well as the CEO of a publicly traded company. Already, it seems the investors who have entrusted Musk with hundreds of millions of dollars are having doubts. With shares of Tesla having already fallen by nearly half since their post-IPO pop, perhaps Musk’s bubble is finally deflating.

But those who are still sticking with the company should ask themselves this: Has Tesla adequately disclosed to investors the risk of its CEO’s curious relationship with the truth?

Next Story: Blizzard Entertainment relents on the use of real names in comments for its game forums Previous Story: Toyota: We’re already building a car to test Tesla’s battery

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Midnight opening for StarCraft II PC News - Page 1 | Eurogamer.net

Read our PC news of Midnight opening for StarCraft II.

Recycled 'NCIS' Story Linked To Entertainment News Outsourcing In ...

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Tuesday, July 20, 2010

how to budget personal finances

Here’s a timeline of this presentation:

The question

The expenses side: What would you cut first in order to survive?

The income side: How could you double your income next month?

In order to derive any benefit, you’ll need to really adopt the mindset implied in the question. Don’t focus on whether it’s possible, but instead on what would realistically be the first expenses to go and the first steps to replacing the income.

Once you’ve made a list for both sides of the question, you’ll want to review it for any areas that seem realistic, even at your current full income. For example, your first steps may include selling an extra car, canceling an expensive cable package, and slashing your grocery budget in half. In this situation, you’ve likely brainstormed areas of your budget where you aren’t spending as optimally as you may like. You may choose to go ahead and try some of those options out, or at least take steps to narrow the gap between your life at 100% income and your life at 50% income levels.

The same process is important when attempting to make the income back as quickly as possible. Realistic options could include enrolling in a course (applying for aid if needed), launching a side business, and/or picking up new clients or leads. Nearly every time I brainstorm options for doubling my business income, I unearth something I hadn’t thought of before. Acting on these new ideas has helped me tremendously in generating new income (even if it doesn’t immediately double it)!

The next time you’re feeling a bit complacent in your finances, try exploring this simple question. What would be the first expenses you’d cut in order to survive on only half your income? What would be the first steps you’d take if you had to earn it back? I think you’ll be pleasantly surprised by the results of this experiment!

Here’s a timeline of this presentation:

The question

The expenses side: What would you cut first in order to survive?

The income side: How could you double your income next month?

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Budget Guidelines

Most people agree that a major corporation needs an operating budget to be successful. Yet many of those same people may not realize that a personal financial budget is just as crucial at home. A personal budget is simply a plan. It allows you to decide if you can truly afford purchases and enables you to set aside money for savings and retirement. A budget can act as an early warning system—as you compare your actual spending to your budget you can see where you need to make adjustments before you get into serious financial trouble. Budgeting also relieves a lot of financial stress since it can assure you have money to cover everything for the month—assuming, of course, that you follow your budget.

A monthly budget is often the most useful. Use past figures of income and expenses to estimate your monthly budget for the coming year by reviewing your checkbook (or Quicken or Microsoft Money records) for the past twelve months. Some expenses and income items are seasonal or irregular like property taxes (see my article on lowering your property taxes) or dues. Allocate a monthly amount to set aside by dividing the annual amount by 12. What your are shooting for is an estimated picture of your future cash flow.

Listed below are average percentages per general expense category. They are meant as guidelines and suggested maximums.

Average Percentage of Gross Income

Housing + Utilities 25%-40%

Taxes (actual) 20%

Transportation + Upkeep 15%

Food 10%

Clothing 5%

Savings 10%+

Entertainment & Vacations 5%

Debt (credit cards, loans) 5%

Other expenses 5%+

Some expense (and income) items are not easy to figure; food expense is usually one of these. Put down your best estimate. You can always adjust it later. When you have all income and expense items listed, subtract expenses from income. You should have a positive amount remaining; this is your bottom line and cushion for unforeseen expenses. Your goal is to live below your means. A negative bottom line is a sign that you need to work at reducing your expenses or if possible increasing your income. It is often possible to reduce your living expenses without reducing your standard of living. Here are some things to consider:

If you have mystery cash (don't know what you spent all that money on) try this: write down a description, the date, and the amount of every transaction for three months. After each transaction, indicate if you paid cash, wrote a check, or used a credit card. By recording when and what you bought and how you paid for it you'll find out how and where you spend money.

Once you've recorded three months spending history, compile the information into a cash flow statement. This will show you from where your money is coming from (cash inflow) and where it is going (cash outflow).

You Have a Budget, Now What?

Each month, compare your actual income and expenses to your budget. Write down the differences between your actual amounts and your budgeted amounts for each category. Monitor your actual versus budget each month to make sure you are sticking to the goals you outlined in your budget.

Create a reward system. Developing a budget and sticking to it does not have to be dull. For example, after you and your family have reached a goal, such as saving for a much needed new dishwasher, enjoy a night out on the town. This helps your budgeting process to be more rewarding.

Hint: If you are very disciplined and pay your credit cards off every month, consider paying some of your recurring bills by credit card. While conventional wisdom indicated that using credit cards to pay your utility bills is a warning sign, if you have a card that offers rewards and you can pay it off every month so you don't incur any interest expense you can make some money or earn rewards points for bills you pay every month anyway.

Read the next article in the series, How to Save Money and Understand Investment Options.

Source: http://www.stcsig.org/cic/OnlineBook/c17intro.htm

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Good news everyone | Firedoglake

30 Responses to “Good news everyone”. Teddy Partridge July 20th, 2010 at 2:08 am. 1. I am fascinated that American politics now revolves around the inclinations of a Cosmo centerfold who succeeded Edward Kennedy in the United States ...

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Monday, July 19, 2010

managing your personal finance

As you’ll read tomorrow (or Monday), I’ve entered a new phase in my life. After years of hard work and long hours building this blog (time that I’ve enjoyed), I’ve been shifting things around so that I have more free time. As a result, I’m going to have more time to devote to creating quality blog posts, instead of rushing around at the last minute looking for something to write about.

Because of this, it’s time yet again to take requests. I do this about once a year, and it’s a great way to get a feel for what GRS readers are interested in. I’d be grateful if you’d take the time to leave a comment below with topic suggestions or article requests. It doesn’t matter if we’ve covered the subject in the past. If you’d like me (or one of the other GRS staff) to write about it, let me know.

Have there been too many articles about credit cards? Too few articles about credit cards? Would you like to know more about individual savings accounts? Do you like the articles about the psychology of spending? Would it be helpful to have somebody come in to explain insurance concepts in plain English? Should I try to persuade my wife to share more of her recipes now and then? Let me know what you’d like to read about!

While you’re all providing feedback about the site, here are a few recent articles of note:

Over at The Simple Dollar, Trent and his readers had a thoughtful discussion about the obligations of wealth. “I think there is some inherent distrust of the rich in the mainstream of American society,” Trent writes as he describes how a wealthy person can keep from alienating his friends. There’s so much to say about this topic; I’m tempted to write an entire article about it.

GRS reader Steven writes a blog called Hundred Goals, which is about achieving your goals while managing your finances. After Sierra’s post this morning about travel, he dropped me a line to let me know that he has a recent article about how to have a great vacation.

Speaking of vacation, my pal Jason over at No Credit Needed spent time compiling day-use fees and free days for state parks across the United States. Handy page to bookmark!

And here’s more travel! At The Art of Non-Conformity, my good friend Chris Guillebeau has posted a beginner’s guide to travel hacking. I’ve been asking him to share this info for a long time; now I’ve got to take responsibility to use the knowledge he’s shared.

Finally, I’ve been giving a lot of interviews lately. I’m much more comfortable with these than I used to be. (They used to scare me to death!) Some examples:

Colleen from The Frisky interviewed me about how to save money even when you’re living paycheck to paycheck. This is a tough quandary, something I’m asked about a lot.

In an interview with BeFrugal, I discuss frugality, happiness, and conscious spending. (Note: “the ballot” should be “the balance” — I must have mumbled.)

Jeff Rose at Good Financial Cents also interviewed me. This interview is very much about the process of writing a book, which may or may not interest you.

I also spoke with Beverly Harzog from Card Ratings. We chatted about credit cards, of course, but also about other aspects of personal finance.

Finally, USA Weekend has a short piece on how to give your 401(k) a midyear check, for which author Richard Eisenberg interviewed me back in May. This is a perfect example of how much work goes into even a small newspaper article. Eisenberg spent 20-30 minutes on the phone with me, and I’m sure he did the same with the other folks he quotes. Plus, I’ll bet he spent a lot of time writing. I wouldn’t be surprised if there were 4-6 hours in this small piece.

Okay, one last thing before I go. Tim pointed me to a two-year-old New York Times series about the debt trap, which includes an interactive infographic showing average household debt loads over the past century.

That’s enough links for today. Please do leave a comment with topic requests or other feedback. Meanwhile, it’s time for me to go do some yardwork…

While you’re all providing feedback about the site, here are a few recent articles of note:

Speaking of vacation, my pal Jason over at No Credit Needed spent time compiling day-use fees and free days for state parks across the United States. Handy page to bookmark!

Finally, I’ve been giving a lot of interviews lately. I’m much more comfortable with these than I used to be. (They used to scare me to death!) Some examples:

Colleen from The Frisky interviewed me about how to save money even when you’re living paycheck to paycheck. This is a tough quandary, something I’m asked about a lot.

In an interview with BeFrugal, I discuss frugality, happiness, and conscious spending. (Note: “the ballot” should be “the balance” — I must have mumbled.)

Jeff Rose at Good Financial Cents also interviewed me. This interview is very much about the process of writing a book, which may or may not interest you.

I also spoke with Beverly Harzog from Card Ratings. We chatted about credit cards, of course, but also about other aspects of personal finance.

Finally, USA Weekend has a short piece on how to give your 401(k) a midyear check, for which author Richard Eisenberg interviewed me back in May. This is a perfect example of how much work goes into even a small newspaper article. Eisenberg spent 20-30 minutes on the phone with me, and I’m sure he did the same with the other folks he quotes. Plus, I’ll bet he spent a lot of time writing. I wouldn’t be surprised if there were 4-6 hours in this small piece.

That’s enough links for today. Please do leave a comment with topic requests or other feedback. Meanwhile, it’s time for me to go do some yardwork…

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People attend school for 12 years and are never taught personal finance. By definition, personal finance addresses the ways in which individuals or families obtain, budget, save, and spend money. It includes obtaining and managing checking accounts, credit cards, loans, retirement plans, social security, insurance, income tax and 401k information.

Children learn key subjects such as math and reading, but they don't learn anything about personal finance. Learning about personal financial matters such as budgeting, emergency funds, and savings are a part of every household. Personal finance is all about your money management techniques. How much you have at the end of every check is dictated by your ability to manage money well. The schools don't teach it, churches don't preach it, and parents can't teach it.

Money management skills that encourage planning and saving have to be taught. These skills can't be assumed. Discipline isn't like hearing and seeing, people aren't born with the ability to be disciplined and save money. It takes training and practice to learn how to become disciplined and manage money well.

Schools haven't seen a need to prepare children for personal finance or money management. The education process assumes these skills are taught at home. But, where did the parents learn the skills from? There is a great chance that most parents don't know enough about personal finance to teach their children correctly. This creates a blind leading the blind scenario. Money management discussions are rarely if ever held in most homes. These discussions didn't occur in our house when I was growing up. Children ask questions about what Santa Claus is bringing for Christmas but they never ask why the lights are on or if the bills are paid.

The lack of proper personal finance training and poor money management skills causes havoc and chaos in people's lives. All too often people entertain discussions on being in debt. They tell you how they are making partial payments or late payments on their bills. People talk and complain all of the time about not having enough money to pay their bills or not having enough money left over after paying the bills.

Splurging is not a solution. Fulfilling instant gratifications and buying things because you see and want them doesn't show discipline. The home shopping networks know they have a market for you. When you see the item and it's displayed so beautifully, you tell yourself you just got to have it. There is a great chance that when the item is delivered you'll have forgotten you purchased it. Often, these articles are thrown in a drawer or put up for safe keeping and never used. Everyone remembers the special occasion that necessitated the perfect outfit ensemble. A must have outfit has caused many gas and electric bills to remain unpaid.

Personal finance and money management skills should be taught to everyone if the truth were told. Some people need the training worse than others. Everyone can benefit from learning about how to manage money better. Children need to be taught as early as possible and the schools should require it as part of their curriculum.

America saves less than 5 percent of their income because we haven't been taught how to save. Seeking the services of a financial advisor whose profession is to teach personal finance skills will help Americans save more. A financial advisor is different than a financial planner. Don't get the two different professions mixed up. A financial advisor also known as a financial coach will teach you how to change your attitude about money. Learning how to plan and budget sounds simple but these skills present a great challenge to the average person. Learning what an emergency fund is and how to save for it while incorporating your current and future goals take skill.

Learn how to plan a course for financial well being. You can stop living from paycheck to paycheck if you commit to learning about personal finance and improve your money management skills. Awaken the financial genius in you.

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Sunday, July 18, 2010

1 internet marketing

By Tess Alps: Why is TV-dissing such a big part of internet orthodoxy? Clay Shirky has been out promoting his new book, Cognitive Surplus, which states that internet activity is displacing TV among the young and that this is a good thing. There have been newspaper reviews like this and yesterday he was interviewed on Radio 4’s Today programme.

To be fair to Shirky, he doesn’t say that all TV is “bad”, but he believes that being online is better – connecting, creating, sharing. I would have to be a philistine not to recognise the many positive benefits that the internet has brought us, and I share Shirky’s idealistic hope that it will promote democracy, knowledge, peace, love etc.

My problems with his book are three-fold: I dispute some of his facts, some of the distinctions that he draws and some of the science that he employs.

Facts first: is TV viewing declininTo be fair to Shirky, he doesn’t say that all TV is “bad”, but he believes that being online is better – connecting, creating, sharing. I would have to be a philistine not to recognise the many positive benefits that the internet has brought us, and I share Shirky’s idealistic hope that it will promote democracy, knowledge, peace, love etc.

My problems with his book are three-fold: I dispute some of his facts, some of the distinctions that he draws and some of the science that he employs.g for the first time ever among the young? Not in the UK or Europe, and TV catch-up services online are extra. TV viewing is booming in developing markets. Anyone who has watched the World Cup coverage will have been moved to see young African children joyfully watching their first TV football match.

Secondly, to position the internet as an alternative to TV is meaningless – and I don’t say that lightly, because Clay Shirky is clearly a very intelligent person. The internet is a vast and transformational technology, but it is not a homogenous medium.

Many human activities that once took place offline can now be conducted online, including watching TV. A growing percentage of young people’s time online is spent watching TV and video – and then talking about it, as a quick glance at Twitter will prove. Sadly, there is about a 1:99 ratio between people who create things online and those who just consume them, much as in the real world; and TV inspires online creativity.

Finally, a bit of science. The word “passive” is often used to denigrate TV viewing. There might be less physical movement than twitching with a mouse but the brain is deeply engaged watching TV. The brain is a complex organism; the very title of Shirky’s book indicates he overvalues rational and cognitive processes over emotional intelligence and education; action over feelings.

We have just finished some neuroscientific research looking at the difference in the brain activity between watching TV and browsing websites (largely text based) and the differences are marked. TV is much stronger in areas such as emotion and long-term memory encoding and web browsing is stronger for visual attention. So they are different – but complementary.

Watching TV is a mostly shared experience; the real-life conversations within families that TV provokes are enormously valuable. Entertaining people and promoting happiness is a noble pursuit; TV is the master. But we should also recognise TV’s vast role as an informer, educator and promoter of democracy every bit as important as the internet.

Most of the time, the ease that the internet brings to human endeavour is brilliant, but I can think of areas where it has casualised and arguably cheapened some things. What’s the exchange rate between an online click on a petition and a Jarrow marcher? Birthday wishes on Facebook take a mere two seconds.

I could reverse what Shirky does and make unfair comparisons between the best of TV and the worst of the internet: is it better to watch Survival and Dispatches or to play to World of Warcraft and poke a friend? But I’d rather value both these massive cultural treasures for all the good they can do, separately and together.

Tess Alps is chief executive of Thinkbox, the marketing body for UK commercial TV

My problems with his book are three-fold: I dispute some of his facts, some of the distinctions that he draws and some of the science that he employs.

Tess Alps is chief executive of Thinkbox, the marketing body for UK commercial TV

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NASCAR Pushing For Diverse Drivers « Liveshots

When you think of a NASCAR driver, you may not picture a young woman zipping around a racetrack.

Google Bows to Criticism, Changes Google News Design

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(July 6) -- Temperatures in the triple digits along America's East Coast are prompting cities to open cooling shelters and offices to crank up their air conditioners -- sparking fears of blackouts amid increased electricity demand.

Wednesday, July 14, 2010

1 internet marketing

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Augmented Reality for Marketers and Developers: Our Newest Research Report

We're pleased to announce ReadWriteWeb's latest premium report, Augmented Reality for Marketers and Developers: Analysis of the Leaders, the Challenges and the Future. This report will help you develop a sophisticated understanding of Augmented Reality (AR), the mobile and Web technology that places data on top of a user's view of the physical world. The research included will help you decrease your AR development time to market by learning from the first wave of early adopters. AR offers a new marketing and product paradigm for a high impact, high value customer experience. More than 1,000 AR campaigns were kicked-off last year and we expect to see many more in 2010. In this report, we profile key AR development companies, their campaigns as well as development lessons learned. For more information or to buy the report, visit here.

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Check Out The ReadWriteWeb iPhone App

We recently launched the official ReadWriteWeb iPhone app. As well as enabling you to read ReadWriteWeb while on the go or lying on the couch, we've made it easy to share ReadWriteWeb posts directly from your iPhone, on Twitter and Facebook. You can also follow the RWW team on Twitter, directly from the app. We invite you to download it now from iTunes.

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There’s a reason Prince made it onto Time’s 100 Most Influential Celebrities list. His musical legacy is easily apparent, and his opinions are still making headlines. Recently, the purple-clad eccentric has endured great scorn for his statement, “The Internet’s completely over.” Just so you know he’s serious, Prince has banned his music from YouTube and iTunes, shut down his own website, and announced his newest album 20TEN will only be distributed as a free CD inside the British paper the Daily Mirror (much to the chagrin of my wife and sis-in-law, huge fans).

After blasting online music distributors, Prince calls the technology itself a fad that’s on the way out: “The Internet’s like MTV. At one time MTV was hip and suddenly it became outdated. Anyway, all these computers and digital gadgets are no good.” Obviously, he’s out of touch; MTV was a diversion, not a tool that expanded the potential accomplishments of virtually every business and individual in the world. Nor were millions of people physically addicted to MTV and its content.

Though his statement is demonstrably false, there’s something to the sentiment behind it. I’ve rarely bought mp3s online that I could buy on a physical format for two reasons: first, lower sound quality (to bring the file sizes down, they remove frequencies and decrease the audio’s resolution), and I prefer the limitation of having to choose and listen to one CD at a time. Just browsing through a collection of mp3s ripped from the same CDs, I appall myself, getting so easily bored and skipping through music that I find exhilarating when I commit to it. Despite an age difference of three decades, Prince and I find solidarity in this anachronism.

But aside from personal taste, the problem with online mp3s is that the music industry has long been plagued by piracy– much more than TV or film due to smaller file sizes. Despite the option of cheap, convenient, buffet-style digital music stores, pirates are still ubiquitous, and they cost record labels serious money.

For those conservatives not familiar with the concept of receiving a good or service without paying for it, online piracy is the unholy union of the West’s appalling entitlement mentality, anti-corporate zealotry, and a warped sense of economic progress. For the uninitiated, here is a list of what I’ve dubbed the Six Levels of Piracy:

Level 1: Listening to burned CDs from friends (technically illegal, but akin to the virtuous Before Christ residents of Dante’s Inferno)

Level 2: Downloading mp3s from music blogs which host songs without permission from artists

Level 3: Paying for a Rapidshare Premium account but not paying for music

Level 4: Downloading torrents

Level 5: Leaking content onto torrent sites

Level 6: Openly promoting piracy

What online pirates (generally anti-corporation leftists) fail to realize is that music distribution, like any business, has costs that need to be made up when selling its product: payroll for songwriters, artists, producers, and recording engineers who actually make the music; manufacturing, packaging, and shipping CDs; promotion, marketing, and expensive ads called music videos; plus administrative and legal costs and taxes (most labels are international and have to pay European VAT taxes). Then, retailers buy the music and have to sell it at a higher price to cover their own costs and make a profit (profit is how these people stay in business and make sure we can still have music in the future).

Artists such as 9 Inch Nails’ Trent Reznor have fueled pirates’ costless fantasy world, lamenting,

“Wait – you sell for $18.98 and I make 80 cents? And I have to pay you back the money you lent me to make it and then you own it? Who the f**k made that rule? Oh! The record labels made it because artists are dumb and they’ll sign anything.”

In response, let’s think up a little analogy that progressives like Mr. Reznor can understand. If the benevolent feds charge NASA with building a new shuttle that will collect tons of pure gold on a distant planet, the astronaut who pilots the shuttle will not receive the majority of the gold. Congress funded the building of the ship. They authorized the mission. They took the financial risk, so they will reap the majority of the financial reward. The astronaut will still get copious amounts of money; it’s just that most will be from the speaking tour after the mission.

Regardless, Reznor and fellow ‘90s sensations Radiohead have tried a novel idea—allowing customers to set their own price for albums. In 2007, Radiohead released a self-produced album, In Rainbows, and before it hit stores, anyone could log onto their website and type in how much they would pay for the twelve tracks. I’ll admit that I paid nothing, mostly because I find Radiohead disgustingly overrated. The band hasn’t released any sales figures for the experiment, but they’ve said they won’t do it again.

For bands such as Radiohead, their established fan base (which exists largely because of the evil music industry corporations) can potentially make this donation-based distribution work. It may also work for smaller indie bands that have low production costs. But for developing artists trying to go national, a small core of rabid, paying fans likely won’t be able to cover the costs of ambitious, professional recordings, so I doubt that many will adopt In Rainbows’ strategy. Sites with free song streaming plus ads, such as Grooveshark.com, show potential also, but between the Wall Street Journal, Hulu, and (allegedly) MySpace deciding to adopt subscription-based services for online content, this business model might only yield the results of Keynesianism in time.

Therefore, what Prince says may be true to a point. Digital distribution of music could end up a bust; that may be the reason that sales of vinyl records are on the rise. It’s certainly a much more credible assertion than Radiohead’s Thom Yorke predicting that the entire music industry will collapse within “months” (he gets a pass from the press, cuz he’s a courageous crusader against climate change). Regardless, it’s good to see such a bizarre, entertaining character—read the whole interview; you’ll thank me—retain some semblance of free thought instead of slipping into leftist orthodoxy after so many years in the music business.

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Saturday, July 10, 2010

1 internet marketing

Please join us at TechCrunch Disrupt San Francisco on September 27-29 2010.

It started as an experiment in New York this past May. We sensed a fundamental shift taking place with technology and media—a shift in platforms, applications, revenue models and consumer behavior—and we wanted to talk about it. Appropriately, we found an old Merrill-Lynch office building and took it over for three days to test a new event format, TechCrunch Disrupt. We had 3 objectives: (1) gather the best minds to debate what’s changing now and what to do about it; (2) showcase the hottest new startups we could find and (3) have fun and meet a ton of new people.

The response was more than we could have hoped for. Charlie Rose opened the show. Mayor Bloomberg stopped by for a surprise visit. Carol Bartz even made me blush (sort of). Twenty five new startups launched on stage. Over 100 other startups demo’ed their services in the wings. 1,700 tech enthusiasts showed up—rivaling our biggest events to date in San Francisco.

So we’re going to keep blowing it out, and we hope you’ll join us for TechCrunch Disrupt San Francisco, September 27-29 at the San Francisco Design Center Concourse. The main agenda will run 9 am – 6 pm, but save your evenings for after-parties and lots more networking fun.

Disrupt SF will explore the Third Wave, a phrase coined by John Doerr in his interview with Charlie Rose. If the First Wave was the PC, and the Second Wave was the Internet, now the Third Wave is a combination of the social and mobile layers accelerating everything on the Internet once again from geo apps and tablet computing to social commerce.

Disrupt SF will also feature our new startup competition, the Startup Battlefield, where approximately 25 new startups will participate in a tournament-style launch competition to demonstrate their technology, business and marketing disruptions. One lucky company will take home the grand prize Disrupt Cup trophy (passed on from last May’s winners, Soluto) and a $50,000 check, and others will receive special awards and accolades.

So let the disruption begin. Startup applications are open today, hosted by Producteev, through midnight PST, August 8. We review applications on a rolling basis, so please apply as soon as you are ready for consideration. You can read all the fine print for rules and eligibility here. Just remember our motto: Create, Destroy, Repeat.

The Disrupt SF list of speakers and agenda will be announced on over the coming months, but grab our extra early bird tickets asap (best prices through July 31 via Eventbrite.)

The Real Results series is supported by Gist, an online service that helps you build stronger relationships. By connecting your inbox to the web, you get business-critical information about key people and companies. See how it works here.

Over the past two years, real estate professionals have found creative ways to overcome the real estate crisis, including finding innovative uses for social media. After facing drops in home sales well into 2010, real estate pros have been forced to utilize their offline skills in an increasingly social way online. By using photo and video sharing to enhance listings, along with professional networking sites to hone their sales skills, real estate veterans have made strides in moving inventory in tough times.

Agents, brokers and realtors have found successes in lead generation, sales and brand building through use of mass audience social platforms, including Twitterclass="blippr-nobr">Twitter, Facebookclass="blippr-nobr">Facebook, YouTubeclass="blippr-nobr">YouTube, Flickrclass="blippr-nobr">Flickr, Meetup, and LinkedInclass="blippr-nobr">LinkedIn, as well as real estate specific platforms, like Trulia, Zillow, WellcomeMat and Architizer.

Whether they are sharing videos, listings or advice with their communities and prospective buyers or sellers, real estate pros are making progress in using social media for real results.

Attracting Buyers and Sellers

The core goal of real estate pros utilizing social media is to attract sellers looking to list their homes or buyers looking to purchase homes. Naturally, the 1.0 version of social media for real estate is setting up pages on social networks that fit your company’s content and audience.

Corcoran Group, the largest residential real estate firm in New York City, is a fitting example of how real estate agencies are going above and beyond to make themselves available for buyers and sellers. Corcoran differentiates itself by simply being available and open. The “Do More” tab on their Facebook page says it all — you can find them on Twitter, Facebook, YouTube, Foursquareclass="blippr-nobr">Foursquare, and Gowallaclass="blippr-nobr">Gowalla, among other sites. And if you need more, you can download their iPhone app, where you can find nearby homes for sale or rent and open houses. The app also promotes their Twitter, Facebook and YouTube pages. If you dig a little deeper, you can also find Corcoran on Tumblrclass="blippr-nobr">Tumblr, Blip.tv and Vimeoclass="blippr-nobr">Vimeo. Simply put, Corcoran has found a way to be everywhere for its clients. This is the first step to converting fans and followers into buyers and sellers.

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Attracting Buyers and Sellers

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