China Power Crunch Hits GDP Growth

SHANGHAI — China’s economic growth continued to decelerate in the third quarter, as gross domestic product came in at 4.9%, softened by the country’s zero-tolerance COVID measures and energy shortages.

The year-on-year GDP growth rate, published on Monday by the National Bureau of Statistics for the three-month period through September, was below the median 5% expansion forecast by 29 economists in a Nikkei poll released earlier this month.

The figure slid from 7.9% for the April-to-June quarter, weighed down by high commodity prices amid uncertainty kindled by the China Evergrande Group’s debt crisis, which is piling risk onto the property and banking sectors.

The reading also reflects weak overall activity, including in manufacturing and consumer spending. Retail sales of consumer goods, a barometer of household spending, edged up by 4.4% in September, compared to 2.5% in August, but was still well below the double-digit growth that had continued till June.

Certain factors have persuaded economists to be cautious, at least for the near term. Rising coal prices are hitting the profitability of electricity providers, making the utilities reluctant to generate power. As it prioritizes supplying power to sectors that touch everyday life, the government is capping supplies to the steel, cement and other energy-intensive industries. The result has been less production and more inflation.

The statistics office last week announced that the producer price index for manufactured goods in September rose by 10.7% from a year earlier, the strongest surge in the past 25 years, as far back as comparable data goes.

The government forecasts China’s economy to grow 6% for all of 2021, the International Monetary Fund projects 8% and the Asian Development Bank 8.1%.

The economy expanded 9.8% in the first nine months of the year, largely driven by trade as both exports and imports jumped nearly 23% in yuan terms.

Service sector growth of 19.3%, led by software and information technology services, also stoked the nine-month expansion.

The statistics office said GDP grew 0.2% in the third quarter from the previous three months, which the U.K.’s Capital Economics noted is the second lowest since China began revealing such data in 2010.

Growth lost more steam in September as industrial production slid to 3.1% from 5.3% in August, while the official manufacturing Purchasing Managers’ Index fell to 49.6. It slipped below 50 — which the statistics office says “reflects the overall economy is in recession” — for the first time since February 2020.

Meanwhile, officials have been playing down the country’s power crunch and worries over the Evergrande crisis.

“The energy supply shortage is temporary, and its impact on the economy is controllable,” Fu Lingxuan, the National Bureau of Statistics’ spokesperson told reporters on Monday, citing recent measures to boost coal supply.

Zou Lan, head of financial markets at the country’s central bank, said Evergrande had “blindly diversified and expanded business,” urging the property group to offload assets to raise funds to pay off debts.

“The risk exposure of individual financial institutions to Evergrande is not big and the spillover effect for the financial sector is controllable,” Zou said on Friday.

While fallout from the power shortages and concerns over the property market may have eased from September, their impact on China’s broader economy should not be underestimated and will be a major downside risk in the fourth quarter, warned Shanghai-based Yue Su, principal economist at The Economist Intelligence Unit.

“The slowdown in the property sector will affect the activities of firms in areas such as construction contracting, building materials and home furnishing,” said Su, adding that energy-intensive industries will face rising costs as well.

Hong Kong-based Tommy Wu of Oxford Economics said policymakers are likely to take more steps to shore up growth, including ensuring ample liquidity in the interbank market, accelerating infrastructure development and relaxing some aspects of overall credit and real estate policies.

And not all economists agree with China’s official data.

Julian Evans-Pritchard of U.K.-based Capital Economics said the research firm’s in-house measure, the China Activity Proxy, tracked a sharp 3.9% quarter-on-quarter contraction in the third quarter, compared to a 3.0% expansion in the previous quarter.

“For now, the blow from the deepening property downturn is being softened by very strong exports,” said Evans-Pritchard. “But over the coming year, foreign demand is likely to drop back as global consumption patterns normalize coming out of the pandemic and backlogs of orders are gradually cleared.”

The benchmark Shanghai Composite Index dropped as much as 0.92% on Monday morning, before closing for the midday break down 0.35%.

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Source: China power crunch hits GDP growth – Nikkei Asia

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You May Have Always Known Women Are Good With Money , Now Research Confirms It

A growing number of women are increasing their investing prowess and financial education, research shows. The ladies are stepping it up. I love this kind of news.

I admit I am a sucker for a study that shines the light on women and money in a positive way. And the key findings from Fidelity Investments “2021 Women and Investing Study” do just that.

I know, I just did this happy dance with the MIT “Freak Out” report, but more to enjoy here.

The bold headline: two-thirds (67%) of women are now investing savings they have outside of retirement accounts and emergency funds in the stock market, which represents a 50% increase from 2018, according to the research. What’s more, 52% are planning to create a financial plan to help them reach their goals within the next year.

This is noteworthy since women typically get the bad rap of being nervous and cautious investors, who probably would find investing in stocks uncomfortable. Women are also notorious for saying financial planning is boring, or they aren’t good with numbers. Neither which is true, but an excuse for not understanding investing terminology perhaps and being intimidated by the seemingly macho world of Wall Street.

Where are they putting those extra savings funds besides individual stocks and bonds? The study found that women also socked money away in mutual funds and ETFs (63%) and money-market funds or CDs (50%): ESG/sustainable investments (24%) and get this: 23% in cryptocurrencies. I had to look at that last statistic twice, but that’s what the report says.

The age brackets by generation for those investing outside of retirement account–a whopping 71% of female millennials—ages 25 to 40; 67% of Generation X—ages 41 to 56 and 62% of boomer women ages 57 to 75. All good numbers.

But as anyone who has been reading my column knows, this is the nugget that made a smile spread across my face: When women do invest, they see results: new scrutiny of more than 5 million Fidelity customers over the last 10 years finds that, on average, women outperformed their male counterparts by 40 basis points, or 0.4%. That’s not a heap mind you, but a win is a win.

I’ll take it.

“Over the last few years, we were already seeing an increasing number of women investing outside of retirement to grow their savings, but the pandemic really lit a fire under that momentum,” Kathleen Murphy, president of Personal Investing at Fidelity Investments, told me.

“It’s driven many to reflect and re-prioritize what’s most important and focus on making greater progress toward those goals. We’re seeing that motivation in the record numbers of women reaching out for financial planning help and opening new brokerage accounts, as well as advisory accounts.”

The data was drawn from a nationwide survey of 2,400 American adults (1,200 women and 1,200 men). All respondents were 21 years of age or older, had a personal income of at least $50,000 and were actively contributing to a workplace retirement savings plan, like a 401(k) or 403b. This survey was conducted in July 2021 by CMI Research, an independent research firm.

The overall findings are certainly promising.

Yet when you get into the weeds you find that only a third of women canvassed see themselves as investors, according to the study. Only 42% feel confident in their ability to save for retirement and a mere 33% say they feel confident in their ability to make investment decisions.

Most women (64%) say they would like to be “more active in their financial life, including making investing decisions,” but 70% believe they would have to learn about “picking individual stocks” to get started.

I like that awareness of the need to get educated. (One of my favorite authors for this topic is Jonathan Clements, the founder and editor of HumbleDollar and the author of many personal finance books, including From Here to Financial Happiness and How to Think About Money.)

As Fidelity’s Murphy mentioned: Half of the women say they are more interested in investing than they were at the start of the pandemic and want to learn more — not just about how to start investing — but how to evaluate and select different types of investments to align with specific goals, and how to manage an existing portfolio to ensure they are on track.

These findings are in step with what Catherine Collinson, chief executive and president of the nonprofit Transamerica Institute and Transamerica Center for Retirement Studies told me when I interviewed her for this column: What’s Behind the Surprising Gender Split for Boomers’ Retirement Saving?

Her firm also found that “early indicators are that the pandemic has prompted both men and women to engage in their finances and pore over their financial situation to a degree that they may not have previously.”

Finally, here’s the nagging fear many of us (me too) can relate to: 32% of women say not earning enough money keeps them up at night, according to the research. For 37%, it’s managing debt that’s their night sweat. And more than half of women say it’s worries about long-term finances that has them tossing and turning.

Age is an indicator of whether money woes keep us up at night, but not the way you might expect, or at least what I did. Overall, it’s the millennial women who are the most troubled when the light goes out: 77% say finances have kept them up at night as compared to 73% of Generation X and 59% of boomers.

Here’s to sweeter dreams ahead.

By: Kerry Hannon

Kerry Hannon is a leading expert and strategist on work and jobs, entrepreneurship, personal finance and retirement. Kerry is the author of more than a dozen books, including “Never Too Old to Get Rich,” “Great Jobs for Everyone 50+,” and “Great Pajama Jobs: Your Complete Guide to Working From Home.” Follow her on Twitter @kerryhannon.

Source: You may have always known women are good with money — now research confirms it – MarketWatch

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When The Pandemic Forced Young Adults To Move Back Home, They Got a Financial Education

“When we face a stressor, we tend to think more about the future,” says Brad Koontz, a financial psychologist and professor at Creighton University in Omaha, Neb. Young adults’ growing openness to discuss finances with their parents and peers, they say, reflects a kind of tribal response among people to the stress of the pandemic.

Here’s a look at what the adult children and parents of three families learned about money — and themselves — in their time of pandemic together. When the pandemic forced 23-year-old Hannah Froling to move into her parents’ townhouse in Southampton, NY in March 2020 to remotely finish her final semester of college, the financial clock began to tick.

Ms Frohling’s parents, Jennifer Schlueter and Matthew Froehling, set to move to their winter home in Florida during the fall of 2020, told her they would need to begin helping support the household in their absence. That means monthly payments of $500 for rent and $250 for family car use. They also set a deadline for Memorial Day 2022 for her to be out of the house. Ms Schlueter says she wanted to provide her daughter with a “soft landing” after the shocking experience of graduating in the middle of a pandemic. But she also wanted Ms Froling to transition to living independently, so the transfer deadline passed.

So, Ms. Froling got two waitress jobs and eventually began to rely on the savings lessons her parents took as they grew up. She has two income streams—cash tips and a regular paycheck that includes her hourly rate and credit card tips. She keeps the cash tips in a savings account and splits the paycheck between a checking account and an investment account linked to an S&P 500 index fund. She has saved about $10,000 since moving back home and started looking for apartments to rent on Long Island.

Saving and managing money doesn’t always come easily to Ms. Froling. While in college, he received an allowance from his parents at the beginning of each semester. “As a freshman, I’ll blow it in the first two months,” she says. So her parents, who both work in finance, seated her and helped her budget by outlining the necessities and luxuries in her spending habits.

But it’s been the past 18 months at home, and the closeness to her parents, which has allowed Ms Froling to be more proactive about her savings and investments, and to put all those lessons into practice. She says many of her money talks happen on family road trips. Her father helps her stay on top of the latest trends in investing and her mother shares strategies for how Ms. Froling can increase her savings and continue to build a foundation for moving out of the family home. Ms. Froling is taking it further by sharing these tips with her coworkers and encouraging some of them to open their own investment accounts.

“The lesson we want to teach her is that she can do this,” says Ms Schlueter, referencing the financial wisdom she is sharing with her daughter rather than just talking to her from being together during the pandemic. got the opportunity to do. via phone or text. That includes discussing expenses such as health and car insurance after Ms. Froling leaves home again.

Ms Froling says, while she often feels like her parents bother her about how much she’s saving, in the end she knows it’s best: “They don’t want me when I If I get out of here, it will fall flat on my face.”

breaking the money taboo

In November 2020, 27-year-old Rogelio Meza left his $1,500-a-month apartment in Austin, Texas, to move into his parents’ home in Laredo.

The move helped him work towards his goal of saving money and becoming a homeowner, says Mr. Meja, who works as a customer-experience manager for a solar-power company. It also allowed him to help his parents, who were battling the financial stress of the pandemic.

When the pandemic struck, her mother, Eudoxia Meja, who works as a cook, noticed that her hours had been cut in half. His father Juan Meja is handicapped and unable to work. Since living with his parents, little Mr. Majora has helped with grocery and utility bills, paying about $700 a month, which still allows him to take out money for a home down-payment. Is.

When he was growing up, Mr. Meja says, his family never talked about money. “Nobody really taught me how to save, nobody taught me about stock options or investment accounts, good versus bad debt.” He relied on friends who worked in finance to teach him about these things, and the conversation helped him understand where his money was going. Now, he says, he has passed on some of this knowledge to his parents.

One day, when an unusually large and overdue utility bill arrived in the mail, Mr. Majora turned it into an opportunity to start sharing his financial wisdom with his family.

“I was like, ‘Okay, let’s talk about it,’” he says, describing what led to several candid conversations about money with his parents. Indeed, after that initial exchange, he basically became the family financial advisor. Mr. Meja helped his parents calculate how much they were spending on groceries and how much they actually needed each month. He also discovered that he had $3,000 in credit-card debt and advised him to use his stimulus money to aggressively pay it off. Using a combination of direct payments from their mother’s wages, incentives and unemployment benefits, they were able to pay off their utility bills and credit-card debt in just a few weeks.

Thereafter, Mr. Meja set up a savings account for her mother and advised her to put forward 20% of her salary into the account. He also plans to help his parents open an investment account and teach them how to grow their money over time. He says being able to pay off his debt gave his parents a new starting point.

Mr. Meja has learned a few things during his stint at home as well. He says that the time he spent with his parents opened his eyes to how little he needed to be happy. For example, before reuniting with his mother and father, he often ordered takeout for lunch and dinner. But the home-cooked food he eats at home, he says, especially his mother’s enchiladas has inspired him to start cooking for himself.

As far as his parents are concerned, they say that talking about money is no longer a taboo in their family, and they will continue to seek financial advice from their son. He plans to move back to Austin in November and complete the purchase of an apartment in the city at that time.

a new perspective

Edgar Mendoza was living the high life in Chicago. The 41-year-old was paying about $3,000 a month for a downtown apartment. He often dined out and had courtside seats at basketball games.

But when the lockdown began, he began to re-evaluate his habits, limiting his activities and his spending. “What Covid taught me is no, I don’t need all that,” says Mr. Mendoza, who deals in sales and invests in startups. In January, he packed his belongings and moved to McAllister, Mont., to be with his mother and stepfather. And he doesn’t plan to leave anytime soon.

Living in Montana with his family, Mr. Mendoza says, he has reinforced the frugal lifestyle he grew up with. When he was young, he says, his mother, Maria Platt, used to tell him to “watch his money.” Now, he saves his money and invests it in places where it can grow.

Ms Platt says she is proud of the progress she has seen in her son and how she has embraced the lessons she has taught him. The family cooks together and they rarely eat out. Mr Mendoza says he is not being asked to pay the rent, but he buys all the groceries.

“He’s changed a lot,” Ms Pratt says of her son. “He used to spend money like crazy. I would talk to him and he’s like, ‘Mom, you’re right about this and you’re right about that.’ Now, in his view, he is motivated to support the family in the long run, and this has prompted him to refocus on his spending habits.

Mr. Mendoza says seeing his mother come home exhausted from work and budgeting his Social Security benefits has made him see his financial future in a new light. It has forced him to think more realistically about what retirement can be like. “When you see that you love someone… it hits you really hard,” he says. “I don’t want it to be me.”

Ms Pratt says her son still has to work on his financial habits. They sometimes forget to buy their groceries and eat food already in the family’s fridge, she says. She would also like to watch him learn to cook.

“I told him that if you make good money, save it,” she says. “I’m not going to live forever…….

By: Taylor Nakagawa

Taylor Nakagawa hails from Chicago, Illinois and earned a master’s degree from the Missouri School of Journalism in 2017. As part of the Audience Voice team, Taylor is focused on experimenting with new story formats to create a healthy environment for community engagement.

Source: When the Pandemic Forced Young Adults to Move Back Home, They Got a Financial Education – WSJ

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How To Intervene When a Manager Is Gaslighting Their Employees

Summary

Gaslighting is a form of psychological abuse where an individual tries to gain power and control over you by instilling self-doubt. Allowing managers who continue to gaslight to thrive in your company will only drive good employees away. Leadership training is only part of the solution — leaders must act and hold the managers who report to them accountable when they see gaslighting in action. The author presents five things leaders can do when they suspect their managers are gaslighting employees.

“We missed you at the leadership team meeting,” our executive vice president messaged me. “Your manager shared an excellent proposal. He said you weren’t available to present. Look forward to connecting soon.”

In our last one-on-one meeting, my manager had enthusiastically said that I, of course, should present the proposal I had labored over for weeks. I double-checked my inbox and texts for my requests to have that meeting invite sent to me. He had never responded. He went on to present the proposal without me.

Excluding me from meetings, keeping me off the list for company leadership programs, and telling me I was on track for a promotion — all while speaking negatively about my performance to his peers and senior leadership — were all red flags in my relationship with this manager. The gaslighting continued and intensified until the day I finally resigned.

Gaslighting is a form of psychological abuse where an individual tries to gain power and control over you. They will lie to you and intentionally set you up to fail. They will say and do things and later deny they ever happened. They will undermine you, manipulate you, and convince you that you are the problem. As in my case, at work, the “they” is often a manager who will abuse their position of power to gaslight their employees.

Organizations of all sizes are racing to develop their leaders, spending over $370 billion a year globally on leadership training. Yet research shows that almost 30% of bosses are toxic. Leadership training is only part of the solution — we need leaders to act and hold the managers who report to them accountable when they see gaslighting in action. Here are five things leaders can do when they suspect their managers are gaslighting employees.

Believe employees when they share what’s happening.

The point of gaslighting is to instill self-doubt, so when an employee has the courage to come forward to share their experiences, leaders must start by actively listening and believing them. The employee may be coming to you because they feel safe with you. Their manager might be skilled at managing up, presenting themselves as an inclusive leader while verbally abusing employees. Or they may be coming to you because they feel they’ve exhausted all other options.

Do not minimize, deny, or invalidate what they tell you. Thank them for trusting you enough to share their experiences. Ask them how you can support them moving forward.

Be on the lookout for signs of gaslighting.

“When high performers become quiet and disinterested and are then labeled as low performers, we as leaders of our organizations must understand why,” says Lan Phan, founder and CEO of community of SEVEN, who coaches executives in her curated core community groups. “Being gaslighted by their manager can be a key driver of why someone’s performance is suddenly declining. Over time, gaslighting will slowly erode their sense of confidence and self-worth.”

As a leader, while you won’t always be present to witness gaslighting occurring on your team, you can still look for signs. If an employee has shared their experiences, you can be on high alert to catch subtle signals. Watch for patterns of gaslighting occurring during conversations, in written communication, and activities outside of work hours.

Here are some potential warning signs: A manager who is gaslighting may exclude their employees from meetings. They may deny them opportunities to present their own work. They may exclude them from networking opportunities, work events, and leadership and development programs. They may gossip or joke about them. Finally, they may create a negative narrative of their performance, seeding it with their peers and senior leaders in private and public forums.

Intervene in the moments that matter.

“Intervening in those moments when gaslighting occurs is critical,” says Dee C. Marshall, CEO of Diverse & Engaged LLC, who advises Fortune 100 companies on diversity, equity, and inclusion strategies. “As a leader, you can use your position of power to destabilize the manager who is gaslighting. By doing so, you signal to the gaslighter that you are watching and aware of their actions, and putting them on notice.”

If you see that a manager has excluded one of their employees from a meeting, make sure to invite them and be clear that you extended the invitation. If a manager is creating a negative narrative of an employee’s performance in talent planning sessions, speak up in the moment and ask them for evidence-based examples. Enlist the help of others who have examples of their strong performance. Document what you’re observing on behalf of the employee who is the target of gaslighting.

Isolate the manager who is gaslighting.

If this manager is gaslighting now, this likely isn’t their first time. Enlist the help of human resources and have them review the manager’s team’s attrition rates and exit interview data. Support the employee who is experiencing gaslighting when they share their experiences with HR, including providing your own documentation.

In smaller, more nimble organizations, restructuring happens often and is necessary to scale and respond to the market. Use restructuring as an opportunity to isolate the manager by decreasing their span of control and ultimately making them an individual contributor with no oversight of employees. Ensure that their performance review reflects the themes you and others have documented (and make any feedback from others anonymous). The manager may eventually leave on their own as their responsibilities decrease and their span of control is minimized. In parallel, work with human resources to develop an exit plan for the manager.

Assist employees in finding a new opportunity.

In the meantime, help the targeted employee find a new opportunity. Start with using your social and political capital to endorse them for opportunities on other teams. In my case, the manager gaslighting me had a significant span of control, and my options to leave his team were limited. He blocked me from leaving to go work for other managers when I applied for internal roles. I didn’t have any leaders who could advocate for me and move me to another team. I was ultimately forced to leave the company.

In some cases, even if you can find an internal opportunity for the employee, they won’t stay. They will take an external opportunity to have a fresh start and heal from the gaslighting they experienced from their manager. Stay in touch and be open to rehiring them when the timing is right for them. If you rehire them in the future, make sure that this time they work for a manager who will not only nurture and develop their careers, but one who will treat them with the kindness they deserve.

During the “Great Resignation,” people have had the time and space to think about what’s important to them. Allowing managers who continue to gaslight to thrive in your company will only drive your employees away. They’ll choose to work for organizations that not only value their contributions, but that also respect them as individuals.

By: Mita Mallick

Mita Mallick is the head of inclusion, equity, and impact at Carta. She is a columnist for SWAAY and her writing has been published in Harvard Business Review, The New York Post, and Business Insider.

Source: How to Intervene When a Manager Is Gaslighting Their Employees

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Europe Faces Bleak Winter Energy Crisis Years in the Making

 
Europe is preparing for an extreme winter as an energy emergency that has been a very long time in the making leaves the landmass depending on the ideas of the weather.Faced with flooding gas and power costs, nations from the U.K. to Germany should rely on gentle temperatures to traverse the warming season. Europe is shy of gas and coal and if the breeze doesn’t blow, the most dire outcome imaginable could work out: far and wide power outages that power organizations and plants to shut.

The extraordinary energy crunch has been fermenting for quite a long time, with Europe developing progressively reliant upon discontinuous wellsprings of energy like breeze and sun based while interests in petroleum products declined. Natural strategy has likewise pushed a few nations to close their coal and atomic armadas, decreasing the quantity of force establishes that could fill in as back-up in the midst of shortages.

“It could get very ugly unless we act quickly to try to fill every inch of storage,” said Marco Alvera, CEO of Italian energy framework organization Snam SpA. “You can survive a week without electricity, but you can’t survive without gas.”

Energy request is ascending from the U.S. to Europe and Asia as economies recuperate from the worldwide pandemic, boosting modern movement and powering worries about swelling. Costs are so high in Europe that two significant compost makers reported they were closing plants or shortening creation in the region.

And it’s not simply organizations. Governments are additionally worried about the hit to families previously battling with greater expenses of everything from food to move. As force and gas costs break records for a long time, Spain, Italy, Greece and France are largely stepping in to shield shoppers from inflation.

“It will be expensive for consumers, it will be expensive for big energy users,” Dermot Nolan, a previous CEO of U.K. energy controller Of gem, said in a Bloomberg TV meet. “Electricity and gas prices are going to be higher at home than everybody would want and they are going to be higher than they have been for about 12 years.”

Europe’s gas costs have dramatically multiplied for the current year as top provider Russia has been checking the extra conveyances the landmass needs to top off its exhausted stockpiling locales following a virus winter last year. It’s been difficult to get hold of elective supplies, with North Sea fields going through weighty support after pandemic-instigated postponements, and Asia gathering up cargoes of condensed gaseous petrol to fulfill rising need there.

Higher gas costs helped the expense of creating power as renewables wavered. Low wind speeds constrained European utilities to consume costly coal, draining stores of the dirtiest of petroleum products. Energy strategy additionally assumed a part, with the expense of contaminating in the European Union flooding over 80% this year.

“Gas supply is short, coal supply is short and renewables aren’t going great, so we are now in this crazy situation,” said Dale Hazelton, head of warm coal at Wood Mackenzie Ltd. “Coal companies just don’t have supply available, they can’t get the equipment, the manufacturers are backed up and they don’t really want to invest.”

European gas inventories are at their most minimal level in over 10 years for this season. Gazprom PJSC’s CEO Alexey Miller said Europe will enter the colder time of year in with regards to a month without completely renewing its support reserves. The Russian gas monster has been pushing to begin its questionable Nord Stream 2 pipeline.

Europe now needs great climate. While forecasters say temperatures are probably not going to plunge beneath typical one month from now, assumptions can generally change. Comparable climate gauges didn’t appear last year, bringing about an unpleasant temperatures that sent LNG costs in Asia to a record in January.

“It may happen again,” said Ogan Kose, an overseeing chief at Accenture. “If we end up having a very cold winter in Asia as well as in Europe, then we may end up seeing a ridiculous spike in gas prices.”

In 2018, a profound freeze that became known as the Beast from the East shocked energy brokers. This year there’s additionally a possibility that a La Nina climate example would grow once more. While the wonder can carry warm climate to Europe, it will in general send temperatures diving in Asia.

The U.S. Environment Prediction Center said there’s a 66% possibility that a La Nina example will return some time from November to January. That could fuel the battle for LNG cargoes, as purchasers from Japan to India start alarm purchasing because of fears of rivalry with Europe.

“Unfortunately, the way the weather works, when it’s cold, it is cold: it’s cold for the U.S., it’s cold for Europe and then it gets cold for Asia,” said Snam’s Alvera, who is wagering on hydrogen as the future for efficient power energy markets.

Europe should diminish request if the colder time of year is cold, Goldman Sachs Group Inc. said, anticipating the district will confront power outages. There are as of now indications of stress, with CF Industries Holdings Inc. closing two compost plants in the U.K. furthermore, Yara International ASA will have diminished its smelling salts creation limit by 40% by next week.

Shutdowns additionally hazard hitting the food store network, which utilizes a side-effect of compost creation in everything from meat handling to brew. The sugar and starch businesses are likewise influenced, with France’s Tereos SCA and Roquette Freres SA cautioning of higher energy costs.

And it doesn’t stop there. Europe top copper maker Aurubis AG said greater costs will keep on getting edges through the remainder of the year. Indeed, even synthetic compounds goliath BASF SE, which delivers the greater part of its force, said it has been not able to completely turn the effect of record-breaking power prices.

Supplies are probably not going to improve altogether any time soon. Russia is confronting its very own energy smash and Gazprom is guiding its extra creation to homegrown inventories. Costs could remain high regardless of whether Europe winds up with a gentle winter, said Fabian Ronningen, an expert at energy specialist Rystad Energy AS.

“With natural gas prices already hitting record highs in Europe ahead of rising winter demand, prices could move even higher in the coming months,” said Stacey Morris, overseer of exploration at file supplier Alerian in Dallas. “There is a potential it can get worse.”

Source: Europe Faces Bleak Winter Energy Crisis Years in the Making – Bloomberg

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Social Psychologist Amy Cuddy on How to Find Power and Confidence in a Crisis

In times of crisis, don’t look to the past or the future for answers. That’s according to social psychologist and behavioral science expert Amy Cuddy. The Harvard University lecturer and author of Presence: Bringing Your Boldest Self to Your Biggest Challenges explained in a virtual keynote to Inc. 5000 honorees this week that productivity-sapping emotions such as anxiety, dread, and distraction come from thinking too much about the past and future.

Staying present, Cuddy explains, can help you approach difficult situations with composure and find solutions with confidence. “It’s the power to bring yourself forward to express your most confident, competent, trustworthy, decent, awesome self in stressful situations,” Cuddy says. “It is the ability to control your own states, your own behaviors, and, to some extent, your own outcomes.”

Here are three of Cuddy’s tips for how to make the most of a bad situation.

View challenges as opportunities.

When presented with a challenge, Cuddy advises reframing the situation. If you feel nervous to approach someone, for example, think of them as a collaborator or an ally, rather than as a competitor. Changing viewpoints can make you feel more in control of coming up with a solution to your problems.

“When we feel powerful, it leads us to act,” Cuddy says. “When we feel powerless, we don’t act.”

Don’t fake it until you make it.

Faking it until you make it works in some situations, but not when it comes to relationships. The best relationships are built on trust and authenticity–not on overstating your abilities.

“Unfortunately, we often make the mistake in work situations of showing off our skills and our strengths before showing that we are trustworthy,” Cuddy says. “When we neglect that piece, this other piece–the strength, the competence, the skills–they just don’t matter, especially for leaders who really need to inspire people to do their best work.”

Avoid panicing at all costs.

When presented with something that makes you panic, Cuddy advises business owners to think of a time when you felt your best, whether it was finishing your first successful fundraising meeting, landing your biggest client, or even at a personal event such as a wedding. By contrasting the panic with a good feeling, it can help you reset your approach to the situation and feel more present.

“When we feel present, we’re not doubting who we are [and] we believe in ourselves,” Cuddy says. “And when we believe in ourselves, we believe in what we’re selling.”

Source: Social Psychologist Amy Cuddy on How to Find Power and Confidence in a Crisis | Inc.com

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More Contents:

Where Workers Are the Happiest

Lessons from America’s Golden Age of Innovation

On Résumés, an Upper-Class Background Benefits Men but Not Women

Whiteboard Session: The Business Case for Sustainability

The Other Kind of Inequality, Explained

Why Immigrant Entrepreneurs Are So Important to the U.S.

Gender Equality Is Making Men Feel Discriminated Against

Even After Criticism, Men Think Highly of Themselves

These 5 Words Will Open Thousands of Doors For You

Every person is a world. Life at work, in business and even in the family is full of complex relationships, where each person has their own agenda, their own history and particular dimensions.

As we have seen previously, the projects that go ahead are not always the best; And those people who are right are not the ones who win the discussions, because the most important element in a communication process is not the content or the technique but, above all, the relationship and connection.

To be completely clear: your success doesn’t just depend on your talents or your ideas; Above all, it depends on you knowing how to forge relationships . Talent and ideas are necessary, but the relationships you form along the way give them direction, direction, power and dimension.

However, in the process of making our projects come true; be it our own businesses or projects in our company, we constantly find:

  • Closed doors.
  • People in high positions or unreachable.
  • Inaccessible uncomfortable people.
  • Adversaries or people who do not want us to do well.
  • People we would like to address, but we don’t know how.

How can we break down social and personal barriers to build bridges with people who can be part of our path?

A powerful phrase

The answer lies in this magical phrase that took me years to discover, and that today I am happy to share with you, hoping it will be useful to you. Remember that with great power comes great responsibility .

The opener phrase is this: Can I ask you for advice?

“Can I ask you for advice?” It is a simple and short phrase; easy to say, remember and repeat. It is a phrase that can be used constantly without losing its validity and, above all, has behind it the power of science to open the doors that until then were closed.

I have used it at different times where it seems to me to be in a dead end; where I lack answers or in which I feel that I need to form a closer relationship with a colleague, a superior, a subordinate and, even, someone who perceives me as his enemy.

After using it for a couple of years – with excellent results – I started recommending it to other people, who also reported their own success stories. Now I am sure that this is one of the most useful phrases in my professional life … and that it can also be in yours.

It is not about magic, but about communication and science. How does it work?

1. The Ben Franklin effect

The Ben Franklin effect is a known psychological effect to change the perception that others have of us by allowing them to do us a favor.

Yes, you heard right: let them do you a favor; not you to them.

It is, at first glance, counterintuitive. We may think that, to please, we must “do” favors, but it turns out that when others do us favors, it is proven that their perception of us improves, since considering ourselves worthy of their time and attention forces them to see ourselves in a more favorable light , as valuable and kind people.

They must be favors that are not heavy, annoying or expensive. For example, asking a colleague for a ride or letting him buy us a coffee… and simply thanking him, without making him feel bad and without seeking to pay him immediately. Receive a favor … and thank you! opens more doors than applause and flattery.

2. An elegant compliment

When asking for advice, the Ben Franklin effect is activated; But that is not all.

On the one hand, a tip is a favor or a service that costs nothing: it is free. Maybe they can deny you -for whatever reason- a ride or a coffee, but who can deny advice? Until now, for many years of using this phrase, I have never encountered someone who refuses to give advice that is asked with kindness and humility.

But there is still more! When it comes to asking for advice, we are asking for a favor as well as making a compliment. We are telling the other person that they are smart, that they are brilliant, that we respect them, and that their opinion is important . It is a gift to your own ego – a gift that no one will stop receiving. People, in general, like to be heard and taken into account.

That is why this phrase is magical. It seems like a favor, but it is also a gift.

3. Let the other shine

It can be personal advice, about work, about a project, or about an important decision. The key is to state the advice simply and clearly and then let the other speak, always respecting the 80/20 rule . When it comes to asking for advice, we are placing the conversation firmly on the other person’s court, letting them speak and express their own personality and history.

When you have asked for advice, do not make excuses or explanations. Answer the question they ask you, but soon return the voice to the other person.

A rule of life: everyone likes to talk about themselves. So it will also allow you to get to know him more and forge – without feeling forced – a real human relationship, one of friendship and trust. Without his realizing it … now they are part of the same team.

4. Peripatetic effect

When we ask another person for advice about something that interests us and we get them to be interested in it, it is possible that due to the effect of mirror neurons , which generate empathy and neural alignment between two people, both can find a solution to a real problem.

In this way, you will not only have strengthened the relationship, but you will also have a practical answer or tangible progress in your project. The best of all? The other person will feel that the idea was theirs – let them take all the credit! – and will defend and promote it with passion.

This is not a manipulative system, but a method of thinking called peripatetic , in which, through questions, we can help other people reach conclusions that they feel as their own . It is widely used in communication and negotiation. It can also be your great ally with the magic phrase.

5. Create real conversations

We waste too much time in innocuous and empty conversations, small talk to fill the time. But how much real conversations are needed! It is impressive what you can discover and achieve if you learn to master the art of conversation .

Nobody asks for advice on worthless things. We ask for advice on things that matter and concern us, that can peek into our privacy or explore big issues. The best friendships are born – says CS Lewis – when one person says to another “How? Do you also think that way? I thought I was the only one! ”

Asking for advice is one of the five avenues of wealth in silence and will help you forge business, personal and friendship relationships that will pave the way for a better life.

So now you know. When you find a closed door, the best key is to ask for advice.

Francisco García Pimentel

 

By:

Source: These 5 words will open thousands of doors for you

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Critics:

For businesses, this could mean: creating new ideas, new product development through research and development, or improving existing services. Innovation can be the central focus of a business and this can help them to grow and become a market leader if they execute their ideas properly. Businesses that are focused on innovation are usually more efficient, cost-effective, and productive.

Successful innovation should be built into the business strategy, where you can create a culture of innovation and drive forward creative problem-solving. Success is the state or condition of meeting a defined range of expectations. It may be viewed as the opposite of failure. The criteria for success depend on context, and may be relative to a particular observer or belief system. One person might consider a success what another person considers a failure, particularly in cases of direct competition or a zero-sum game.

Similarly, the degree of success or failure in a situation may be differently viewed by distinct observers or participants, such that a situation that one considers to be a success, another might consider to be a failure, a qualified success or a neutral situation. For example, a film that is a commercial failure or even a box-office bomb can go on to receive a cult following, with the initial lack of commercial success even lending a cachet of subcultural coolness.

The fields of probability and statistics often study situations where events are labeled as “successes” or “failures”. For example, a Bernoulli trial is a random experiment with exactly two possible outcomes, “success” and “failure”, in which the probability of success is the same every time the experiment is conducted. The concept is named after Jacob Bernoulli, a 17th-century Swiss mathematician, who analyzed them in his Ars Conjectandi (1713).

The term “success” in this sense consists in the result meeting specified conditions, not in any moral judgement. For example, the experiment could be the act of rolling a single die, with the result of rolling a six being declared a “success” and all other outcomes grouped together under the designation “failure”. Assuming a fair die, the probability of success would then be 1 / 6…

References

Solar Power Is Dirt-Cheap and About to Get Even More Powerful

After focusing for decades on cutting costs, the solar industry is shifting attention to making new advances in technology. The solar industry has spent decades slashing the cost of generating electricity direct from the sun. Now it’s focusing on making panels even more powerful.

With savings in equipment manufacturing hitting a plateau, and more recently pressured by rising prices of raw materials, producers are stepping up work on advances in technology — building better components and employing increasingly sophisticated designs to generate more electricity from the same-sized solar farms.

“The first 20 years in the 21st century saw huge reductions in module prices, but the speed of the reduction started to level off noticeably in the past two years,” said Xiaojing Sun, global solar research leader at Wood Mackenzie Ltd. “Fortunately, new technologies will create further cost-of-electricity reductions.”

A push for more powerful solar equipment underscores how further cost reductions remain essential to advance the shift away from fossil fuels. While grid-sized solar farms are now typically cheaper than even the most advanced coal or gas-fired plants, additional savings will be required to pair clean energy sources with the expensive storage technology that’s needed for around-the-clock carbon-free power.

Bigger factories, the use of automation and more efficient production methods have delivered economies of scale, lower labor costs and less material waste for the solar sector. The average cost of a solar panel dropped by 90% from 2010 to 2020.

Boosting power generation per panel means developers can deliver the same amount of electricity from a smaller-sized operation. That’s potentially crucial as costs of land, construction, engineering and other equipment haven’t fallen in the same way as panel prices.

It can even make sense to pay a premium for more advanced technology. “We’re seeing people willing to pay a higher price for a higher wattage module that lets them produce more power and make more money off their land,” said Jenny Chase, lead solar researcher at BloombergNEF.

Higher-powered systems are already arriving. Through much of the past decade, most solar panels produced a maximum of about 400 watts of electricity. In early 2020, companies began selling 500-watt panels, and in June, China-based Risen Energy Co. introduced a 700-watt model.

Here are some of the ways that solar companies are super-charging panels:

While many current developments involve tweaks to existing technologies, perovskite promises a genuine breakthrough. Thinner and more transparent than polysilicon, the material that’s traditionally used, perovskite could eventually be layered on top of existing solar panels to boost efficiency, or be integrated with glass to make building windows that also generate power.

“We will be able to take solar power to the next level,” said Kim Dohyung, principal researcher on a perovskite project team at Korea Electric Power Corp., one of several companies experimenting with the material. “Ultimately, this new technology will enable us to make a huge contribution in lowering greenhouse gas emissions.”

Adoption of perovskite has previously been challenged by costs and technical issues that prevented commercial-scale production. There are now signs that’s changing: Wuxi UtmoLight Technology Co. in May announced plans to start a pilot line by October with mass production beginning in 2023.

Solar panels typically get their power from the side that faces the sun, but can also make use of the small amount of light that reflects back off the ground. Bi-facial panels started to gain in popularity in 2019, with producers seeking to capture the extra increments of electricity by replacing opaque backing material with specialist glass. They were also temporarily boosted by a since-closed loophole in U.S. law that exempted them from tariffs on Chinese products.

The trend caught solar glass suppliers off-guard and briefly caused prices for the material to soar. Late last year, China loosened regulations around glass manufacturing capacity, and that should prepare the ground for more widespread adoption of the two-sided solar technology.

Another change that can deliver an increase in power is shifting from positively charged silicon material for solar panels to negatively charged, or n-type, products.

N-type material is made by doping polysilicon with a small amount of an element with an extra electron like phosphorous. It’s more expensive, but can be as much as 3.5% more powerful than the material that currently dominates. The products are expected to begin taking market share in 2024 and be the dominant material by 2028, according to PV-Tech.

In the solar supply chain, ultra-refined polysilicon is shaped into rectangular ingots, which are in turn sliced into ultra-thin squares known as wafers. Those wafers are wired into cells and pieced together to form solar panels.

For most of the 2010s, the standard solar wafer was a 156-millimeter (6.14 inches) square of polysilicon, about the size of the front of a CD case. Now, companies are making the squares bigger to boost efficiency and reduce manufacturing costs. Producers are pushing 182- and 210-millimeter wafers, and the larger sizes will grow from about 19% of the market share this year to more than half by 2023, according to Wood Mackenzie’s Sun.

The factories that wire wafers into cells — which convert electrons excited by photons of light into electricity — are adding new capacity for designs like heterojunction or tunnel‐oxide passivated contact cells. While more expensive to make, those structures allow the electrons to keep bouncing around for longer, increasing the amount of power they generate.

— With assistance by Heesu Lee

By:

Source: Solar Power Is Dirt-Cheap and About to Get Even More Powerful – Bloomberg

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Critics:

Solar power is the conversion of energy from sunlight into electricity, either directly using photovoltaics (PV), indirectly using concentrated solar power, or a combination. Concentrated solar power systems use lenses or mirrors and solar tracking systems to focus a large area of sunlight into a small beam. Photovoltaic cells convert light into an electric current using the photovoltaic effect.

Photovoltaics were initially solely used as a source of electricity for small and medium-sized applications, from the calculator powered by a single solar cell to remote homes powered by an off-grid rooftop PV system. Commercial concentrated solar power plants were first developed in the 1980s.

As the cost of solar electricity has fallen, the number of grid-connected solar PV systems has grown into the millions and gigawatt-scale photovoltaic power stations are being built. Solar PV is rapidly becoming an inexpensive, low-carbon technology to harness renewable energy from the Sun. The current largest photovoltaic power station in the world is the Pavagada Solar Park, Karnataka, India with a generation capacity of 2050 MW.

The International Energy Agency projected in 2014 that under its “high renewables” scenario, by 2050, solar photovoltaics and concentrated solar power would contribute about 16 and 11 percent, respectively, of worldwide electricity consumption, and solar would be the world’s largest source of electricity. Most solar installations would be in China and India.[3] In 2019, solar power generated 2.7% of the world’s electricity, growing over 24% from the previous year. As of October 2020, the unsubsidised levelised cost of electricity for utility-scale solar power is around $36/MWh.

One issue that has often raised concerns is the use of cadmium (Cd), a toxic heavy metal that has the tendency to accumulate in ecological food chains. It is used as semiconductor component in CdTe solar cells and as a buffer layer for certain CIGS cells in the form of cadmium sulfide. The amount of cadmium used in thin-film solar cells is relatively small (5–10 g/m2) and with proper recycling and emission control techniques in place the cadmium emissions from module production can be almost zero.

Current PV technologies lead to cadmium emissions of 0.3–0.9 microgram/kWh over the whole life-cycle.[136] Most of these emissions arise through the use of coal power for the manufacturing of the modules, and coal and lignite combustion leads to much higher emissions of cadmium. Life-cycle cadmium emissions from coal is 3.1 microgram/kWh, lignite 6.2, and natural gas 0.2 microgram/kWh.

References

 

 

 

How to Buy Happiness (Responsibly)

The great reopening offers ample opportunity to lift your spirits if you have some money to spare. Here’s how to do it right. Bring on the nationwide spending binge. Half of all people over 18 in the United States are now fully vaccinated. Tens of millions of them are emerging, blinking in the springtime sunshine, and heading straight for restaurants, movie theaters or a flight to somewhere — or anywhere, really.

It is true that millions of people are still trying to get their hotel jobs or theater gigs back. But collectively, Americans are holding on to a larger share of their income than they have in decades.

That leftover money is a kind of kindling. We may look back on this moment as a once-in-a-lifetime period, when many millions of Americans felt that money was burning actual holes in their pockets.

It is an unfamiliar sensation for many of us. “There is a puritanical streak that runs through all aspects of money in America,” said Ramit Sethi, an author who focuses more attention than most on spending well in addition to saving intelligently. “And most of the conversations start with no.”

But we should consider the strong possibility that saying yes right now could bring a true improvement in happiness. So this column — and another one next week — will be about maximizing it through strategic spending.

The conversation begins with “Yes, and … — with perhaps with a side order of “Yes, but …” To help us all get there, I called on some of my most thoughtful contacts among people who talk, think or write about money. And I made sure to ask them this: What are you doing yourself?

Brian Thompson, a financial planner in Chicago, was prepared for this moment. He generally has two questions at the ready: What do you want to spend your money on? And why are you really spending it?

There are no wrong answers, Mr. Thompson said. “I always come from the approach that there is no judgment, and I try to come with empathy to help people clarify what the money means for them,” he said.

Paradoxically, the first thing to think about here is saving. Paulette Perhach said it better than I could here in her classic 2016 article exhorting everyone to build a freedom fund. (“Freedom” is my word — she uses an F-bomb, if you’re trying to find it via internet search.)

Savings aren’t just for when your car breaks down or you get sick. Having a freedom fund means you are not beholden to someone else — whether that’s a significant other who is treating you like garbage or a boss who is harassing you or otherwise making you miserable.

“This is about power, and power comes in a lot of different forms,” Ms. Perhach, an essayist and a writing coach, told me this week. “It comes from options. From looking at life and making sure one person does not have so much say over the outcome of your finances that you would have to tolerate behavior that goes against your own self-respect.”

Every few years, I reopen my well-worn copy of “Happy Money: The Science of Happier Spending,” a book from 2013 by Elizabeth Dunn and Michael Norton, for a review session. This time, I called Professor Dunn, a member of the psychology department at the University of British Columbia, to help me along.

A first principle of research in this area has generally been that buying an experience brings more satisfaction — and less buyer’s remorse — than buying stuff. In the years since the book was published, Professor Dunn said, this conclusion has largely held up for people with more money, though it can be less true for people farther down the socioeconomic ladder.

So what types of experiences should we be making a priority?

After a year marked by loss, I adopted a narrow approach focused on things that I might not have a chance to do again. I will never attend another John Prine concert or again eat food touched by the hands of Floyd Cardoz, both of whom were among the many we lost to the pandemic.

But there are things I can do instead that aren’t likely to recur, like attending my friend’s swearing-in ceremony as police chief in another state. And I’m prioritizing a trip with my daughters to the Great Barrier Reef (using approximately 9,000 years of frequent-flier mile savings) before it is no more.

Professor Dunn endorsed my plans, and the need to get out into the world again. “The only experiences I’ve been having are Netflix and DoorDash,” she said.

Professor Dunn lost her mother, Winifred Warren, to lung cancer in September and has a plan to celebrate her someplace other than a Zoom chat. Soon, she’ll get over the border to California and dine with her aunt and her mother’s best friend at the famed French Laundry — where Ms. Warren had been hoping to go herself, once she got better.

But just because so much fun seems available again all at once, it doesn’t mean you should pursue it all simultaneously. People who have reasonably high incomes — but the proclivity to go the immediate gratification route — can rack up quite a bit of debt,” Professor Dunn said.

Indeed, credit card issuers are licking their lips in anticipation of whatever orgy of spending ensues this year. Ms. Perhach found herself impulsively buying concert tickets recently and was inspired to pen a warning about the behavioral science of overspending for Vox.

The gratification doesn’t necessarily last long — and can even be wiped out by the dread of any new debt, she said. “I’ve done trips with an undercurrent of ‘I’m about to be in trouble,’” she told me this week. “And that’s not a great recipe for fun.”

If you are among the many lucky millions who are better off financially than you were at the beginning of 2020, consider how good it might feel to give something away.

Minnie Lau has spent much of the past year helping her accounting clients in the San Francisco Bay Area spend and save the windfalls from initial public offerings and other stock winnings in as tax savvy a manner as possible. Both they and she have done quite well. They did nothing wrong and have nothing to apologize for.

But amid so much death, fear and suffering, coming out ahead still leads to conflicted feelings. “My ill-gotten gains are going to the food bank,” Ms. Lau said of the money she has made investing this year. “People should not have to line up for food. Didn’t California just announce that it had a surplus? What kind of crazy world is this?”

Everyone else I talked to this week felt a similar urge. Professor Dunn recalled being overwhelmed with gratitude after receiving her coronavirus jab. Now, she’s a monthly donor to UNICEF’s vaccine equity initiative. Ms. Perhach is supporting VONA, which helps writers of color, while Mr. Sethi busted into his emergency fund to donate to Feeding America and match his readers’ donations.

Mr. Thompson, the financial planner, has given money to help people who are both Black and transgender — a segment of the population that he believes needs more help than most. And he’s redoubling his efforts at work to reduce the racial wealth gap.

“If I can help more people build more wealth to pass down, it is a way of serving my purpose and helping people in the process,” he said. “And I think that takes more than just giving. It means systemic change.”

Ron Lieber

 

 

Source: https://www.nytimes.com/

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Critics:

Money management is the process of expense tracking, investing, budgeting, banking and evaluating taxes of one’s money which is also called investment management. Money management is a strategic technique to make money yield the highest interest-output value for any amount spent. Spending money to satisfy cravings (regardless of whether they can justifiably be included in a budget) is a natural human phenomenon.

The idea of money management techniques has been developed to reduce the amount that individuals, firms, and institutions spend on items that add no significant value to their living standards, long-term portfolios, and assets. Warren Buffett, in one of his documentaries, admonished prospective investors to embrace his highly esteemed “frugality” ideology. This involves making every financial transaction worth the expense:

1. avoid any expense that appeals to vanity or snobbery
2. always go for the most cost-effective alternative (establishing small quality-variance benchmarks, if any)
3. favor expenditures on interest-bearing items over all others
4. establish the expected benefits of every desired expenditure using the canon of plus/minus/nil to the standard of living value system.

References

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