Archives For July 2007

Inc. Magazine published its list of 30 Under 30 – 30 of the nations coolest young entrepreneurs. I looked through the each of the profiles and was amazed at how simple some of the ideas were. I mean really, cookies in the middle of the night? The entrepreneur who impressed me the most was Sean Belnick of BizChair.com:

At 14, Sean Belnick started a direct-shipping company for office furniture from his bedroom — with $500. The company now stocks many of the products it sells in a new 327,000-square-foot warehouse in Canton, Ga., and has branched out into home furniture, medical equipment, and school furniture. Notable clients include the Pentagon, Microsoft, and American Idol.

That’s pretty impressive. His company’s 2006 revenue was $26 million! I don’t quite understand why he’s not number one.

All it takes in an idea and the means to make that idea come true. From the looks of the list below, the “idea” can be almost anything:

Ben Kaufman, Mophie
Sean Belnick, BizChair.com
Bo Menkiti, The Menkiti Group
Sam Altman, Loopt
Katie Kerrigan, Kathryn Kerrigan
Byron Myers, Inogen
Ali Perry, Inogen
Brenton Taylor, Inogen
Raj Lahoti, Online Guru
Geoff Cook, myYearbook.com
Dave Cook, myYearbook.com
Catherine Cook, myYearbook.com
Brian Taylor, Kernel Season’s
Miles Munz, Interview Stream
Randy Bitting, Interview Stream
David Levich, Icedoutgear.com
Dan Gershon, Icedoutgear.com
Eric Liberman, Icedoutgear.com
Ben Goldhirsh, GOOD
Seth Berkowitz, Insomnia Cookies
Alison Barnard, in-jean-ius
Will Pearson, Mental Floss
Mangesh Hattikudur, Mental Floss
Nick Kenner, Just Salad
Rob Crespi, Just Salad
Hayden Hamilton, GreenPrint
Benjamin Sann, BestParking.com
Jason Wright, Feed Granola Co.
Jason Osborn, Feed Granola Co.
Alexis Demko, Lil Bogies

Day 2’s randomly-selected winner of the second of six Larry Winget signed book giveaways was commenter #43, Brenna. Congrats to Brenna.

There’s still four more days of giveawasy but today is the last day to win a signed paperback copy of SHUT UP, STOP WHINING & GET A LIFEA Kick-Butt Approach to a Better LifeAffiliate Link. To enter today’s giveaway, simply leave a comment. I only have two rules:

1. You can only enter once per giveaway.

2. You must be a resident of the United States or Canada (I will not ship to anywhere but the U.S. and Canada).

I’ll announce the winner tomorrow morning. Good luck!

NOTICE: If you submit a comment it will show up eventually! There’s a bit of a lag sometimes on comments. However, rest assured that I have received your comment and that it is in queue.

Here’s a quick roundup from last week:

MBH with some options for Roth IRAs.

Is an MBA worth it?

Nickel wants to know how you keep track of your finances.

Flexo talks about the minimum wage.

Jim on fake engagement rings.

We’re all familiar with the statistic that claims the average American has $9,000 in credit card debt. Well, according to this Liz Pulliam Weston column, it’s a lie. From the article:

  • The majority of U.S. households have no credit card debt, according to the Federal Reserve’s latest Survey of Consumer Finances. About a quarter have no credit cards, and an additional 30% or so pay off their balances every month.
  • Of the households that do owe money on credit cards, the median balance was $2,200 — meaning half owe more, half less.
  • Only 8.3% of households owe $9,000 or more on their cards.

That’s quite a difference from the conventional wisdom!

Why should we care whether or not it’s a lie? Well, according to Liz (and I agree):

Well, for one, it’s irritating seeing a lie quoted in so many news stories, speeches and blog entries about credit card debt. Our national discussions about consumer indebtedness and bankruptcy are being distorted by the idea that we’re waddling around with four- and five-figure credit card debts.

Of course none of this matters if you have lots of credit card debt.

I hope everyone had a great weekend. The randomly-selected winner of the first of six Larry Winget signed book giveaways was commenter #4, Jeremy of GenerationXFinance (you don’t have to be a blogger in order to win). Congrats to Jeremy.

Now, to enter today’s giveaway, simply leave a comment. I only have two rules:

1. You can only enter once per giveaway.

2. You must be a resident of the United States or Canada (I will not ship to anywhere but the U.S. and Canada).

I’ll announce the winner tomorrow morning. Good luck!

NOTICE: If you submit a comment it will show up eventually! There’s a bit of a lag sometimes on comments. However, rest assured that I have received your comment and that it is in queue.

For the next six days (today included) I will be giving away one signed copy of a Larry Winget book. I have three signed paperback copies of SHUT UP, STOP WHINING & GET A LIFEA Kick-Butt Approach to a Better LifeAffiliate Link and three signed hardback copies of IT’S CALLED WORK FOR A REASON!

Today, Monday, and Tuesday I’ll be giving away the copies of SHUT UP,…Affiliate Link and Wednesday, Thursday, and Friday I’ll give away the copies of IT’S CALLED WORK…

I’m sticking with random giveaways because I don’t want to be accused of playing favorites. So, that means all you have to do to enter each day’s contest is to leave a comment for each contest post. I only have two rules:

1. You can only enter once per giveaway.

2. You must be a resident of the United States or Canada (I will not ship to anywhere but the U.S. and Canada).

Finally, I want to thank Larry for making these books available to the readers of AllFinancialMatters and for taking the time to sign each one, which I think is a nice touch.

NOTICE: If you submit a comment it will show up eventually! There’s a bit of a lag sometimes on comments. However, rest assured that I have received your comment and that it is in queue.

Although the Dow Jones Industrial Average has been published since 1896, it didn’t have 30 stocks until October 1, 1928. Those original 30 stocks were:

October 1, 1928

July 27, 2007

Allied Chemical

3M Corporation

American Can

Alcoa Incorporated

American Smelting

Altria Group Incorporated

American Sugar

American Express Company

American Tobacco B

American International Group

Atlantic Refining

AT&T Incorporated

Bethlehem Steel

Boeing Corporation

Chrysler

Caterpillar Incorporated

General Electric Company

Citigroup Incorporated

General Motors Corporation

Coca-Cola Company

General Railway Signal

DuPont

Goodrich

Exxon Mobil Corporation

International Harvester

General Electric Company

International Nickel

General Motors Corporation

Mack Truck

Hewlett-Packard Company

Nash Motors

Home Depot Incorporated

North American

Honeywell International Inc.

Paramount Publix

Intel Corporation

Postum Incorporated

International Business Machines

Radio Corporation

Johnson & Johnson

Sears Roebuck & Company

J.P. Morgan Chase & Company

Standard Oil (N.J.)

McDonald’s Corporation

Texas Company

Merck & Company, Incorporated

Texas Gulf Sulphur

Microsoft Corporation

Union Carbide

Pfizer Incorporated

U.S. Steel

Procter & Gamble Company

Victor Talking Machine

United Technologies

Westinghouse Electric

Verizon Company

Woolworth

Wal-Mart Stores Incorporated

Wright Aeronautical

Walt Disney Company

The first stock to get the boot from the index was Victor Talking Machine which was replaced by National Cash Register (NCR) on January 8, 1929. Victor only lasted 99 days in the index. I’m not sure why it was replaced.

If you are interested, you can check out Dow Jones Industrial Average History (PDF), which lists all the changes made to the index over the years. I wish it gave explanations as to why the changes were made. Regardless, it’s still interesting to look at.