For Whom Wealth Matters
June 20, 2014 Leave a comment
The following tables are from the Mumbai-GPO’s notice board.Ever since the interest rates of post office savings schemes have become market driven,they are reset every year.So the figures below will vary slightly from year to year.But these tables do a good job of summarizing the schemes for quick reference.
June 19, 2014 Leave a comment
People differ in their preferences for reciprocity. Accordingly they can be divided into Givers, Takers and Matchers. Takers are people who, when they walk into an interaction with another person, are trying to get as much as possible from that person and contribute as little as they can in return, thinking that’s the shortest and most direct path to achieving their own goals.
At the other end of the spectrum, are Givers,looking to help others by making introductions, giving advice, providing mentoring, sharing knowledge,volunteering,giving their resources without any strings attached,etc.Very few of people are purely takers or purely givers. Most hover somewhere in between. That brings us to the third group of people, who are Matchers. A Matcher is somebody who tries to maintain an even balance of give and take. If they help you, they expect you to help them in return.They keep score of exchanges, so that everything is fair and really just.
The Givers are over represented at the bottom of the pyramid of success. By putting other people first, they often put themselves at risk of burning out or being exploited by takers.But also Givers are over represented at the top of most success metrics.In sales, the most productive sales people are actually those who put their customers’ interests first. A lot of that comes from the trust and the good will that they have built, but also, the reputations that they create. Read more of this post
June 19, 2014 2 Comments
The notion of “win-win” a dangerous trap while negotiating. So be very, vary wary of win-win. The win-win ideal tempts good-hearted people to buy into bad deals that they later come to regret.
Here’s why. Let’s say, for example that you adopt a “win-win” attitude with someone who has an “I-must-win” outlook, your “win-win” perspective almost guarantees you’ll be the only one offering concessions in order to reach an agreement. Since you are expecting the other person to be equally concerned about looking out for your needs, not only will you be disappointed,but you will find that the other person has helped themselves to everything they wanted,along with everything you freely offered.So basically you have a double ghata(loss),
Your best defence is to adopt the 3-Step Alternative to “Win-Win”- “wish, want, walk.”
1. Write down your wished-for goals.
2. Study what the opposition wants.
3. Write down the number and conditions at which you will walk away. Read more of this post
June 18, 2014 1 Comment
John D. Rockefeller had a difficult childhood. His family bounced between poverty and comfort because his father was a con-artist. The elder Rockefeller traveled the countryside of upstate New York selling patent medicine which was often simply “snake-oil.” The Rockefellers didn’t fit in the small New York village where they lived.Just like most small towns, everybody knew each other. Gossip and rumor spread like wildfire. And the village scorned Rockefeller’s father who they correctly labelled a snake-oil salesman. Whispers followed the family, they were excluded from social life and young John could not help but hear the vicious things the villagers said about his family.
Because they were ostracized, Rockefeller quickly developed a thick skin and a calm demeanor that helped him ignore the verbal barbs from the villagers who thought the sins of the father should blemish his son.Soon people began commenting on the boy’s almost Buddhist detachment from events that kept him from getting angry or flustered, even when his father committed the ultimate sin and abandoned their family.Throughout his childhood, Rockefeller built a fortress of calm.
And this fortress served him on his journey to remarkable success.When Rockefeller sat down to negotiate, it was impossible for people to emotionally manipulate him. Even when he sat in front of a hostile Congress who wanted to destroy the company he built, Rockefeller remained calm and composed during the crisis.Nothing could faze him. Read more of this post
wealthymatters 