TORONTO (Reuters) &#8211; About C$180 million ($137.21 million) in cryptocurrencies have been frozen in the user accounts of Canadian digital platform Quadriga after the founder, the only person with the password to gain access, died suddenly in December. 



Gerald Cotten died aged 30 from complications with Crohn’s disease while volunteering at an orphanage in India, according to the Facebook page of Quadriga CX, which announced his death on Jan. 14. 



The platform, which allows the trading of Bitcoin, Litecoin and Ethereum, filed for creditor protection in the Nova Scotia Supreme Court last week.



Quadriga has 363,000 registered users and owes a total of C$250 million to 115,000 affected users, according to an affidavit filed by Cotten’s widow Jennifer Robertson on behalf of the company.



Robertson said in the affidavit that Cotten’s main computer contained a&nbsp;“cold wallet”&nbsp;of cryptocurrencies, which is only accessible physically and not online, and his death left “in excess of C$180 million of coins in cold storage.”



Robertson said she was&nbsp;not involved in Cotten’s business while he was alive and did not know the password or recovery key.



“Despite repeated and diligent searches, I have not been able to find them written down anywhere,” she said.



Robertson said that she has consulted an expert who has had “limited success in recovering a few coins and some information” from Cotten’s other computer and cell phones, but the majority remains untouched on his main computer.



Quadriga’s troubles highlight the unique challenges of cryptocurrencies, Dean Skurka, vice president of rival platform Bitbuy.ca, said in an interview with the Canadian Broadcasting Corp.



“This really highlights the need for the government to take action and regulate cryptocurrency exchanges,” Skurka said.



Robertson said in her affidavit she has received online threats and&nbsp;“slanderous comments”, including questions about the nature of Cotten’s&nbsp;death, and whether he is really dead.



Reporting by Tyler Choi; Editing by Sonya Hepinstall

Millions in cryptocurrencies frozen in user accounts of a digital platform after Canadian founder’s death

<a href="https://www.cnbc.com/tom-popomaronis/">By Tom Popomaronis, Contributor</a>



When it comes to job interviews, we all want to give answers that make us stand out from the rest of the candidates. That means knowing how to answer each question, including the tricky ones designed to stump you.



But what if you don’t know the answer to a question?



That’s a problem Google CEO Sundar Pichai faced in 2004, when he first interviewed at the company for the VP of product management position. In a&nbsp;<a href="https://www.youtube.com/watch?v=2csJXGJ4Gqg" class="">2017 chat with students</a>&nbsp;at his alma mater, Indian Institute of technology, Pichai shared details about his interview experience at one of the world’s largest tech companies.



In the first few rounds, Pichai said the interviewers asked him what he thought of Gmail. There was just one problem: Google had just announced the email service that very same day, on April 1st. “I thought it was an April Fool’s Day joke,” Pichai said.



He responded by saying he couldn’t answer the question because he hadn’t been able to use the product. “It was only in the fourth interview when someone asked, ‘Have you seen Gmail?’ I said no. So he actually showed it to me. And then the fifth interviewer asked, ‘What do you think of Gmail?’ And I was able to start answering it then,” Pichai said at the talk.



Most candidates would have attempted to make something up before trying to move on to the next question. Pichai did the exact opposite and ended up impressing his interviewers (after all, he got the job).



Here’s why his response was so brilliant:1. He displayed “intellectual humility”



More often than not, telling an interviewer you don’t know the answer to something will dock off a few points, but it’s better than coming up with something that may be completely false.



Science agrees, too.&nbsp;<a href="https://www.tandfonline.com/doi/abs/10.1080/15298868.2017.1361861?journalCode=psai20" class="">Research has shown</a>&nbsp;that people with “intellectual humility” – or, as they say, the willingness to admit what you don’t know – are better learners.



<a class="" href="https://www.cnbc.com/2018/03/28/how-to-determine-if-a-potential-boss-is-a-good-fit-during-an-interview.html">Laszlo Bock</a>, Google’s former senior VP of people operations, <a class="" href="https://www.nytimes.com/2014/02/23/opinion/sunday/friedman-how-to-get-a-job-at-google.html?_r=0">calls it one of the top qualities</a> he looks for in a candidate. In an <a class="" href="https://www.nytimes.com/2013/06/20/business/in-head-hunting-big-data-may-not-be-such-a-big-deal.html?smid=tw-share&amp;_r=1&amp;&amp;pagewanted=all">interview</a> with The New York Times, he said: “Successful, bright people rarely experience failure, and so they don’t learn how to learn from that failure. They instead commit the fundamental attribution error, which is if something good happens, it’s because I’m a genius. If something bad happens, it’s because someone’s an idiot or I didn’t get the resources or the market moved.”



The next time you’re faced with a difficult interview question, stay calm and take a moment to think before you respond. Pichai carefully thought about the question. What could he say about something he hadn’t even seen? Gmail, at the time, was a newly launched, invite-only product, and so he concluded that it was acceptable to not know the answer.2. He had a reason



Instead of simply saying “I don’t know,” Pichai told his interviewers&nbsp;whyhe didn’t know: he wasn’t able to use the product. By doing so, he expressed curiosity, which is a trait employers always love to see in a candidate.



Pichai recognized his advantage in the scenario: for every “I don’t know,” there lies an opportunity to learn. And by the fourth round, his interviewer decided to demonstrate the product.3. He redirected the conversation



After asserting what he didn’t know, Pichai redirected the conversation to assert what he&nbsp;did&nbsp;know.



Getting a glimpse of Gmail gave him a clearer understanding of the product. This allowed him to display the forthrightness and intellect that he would go on to become so famous for at Google.



The takeaway is that giving an honest answer doesn’t happen in a vacuum where you score virtue points. The value of being intellectually honest is that it gives you the opportunity to show what you do know.



Pichai demonstrated the best-case scenario – being well-prepared, but also managing a dynamic situation with respect and candor. In a moment of uncertainty, he grabbed the bull by its proverbial horns, adapted to the challenge, and it paid off in a big way.Find your inner Pichai



Out of the millions of applications that Google receives each year, you have at least a&nbsp;<a href="https://qz.com/285001/heres-why-you-only-have-a-0-2-chance-of-getting-hired-at-google/" class="">0.2 percent chance of getting hired</a>. If you’re lucky enough to make it through the rounds and get invited to an in-person interview, think about how you can stand out. Make it count and claim your place in that 0.2 percent.



Tom Popomaronis is the Senior Director of Product Innovation at the <a class="" href="https://rhawkinsgroup.com/">Hawkins Group</a>. His work has been featured in Forbes, Fast Company and The Washington Post. In 2014, he was named one of the “40 Under 40” by the Baltimore Business Journal. Follow him on Twitter at .



This article was first published by CNBC https://www.cnbc.com/2019/02/01/how-google-ceos-brilliant-answer-in-a-job-interview-helped-him-get-hired.html and is republished with its permission.

15 years ago, Google’s CEO had a brilliant response to a tricky interview question – and it helped him get hired

JOHANNESBURG (Reuters) &#8211; South African telecoms giant MTN said on Monday it expected to see a 20 percent improvement in earnings per share last year compared with 2017.



Headline earnings per share is a key profit measure in South Africa that strips out one-off items.



Africa’s biggest mobile phone operator reported headline earnings per share of 182 cents and attributable earnings per share of 246 cents for the prior financial year.



Following the announcement, MTN shares recovered some earlier losses to stand at 87.60 rand per share, down 0.57 percent, at 0924 GMT.



Reporting by Emma Rumney; Editing by James Macharia

Here’s why South Africa’s MTN expects to see a 20 percent improvement in 2018 earnings per share

CAPE TOWN (Reuters) &#8211; South African mining industry body group, the Mineral Council, said on Monday 84 miners were killed last year in mining-related accidents compared with 89 a year earlier.



The mining industry in South Africa produced a third of the bullion mined in history and is home to the world’s deepest mines.



Reporting by Tanisha Heiberg; Editing by Kim Coghill

Death toll in South African mines decreases, what you need to know

<a href="https://www.cnbc.com/elizabeth-schulze/">By Elizabeth Schulze</a>



Elon Musk showed off videos of the first test firing of SpaceX’s Starship Raptor engine in a series of tweets late on Sunday.



SpaceX’s Starship is a rocket the company is designing with the goal of transporting humans and cargo to Mars. SpaceX is currently building a prototype of the rocket at its facility near Brownsville, Texas.



<blockquote class="twitter-tweet" data-lang="en">At <a href="https://twitter.com/SpaceX?ref_src=twsrc%5Etfw">@SpaceX</a> Texas with engineering team getting ready to fire new Raptor rocket engine <a href="https://t.co/ACFM8AtY8w">pic.twitter.com/ACFM8AtY8w</a>&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1091958352513425408?ref_src=twsrc%5Etfw">February 3, 2019</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>




<blockquote class="twitter-tweet" data-lang="en">First firing of Starship Raptor flight engine! So proud of great work by <a href="https://twitter.com/SpaceX?ref_src=twsrc%5Etfw">@SpaceX</a> team!! <a href="https://t.co/S6aT7Jih4S">pic.twitter.com/S6aT7Jih4S</a>&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1092268892339273730?ref_src=twsrc%5Etfw">February 4, 2019</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>




In a tweet, Musk said he was “so proud of great work” by the SpaceX team. Musk is CEO of privately-held SpaceX as well as electric vehicle company <a class="" href="https://www.cnbc.com/quotes/?symbol=TSLA">Tesla</a>.



<blockquote class="twitter-tweet" data-lang="en"><a href="https://t.co/ChEGbjTGKZ">pic.twitter.com/ChEGbjTGKZ</a>&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1092270756715737088?ref_src=twsrc%5Etfw">February 4, 2019</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>




<blockquote class="twitter-tweet" data-lang="en"><a href="https://t.co/yFhNx3fiOD">pic.twitter.com/yFhNx3fiOD</a>&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1092272377889738753?ref_src=twsrc%5Etfw">February 4, 2019</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>




 This article was first published by CNBC https://www.cnbc.com/2019/02/04/elon-musk-tweets-spacex-starship-raptor-rocket-engine-firing.html and is republished with its permission.

Billionaire Elon Musk posts video of the first firing of the new SpaceX Raptor rocket engine

By <a href="https://theconversation.com/profiles/yohannes-gedamu-432503">Yohannes Gedamu</a>, <a href="http://theconversation.com/institutions/georgia-gwinnett-college-2416">Georgia Gwinnett College</a>


Last year was an <a href="https://theconversation.com/why-ethiopias-new-leader-could-be-a-game-changer-94424">historical one</a> for Ethiopian politics. Most Ethiopians now feel hopeful about the prospect of peace and democratic progress. This is despite the fact that the ruling Ethiopian People’s Revolutionary Democratic Front – which has a long history of authoritarianism – is still in power. Nonetheless, a new progressive leadership with Prime Minister Abiy Ahmed at the helm, and a series of reforms he’s introduced, could mean that the ruling party of old is gone for good.

The reformed party, chaired by Abiy and his deputy Demeke Mekonnen, is enjoying wider acceptance and renewed political legitimacy. 

At the same time, Ethiopians are very aware that the recent political change has been achieved on the back of relentless popular protests. This suggests that there are still many issues that remain unresolved.

And few Ethiopians expect the ruling coalition to change from within given that it had fashioned itself as the lone voice in a closed political space. Moreover, the fact that the coalition is just made up of four political parties representing only four of the nine regions imply that most groups in the political periphery remain marginalised. 

In reviewing events one requires a real understanding of the driving factors, as well as the remaining challenges.

<h2>How change happened</h2>

Ethiopia’s <a href="https://www.nytimes.com/2019/01/03/opinion/ethiopia-abiy-ahmed-reforms-ethnic-conflict-ethnic-federalism.html">ethnic federalism</a> has historically pitted one ethnic group against the other. Over time, political manoeuvrings empowered the elites who were member of the four parties that formed the ruling coalition. 

Together, the leaders of these groups have navigated Ethiopia’s political terrain for over 27 years. They ensured that opposition leaders were jailed, or were otherwise unable to participate in the narrow political space. The only hope of challenging the political status quo lay with the electorate.

Ultimately, a <a href="https://www.bbc.com/news/world-africa-36940906">massive wave of protests</a> across the two most populous regions of the country, Amhara and Oromia, ensured that the political days of the Tigray-dominated ruling coalition were numbered. Attention quickly shifted to the idea of a new political leadership. But which force could replace the authoritarian Ethiopian People’s Revolutionary Democratic Front? 

In the uncertain times that followed, Ethiopians came to learn that along with the civic unrest, there was also <a href="https://www.aljazeera.com/indepth/opinion/ethiopia-abiy-ahmed-survival-ruling-eprdf-180528082306152.html">intra-coalition infighting</a> that had been hidden from the public eye for years. This occurred between the two political parties that represented the Amhara and Tigray groups. 

This realisation gave the popular protests fresh impetus to push for change.

<h2>Ruling reformers</h2>

The first major crack within the Ethiopian People’s Revolutionary Democratic Front coalition was a series of disagreements between the Amhara Democratic Party and the Tigray People’s Liberation Front since 2014. The top leadership from the two parties differed on the general direction the country was taking. 

In addition, the Amhara wing questioned the dominance of the Tigrayans within the ruling coalition. These national party wrangles trickled down to the Amhara and Tigray administrative regions and as rivalries grew, the Amhara leaders, led by Deputy Prime Minister Mekonnen, made it clear that the Tigray front’s interference in Amhara regional state matters would not be tolerated. Such inter-coalition infighting’s were taking place since 2014.

At this time, the Oromo Democratic Party was also embarking on radical internal reforms. Members deemed to be serving the interests of the Tigrayan party dominating the coalition were <a href="https://www.opride.com/2017/11/11/ethiopia-is-opdo-the-new-opposition-party-an-appraisal/">ousted</a>. The Oromia Region president, Lemma Megersa, and his then deputy Abiy, quickly established a close partnership with reform leaders within the Amhara Democratic Party, <a href="http://addisstandard.com/opinion-andm-and-opdo-turned-against-their-master-but-both-follow-diverging-paths-here-is-how/">a group that was led by Mekonnen</a> . Mekonnen has been Ethiopia’s <a href="https://www.globalsecurity.org/military/world/ethiopia/demeke.htm">deputy premier since 2012</a>.

Starting early 2017, this partnership eventually aligned with <a href="https://freedomhouse.org/article/reform-ethiopia-turning-promise-progress">popular protests in their respective regions</a>. And after three years of mass protests, former Prime Minister <a href="https://www.aljazeera.com/news/2018/02/ethiopia-prime-minister-hailemariam-desalegn-resigns-180215115215988.html">Hailemariam Desalegn announced his resignation</a>. 

Desalegn’s abrupt resignation was welcome news and focus quickly shifted to his replacement. Because Abiy was a member of Parliament and therefore eligible to become head of government, his party members elected him to the post of ODP party chair. From there he was voted in as Ethiopia’s third prime minister in the ruling coalition’s era, and the first Oromo ever to hold the position.

Mekonnen, who had supported Abiy’s rise to power, became his deputy. Since then the two have had a series of <a href="https://newbusinessethiopia.com/congress-agrees-to-sustain-pm-abiys-reform-in-ethiopia/">reform successes</a>.

Reforms pursued by the two men have included releasing thousands of political prisoners and <a href="https://qz.com/africa/1494561/ethiopia-has-no-jailed-journalists-in-2018-the-first-since-2004/">journalists</a>, instituting <a href="https://www.premiumtimesng.com/foreign/africa/273508-ethiopia-allows-access-to-over-260-blocked-websites.html">press freedom</a>, making <a href="https://theconversation.com/eritrea-and-ethiopia-have-made-peace-how-it-happened-and-what-next-99683">peace with Eritrea</a>, appointing a <a href="https://abcnews.go.com/International/ethiopia-appoints-1st-woman-president-approving-gender-balanced/story?id=58741941">gender-balanced cabinet</a>, and forming a commission to <a href="https://borkena.com/2018/11/16/ethiopia-to-establish-national-reconciliation-commission-relevant/">support national reconciliation</a>. 

<h2>Challenges</h2>

There have also been trying times. <a href="https://qz.com/africa/1411519/ethiopias-ethnic-violence-history-with-oromos-amharas-somalis-tigray/">Ethnic conflicts</a>, <a href="https://www.thenational.ae/world/africa/ethiopia-has-highest-number-of-internally-displaced-people-in-2018-1.769626">displacement of people on tribal grounds</a>, and a resurgence of the old political elite who have attempted to restore the status-quo, remain issues that Ahmed and co must tackle with urgency. 

Amid these challenges, the country is preparing for national elections in 2020. In my view, it would be prudent to either postpone the polls until the new government gets a firm grip on national cohesion and security or work at pace to ramp-up security measures. Its reforms agenda is still vulnerable to destabilisation.

Ahmed also needs to contend with the recently revived Oromo Liberation Front, a rebel group that is refusing to disarm. The fact that the administration <a href="https://addisstandard.com/news-defense-force-begins-airstrike-in-western-oromia-says-targets-are-olf-military-training-camps/">has opted to take military action</a> against this group is an unusual development in the current climate, and an indication that Ahmed’s patience for dissent could be waning. Moreover, the political violence in the restive Ethiopian Somali region also remains active. Amid the volatility, Abiy’s administration needs to devise working strategies that could calm the situation down. This is something to watch.

Regardless, Ethiopia’s historic journey towards fully fledged reform seems intact, and popular support for the steps being taken by the administration remains high.<img loading="lazy" decoding="async" src="https://counter.theconversation.com/content/110737/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important" />

<a href="https://theconversation.com/profiles/yohannes-gedamu-432503">Yohannes Gedamu</a>, Lecturer of Political Science, <a href="http://theconversation.com/institutions/georgia-gwinnett-college-2416">Georgia Gwinnett College</a>

This article is republished from <a href="http://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/how-change-happened-in-ethiopia-a-review-of-how-abiy-rose-to-power-110737">original article</a>.

Here’s how Ethiopia’s Abiy Ahmed rose to power to bring change in the East African country

Group Five’s share price fell almost 29 per cent on Friday to 76c, it is unclear if the market had information on the news that its CEO, Solomon Themba Mosai, had resigned with effect from January 31, 2019 before it was announced at 3pm CAR. He will be replaced by Dr Thabo C Kgogo until a replacement is found.



Dr Kgogo is the former CEO of SacOil and current head of Efora. He also held several positions at PetroSA. He has been a sitting non-executive director at Group Five and has good knowledge of the group, the company says in a Sens statement.



Mosai has been with the company for
15 years. He started at the company as the Managing Director for Intertoll
Africa.



Group Five is currently undergoing
significant restructuring and resizing, with its future focus on developments,
investments and concessions.

Group Five CEO Themba Mosai exits

LUSAKA (Reuters) &#8211; Zambia has fired Pius Kasolo, the chief executive of state mining investment arm Zambia Consolidated Copper Mines Investment Holding (ZCCM-IH), Mines Minister Richard Musukwa said on Friday, without giving a reason.



On Monday, Kasolo said the government should quickly resolve its tax row with mining companies to avoid hitting operations and ZCCM-IH dividends.



Zambia, Africa’s No.2 copper producer, increased its sliding scale for royalties of 4 to 6 percent by 1.5 percentage points from Jan. 1 and introduced a new 10 percent tax when the price of copper exceeds $7,500 per tonne.



Musukwa said on Friday the new tax measures were not meant to stifle mining operations and would not adversely affect the operations of ZCCM-IH.



“I am advised by the board of ZCCM-IH that the CEO Dr Pius Kasolo has been relieved of his duties,” Musukwa said at a joint briefing alongside presidential spokesman Amos Chanda.



ZCCM-IH spokeswoman Louisa Mbata-Kakoma told Reuters the company was preparing a statement on Kasolo’s dismissal.



Zambia also plans to replace value-added tax with a sales tax by April to help bring down mounting public debt.



Mining companies said last month they may lay off more than 21,000 workers due to reduced capital expenditure over the next three years as a result of the new tax measures.



Reporting by Chris Mfula; Editing by James Macharia and David Evans

Zambia has fired the CEO state mining investment arm ZCCM-IH, what you need to know

<a href="https://www.cnbc.com/tom-huddleston-jr/">By Tom Huddleston Jr.</a>



<a class="" href="https://buffett.cnbc.com/warren-buffett-archive/">Warren Buffett</a> has been working with his long-time friend and business partner, Charlie Munger, for over 40 years. The two men have experienced unparalleled success together, building an investment business with more than <a class="" href="http://www.berkshirehathaway.com/qtrly/3rdqtr18.pdf">$736 billion</a> in assets. And, perhaps even more impressively, they’ve never had one argument.



“We’ve never had an argument in the entire time we’ve known each other, which is almost 60 years,” Buffett said of Munger in an interview with&nbsp;<a href="https://www.cnbc.com/2018/05/07/full-transcript-billionaire-investor-warren-buffett-speaks-with-cnbcs-becky-quick-on-squawk-box-today.html" class="">CNBC’s “Squawk Box”</a>&nbsp;in 2018.



Munger, who is Buffett’s right-hand man in his role as the vice chairman of Berkshire Hathaway (Buffett is the chairman and CEO), has known the billionaire investor since 1959. The two men have worked together since 1978, when Munger left his own investment practice to join Berkshire Hathaway. More than a decade earlier, Buffett had convinced Munger to leave his law practice (Munger co-founded the law firm Munger, Tolles &amp; Olson), because “it didn’t use his full talents,” Buffett told CNBC.



Buffett and Munger both grew up in Omaha, Nebraska, (hence Buffett’s nickname, the “Oracle of Omaha”) where they both worked at a grocery store owned by Buffett’s grandfather, though they did not work there at the same time. They didn’t get to know one another until a mutual acquaintance <a class="" href="http://www.omaha.com/money/buffett/warren-buffett-and-charlie-munger-billion-dollar-partnership/article_2819b16e-1933-51a7-b14b-002d9bb918de.html">brought them together</a>, when Munger was 35 and Buffett was 29. The two men had dinner together and quickly bonded.



“We went to dinner and in five minutes, Charlie was rolling on the floor laughing at his own jokes — and I do the same thing,” Buffett, who is now 88,&nbsp;<a href="https://www.cnbc.com/2018/02/26/berkshire-hathaways-warren-buffett-remembers-meeting-charlie-munger.html" class="">told CNBC</a>&nbsp;in 2018. “We knew we were sort of made for each other,” Buffett added about Munger, who is now 95.



Those feelings turned out to be correct, as the two men have stayed close friends ever since. And, even after being friends for about 60 years, and working together for more than 40 years, Buffett still says he can “always learn something” from spending time with Munger.



That could explain why the two friends and partners have never had an argument — though that doesn’t mean they agree on everything. “We are strong-minded, we disagree on a few things,” Buffett said. At the same time, though, Buffett added: “We agree on most things and we have a great time together.”



The fact that Buffett and Munger enjoy each other’s company seems to have strengthened their working relationship, and that’s also likely why they don’t argue.



“We’ve got an extremely good partnership and business is more fun — just as life is more fun — with a good personal partner and to have great business partner,” Buffett said. “You know it’s just — we’ve accomplished more but we’ve also had way more fun.”



Their strong bond is also a result of mutual respect. Munger&nbsp;<a href="https://www.cnbc.com/2016/05/06/warren-buffett-and-charlie-munger-the-omaha-ties-that-bind.html" class="">told CNBC</a>in 2016 that he and Buffett “don’t agree totally on everything, and yet we’re quite respectful of one another.”



There are “not too many people I listen to,” Buffett told CNBC. “But, Charlie, he’s given me a lot of good advice over time. And, I may hate to take it to a certain degree, but sometimes — but my decisions have been better. I’ve lived a better life because of Charlie.”



Clearly, their relationship has been a successful one, judging by Berkshire Hathaway’s amazing track record of <a class="" href="https://www.usatoday.com/story/money/markets/2018/03/06/a-foolish-take-warren-buffett-has-crushed-the-market-for-more-than-half-a-century/110859108/">outperforming the overall stock market</a> every year going back to the 1960s. As a result of their success together, Munger is now worth about $1.7 billion, according to a recent estimate by <a class="" href="https://www.forbes.com/profile/charles-munger/#25905cb4697a">Forbes</a>, while Buffett has a net worth of more than <a class="" href="https://www.forbes.com/profile/warren-buffett/#890eafb46398">$84 billion</a>, making him the third-wealthiest person in the world.



This article was first published by CNBC https://www.cnbc.com/2019/01/31/warren-buffett-on-his-successful-relationship-with-charlie-munger.html and is republished with its permission.

Billionaire business partners Warren Buffett and Charlie Munger haven’t had a fight in 60 years — here’s why

The Forbes Billionaires List: Africa’s Billionaires 2019

NAIROBI (Reuters) &#8211; Kenya’s NIC will merge with the country’s biggest privately owned bank, Commercial Bank of Africa (CBA), to create the third-biggest bank in the region, the chairman of NIC said on Thursday.



“Today we announce our intention to merge NIC Group and CBA Group,” Chairman James Ndegwa told reporters.



NIC aims to get shareholder approval in the first quarter of 2019, regulator approval in the second quarter, and formally merge in the third quarter, said NIC CEO John Gachora.



The merged bank will have an asset base of 444 billion Kenyan shillings ($4.41 billion), making it the region’s third-largest after KCB and Equity.



The transaction will take place though a share swap between the two banks, with current NIC group shareholders owning 47 pct of the merged entity and CBA shareholders owning 53 pct of the merged entity. NIC group will remain listed, Gachora said.



In December, the two banks said they would hold talks on a potential merger to combine their expertise in retail and corporate banking. NIC is a leading bank in asset financing and has a strong base of mid-sized corporate clients. CBA has a strong retail client base, including digital-only customers on its M-Shwari mobile platform. [nL8N1YB4PP]



The merger is the first major deal announced in the industry since the government capped commercial lending rates in 2016. In December, Finance Minister Henry Rotich said merger talks between the two banks were welcome, because a deal would help strengthen the financial sector.



($1 = 100.7500 Kenyan shillings)



Reporting by George Obulutsa; Editing by Himani Sarkar

Why Kenya’s NIC is merging with the country’s biggest privately owned bank

By Cobus de Hart, Chief Economist West and North Africa, NKC African Economics. 



The
Bank of Ghana (BoG, the central bank) surprised markets by announcing a
reduction in the policy rate following the conclusion of the most recent
Monetary Policy Committee (MPC) meeting. 



After
hinting at loosening its stance at some stage during Q1, the BoG opted to
reduce the policy rate by 100 bps to 16%. 



The consensus view projected a hold of the policy rate. Our view, which incorporated a more aggressive loosening of monetary policy this year compared to consensus calls, only predicted a first rate cut by end-Q1.



<div class="wp-block-image"><figure class="aligncenter is-resized"><img loading="lazy" decoding="async" src="http://cnbc.africa/wp-content/uploads/2019/01/Ghana-Inflation.jpg" alt="" class="wp-image-327131" width="396" height="319"/></figure></div>



Regardless, the BoG’s
decision mainly stemmed from the fact that headline inflation is projected to
remain within the 6% &#8211; 10% target band this year. 



Admittedly,
the last time the policy rate was at 16% headline inflation hovered between
11.0% y-o-y and 13.8% y-o-y, well above the most recent print of 9.4% y-o-y in
December last year. That said, we still deem the most recent decision to be on
the aggressive side. 



We
expected the central bank would have held off on cutting rates to allow for
some time to gauge the effects of recent financial sector reforms. 



Furthermore,
while we also expect headline inflation to remain within the target band this
year, upside risks to the outlook have mounted. These risks include
intensifying pressure on the exchange rate and reserves. 



Another
factor to keep a close eye on is the possibility of administered price
adjustments scheduled to be announced next month. 



State-owned
electricity providers in particular have requested sharp upward tariff
adjustments (40% &#8211; 95% according to some sources) to alleviate financial
pressures which have necessitated the accumulation of debt. 



However,
the same scenario unfolded last year when the government (fairly averse to
passing any cost-push pressures on to consumers) surprisingly stepped in and
actually announced a reduction in tariffs. 



Despite lower oil prices, we think the outcome of the tariff review will play an important role in determining the outlook for monetary policy for the remainder of this year; the confident loosening of monetary policy before the tariff announcement could signal that the central bank already has access to information which has yet to be made public.

Op-Ed: Here’s why Ghana’s surprise policy rate cut hints at an electricity tariff freeze

By Carolyn Sun, CNBC Contributor 



There’s a free tool that can help all job hunters give their careers an important boost: email.



While unemployment is currently low, competition is always tougher at top companies and for any role considered a “dream job.” Getting into the inbox of the right people can help you create important relationships and stand out among a sea of talented applicants.



Furthermore, some of the most successful leaders and entrepreneurs have proven that the right emails can yield some surprising results.



Twitter and Square CEO Jack Dorsey once cold emailed a dispatch company in New York as a college student in Missouri. He found a bug in the company’s web site and also mentioned he wrote software. The CEO wound up talking to Dorsey and eventually offering him a programming job,&nbsp;<a href="https://www.vanityfair.com/news/2011/04/jack-dorsey-201104" class="">according to a 2011 article in Vanity Fair</a>.&nbsp;



Emails can also expand networks and get important conversations started. Birchbox CEO Katia Beauchamp had no experience in tech or beauty before launching her startup in 2010.&nbsp; “I cold-emailed every CEO of the beauty industry you can imagine,”&nbsp;<a href="https://www.cnbc.com/2017/02/10/birchbox-ceo-sending-great-cold-emails-was-how-i-first-found-success.html" class="">Beauchamp said in 2017</a>. “And it worked.”



Emails that get results have key features, according to Beauchamp. They have compelling subject lines, a simple message and ask for favors that are hard to say “no” to.&nbsp;



Those basics, coupled with these expert-approved templates for some of the most common situations, can ensure you’re writing job hunting emails that get opened.&nbsp;1. When you want to email your dream company



This email’s four-point structure is simple and can be adapted for a range of purposes. If you’re writing this email, you’ll cover the following:&nbsp;



<ol class="wp-block-list"><li>Prove you have three tangible skills that the company needs.</li><li>Establish three ways you are mission-aligned with the company (possibly by sharing any relevant work or volunteer experience).</li><li>Explain that while researching your field, you came across their company and realized you could do more together.</li><li>Request an opportunity to talk or meet.&nbsp;</li></ol>



Dev Aujla, the CEO of recruiting firm&nbsp;<a href="https://www.opencatalog.co/" class="">Catalog</a>&nbsp;and the author of&nbsp;<a href="https://www.amazon.com/50-Ways-Get-Job-Unconventional/dp/0143131532" class="">50 Ways to Get a Job</a>, calls this the “magic bullet” email.&nbsp;



Preparing for this email forces you to do some essential thought work that will help you better understand what companies and jobs you should apply for. It can also help shape future answers in interviews.&nbsp;



Most importantly, the research helps you understand what you want and how you will fit into this company. Those steps will set you apart and make results more likely.&nbsp;



Dear [NAME],



I’ve noticed that [COMPANY OF INTEREST] has been a nominee for Best [NAME OF CATEGORY] for the past five years straight. I’m interested in that level of excellence and finding out more about [DEPARTMENT OR JOB YOU ARE INTERESTED IN].



I have [NUMBER] years of experience working with [RELATED SKILL], [RELATED SKILL] and [RELATED SKILL]. I am hoping to learn about [WHAT TO LEARN] from some of the best in the industry, and in my research, I came across [COMPANY OF INTEREST]. Our goals and interests are so aligned, I think we’d both accomplish more if I took my research and resources to your company.



Here is my LinkedIn profile [INSERT PROFILE LINK].



I’d love for an opportunity to meet and talk further about how we may work together. Sincerely,



[YOUR NAME]





2. When you want to tap your network for an introduction



It’s smart to tap your network for introductions, but do your legwork first. Be sure you can explain why you’re a good fit for a connection. You don’t want to make your contact feel foolish for making the effort.



Give your contact context for your request. In the event you’re a recent graduate and don’t have a lot of work experience to discuss, reference the years you’ve spent studying your area of interest and the people or internships that stoked that interest.



Also, include your LinkedIn Profile,&nbsp;<a href="https://workology.com/tag/email-to-recruiter/" class="">advises</a>&nbsp;Jessica Miller-Merrell, CIO of&nbsp;<a href="https://workology.com/" class="">Workology</a>, a recruitment and HR resource. It can help update your contact on your most recent experience and make a connection more likely.&nbsp;



Dear [NAME],



Earlier this month, I made the decision to begin looking for a new career opportunity. It’s been a great [NUMBER] years working at [COMPANY NAME] as their [JOB TITLE]. I’m looking for a new company to challenge me and grow my skill set in [SKILL NAME], [SKILL NAME] and [SKILL NAME].



I wonder if I can get an introduction by email or phone to [NAME OF PERSON] for [THIS REASON].



Please include my LinkedIn Profile in your introduction [LINKEDIN PROFILE LINK].



Thank you so much for your assistance. Let me know how I can help you.



Sincerely,



[YOUR NAME]3. When you need to email someone you don’t know



When emailing someone you don’t know, research is just as key, says Aujla. Study that potential contact’s online presence, career highlights and any recent newsworthy career moves or developments.



Then, craft an email that shows you share some common ground. For instance, you might explain that you’re both alumni of the same school or belong to the same professional organization.



Your connection might even be as simple as liking the same article on Twitter or LinkedIn, but make sure make that link clear.&nbsp;



Dear [NAME],



My name is [YOUR NAME], and I noticed your work experience with [NAME OF COMPANY]. I follow you on [SOCIAL MEDIA SITE] and noticed and we’re both are interested in [TOPIC]. I find your posts insightful and helpful.



I’ve been a [JOB TITLE] for the past [NUMBER] years, and I’m looking to get an introduction to [COMPANY NAME] where I want to learn more about [SKILL NAME], [SKILL NAME] and [SKILL NAME].



I wonder if I can get an introduction to [NAME OF PERSON] for [REASON]. Here is my LinkedIn Profile [LINKEDIN PROFILE LINK] for you to include in your introduction. If you would prefer to speak to me before making an introduction, I am at your disposal on [DAYS] next week from [TIME SPAN WITH TIME ZONE]. You can email me at [EMAIL ADDRESS] or by phone at [PHONE NUMBER].



Thank you.



Best,



[YOUR NAME]





4. When you want to keep the conversation going



This technique was dubbed the “<a href="https://www.iwillteachyoutoberich.com/blog/ramits-definitive-guide-to-building-your-network-with-scripts/" class="">Closing The Loop ”</a>&nbsp;email, by Ramit Sethi,&nbsp;the New York Times best-selling author and founder of “<a href="https://www.amazon.com/Will-Teach-You-Be-Rich/dp/0761147489" class="">I Will Teach You to Be Rich</a>. ” The technique creates a reason to stay in touch follow up with a person of influence you care about. Your email should let your contact know you are grateful for any advice and are keeping this person “in the loop” about something you’d discussed.



Hi [NAME],



Just wanted to thank you again for speaking with me earlier. I’m definitely going to follow up and reach out to [NAME OF PERSON] like you recommended. I’ll keep you in the loop, and of course, please let me know if there’s anything I can do to repay the favor.



Sincerely,&nbsp;



[YOUR NAME]5. When you want an informational interview



Asking for an informational interview borrows from some of the same techniques as other cold email templates, as this template from&nbsp; “<a href="https://www.amazon.com/Will-Teach-You-Be-Rich/dp/0761147489" class="">I Will Teach You to Be Rich</a>&nbsp;” shows. While you’ll do the basics (stating who you are and what you want while asking for a convenient time to meet) composing this email requires you to know enough about someone’s career that you can demonstrate why you respect them and why their advice is important to you, adds Aujla.



Dear [NAME],



My name is [YOUR NAME]. I’m a [YEAR] grad from [NAME OF SCHOOL]. (I know you were a few years before me), and I came across your name on our alumni site.



I’d love to get your career advice for 15-20 minutes. I’m currently working at [COMPANY], but many of my friends work in consulting and each time they tell me how much they love their job, I get more interested.



Most of them have told me that if I’m interested in consulting, I have to talk to someone at [NAME OF COMPANY]. Do you think I could pickyour brain on your job and what motivated you to choose [NAME OF COMPANY]? I’d especially love to know how you made your choices after graduating from [NAME OF SCHOOL].



Would it be possible for us to meet? I can work around whatever works for you.



Thank you.



Sincerely,



[YOUR NAME]6. When your first email got ignored



If you haven’t heard back after one cold email, don’t lose hope. Wait two weeks before following up and craft a new email.



In your new email, make a point to mention a topic this person discussed during a meeting you both attended or a news article that might have quoted this person. You might even send an update on a topic you think this person might find interesting. Write the email as if you’re continuing an ongoing conversation.



Repeat your request, whether it’s for an in-person meeting or news on a job interview. Most people don’t follow up on an email that has been ignored once, and doing so you will make yourself stand out from the crowd,&nbsp;<a href="https://50waystogetajob.com/" class="">says Aujla</a>.



If you haven’t heard anything after attempt three, move on.



Dear [NAME],



I was so excited after meeting you at the [EVENT] at [LOCATION] where you spoke about [TOPIC]. I’m making a point to learn more about [TOPIC] as well and have been reading this fascinating book [TITLE] by [AUTHOR]. Would love to fill you in and hear your thoughts over coffee. Would it be possible to meet for 20 minutes? I can work around whatever works for you.



Sincerely,



[YOUR NAME]





7. When you want to let your friends know you’re looking



Select five close friends to email, people who are connectors or work in the industry or type of job you’re considering. Let them know you’re looking for opportunities, suggests Aujla in his book “<a href="https://50waystogetajob.com/" class="">50 Ways to Get a Job</a>. ” The email will enhance your job prospects through leads and introductions. It will also kickstart your job hunt and expand the types of opportunities you might consider for yourself.



Dear [NAME],



I’m looking for my next gig at the intersection of [TYPE OF INDUSTRY] and [TYPE OF INDUSTRY]. I haven’t left my job yet, but I’m ready to wrap up my time at [COMPANY] doing [JOB]. Would love to chat with you and fill you in on what I’m thinking about and hear the latest from you. Here is my LinkedIn profile [INSERT PROFILE LINK].



It would be great to catch up.



Best,



[YOUR NAME]





8. When you want to say “thank you” after an interview.



Keep the “thank you” email short. And make sure to send it soon&nbsp;­— within two hours of the interview, recommends&nbsp;<a href="https://www.iwillteachyoutoberich.com/blog/perfect-interview-follow-up-email/" class="">Sethi</a>. Swiftness shows you’re responsive, courteous and know how to take action.



Keep in mind that the email should be specific enough to trigger the hiring manager’s memory. Make sure to mention something you spoke about&nbsp;­—whether it’s the company ethos or a common interest, like the fact that you’re both competitive triathletes.



Hi [NAME],



Thanks for taking the time to chat today. I especially enjoyed talking about [SPECIFIC TOPIC].



I really think this is a great fit for the both of us. Hope to hear from you very soon.



Sincerely,



[YOUR NAME]9. When you want to let a recruiter know you applied



HR recruiters get flooded with emails, so it’s important to find common ground to gain their attention, says Miller-Merrell. Research the recruiters’ or hiring managers’ online presence, so you can mention a post they published on LinkedIn that you enjoyed or a sports team that you both follow.



It also helps to use multiple platforms. Most of us get email fatigue. If you emailed your job application, use LinkedIn to follow up, and make sure your email requests a time and date to schedule a call and talk about the position.



Dear [NAME],



I recently applied for a job opening at [COMPANY NAME] for the position of [POSITION NAME] on your online career site. The position fits perfectly with my experience in [EXPERIENCE], [EXPERIENCE] and [EXPERIENCE]. You can learn more about me by viewing my LinkedIn Profile [LINKEDIN PROFILE LINK].



I recently followed you on [SOCIAL MEDIA SITE] and appreciate the valuable resources you are providing for job seekers and interact with candidates. Also, I’m a fan of [COMMON INTEREST] too.



I’d love to set up a time to schedule a call and talk about the position and my experience. I have some availability on [DAYS] next week from [TIME SPAN WITH TIME ZONE]. You can email me at [EMAIL ADDRESS] or by phone at [PHONE NUMBER]. I look forward to scheduling some time with you.



Sincerely,



[YOUR NAME]





10. When you need a reference



To get a reference that will help land you the job,&nbsp;<a href="https://www.iwillteachyoutoberich.com/blog/how-to-ask-for-a-reference-that-lands-you-your-dream-job/" class="">Sethi suggests</a>&nbsp;you give the person from whom you’re requesting the reference the right ingredients to not only articulate why you’re a good fit for the position but also get excited to give you that reference.



Make sure to share why you’re interested in the new company. Even if someone knows your work intimately, don’t hesitate to give specific talking points.



Dear [NAME],



The hiring manager for [COMPANY] might be calling you to do a reference check. If they do, they’ll probably contact you in the next few days wanting to chat about our relationship and my use of [SPECIFIC STRENGTH in YOUR CHOSEN FIELD].



I’m applying for [POSITION] at [COMPANY] because [LIST REASON].



Here’s a few achievements from my career (something for you to work off of):



● [ACHIEVEMENT 1]



● [ACHIEVEMENT 2]



● [ACHIEVEMENT 3]



If there’s anything I can do to help, please let me know. Thank you.



Sincerely,



[YOUR NAME]



P.S. I’ve attached my resume to this email for easy reference and here’s a link to the job description [JOB DESCRIPTION LINK].



As you approach your job hunting emails, take careful consideration with your subject lines, according to Danny Rubin, email expert and author of “What, How do I Write This Email?”



Note the position you’ve applied to or your email’s purpose, he suggests. If you’re writing a networking email, make sure to mention where you’ve met someone or any connection you have in common that you’re trying to leverage.



While you write, remember to keep things in perspective, suggests Aujla in his book “50 Ways to Get a Job.” Not every email will yield a meeting with a dream connection or an eventual job offer.



Before you send an email, “release yourself from expectations” and remind yourself that the insights you’ve gleaned from your research have already given your job search a powerful boost.&nbsp;



And don’t forget to show your excitement. If this process seems tedious or boring, you’ve likely picked the wrong people or companies to email. If you find that’s the case, “find new people you are actually excited to learn about, hear from and talk to,” writes Aujla. “The choice is yours.”



This article was first published by CNBC https://www.cnbc.com/2019/01/30/10-email-templates-every-successful-job-hunter-needs.html and is republished with its permission.

Are you job hunting? You could land the job with these 10 excellent email examples

<a href="https://www.cnbc.com/ali-montag/ ">By Ali Montag</a>



Amid headlines of turmoil in the stock market, heightened global trade tensions and political tumult, it may seem like the safest place to store your money is in a savings account.



But actually, just holding your money in cash is a bad idea, according to billionaire hedge fund magnate Ray Dalio.



“That’s the worst thing you could do because it is the surest tax on your money,” Dalio tells&nbsp;<a href="https://www.cnbc.com/make-it/" class="">CNBC Make It.</a>&nbsp;“You will bleed slowly to death, because the after-tax returns are lower than inflation by a little per year.”



Here’s what he means: Over time,&nbsp;<a href="https://stats.bls.gov/regions/mid-atlantic/data/consumerpriceindexhistorical_us_table.htm" class="">inflation</a>&nbsp;causes the goods and services you buy every day to become more expensive relative to the value of the dollars in your wallet. For example, it would take saving over $1,495 in September 2018 (the latest data available) to match the buying power of $1,000 in January of 2000, according to the&nbsp;<a href="https://www.bls.gov/data/inflation_calculator.htm/" class="">BLS’ Inflation Calculator.</a>



And over the long term, inflation becomes increasingly powerful. It would take about $10,742 in September 2018 to match the buying power of $1,000 in January of 1950, according to the calculator.



Although you do earn interest on money deposited in a savings account at a bank, the amount is far too low to keep up with the negative impact of inflation, Dalio points out.



“When you put your money in cash or short-term deposit, look at the interest rate you’re getting in relationship to the inflation rate,” Dalio, founder of Bridgewater Associates, explains. “You will see that your after tax return will be below the inflation rate. That means that you’re experiencing a tax on that [money] equal to that difference. So you can’t keep your money in cash. If you think that’s safe, you’re looking at it wrong — it’s a sure losing strategy.”



Right now, the national average interest rate for a savings account is only 0.09 percent, according&nbsp;<a href="https://www.bankrate.com/banking/savings/rates/" class="">to data from Bankrate.</a>&nbsp;Meanwhile, the&nbsp;<a href="https://stats.bls.gov/regions/mid-atlantic/data/consumerpriceindexhistorical_us_table.htm" class="">Consumer Price Index</a>&nbsp;— which measures inflation —&nbsp;<a href="https://www.cnbc.com/2018/09/13/us-cpi-aug-2018.html" class="">rose 2.7 percent</a>&nbsp;in the past year.



Since keeping your money in a savings account is a guaranteed way to lose money, you have to turn your savings into investments, Dalio says. Then, your money is&nbsp;<a href="https://www.cnbc.com/2018/09/28/how-much-money-millennials-need-to-start-investing.html" class="">growing while you sleep</a>.



“Over a longer period of time, equities [or stocks] will have a higher return, bonds will have a higher return, real estate will have a higher return than cash,” he explains. While there are no guarantees in the stock market, from 1928 through 2017, the S&amp;P 500 index produced a 9.8 percent&nbsp;<a href="https://www.cnbc.com/2017/06/18/the-sp-500-has-already-met-its-average-return-for-a-full-year.html" class="">average annualized total return</a>.



“People with great ideas create productivity and get paid for it,” Dalio says. “It is better to invest in productivity than to not invest in productivity, because otherwise your money will lose buying power.”



 This article was first published by CNBC https://www.cnbc.com/2018/11/13/bridgewaters-ray-dalio-saving-in-cash-is-the-worst-thing-you-can-do.html and is republished with its permission.

Why Billionaire Ray Dalio says saving in cash is ‘the worst thing you could do’, here’s what you should actually do

<a href="https://www.cnbc.com/kathleen-elkins/">By Kathleen Elkins</a>



In 2016, Chris Reining quit his IT job <a class="" href="https://chrisreining.com/retiring-early/">at age 37</a> with more than $1 million in the bank by <a class="" href="https://www.cnbc.com/2018/12/10/this-mindset-shift-helped-chris-reining-retire-early.html">living a modest lifestyle</a>, saving and investing more than half his income and putting his money to work. For nearly three years, he’s been living comfortably off of his investments in Madison, Wisconsin.



Achieving such a high savings rate didn’t require that he follow a strict budget, though. In fact, “budgets don’t work,”&nbsp;<a href="https://www.cnbc.com/2018/07/12/5-investments-that-made-me-a-millionaire.html" class="">the self-made millionaire</a>and early retiree&nbsp;<a href="https://chrisreining.com/tracking-finances/" class="">writes on his blog</a>. “I don’t believe in them mostly because people can’t stick to them.”



He compares budgeting to dieting: “How many people do you know that are always going on new diets, trying this and that, and never succeeding?”



Doing what actually works can require a mindset shift, he says. “Reaching financial independence, like dieting, is about being conscious, making changes slowly, setting yourself up for success with measurable and attainable goals and making this your lifestyle.”



That’s why, instead of creating a highly-detailed budget that allocates money for different categories, he recommends tracking your money — what’s coming in and <a class="" href="https://www.cnbc.com/2018/12/14/giving-up-starbucks-for-a-year-could-make-me-17000-dollars-heres-why-i-refuse.html">what’s going out</a>.



Reining, now 39, has been tracking his income, spending and investments in a&nbsp;<a href="https://chrisreining.com/cnbc/" class="">spreadsheet</a>&nbsp;since 2006. He’s also been graphing what he calls his “cross-over point”: when monthly investment income crosses above monthly expenses. “When this point happens is when you can seriously consider retiring because you are officially financially independent!” he writes. “No more income is needed from a job.”



Turning your financial goals into something visual such as a graph is crucial, says Reining, because “it drives home the point that you can, in fact, retire early.”



He tells CNBC Make It: “Once you start tracking this stuff and seeing it month to month and then year to year, you really start to understand, ‘If I spend less, that means I’m saving and investing more. And if I’m saving and investing more, I’m going to be able to walk away sooner. I’m going to be able to have financial independence sooner, because these numbers all work together.’”



Experts agree that&nbsp;<a href="https://www.cnbc.com/2017/02/23/experts-agree-you-dont-need-to-budget-as-long-as-you-do-one-thing.html" class="">budgeting may not be mandatory</a>. You can take control of your finances in other ways.



As long as you establish how much you need to save each month for&nbsp;<a href="https://www.cnbc.com/2016/09/12/heres-how-much-the-average-american-family-has-saved-for-retirement.html" class="">retirement</a>&nbsp;and other major purchases, and you actually set that amount aside, you don’t have to budget at all, says&nbsp;<a href="https://www.betterment.com/resources/author/nickholeman/" class="">Nick Holeman</a>, certified financial planner at&nbsp;<a href="https://www.betterment.com/" class="">Betterment</a>.



Set your goals, make sure that you’re saving enough to reach them and don’t worry about the day-to-day expenses, he <a class="" href="https://www.cnbc.com/2017/02/23/experts-agree-you-dont-need-to-budget-as-long-as-you-do-one-thing.html">tells Make It</a>: “As long as you know how much you need to be saving and you’re saving enough each month, who really cares where the rest of the money goes?”



Kimmie Greene, money expert at&nbsp;<a href="https://www.intuit.com/" class="">Intuit</a>&nbsp;and spokeswoman for&nbsp;<a href="https://www.mint.com/" class="">Mint.com</a>, offers similar advice: “People can get really hyper-focused on spending and think, ‘How much am I&nbsp;<a href="https://www.cnbc.com/2017/01/05/i-spent-almost-700-on-uber-last-month--heres-how-i-plan-to-quit.html" class="">spending on Uber</a>&nbsp;versus taking the bus?’ Or, ‘<a href="https://www.cnbc.com/2018/12/14/giving-up-starbucks-for-a-year-could-make-me-17000-dollars-heres-why-i-refuse.html" class="">How much am I spending on coffee?</a>’ ” she tells Make It.



Rather than scrutinizing daily expenses, she encourages people to keep the big picture in mind. Tell yourself, “as long as I can save this much per month or quarter or year, it doesn’t really matter how I spend my money. I just have to know that I’m getting to the savings goal that matters for me at this point in my life.”



As long as you’re reaching your savings goal, feel free to spend on&nbsp;<a href="https://www.cnbc.com/2016/11/11/everyone-says-cut-the-morning-latte-heres-why-i-still-buy-one-without-guilt.html" class="">lattes</a>,&nbsp;<a href="https://www.cnbc.com/2016/11/18/the-best-90-i-ever-spent-was-on-my-feet--and-for-my-career.html" class="">shoes</a>,&nbsp;<a href="https://www.cnbc.com/2018/11/08/ramit-sethi-why-you-should-spend-a-lot-of-money-on-your-wedding-.html" class="">a big wedding</a>&nbsp;or whatever brings you joy.



If you think you need to budget to limit your spending, rather than sitting down and outlining one, try “the envelope system,” says Reining: “Let’s say after a few months of tracking your dollars you now have a pretty good handle on how much you’re spending. And you’re shocked to find that you’re spending hundreds of dollars on clothes. Here’s what you do: you give yourself $50 a month for clothes and put that cash in an envelope with the word ‘Clothes’ written on it.



“You can do this for all your expenses. Have an entertainment, food and household envelope each with the amount of dollars in it that you want to spend every month. When the money is gone from the envelope, that’s it.”



This article was first published by CNBC https://www.cnbc.com/2018/12/26/39-year-old-retired-millionaire-budgets-dont-work-do-this-instead.html and is republished with its permission.

39-year-old retired millionaire: ‘Budgets don’t work’—do this instead

By Dr Adrian Saville, Chief Executive, Cannon Asset Managers 



Many investors ask, “How much money can I make?” before taking an investment position. 



But events like the accounting scandal at Steinhoff or
business fraud at Theranos – and their subsequent share price collapses –
highlight that an investor’s first consideration should rather be “How much
money can I lose?” 



And risk extends well beyond the crass risk of accounting
scandals and fraud: it can also take a veiled form, such as the “slow puncture”
experience by industrial giant General Electric; it can flow from industrial
shifts, seen in the cases of one-time champions Nokia, Xerox and Kodak; and
risk can also flow from hubris, where AOL-Time Warner arguably stands out as
one of the greatest failures in corporate finance in recent decades, which saw
AOL’s value fall from $160bn to $4bn in the space of a few years. 



Thus, while evaluating the likelihood of potential returns
is a fundamental component of any investment decision, evidence suggests that
considering the “upside” in any investment process only makes sense after we
have examined and interrogated the “downside” potential.



And unfortunately, downside risk is far more prevalent than
many realise. We only need to look back over the past few decades to see the
investment landscape littered with defaults on debt instruments, the carcasses
of defunct companies and the debris of failed mergers or acquisitions.



In fact, many studies have been devoted to analysing how
many companies survive and thrive in the longer term. It turns out, it’s not
that many.



Research published in 2016 on the United States market shows
that 80% of the companies that existed before 1980 are no longer around.
Similar studies in South Africa published by Cannon Asset Managers have yielded
comparable results. In the local case, we see this phenomenon in the changing
composition of the Johannesburg Stock Exchange where only 20 companies that
were in the top 100 in the mid-1990s are still in the top 100 today. 



While companies fail for many reasons, we find that once
they have become embroiled in a scandal or a governance lapse, this is usually
followed by a call for greater regulation and better oversight from various
regulatory bodies, based on the belief that if the market is more regulated,
shareholders will be better protected.



This might be a rational thought, but it is not necessarily
a sensible thought.



For example, auditors can offer increasingly tight guidance
on governance, but this cannot be regarded as a guarantee on either governance
or business performance. The investment world is replete with instances of
firms that have failed despite the oversight of audit firms of global standing
– just consider Lehman Brothers, WorldCom, General Motors, Chrysler and Enron.



Then look at the plight of fund manager Harry Markopolos,
who flagged Bernie Madoff’s Ponzi scheme years before its 2008 collapse. His
first submission to the Securities and Exchange Commission (SEC) was in May
2000, which he followed up with several more detailed submissions in 2001, 2002
and 2005 – all of which failed to spark regulatory action as his
whistle-blowing was not taken seriously.



Today there is more regulation than ever. Andy Haldane,
Chief Economist at the Bank of England, summed it up when he pointed out that
the banking industry’s Basel rules grew from 30 pages in Basel I to 616 pages
in Basel III in 2010. The 2016-2017 version of the Basel Accords (also called
Basel IV) runs to thousands of pages. Yet, despite the ramping up of global
banking regulations, the incidence of bank failure has increased.



300 years of capital market history further suggests that,
as much as regulators try to find new mechanisms to protect investors,
scandals, fraud and more “innocent” risk events (such as technological
redundancy) are doomed to be repeated. Systemic risk is more pronounced now
than it has ever been, which underlines the point that investing must start
with risk management before it can turn its attention to reaching for returns. 



In assessing risk, investors must start with macroeconomic
risk and filter through industry risk, firm risk and all the way down to
product risk, client risk and individual “key person” risk. 



Risk is multifaceted and can stretch from the company level
– such as the collapse of Steinhoff which hurt any portfolio that held the
stock; the industry level – for example mobile phone businesses that were left
behind, such as Nokia, Siemens Mobile and Motorola; and even at a currency
level – a large, diversified portfolio of investments held in Zimbabwean dollar
or Venezuelan bolívar would have had disastrous investment outcomes. 



If failure can happen in giant firms with skilled boards,
experienced employees, deep pockets and with global auditors in place, it can
happen anywhere. This puts risk management firmly in the hands of the
investment manager (or investor), which means carefully and diligently
assessing each investment for risks and vulnerabilities before considering
potential returns. 



This part of the investment process requires a wide-ranging,
detailed examination of various business elements, such as the nature and
extent of a company’s disclosures; the independence of its directors; executive
and employee incentives; the rules and regulations that govern different fields
of operation or geographies in which the firm operates; the ability of the firm
to remain competitive in dynamic industries; the risks presented by customer or
product concentration; and more. 



In short, when assessing an investment’s prospects, there is
no substitute for the hard – yet critical – work of understanding and assessing
and establishing the “downside” before it is possible to find the “upside”.

Op-Ed: The key question for successful investing

<a href="https://www.cnbc.com/zameena-mejia/">By Zameena Mejia</a>



If the thought of going back to work on Mondays makes you anxious, you’re not alone. Eighty percent of professionals say they’ve felt “<a class="" href="https://blog.linkedin.com/2018/september/28/your-guide-to-winning-work-decoding-the-sunday-scaries">Sunday Scaries ” or “Sunday Blues</a> ” after thinking about the work week ahead, a 2018 LinkedIn Survey found. Luckily, experts say there are simple strategies that can help anyone cope.



Steven Meyers, a clinical psychologist and professor at Roosevelt University in Chicago says Sunday Scaries reflect a condition called “anticipatory anxiety.”



This worry or dread occurs in advance of a particular event. While its impact can be less severe than a full anxiety disorder, the Sunday Scaries can add to&nbsp;<a href="https://www.cnbc.com/2017/12/14/the-harmful-effects-of-stress-at-work-and-what-you-can-do-to-beat-it.html" class="">chronic stress</a>&nbsp;which, if not addressed, can lead to serious problems ranging from depression and high blood pressure to other health issues.&nbsp;



Such anxiety can be even worse for Millennial and Gen Z workers. According to the LinkedIn survey, the Sunday Scaries were felt by 91 percent of Millennials and 94 percent of Gen Z workers. By contrast, only around 70 percent of Boomers and Gen X workers reported worrying about the week ahead.



<figure class="wp-block-image is-resized"><img loading="lazy" decoding="async" src="http://cnbc.africa/wp-content/uploads/2019/01/Sunday.png" alt="" class="wp-image-327049" width="655" height="514"/></figure>



Younger workers “haven’t had years to get past the mental rebellion that often accompanies return to work,” says psychologist Randy Simon. These younger workers, many who spend&nbsp;<a href="https://www.cnbc.com/2018/08/22/millennials-spend-more-time-on-their-email-than-any-other-generation.html" class="">hours more on tasks like email</a>, are often still developing strateges to balance their work and personal lives.



“Weekends are a time of rejuvenation and rest, something most people look forward to throughout the week,” Simon tells CNBC Make It. “Sunday is typically perceived as an end of this free time, provoking feelings of anxiety about the week ahead.”



If you’re facing the Sunday Scaries, these five strategies can help.



Check in on your priorities



Fight against the Sunday Scaries throughout your work week. Dedicate two 10-minute slots&nbsp;at the beginning and middle of your week to review how you’ve been spending your time each day, recommends&nbsp;<a href="https://leahweissphd.com/" class="">Leah Weiss</a>&nbsp;a Stanford Graduate School of Business lecturer and expert in careers and mindfulness.



One window should be focused on looking ahead and setting intentions for the meetings, events and projects you’ll be engaging with over the course of the week. Make sure that your events and appointments match your priorities.&nbsp;



“Many appointments are not relevant,” Weiss tells CNBC Make It.&nbsp;



The second window should be spent reflecting back over the week that you have just completed, identifying the most purposeful moments. “Which were draining and which were the most invigorating? Understanding what did — and did not — create a sense of vitality can then inform your choices going forward,” says Weiss.



Question your doubt



If you have an anxious thought, “identify it and argue with it,” says Simon. For example, if you have a presentation coming up and are nervous about it, don’t let negative thoughts consume you. Reassure yourself with thoughts about how it will go well.&nbsp;



“Anxiety is future-oriented. It is about ‘what ifs.’ When [people recognize] that they are having an anxious thought about the week ahead, they can take a moment to notice what is happening right now, in the present,” says Simon.Get planning



Instead of ignoring what needs to get done, get proactive and start planning. Take a moment to craft a to-do list that keeps your priorities top of mind, says Simon.



Your busy work week will “then feel more manageable,” says Simon.



Once you’ve finished, stop thinking about the week ahead, he suggests, “Set the list aside and go back to being present.”



Start a gratitude journal



Take 10 or 15 minutes of your Sunday to write down what you’re grateful for in a journal. This practice can help you remember what’s most important to you.&nbsp;



According to Weiss, it can also quell your fears for the upcoming week since gratitude pulls your attention from fear and anxiety. 



Keep busy and keep motivated



If possible, Meyers recommends keeping busy on Sunday nights so you have fewer opportunities to experience worry or dread.



“Ideally, this involves doing something enjoyable, like a hobby or connecting with family or friends,” says Meyers. “Even ordinary distractions can help to shift your focus.”



He also recommends planning something fun mid-week. Give yourself something to look forward to, he suggests. “These small treats and events boost motivation.”



 This article was first published by CNBC https://www.cnbc.com/2019/01/28/how-to-get-over-sunday-scaries-according-to-psychologists-stanford-experts.html?__source=newsletter%7Cmakeit and is republished with its permission.

Special Report

Millions in cryptocurrencies frozen in user accounts of a digital platform after Canadian founder’s death

15 years ago, Google’s CEO had a brilliant response to a tricky interview question – and it helped him get hired

Here’s why South Africa’s MTN expects to see a 20 percent improvement in 2018 earnings per share

Death toll in South African mines decreases, what you need to know

Billionaire Elon Musk posts video of the first firing of the new SpaceX Raptor rocket engine

Here’s how Ethiopia’s Abiy Ahmed rose to power to bring change in the East African country

Group Five CEO Themba Mosai exits

Zambia has fired the CEO state mining investment arm ZCCM-IH, what you need to know

Billionaire business partners Warren Buffett and Charlie Munger haven’t had a fight in 60 years — here’s why

The Forbes Billionaires List: Africa’s Billionaires 2019

Why Kenya’s NIC is merging with the country’s biggest privately owned bank

Op-Ed: Here’s why Ghana’s surprise policy rate cut hints at an electricity tariff freeze

Are you job hunting? You could land the job with these 10 excellent email examples

Why Billionaire Ray Dalio says saving in cash is ‘the worst thing you could do’, here’s what you should actually do

39-year-old retired millionaire: ‘Budgets don’t work’—do this instead

Op-Ed: The key question for successful investing

If the thought of going back to work on Mondays makes you anxious, you’re not alone. Here are 5 ways to get over the ‘Sunday Scaries’

News Tips

Advertise With Us

Special Report

Millions in cryptocurrencies frozen in user accounts of a digital platform after Canadian founder’s death

15 years ago, Google’s CEO had a brilliant response to a tricky interview question – and it helped him get hired

Here’s why South Africa’s MTN expects to see a 20 percent improvement in 2018 earnings per share

Death toll in South African mines decreases, what you need to know

Billionaire Elon Musk posts video of the first firing of the new SpaceX Raptor rocket engine

Here’s how Ethiopia’s Abiy Ahmed rose to power to bring change in the East African country

Group Five CEO Themba Mosai exits

Zambia has fired the CEO state mining investment arm ZCCM-IH, what you need to know

Billionaire business partners Warren Buffett and Charlie Munger haven’t had a fight in 60 years — here’s why

The Forbes Billionaires List: Africa’s Billionaires 2019

Why Kenya’s NIC is merging with the country’s biggest privately owned bank

Op-Ed: Here’s why Ghana’s surprise policy rate cut hints at an electricity tariff freeze

Are you job hunting? You could land the job with these 10 excellent email examples

Why Billionaire Ray Dalio says saving in cash is ‘the worst thing you could do’, here’s what you should actually do

39-year-old retired millionaire: ‘Budgets don’t work’—do this instead

Op-Ed: The key question for successful investing

If the thought of going back to work on Mondays makes you anxious, you’re not alone. Here are 5 ways to get over the ‘Sunday Scaries’

News Tips

Advertise With Us

Newsletters