Economics in One Lesson book

6 06 2012

According to author of this book Economics in One Lesson, Henry Hazlitt (1952), “[I]t is essential for the health of a dynamic economy that dying industries should be allowed to die as growing industries should be allowed to grow.  For the dying industries absorb labor and capital that should be released for the growing industries.”

Economics isn’t about buying up mal-investments and having tax payers take up such responsibility. Henry Hazlitt says that this cycle is never-ending and businesses will be created unless we keep hoarding. The book is 198 pages, big font, available here http://www.fee.org/library/books/economics-in-one-lesson/

Savings rate

Government interference by injecting money into banks can force people to accept lower interest rates. People who save are not frugal, as the money they put into banks earn interest and help in lending processes to creates businesses and jobs.  Hoarders, those who put money under mattresses or hide them, do more damage than those who put money into banks.  Stagnation occurs when savings exceed investing.  This is not to say that one should go out and spend lavishly to show off to the world that they are helping the economy, because in the end the one who loses most is this person since they are spending into their own capital. Help stabilize yourself before you can help others!

Artificial interest rates is what it is.  Though interest rates are lowered for those seeking loans, there is shortage of capital to back itself.

Inflation = increased taxes
Minimum wage and wage increase and price-fixation by government = increased cost of living and everything becomes more expensive

If all is boring just read the first chapter, and the closing chapter (which is hilarious actually).

My friend inspires me to study more.





How do doctors wear their diamond rings?

27 04 2012

Frankly, they don’t.  There are forums showing how these medical staffs flaunt their jewelry. Most just wear one set into the ring itself (in-laid) and some say they rotate the ring to the inside of their hand before putting gloves on. One can wear it on their necklace, put it on a safety pin and pin inside scrubs, or just put it away. These things tear gloves.

“i only have 1 wife! but we can get a lot of diamond in the future
i don’t want to lose my wife just because she want a better diamond to show off to people and get your self HURT”

She is worth more than diamonds, he says.





Living like a Billionaire article

6 04 2012

http://finance.yahoo.com/news/living-billionaire-only-day-181007750.html

I enjoyed reading this article very much. It reminded me of one day when I stepped out of the airport terminal at LAX, I was standing next to a really tall, handsome gentleman who looked like he could be on a movie set.  It was strange because he was just standing there by himself next to me. I looked down and see that he only had one rugged torn edged luggage and a laptop bag.  Next thing I knew, a black car (Roll-Royce maybe?) rolls up as he waived it down and the chauffeur came out to put his belongings away into the trunk.

It’s not a life that I could ever imagine. All I could see in front of my eyes is half the debt I’ve accumulated so far ever since starting school.  By the time I finish I will owe as much as it costs to buy a house. The only thing that scares me is to not be able to see that far into the future in 6 years whether or not I will have a job to pay off all of this. There are all types of risks when you want to do big things.  I guess it’s just not something I should think about at this moment.

In the article, these were the memorable quotes I would like to save here; words from a billionaire:

During the trip, I ask the billionaire what it’s like to be among the richest people in the world.

“Look,” he says. “I think all it does is make things easier.”

Like most of the wealthy people I’ve met while covering Wall Street, he plays down the effects of money. “I don’t think it changes you that much,” he said. “The happy guy who makes tons of money is still happy. If somebody’s a jerk before, he’s a jerk when he’s got a billion dollars.”





Materialism

15 01 2012

An interesting piece by Tim Gagnon called “Over the Edge”. He explains it in his youtube video.

I am reposting this link here, the few things I witnessed when I was Dominica on an island away studying medicine.

Calls Center in Dominica with Alcoholic Anonymous, babysitting service, and more

This is the middle of January 2012, yet I feel it is so important to bring this to light and discuss the world we know of today compared to a much simpler and basic way of life. My family grew up in America and a lot of them were born here as first generations American-immigrants.  I take one second to note if only they knew the conditions that we used to live in and to think those are the types of conditions a lot of people are still living, we should feel ashamed.

My head ached from hearing from those fortunate beings whine and throw tantrums about not being able to get the newest and latest iphone 4 technology. Just for a second, they don’t think that next year or the next the iphone 5 is coming and this will soon be outdated.  I’m not saying don’t get it, it’s just that sometimes one needs to prioritize.  Because just for a moment, when the children of America want something so bad and can’t pay for it, they end up putting the bill burden on their parents.

I hear again and again that if you don’t have a car in our state, you’re basically crippled. Well? (fill in the blanks here about public transport and two-feet transport). Suddenly the world becomes your enemy when someone sets you straight or doesn’t help you achieve these material goals. Making enemies of those who used to love you and cared for you dearly before.

Just to set things straight now, I hardly mentioned things I bought, but because there was some misunderstanding I have to discuss them. Last time I brought some expensive weights equipment, it was only left outside to rust without covers on them. And the exercise machine because it has a 250 lbs weight limitation on it. If one is obese or morbidly obese the resistance belt will break on the inside. And there are those machines for doing situps, which seems to just sit on one end of the room …. If I counted back in time, I always bought birthday cakes and some sort of present big or small for them, but I can sort of remember and count the gifts I get in return (very little yet I don’t complain).

and there is the Christmas tree.

This past Christmas, our Christmas tree was empty.  I purposely didn’t buy anything this year and I could have bought some gifts and put them beneath there, but I’m dead broke thanks to school (yet, some didn’t seem to understand that either). Besides, I wanted to see if being without gifts would bring out other meanings to our family life.  Some people fail to realize that if we have less, we eat less and it is more important that family have a chance to be together.

We have forsaken and taken for granted so many basic things in want of material goods. Not only is materialism a big issue in America today, the gluttony of always wanting to eat eat eat… (fill in the blanks). People, those fortunate ones, forget that they have a roof over their heads, a bed to lie in, clean water to shower and wash with, family to come home to, and food on their plates.  These are things we should have been thankful for.

Yet, some find reasons to be depressed. Depressed over what? We should stop being depressed because it is a downward spiral and just keeps getting worse. Lying around depressed for many many years wasting away life. That doesn’t change anything for anyone. Funny thing is, we can all get depressed when others are depressed. Actually, this is called introspection, when you absorb the world outside into your heart and hurt. According to Kaplan reviews is associated with a person’s superego or parenting skills. Hilarious. I don’t want to be anyone’s “parents”, but with time this comes naturally due to my nature and being in the field of medicine.

Tonight, I’m sitting cogitating on lots of things. I think about the few people I know who goes through school and medical school with a lot of support, both emotionally and financially from their families. They are so successful.  I think about how hard I have to work and to do it on my own.  Now, I’m not going to lie. It is very very challenging. But with the right attitude, mindset, and determination I can get through this and hopefully inspire some others who struggle the same. As for the moment, I can only hope that the word MATERIALISM doesn’t take away the best of life.

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Free cell status: Game 271 of 1 million.





Something embarassing…health insurance.

20 10 2011

I ran out of the doctor’s office today after waiting around an hour.  It’s a good thing about having second thoughts because I soon found out that my policy period was over and am starting a new period. That means I have to meet the deductible all over again before the insurance kicks in to cover the rest up to $5,000. The deductible last period was $250.00 just went up and is now $500.00

Why Obamacare, why? Instead of making healthcare more affordable for me, I now have to fork out additional money (which I don’t have) to pay the health insurance fees every semester on top of that take figure out a way to dish out $500 before insurance covers anything and then another $100 deductible on drugs prescriptions. $600 yearly …. on top of the $366 I pay every semester x3 = $1698 per year I have to pitch out.

If I consider myself unhealthy then insurance makes perfect sense. If you are a healthy med student you feel you can better figure out how to go to the doctor without spending any more than necessary. However, student health  insurance is a requirement that I cannot escape.

Yes, I feel embarassed but the next few days I will shop for doctors that have cheaper out-of-pocket fees that are still within network since I may not afford to live the next few months if I don’t budget carefully. It’s a good decision. I won’t allow my embarassment to take over my budget-wise conscience. I don’t buy phone plan b/c I can’t afford it either. Saving as much as possible.





$250 just to say hi

13 06 2011

That’s almost how much my 2nd taste of coffee costed this semester today. I went to see an OBGYN today and forked out $250 from my pocket, which exactly covers the insurance deductible. From now on, everything is paid for  by the insurance up to $5,000.

$250 just to see the doctor’s face and get a cotton swab of material for culture. So easy for the doctor & so painful for the patient’s wallet and time. I felt like I didn’t get much out of the meeting to day.  Satisfaction on scale of 0 to 10… let’s say it was a 2. 😦

The truth has to be told. This is what I believe happens b/c of insurance. When I didn’t have insurance before I could call around & shop for doctors letting them know I don’t have insurance. Their office visit costs are no more than $45/visit out-of-pocket. Even my chest x-ray before costs less than what it would if I had to pay via insurance. I can only imagine the dangers & horrors once Universal Care begins to take full effect.

“in the patient’s shoes.”

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[Edit: January 11, 2012]

Through experience we learn. Since this blog is really meant for me and I get no feedback, I learn it on my own. $250 is typical to see a specialist. Some places are cheaper if you do shop around about $120 or so just for consultation. Obviously, if you do a bit extra e.g. get culture specimen it costs more. With insurance, the cost is lowered only a bit, you must still pay a certain amount to meet your deductible. But yes, even with health insurance doctor fees are really high. They have to pay extra help nurses, costs of leasing the building, legal fees and insurance. This is a tough on everyone.