Author: Christopher S Penn

  • FDIC Insurance Covers $100K. Who has more than that in cash? You do.

    An important note for you.

    If your employer has a payroll account at a bank that exceeds 100,000 in cash, anything over the100,000 is at risk if the bank that manages your payroll pulls an IndyMac and goes broke.

    Ask your employer today if there’s a backup plan to ensure that payroll funds are covered by FDIC insurance (kept in accounts less than $100K in cash) – because if your bank goes belly up and your payroll account is over the insurance limit, your paycheck goes with it.

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  • What if the FDIC fails?

    Here’s a scary thought. According to the Wall Street Journal and CNN, the failure of IndyMac, the second largest federally insured financial institution ever to fail, will cost FDIC approximately 10% of its insurance fund.

    FDIC is the backstop, the guarantee to depositors at banks that there will not be a repeat of the Great Depression, when bank runs wiped out banks and depositors alike.

    Here’s the unthinkable. IndyMac isn’t going to be the last of the major financial institutions to fail. (Fannie and Freddie, anyone?) There are a LOT of them on shaky ground. Bear Stearns, IndyMac so far – Lehman isn’t looking so good lately, and Bank of America just assumed control of the festering carcass of Countrywide.

    How many failures of depositor-funded institutions can the FDIC handle before it’s in serious trouble?

    I advised on my work blog that as long as your money is FDIC insured, you don’t have anything to worry about.

    I’m not so sure of that now.

    Keep an eye on the amount of damage the FDIC takes per bank loss. Keep a tally.

    Right now, the FDIC is out somewhere between 4 billion and8 billion due to IndyMac. This is out of its insurance fund of 53 billion.

    If the FDIC’s insurance fund drops below10 billion, it would probably be a really good idea to start looking at someplace to store your money other than in a financial institution of the United States of America. One big bank or several medium banks could wipe that insurance fund out at the $10 billion mark, and then it’s time to get your cash out of the bank, because there’s no safety net and a single run means if you get to the bank later than its other customers, no money for you.

    Today is not the day to hit the big red panic button. Not yet. But don’t lose sight of it, and have a plan B ready to go.

    Other blogs have more coverage.

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  • How podcasting is changing the world

    A Jolt at Podcasters Across Borders 2008:

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  • Five Step Method of Protecting Yourself From Negative Influences : Fridays

    Five Step Method of Protecting Yourself From Negative Influences : Fridays

    Friday is about protection. Protection, in the traditional sense, is the mental state of actively burning away all of the negative influences you’re aware of in your life. Clear your mind if your schedule permits, and grab your media library. Indulge in a short movie clip, song, or personal saying that emphasizes shielding and protecting against harm. Perhaps it’s a science fiction movie or a medieval setting in which an armored knight repels arrows, or the theme song of a superhero for whom bullets bounce off harmlessly.

    On Friday, as the week winds down, square away all your work for the week, tying up as many loose ends as you can. Reply to emails that need a reply, then archive them out of sight. If your messaging systems permit, turn on an out of office notification the moment you’re prepared to leave the office, informing those that would contact you during your weekend that you’re simply unavailable. If you work as an independent contractor, establish the expectation that if a client has needs during off hours, they should be prepared to pay a king’s ransom for your time, until your office reopens on Monday.

    Set and enforce boundaries rigorously. If you have an office phone or PDA, power it down entirely once you depart the office. Control which media you choose to allow in your life, which ways that news can arrive, as news is rarely good these days. Choose to replace mundane forms of media (thoughtless television, rambling radio, etc.) with the media that continues to inspire you, that builds inside of you a burning passion for accomplishment and meaning.

    Review your past week in your mind as you prepare to end your work week. You’ve focused on a fresh start, correct actions, communications, and thoughts, and expressed a willingness to blockade negativity from your life. Now you’re prepared to head into the weekend, into your private time, fresh and energized, knowing that your private time is truly yours and you’re protected from yourself and others who would influence you to outcomes that are not in your best interests.

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  • Five Step Method of Protecting Yourself From Negative Influences : Thursdays

    Five Step Method of Protecting Yourself From Negative Influences : Thursdays

    Thursday is about mental focus. Correct thought, in the traditional sense, means thinking clearly, unimpeded by runaway distractions of every kind. Clear your mind if your schedule permits, and grab your media library. Indulge in a short movie clip, song, or personal saying that emphasizes clarity of thought. Perhaps you have a detective hero who always sees the solution ahead, or maybe there’s a movie clip that epitomizes insight, an a-ha moment that never fails to inspire you.

    On Thursday, look for things in your life that focused thought can solve. Is there a particularly difficult problem that demands your focus? Is there an issue on your mind that requires diamond-like clarity of vision and thought? Work to create a situation for yourself in which you think best.

    At a bare minimum, go dark. Turn off phones, instant messengers, email and calendar reminders, close your door, or even leave your office. If you think best while moving, take the time to go for a walk, to get away from the distractions and diversions of your regular places. Head to a quiet coffee shop or a calming park bench. Bring with you a paper notepad and pen to jot down your thoughts as you have them.

    Take time throughout the day and night to shield your mind from distracting influences. Leave the television off for the day, shut off your phone when you arrive home, and avoid pointless agitation from things like news programs. Instead, use the day and evening to fill your mind with useful mental materials. Read a thought-provoking book, or go out to dinner and drinks with a friend you always enjoy rigorous, healthy discussion with.

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  • Five Step Method of Protecting Yourself From Negative Influences : Wednesdays

    Five Step Method of Protecting Yourself From Negative Influences : Wednesdays

    Wednesday is about communication. Correct communication, in the traditional sense, means speaking with purpose. Clear your mind if your schedule permits, and grab your media library. Indulge in a short movie clip, song, or personal saying that emphasizes ways of communicating effectively, powerfully, and helpfully. Maybe it’s a romantic clip from a favorite movie or a moving speech from an orator. Perhaps it’s part of an audio book or a memorable sermon from your religious service. Pick a communication example that shows communication that makes a difference, that inspires and helps.

    On Wednesday, look for things in your life that effective communication can make better. Are there a few emails in your inbox that have been waiting for replies? Hit Reply and boldly solve the problem. Is there a friend or family member you keep meaning to call? Pick up the phone! Is there a meeting you’ve been less than enthusiastic about attending? Go, and go with the intent of contributing as much as possible to it.

    Speak willfully and powerful on Wednesday to make the world just a little bit better. Leave a truthful but kind comment on someone’s blog. Write a letter to a political figure promoting a positive change you wish to see become reality in the world. Consider mentoring someone in your workplace or community, helping them become better.

    Guard your speech as well. Look for opportunities to reduce the negative things you say and write, and slowly whittle those out of your vocabulary.

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  • Five Step Method of Protecting Yourself From Negative Influences : Tuesdays

    Five Step Method of Protecting Yourself From Negative Influences : Tuesdays

    Tuesday is all about action. Correct action, in the traditional sense, means doing things with purpose. Clear your mind if your schedule permits, and grab your media library. Indulge in a short movie clip, song, or personal saying that emphasizes decisive action and reaching out to help someone in need, perhaps your favorite action hero saving the day.

    On Tuesday, look for things in your life you can take immediate, effective action on that will improve the quality of your life and help those around you. Is there a chore around the house you’ve been putting off? Get it done! Do you have a task that’s just been idling in your mental queue? Accomplish it! Eliminate the hesitation that holds you back from accomplishment by getting in the habit of doing.

    Take willful action on Tuesday to make the world just a little bit better. This is easier than it sounds. Look for a piece of litter and trash it. Find a bottle to recycle. Take a single can of a non-perishable food and leave it at a shelter or food back on your way home from work. Even a little, simple action like this, done consistently, can make the world a better place and help you sleep a little better at night.

    Look at your life and look for opportunities to reduce pointless idleness. Is there a habit you have that consumes time without benefit? Aim to eliminate it!

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  • Five Step Method of Protecting Yourself From Negative Influences : Mondays

    Five Step Method of Protecting Yourself From Negative Influences : Mondays

    Monday is the traditional start of the work week. It’s a great day to reboot, a great day to start fresh. If your schedule permits it, start off each Monday with a brief meditation session. Bear in mind meditation doesn’t need to be sitting on a mountaintop, chanting. A meditation session can be anything that wholly focuses your mind. Pick a favorite song, sit up straight, close your eyes, and sing along. (obviously, a positive, inspiring song is the best choice for this)

    Once you’ve cleared and focused your mind, take a few actions to reboot. If there’s a short movie clip, song, or personal saying you associate most with a fresh start, make sure you indulge in it. You’re taking a fresh start to the week, free of everything that happened the previous week.

    Turn off all your messaging systems – phones, instant messenger, services like Twitter, etc. Head into your inbox. Archive ruthlessly anything that’s left over from the previous week that doesn’t require immediate action. Use a system like Merlin Mann’s Inbox Zero first thing in the morning to prioritize and systematize communications you’ve received. Fire up your calendar, book any appointments and meetings you need to book for the week ahead and set your reminders.

    Take your fresh start point of view to all the work you face that day. If you’ve got a problem you need to solve, consider starting anew, or at least starting over the part that’s troubling you. Perhaps grab a coworker or friend and collaboratively brainstorm about the problem, as two heads often think better than one.

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  • Five Step Method of Protecting Yourself From Negative Influences

    Five Step Method of Protecting Yourself From Negative Influences

    There’s a lot of chaos and negativity in the world; a quick glance at the evening news is practically enough to send anyone to the psychiatrist. Negative energy, negative thinking, can sap you of your energy and torpedo your motivation. There is, however, a proven five step method for reducing the influence of negative energy on you. Note that it won’t necessarily change the sources of negativity, but the method will reduce its impact on you, its ability to take your focus off the things that matter most. In this series, we’ll explore the method and how you can make it work for you.

    The method is derived from the teachings of Stephen K. Hayes, a master instructor of ninjutsu and founder of the To-Shin Do system of self-protection. For more information, be sure to visit his site.

    To use this method, try to focus on one part for each day of the week for a little while – use Step 1 on Mondays, Step 2 on Tuesdays, etc. until being able to perform each step is second nature. Once you can do each step successfully, begin to integrate all 5 steps every day.

    Day 1 will begin on Monday!

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  • Declaring Social Media Independence Not Always A Great Idea

    Declaring Social Media Independence Not Always A Great Idea

    We make a great deal out of saying how independent media is terrific. Independent media is the future. The usual stuff – and I don’t disagree, independence is a wonderful thing, the right and privilege to do pretty much whatever you want. No gatekeepers or superiors to answer to, no corporate bosses to kowtow to. As an independent media producer, you’re free, and that siren call lures lots of people to social media. Quit Your Day Job! and its ilk.

    Look back at our history. There were a number of occasions when the United States of America very nearly didn’t make it. The Whiskey Rebellion. The War of 1812. The Civil War.

    Independence is freedom, true. But independence also means the loss of a safety net. When you free yourself and leap off the cliff to freedom, you’d better be damn sure you’re strong enough to fly. You can have mentors and friends to help to some extent, but at the end of the day, you have to be strong enough to fly on your own.

    The same skills that eventually helped America become more than just a rebellious British colony are the skills that any independent media producer absolutely must have. Fiscal discipline, strategy, planning, and a boatload of luck all head up the list, as well as having something worth fighting for. Independence for independence’s sake is not enough.

    This is why I continue to happily work for a corporation, for the Student Loan Network. I know that there are people who value what I can do and believe I’d make a fine independent contractor, and if I had to play to only my strengths, I’d of course do that. But independence is a double edged sword, and I also know my limitations. I know what things I’m not good at, what things are weaknesses.

    I am happy to exchange absolute freedom for the comfort of not having to deal with bookkeeping, personnel, accounting, sales, contract negotiation, object oriented development, high quality customer service, utility management, janitorial services, vendor selection, and the billion other things that I don’t do when I go to work every day, that you don’t see in my YouTube videos and other social media efforts, but are just as important to the well-being and functioning of a company.

    Perhaps someday, I’ll consider making that jump, but if I do, I know for damn sure I’ll be ready to fly.

    If you’re thinking about taking that leap, about declaring your independence, recognize that independence carries with it tremendous responsibility. If you don’t know your weaknesses and have a strategy to address them, it’s going to be a short, short flight.

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