How a tiny Pacific Island became the global capital of cybercrime | MIT Technology Review

Despite having a population of just 1,400, until recently, Tokelau’s .tk domain had more users than any other country. Here’s why.
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(From How .tk Became a TLD for Scammers – Schneier on Security
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Notes from Rich Dad, Poor Dad

I just finished my first re-read of Rich Dad, Poor Dad after I originally purchased the hardcover book. The new edition has updated facts and figures but closely follows the hardcover I originally read.

  • Always focus on learning the key management skills: cash flow, systems, and people.
  • Build you asset column with true assets. True assets produce income for you.
  • A winning portfolio is focused, not balanced.
  • Common cash flow assets: real estate (rent, loans, capital gains) and stocks (dividends, capital gains)
  • Tax lien certificates are an interesting concept: A 16% interest rate but your money is locked up for 6 to 7 years.
  • If you get into real estate investment, get a great property manager. This keeps you free to focus on minding your business, not plunging toilets and mowing lawns.
  • The stop order is a key tool to minimize losses when building your stock assets.
  • “Busy people are often lazy” – Ain’t this the truth, and I’m a perfect example.
  • Sales = Income
  • Sales skills improve your communication skills
  • Is it possible to “be the bank” by offering a mortgage and using an escrow/servicing company to collect the payments?
  • Stop paying yourself last! Convert your earned income into assets that generate passive income or portfolio income.
  • Overcome arrogance – what you don’t know will cost you money.
  • Use Nevada corporations to reduce tax load
  • Is it time to look into forclosure auctions?
  • When everyone else is getting out, watch for your opportunity to get in. Example: Buying up real estate cheap when the bubbles burst.
  • Be like your heros: Invest like Warren Buffet, build deals like Trump did.
  • Locking potential investments up in contracts can help you secure them while you get the money together, but always leave yourself an easy out using contingencies. Example: Contract is contingent on approval of a business partner.
  • The lesson of “The Richest Man in Babylon” is important in understanding wealth.

Reading/Podcast notes

Weekend Listening

Yard work in 90+ temps and 100% humidity doesn’t agree with catching up on your podcasts. At least, not with AirPods.