Avoiding Overdraft Fees

The crash of 2008 was supposed to be a wakeup call to the dangers of negligent lending and irresponsible credit use.

Yet, financial institutions continue to sell naïve customers on expensive credit products like Overdraft protection.

Sold as an “essential” account add-on, Overdraft promises to protect clients for overdrawn funds on their account.

In a recent article on Time.com, Martha C. White writes about the $30 billion in profits American banks have made from overdraft fees in 2011.

Once overdrawn, customers are subject to high interest rates and outlandish fees. For some customers the deficit is a permanent and damaging fixture in their account.

These types of financial pitfalls are avoidable. By using credit to cover shortfalls, people are setting themselves up for larger and more destructive financial issues.

Avoid the fees and exorbitant interest rates that accompany short-term credit products by being better prepared for account shortfalls.

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iTunes U

In 2007, Apple introduced a service on the iTunes store that gives users access to a wide selection of free educational programs. These programs included lectures, lessons, and courseware provided by universities and other educational institutions from around the world.

Essentially, the service offers everything someone would need to get a degree in multiple subjects without receiving an actual diploma.

This week, Apple supplemented the service by releasing a dedicated iTunes U iPhone app. The app allows users the ability to select and sync educational material directly from their phones. Therefore making the service available to people who rarely use iTunes on their Mac or PC.

iTunes U’s greatest strength is that it creates a hub for the massive amount of educational material that the internet has to offer. Like its music library, iTunes makes navigating and selecting courses easy because it consolidates multiple providers into one service.

All the iTunes U courses can be downloaded to a mobile device or directly streamed to your computer. Ultimately, it is no different than the way you access your music or movie purchases on iTunes.

Like any open ecosystem where anyone can post material, there are draw backs. At times the audio and video quality of the files is subpar.

Apple does a good job featuring the best programs, yet like the schools offering the material, the quality of the courses varies wildly.

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Randy Plutarch : His Last Lecture / Tips For Group Collaborations

You may recognize Randy Plutarch from his many television appearances. He was a brilliant professor at Carnegie Mellon University who lost his battle with pancreatic cancer on July 25th, 2008.

Although, he left an amazing academic legacy, he is most famous for a discourse he titled “The Last Lecture.” The lecture was his contribution to a long-standing tradition at the University where professors would give an address speaking about life lessons.

Undeniably, Randy’s eminent death brought a new poignancy and emotional depth to the series.

The lecture is an educational, gratifying and wrenching affair. He discusses combating the disease, his life before cancer and his family’s struggle to find happiness and balance after learning about his terminal condition.

Even though, I have watched the lecture many times, I feel the audiobook is the best way to experience the speech. As an added bonus, Randy narrates the book and it contains supplementary content not included in the original lecture.

You can get additional information on his website at http://www.thelastlecture.com

You can also watch the original lecture in its entirety at http://youtu.be/ji5_MqicxSo

I have included a copy of a handout titled “Tips for Working Successfully in a Group.” He was a proponent of group activities in his courses and provided this document to help students make the most out of their group experience.

In an era where collaboration is an important factor at work and school, this handout is more poignant than ever.

Randy Pausch’s Tips for Working Successfully in a Group

Link to Original

Meet people properly.

It all starts with the introduction. Then, exchange contact information, and make sure you know how to pronounce everyone’s names. Exchange phone #s, [email addresses] and find out what hours are acceptable to call during.

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Partnership Agreements: Clauses and Stipulations

Before entering a partnership agreement, people should be completely clear and honest about their intentions and expectations.

If one or more of the partners feel that they require certain assurances before they will invest into a business, they can ask that certain stipulations be included in the partnership agreement.

These clauses unmistakably define the legal obligations of the partners and managers of the company, and alert any potential partners to any and all of the possible actions an associate may legally take under the terms of the agreement.

Partnership Agreement Clauses

Despite the amount of time and care spent on a contract, no agreement is completely bulletproof. There is always a chance that a contract, stipulation, or clause will be challenged in court and found to be illegal or unenforceable under the law.

Yet, individuals always stand a better chance of protecting their interests by insisting on specific clauses.

Whenever partners enter into a heated disagreement, the original partnership agreement, contract or company charter becomes the guideline and yardstick for any potential solutions.

Without these strict guidelines, vague or non-existent language in an agreement leaves critical issues up to interpretation or majority rule.

Expiration Dates

Some partnerships are short-term agreements.

These types of contracts can include an agreement to maintain the partnership until a specific project is completed, or limits the existence of the company to a specific amount of time.

Scenarios for this type of agreement include seasonal work, or outsourced or subcontracted contracts to complete a specific project.

These arrangements benefit everyone, as there is no room for disagreement. Once the job is complete, there is an amicable dissolution of the company and the immediate distribution of assets or profits between the partners.

Be aware of your obligations

A person should never enter into any type of agreement without considering the obligations they are making to the company and the other partners.

Indeed, legal contracts bind parties together in ways they might not expect and an inflexible contract puts a person at risk.

Such risk can include the inability to sell their portion of the business or the inability to force the dissolution of the company in cases of illegal, immoral, or unethical actions by the other partners or the company.

These ties can be especially costly if the company ends up insolvent or is involved in a legal dispute.

Individuals need to understand their obligations and commitment to the company before they agree to invest.

Forfeit Clauses

Sometimes companies try to cripple competitors or avoid a costly buyout by enticing certain critical partners to jump ship.

Partners will write in a clause that forces a forfeiture of the partner’s financial and intellectual interests in the company if they try to leave.

Buyout Clauses

Sometimes the only long-term goal for partners is to build up the company so that it is an attractive object for a buyout by a larger company.

These clauses spell out the requirements of a potential sale of the company. Usually, focusing on the minimal amount of time the company has to become profitable or the cash amount investors would accept to sell the company outright.

Many venture capitalists sit on unprofitable investments with the expectation that the company will become an IPO when it is most profitable. Therefore, guaranteeing them a sizable return on their investment.

In the creation of any agreement or legal contract, it is the duty of everyone involved to be forthright and honest about his or her expectations. While it might result in a delay or cancellation of any plans, a thorough wording of a contract limits disagreements between partners and results in a stronger company with an increased focus on its goals.