1. If you work hard, you will make it and make money
reality? if you work smart, with the right people, you will make it and make money.
agree?
2. urban myths
"higher risk means a higher return"
the reality, returns do not increase as risk (volatility) increases, however, volatility (risk) is necessary for capital to appreciate.
agree?
3. urban myths
"experience is the best teacher"
the reality? someone experience you can learn from is the best teacher, don't make someone's mistake twice.
agree?
4. "Savings can not make you rich"
the reality? rich (wealth) is what you have after you spend. Thus, if you spend less than you earn, you have a nominal return.
agree?
Urban myths
5. "Don't Save, Invest."
the reality? you cannot invest without saving. saving is delayed consumption, investing is deploying your savings in a pre-planned manner with the intention to meet an objective.
agree?
6. urban myths
"bonds are boring, pay nothing, don't buy them if your young"
the reality? invest by building a portfolio of various asset classes. Bonds can act as insurance to an equity portfolio because they offer a fixed predictable return. So buy, but watch % allocation.
7. urban myths
"I can buy and hold a cryptocurrency like BTC and remain anonymous, avoiding taxes"
The reality? difficult to hide. when you convert FIAT to crypto, your credentials are usually captured. your transactions are masked by ultimately, you exist on someone's KYC
8. Urban Myths
"The Government can raise revenues by increasing taxes on the rich"
The reality? the Laffer Curve shows taxes have limits, too high and the rich have an incentive to hide or flee. luxury taxes suffer this faith. Better to drop rates, expand Minimum Tax Base
9. Urban Myths
"once a business is profitable, it is set for life"
The reality? A business can generate profits from thin air. Without cash profits, however, a business will eventually die.
Enron was very profitable, died when it ran out of cash.
10. Urban myths
"Better to own my business than an employee"
The reality? everyone works for himself. Employees sell their time to CEOs for a wage and sometimes a share of profit. CEO sells his time to his business for a wage and share of profits.
The difference is how much
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You import machines and systems to process inputs.
"Actors" are local, 'Camera" is foreign. The foreign cameras add value to local actors
Export, that pays for "camera" and local "actors". the excess is wealth.
They import the camera, hire local
Imports of foreign cameras are not a problem, as long as you can export and pay the camera manufacturer.
Local actors can't produce films without imported cameras. If imports of camera stop, local actors lose jobs
Can you make local cameras? Yes but not immediately.
The solution is not to mandate that cameras be made locally, and ban camera imports but to drop duty on imported cameras, make more films, then sell more local films
Exports pay for imports. As long as film exports are more, you are fine.
On August 27 1991, Abia State was created
There are many good things to celebrate about Abia State e.g. Abia has stayed constant in WAEC performance…Abia has always been among the top three states with WAEC pass rates…
Enyimba of Aba won Nigeria first and only Champions League Cup…twice.
“Aba-made” goods have not died off, rather they have been resilient and have survived. Aba remains one of the largest SME bases in sub-Saharan Africa.