The 9 habits of individuals building a successful future:

The 9 habits of individuals building a successful future:

1.     Save 20% of Your Money: This is prudent, but challenging advice especially for a young person with a significant amount of student loan debt.

2.     Exercise Daily: If you’re thinking about getting started in the northeast Ohio area, I suggest CrossFit Cadre. I’ve been meaning to take a rest day for a couple weeks now, but I just keep finding myself back at the gym. Having a good support system for your fitness routine makes you much more likely to stick with it. CrossFit works for me, but find an exercise routine that fits your schedule and makes you happy. That is the only way you’re going to stick with it.

3.     Eat Healthy: As I mentioned yesterday, I just started an 8 week challenge where I’ll be doing nothing but the Paleo Diet. After these 8 weeks, I plan to live a “Paleo Inspired” lifestyle. Basic guidelines to eating healthy: Avoid sugar and processed food, and eat lots of fruits, vegetables, and protein. Most things are okay in moderation.

4.     Plan Weekly and Daily: I use a to do list and keep my calendar detailed and built out. For me, a To Do list is a set of goals I have to accomplish. I am very goal oriented so I get an immense feeling of gratification and accomplishment when I can cross something off my To Do list. It also keeps me from forgetting things.

5.     Read For Pleasure: Do this every day. For starters, I encourage you to bookmark this blog to satisfy some of your daily reading. I also encourage you to always be reading a fiction or nonfiction book. I’m currently finishing up Michael Lewis’ The New New Thing and am looking forward to getting started on 4th and Goal by Monte Burke. Audiobooks count as reading (in my book at least).

6.     Brush and Floss: Just do it. You won’t like you’re dentist (or your gums) when he’s angry.

7.     Meditate: This is different for everyone. However you want to do it, take time to inwardly reflect. Think about your accomplishments and your goals, or just find your center and relax.

8.     Journal: Much of our lives are lived on social media, so for many people downloading an archive of your tweets or looking back through your Facebook timeline is like reading a diary. I encourage you to put down in print more than that. Writing helps to clarify thoughts and feelings and is a great way to track your life so you can look back from your 80s and reflect on how awesome you were in your 20s. On social media, we speak in hyperbole and portray an image of how we want to appear to others, an “ideal self” so to speak. When you’re journaling, you’re more likely to be candid and honest.

9.     Serve: You can accomplish this in a variety of ways. Supporting a charity, giving back to your community, and volunteering your time are all great options. You can serve at work too even if you’re not a hero like a policeman, fireman, nurse, doctor, or a member of our armed forces. As a leader, your job is to remove barriers for your team and put them in a position to be successful. Good leaders serve their organization and subordinates by putting them first and making decisions in their best interest.

 

JPMorgan agrees to $800M in London Whale fines and will admit wrongdoing:

JPMorgan agrees to $800M in London Whale fines and will admit wrongdoing: In April and May of 2012, JPMorgan incurred over $6B in trading losses as a result of poor trades by its London office. Trader Bruno Iksil nicknamed the “London Whale” working under Chief Investment Office Ina Drew bet big on some credit default swaps and lost in spectacular fashion. He then tried to cover up the magnitude of his losses, which only exacerbated the situation. The biggest part of this penalty imposed by regulators in the U.S. and U.K. is not the $800M fine, which will hardly affect the firm, but that JPM will have to admit wrong doing. This admission of guilt opens them up to private lawsuits to go along with the fines in addition to the $800M being levied by the Commodity Futures Trading Commission and the FBI investigation; it also damages their credibility. Last week, I posted about how important the “neither admit nor deny guilt” clause was in the SEC’s decision against Citigroup. JPM will not be able to get off so easy. If you missed it, definitely check out that post about Citigroup, it is relevant here.

 

7 Mind-Blowing Numbers From the Lehman Brothers Disaster:

7 Mind-Blowing Numbers From the Lehman Brothers Disaster: Yesterday (9/15) was the 5th anniversary of the Lehman Brothers bankruptcy filing. A couple highlights: 1. Lehman was the largest bankruptcy in U.S. history by asset value at $639.4 Billion. 2. Lehman creditors will receive a paltry $.18 on every dollar they are owed. 3. The annual compensation of Lehman CEO Dick Fuld the year before the company went bankrupt…. $34.4 million. Wow.