BENJAMIN WEY REVEALS 7 MYTHS ABOUT WINNERS AND LOSERS IN BUSINESS

AMERICAN FINANCIER BENJAMIN WEY REVEALS 7 MYTHS ABOUT WINNERS AND LOSERS IN BUSINESS

Benjamin Wey is an American business leader

A multilingual strategic adviser on Wall Street, an investigative journalist and a leading American expert on China. With approximately 20 years of professional experience, in-depth knowledge of the various international cultures and extensive global contacts, Mr. Wey has led and participated in more than 200 projects worldwide. As the CEO of New York Global GroupBenjamin Wey shares his views about the 7 signs that separate winners from losers in the business world.

We spend a lot of time in this society focusing on winning and losing. While attending Columbia University to earn my 2nd master’s degree, I had many professors that challenged us to become winners, not losers. “Benjamin Wey, you want to be a winner? ” says a business school professor. From the sports pages to the stock market, from our elections to our schools, we worry about who’s up and who’s down. There is an entire industry, the self-help book business, that generates millions or even billions for those who claim to have the answers.

Based on my experience of both success and failure in life, I have spotted seven myths about winners and losers that deserve exploring.

1. WINNERS HAVE THE EDUCATION NEEDED TO SUCCEED WHILE LOSERS DON’T.

Education, of course, is incredibly valuable, but our formal system of education isn’t as well adapted to the needs of the 21st century as it could be. You want proof? Bill Gates, Steve Jobs, Larry Ellison, Mark Zuckerberg and Michael Dell dropped out of college and became billionaires. And it isn’t just in the computer world: Ted Turner, David Geffen and Ralph Lauren are worth a billion or more, and they dropped out as well.

2. WINNERS UNDERSTAND THE RULES AND PLAY THE GAME TO WIN WHILE LOSERS DON’T FOLLOW THE RULES.

You can amass wealth, get yourself a corner office and wind up in Millionaire Acres in the Game of Life by knowing the rules and playing by them. However, more and more often, I see truly successful people don’t play the game. They create their own rules. In a world of checkers players, these people are playing chess, Risk, Jenga and God knows what else. By redefining the world around them, they build success into their new game. You can’t win a million-dollar jackpot if you’re playing penny ante poker. And nobody ever got rich playing someone else’s game.

3. WINNERS FOCUS ON LUCRATIVE INDUSTRIES LIKE FINANCE AND LOSERS OPT FOR BUSINESSES WITH LESS REMUNERATION.

We read all the time about the guy at Goldman or Morgan or Chase who got a $100-million bonus, and the popular press has us convinced that everyone on Wall Street is paid insane amounts of money. It’s true for the people at the very top, but most people in finance don’t have “screw you” money — they need that paycheck and can’t afford to be out of work. Think of the people who answer the phones, run the copiers and enter the data. Do you really think they’d do that if they had a million bucks? At the same time, we don’t think of people in janitorial services as being rich. But there isn’t a city in America without at least one person who runs a cleaning service or custodial enterprise who couldn’t pay cash for a Mercedes.

4. WINNERS JOIN WINNING TEAMS AND LOSERS JOIN LOSING TEAMS.

The flaw in this thinking is the word “join.” Yes, it’s possible to team up with someone who is successful, and you can ride on that person’s coattails. But that isn’t really success so much as it is being a parasite — even a beneficial one. Far more frequently, you work with people over time, and as jobs and projects come and go, you wind up assembling a team that then goes out and succeeds. Again, it’s useful to think about musicians. The Beatles, arguably the most successful band of all time, had one member die (Stuart Sutcliffe played bass originally) and another get replaced (Ringo Starr took Pete Best’s job as drummer) before they took the world by storm. That said, it’s hard to make it if you are surrounded by people whose approach to things almost guarantees failure.

5. WINNERS PUT IN LONG HOURS OF HARD WORK THAT LOSERS DON’T.

This myth mistakes activity for productivity. Yes, there are times when you have to do something for 14 hours at a stretch; we’ve all done it. You shouldn’t be doing it like that everyday. One thing I have learned is that if you like something, it’s not work any more. When LeBron James suits up to play for the Miami Heat, do you seriously believe he’s thinking, “Time to go to work?” Basketball for him isn’t work, and the last time I looked, the NBA didn’t play 14-hour games every day.

6. WINNERS SET GOALS AND LOSERS DON’T.

Goals are actually double-edged swords. Yes, setting goals is a great way to focus on achievement. But what happens when you achieve your goal? NASA had a goal of sending a man to the moon before the 1960s ended. It was an astonishing challenge, and the brightest people in the country pulled it off. And then what? We went to the moon a few more times and canceled the last Apollo mission for budgetary reasons. Since then, the brightest people in the country have tended not to work for NASA — the space shuttle and the space station are OK, but they aren’t the moon shot. Goals can be self-defeating, whereas direction is endless. That’s why our space probes are driving around Mars, photographing Jupiter and Saturn and even leaving the solar system.

7. WINNERS THINK OUTSIDE THE BOX, WHILE LOSERS DON’T.

Again, thinking outside the box is a blessing and a curse. You have to be outside of it just enough to see a way to improve on what exists, but if you get too far ahead, no one is prepared to back you. To stay with our space metaphor, back in the 1950s, when the Soviets put up Sputnik, a private company like Virgin Galactic was beyond belief. People weren’t going to go for it because even the U.S. government couldn’t get into orbit. Today, Virgin Galactic is on the verge of commercial operations because the world has caught up to the idea of a private company in space. If you are three steps ahead of everyone else, you’re leading the parade. If you are a mile ahead, you’re walking by yourself.

One final thought about this: Winning is fun, and losing isn’t. But it’s your life. How you keep score is entirely up to you.

Benjamin Wey is a financier and investigative reporter, a contributing journalist for TheBlot Magazine and other media outlets.

BENJAMIN WEY — TURN MONEY INTO MORE MONEY WITH CURRENCY TRADING

Benjamin-Wey-Turn-Money-Into-More-Money-With-Currency-Trading

Benjamin Wey is a financier and a journalist.

A graduate of Columbia University, Benjamin Wey has two master’s degrees and almost two decades of operational experience in the fields of marketing and management science. He shares his thoughts and advice with our readers:

They say it takes money to make money. This has never been truer than in currency trading. The international currency market, called the foreign exchange market (“forex” or “FX” for short), is the single largest financial market in the entire world, trumping stocks, bonds, derivatives and anything else you can throw at it with over $4 trillion in activity daily. It was once solely the stomping ground of behemoth financial institutions, but now the average investor can try to grab a piece of that trillion-dollar pie through online trading. Take a look at this intro to trading currency on the foreign exchange market.

Trading in currency is often compared to trading in stocks, except, in a way, you are buying stock in a country. You are buying a country’s currency in the hopes that the country will perform well economically and therefore increase the value of its currency and, in turn, your investment. The value of a currency is based on its relationship to other currencies, so in the forex, currencies are quoted in pairs. This may seem odd, but currency is the standard by which all things measure their value. The market value of a commodity is just based on how much currency it is worth, so the same is true with currency itself.

There are many pairs, but there are four major pairs that account for the majority of trading:

  • The British Pound and U.S. Dollar (GBP/USD)
  • The Euro and U.S. Dollar (EUR/USD)
  • The U.S. Dollar and Swiss Franc (USD/CHF)
  • The U.S. Dollar and Japanese Yen (USD/JPY)

Let’s take the GBP/USD pair. In this pair, the GBP is what is called the base currency and the USD is the quote currency. The base currency is the first currency listed in a pair. Today you would see a quote that says this:

GBP/USD= 1.66

That means that it would take $1.66 USD to buy a single British Pound. The pair always shows how much of the quote currency it takes to equal a single unit of base currency. If you bought in at this price for a single pound and the quote went up to, say, 1.70 because the British economy went on an upswing, the value in American dollars would go up. So you paid $1.66 and now you have $1.70 in pounds and you can sell that pound back for American money and make a $.04 profit. Of course, you can’t just buy a single unit on the forex.

In order to trade currency, you will have to go through an online broker. These brokers are much different than stock brokers because the forex is much different from the stock market.  There is no exchange on which currency is traded, but banks and other financial institutions trade amongst themselves all over the world. Brokers don’t charge commissions like stock brokers, but instead make their money on the spread. The spread is the small difference, measured in fractions calledpips, between what they will buy a currency at (bid price) and what they will sell a currency at (ask price).

An example quote would be:

GBPUSD – 1.6671 – 1.6677

This is a spread of six pips. They will buy at 1.6671, but they will sell at 1.6677.

Benjamin Wey summarizes

It’s similar to a pawn shop in that you will never be able to sell at the price at which you can buy. That’s how they make their money. Different brokers offer different spreads. They usually get a better spread based on the volume of business they do with a certain financial institution. Once again, it’s not like the stock market. A bank will give Broker 1 a better deal than Broker 2 if Broker 1 brings that bank a great deal more business. Just make sure to go with a reliable broker because regulation is much more lax than the stock market.

Even though it may seem different and confusing, trading in currency is similar to any investment in that you want to buy low and sell high. It can be very risky, but so can many other investments. As I always say: make sure to do your homework before making any investment, currency trading included. But it never hurts to know yet another way you can turn money into more money.

If I, Benjamin Wey, would trade currency on a daily basis, I would strict follow these rules. Good luck trading!

Benjamin Wey is the CEO of New York Global Group and a contributing journalist forTheBlot Magazine

BENJAMIN WEY SAYS, 11 SIGNS IT’S TIME TO QUIT YOUR JOB

BENJAMIN WEY SAYS, 11 SIGNS IT’S TIME TO QUIT YOUR JOB

Everyone needs job.

Long ago, one could get a job with a company and, 40 years later, retire from that same company. Those days are long over, and most of us will have numerous employers before our working lives end. So long as you are the one deciding when to quit, that’s cool. As we all learned during the financial crisis, though, a lot of companies in times of trouble do the deciding for you, and you wind up unemployed through no fault of your own.

That isn’t going to change any time soon, but here’s some advice on how to know when it’s time to jump before you get pushed:

The first clue that you probably need to leave is when top management announces major changes.Think about it: If things were going well, there’d be no reason for change. Business is a conservative environment; you don’t fix things that aren’t broken. Risk is acceptable only to the extent that the rewards justify it. If the rewards are shrinking, you are forced to change. “Adapt or die” is code for update the resume.

Are you part of the team to implement “Project X,” which has been delayed twice and has a new project manager and the budget has been redefined? This is change that isn’t being implemented well.

Do you walk past the conference room and the corner offices and see the big wigs in closed-door meetings all day? Their time is valuable, or at least expensive, and every minute they are together, they aren’t running their own fiefdom in the firm. So whatever it is they are discussing is serious. And when serious things go well, those meetings are short, and they leave the doors open. Long meetings with the door shut means review your LinkedIn profile.

Another hint is to check out the conditions in the accounting department. Are the bean counters working late? Sometimes this is perfectly normal, like right before a regularly scheduled audit. But if the last audit was a few months ago and these guys are burning the midnight oil, it might be a sign that there is more money going out than there is coming in.

Related to that, for those of you who get reimbursed for expenses (travel or whatever), do you get your expenses paid easily and quickly, or is it like pulling teeth weeks, even months, after the fact? If they aren’t paying you, and you’re part of the team, what outside suppliers aren’t getting paid? Probably most of them. And why? Because there isn’t enough cash to take care of everyone.

Did you just get a promotion without a raise attached? Does this promotion give you greater responsibility, or as the bullshitters in H.R. call it, “scope for professional growth?” Without more money, they are trying to get more out of you for free. Let’s try a thought experiment. What would happen if you go to the grocery store and get a loaf of bread and a pound of butter, and offer only to pay for the bread? Even if you call the free butter “a unique professional opportunity,” you aren’t leaving with the stuff. If they don’t want to pay you more for extra work, there could be trouble across the company.

Ever been at a company that has a hiring freeze? Someone leaves the company, and the desk sits unoccupied for months or permanently. It could be that the company has outgrown the need for a person in that role, but more likely, not filling that seat saves some cash. And if you’ve been given some of that person’s duties (without a raise), then you should see if that interview suit still fits.

To get rid of a lot of people at once, management sometimes likes to redraw the organizational chart. Have you had four different supervisors this year? Has your department changed names three times? Are you on a different floor or on the opposite side of the building just because? Beware of employees playing musical chairs.

How’s morale? It’s quite possible for you to be totally miserable, but everyone else is thrilled to pieces to get to work every morning. Or are you the happiest camper in the company despite crying yourself to sleep every night? Bad morale is hard to fix. Better to leave.

When you get to work, do you know what you are supposed to do? Or have they moved the goalposts so many times you have no idea where to begin? You have a function within the organization that contributes to the success of the whole, and if you don’t know what that function is and how it fits into the overall operation, maybe no one else does either.

If you’ve been in the company a couple of years, how many new faces are there? If the answer is “a lot,” that means many people have left. High turnover is never a good sign. You probably ought to join the exodus.

Some people think that quitting a job means that they have failed somehow. Rats abandoning a sinking ship, and that kind of thing. That’s the wrong way to look at it. You’re just firing your employer for failure to perform. If they can do it to you, you ought to be allowed to do the same.

 

Investors have been making a mad dash to cash

00000000
This has been the scariest week in stock market history, at least by one significant measure. Though the market’s certainly seen larger downturns, and in fact is on pace to end the week in positive territory, it’s never witnessed investors flee for the exits in the manner they did since the first correction in four years briefly but violently came raining down on Wall Street. Read More: http://www.cnbc.com/2015/08/28/investors-have-been-making-a-mad-dash-to-cash.html

Benjamin Wey, CEO of New York Global Group, recommends this article.

Dow, Nasdaq close out of correction as stocks extend rebound

00000000

U.S. stocks closed more than 2 percent higher in a second straight day of recovery from a recent plunge, with sentiment helped by a rebound in oil and continued signs of strength in the U.S. economy. The major averages ended near session highs after briefly more than halving gains in choppy trade leading into the close. Read More: http://www.cnbc.com/2015/08/27/us-stocks-open-sharply-higher-after-gdp-beat.html

Benjamin Wey, CEO of New York Global Group, recommends this article.

The New York Stock Exchange Has Just Shut Down and New York Airlines Are At A Complete Standstill

wallstreet

Benjamin Wey observed this article, and if you live in the business world this might interest you..

Without announcement, all trading ceased on the floor of the New York Stock Exchange as of 11:32am on Wednesday.

While off-floor trading is still occurring, every listing on the NYSE board is currently showing “HALT” and/or “No Quotation.”

The NYSE has released a statement stating that trading has halted due to a technology issue and that they are working to restore trading as quickly as possible.

http://www.washingtontimes.com/news/2015/jul/8/new-york-stock-exchange-shut-down-over-tech-glitch/

BW 2

 

Benjamin Wey, Founder and CEO of New York Global Group, Investigative Journalist, & Financier