ATTENTION: How did Mark Zuckerberg become so rich?

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Attention scam

If I ask you about the biggest scam of this century, you are likely to mention the 2008 banking scam, CWG, 2G, Coal, Madoff, etc.

It’s none of these.

The biggest scam, in my opinion, is the loot of your attention. You keep giving it away to several entities constantly on the prowl to steal it from you.

The advent of mobile and the numerous free apps have only ensured that you are a captive, constantly trading your information for the FREE servings.

Frankly, there is nothing FREE. You pay with your time, with your precious attention.

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Aadhar, PAN, Passport – The case of multiple identities and your investments

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AADHAR, PAN, PASSPORT - MULTIPLE IDENTITIES

2 years ago, I wanted to use the Aadhar based OTP method of e-verification. But it wouldn’t work. The system failed to match the records.

The reason is my PAN. My PAN was created in 2002 or 03. At that time, I had a middle name – “KUMAR”.

You see, my father is a old Bollywood movies fan.

Systems are programmed to behave like systems. For my PAN and my Aadhar, I was two different people, courtesy my middle name.

So, they didn’t link and did not allow me to e-verify.

What do I do?

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Writing down the Bones – A Book you must read

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Book review - Writing down the bones by Natalie Goldberg

On books, Nassim Taleb says this –

I completely endorse it.

It has been quite rare that I have come across a book, I want to read twice. In fact, a lot of books with me unfinished.

Maybe, I just don’t get my hands on the right books. 🙂

Anyways, after a long time, I read one such book. And I read it again – the second time. I am sure I will read it many more times.

It passes the 3 tests, as suggested by Taleb, 100%.

The book is Writing down the Bones by Natalie Goldberg.

The title makes it appear to be a book on Writing. Even I thought so, till I started reading it.

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Annuity – When is it a good investment choice?

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Annuity

What is an annuity?

An annuity is a solution for post-retirement income. How it works is simple. You invest a fixed initial amount and in return you get a lifetime of assured income.

When you buy an annuity, you get

  • an assured income
  • lifelong income (pension)
  • no risk income
  • no hassle income
  • no bother about investment options, advisors, rebalancing, etc.

Take an example.

You are 60 and you need an assured Rs. 50,000 per month to meet your post retirement expenses. If you want an assured income of Rs. 6 lakhs a year, then you simply buy an annuity for approx. Rs. 75 lakhs, as a one-time payment. (Estimates based on an immediate annuity plan of a private insurer)

You don’t have to bother at all. No money management hassles, no investment selection, no dealing with bankers or advisors and collecting cheques from various investments.

The annuity provider will transfer the amount to you every month/year as per the frequency you choose.

An annuity ensures that you earn an income for the rest of your life.

But is it all that good? Not really. 

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Banking – money vs money

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I noticed the Change.org petition initiated by a group of citizens to stop banks from fleecing the customers in the name of increased charges. The petition is addressed to the RBI Governor and the Minister of Finance.

RBI Governor: Please Stop Banks Fleecing us Depositors!

Of course, you and I are not happy in the way banks go about secretly levying charges on us by signing us up for services that we don’t want or have not asked for.

They expect us to maintain minimum account balances even in savings account and by chance, when we fail at times, they promptly slap the penalty. There is no communication, not even an email or SMS, warning us in advance about the same.

But when an EMI becomes overdue, you find collection agents issuing threats and the very next, standing at your door.

There is no escape, the barbarians are at the gates.

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