RISCARIO INSIDER: podcast

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November 28, 2010

ALBERT EINSTEIN ON EDUCATION AND LEARNING

The only thing that interferes with my learning is my education. — Albert Einstein

High school students at TEDxIBYork and Schulich MBA students at the Philanthropic Leadership Workshop got me thinking about formal education in today's fast changing world.

By the time you graduate, part of your education is already out of date. Yet what you've learned is far different from what your parents and potential employers know. You're behind and ahead at the same time.

Learning

Most teachers waste their time by asking questions which are intended to discover what a pupil does not know, whereas the true art of questioning has for its purpose to discover what the pupil knows or is capable of knowing. — Albert Einstein

We learn in different ways. Despite best efforts, that's where formal education may let you down.

Maybe you excel in a classroom setting with a fixed syllabus, homework and exams. Online video may be your thing. You might like reading books or listening to them. You may work better in isolation or in groups. Or a combination of the preceding.

Once you find out what works best for you, go to it! Do try other ways occasionally. The ways you learn may change. I did well in school but cringe at the thought of taking another formal course. I now prefer self-study "just in time" learning for what's important at the moment.

Environment

You adapt to your environment. You think like your peers and community. Even rebels conform to the norm for rebels. You may not notice that others think differently until you're exposed to other perspectives. As you decide if those views have merit, you have the opportunity to change your thinking and perhaps your life.

There's a drawback in becoming an MBA, engineer, doctor, accountant or fund raiser. We risk becoming more like our peers than the people we want to help. Our solutions tend to be similar to our peers'.

As in The Matrix, it's not evident that you have a distorted view of the world around you. I didn't realize this until nine years after university. I thought my actuarial training gave me a clear view of the world. Instead, I found that I thought like my peers actuaries and was puzzled when others couldn't see what was "obvious" to us. Since then, I've focused on getting exposed to different perspectives and understanding them. Synthesizing disparate sources gives you a unique lens on the world.

Education

Education is what remains after one has forgotten everything he learned in school.
— Albert Einstein

You'll eventually find that what you learned in school doesn't matter. Knowing that may help you through boring material taught by dull teachers. Education teaches you to think on your own. Once you do, you're equipped to adapt and thrive in the ever-changing world.

Podcast Episode 94 (3:50)

direct download | Internet Archive page

PS Albert Einstein also said "Imagination is more important than knowledge."

November 21, 2010

PLANNING BEYOND THE WEDDING

"Would they ever look so happy again the handsome groom and his bride as they stepped into that long black limousine for their mystery ride?"
— Bruce Springsteen, Walk Like A Man

Watching might change an outcome because of the observer effect. That's bad news for scientists but helps with our futures. A wedding is an ideal time to look forward. What happens when you look back years later?

A recent Indian wedding was recorded by one videographer, three photographers and many amateurs. As you'd expect, the rolling video camera tripod had the best position — right at the front of the stage. The photographers moved about and the knack of picking the ideal point for a specific shot. One photographer stood watching when not taking photos. As a consequence, the audience's line of site was often obstructed.

What's more important

memorializing an event for future viewing?
maximizing the experience for the live audience?

Since a wedding has the most significance for the bride, groom and immediate family, their interests take precedence. That's fine. The sacrifice for the audience is minor. Besides, you see enough weddings in Bollywood movies.

Opposites Distract

A newborn quickly teaches parents the importance of now with their intense, immediate demands. They aren't patient. A child continues these lessons. Still impatient. Other priorities drop in importance because they aren't urgent. We tend to put off what we can. For example, preparing for contingencies such as the four financial risks. They seem unlikely or so far away. Until they're not. Objects may be closer than we think — even if obstructed or in a blind spot.

Opposites may attract but combine a spender with a saver and expect conflicts. Planning is tough even if you and your spouse agree on priorities.

Looking Back

We can replay events but we can't change the past. Professional events have multiple video cameras watching from a distance. This keeps the views unobstructed and provides additional perspectives.

You're better able to build a past you'll want to remember, if you consider the experience of others. Dr. John Izzo compiled the shared wisdom of those age 60-105 in The Five Secrets You Must Discover Before You Die (don't let the title put you off).

Looking Forward

When you do what you ought to do, when you ought to do it, the day will come when you will be able to do what you want to do when you want to do it.
— Zig Ziglar

What aren't you doing that you know would help you? Make a list. You needn't prioritize, act or schedule right away. The process still helps free your mind. As a bonus, you'll save time when you're preparing your New Year's Resolutions.

Podcast Episode 93 (3:59)

direct download | Internet Archive page

PS How often do couples re-watch their wedding videos?

November 7, 2010

THE FOOLPROOF MEASURE OF TRUST

The formula for trust (hand-drawn with Adobe Ideas for iPad)

We won't get fooled again ... we hope.

Who can we really trust? That question keeps resurfacing in this blog because it keeps resurfacing in life.

Back in 2007, I thought I found a formula: chemistry + credentials + continuing education. The three components are still sound but not reliable enough.

This time we'll look at a better measure.

What Is Trust?

There are many definitions. Here's the best I've found: trust is expertise plus intent. This comes from Let's Get Real by Mahan Khalsa and (now) Richard Illig.

Expertise

We can easily measure expertise through degrees, designations, awards, experience and testimonials from others like us. LinkedIn makes this easier. If you're thinking of dealing with someone who there isn't there with a thorough profile, be cautious. What are they hiding? Why are they hiding?

You're on LinkedIn too, aren't you?

Intent

"... he took out a fountain pen and wrote out a cheque for a hundred dollars, conditional on the fund reaching fifty thousand." — Stephen Leacock, Sunshine Sketches of a Little Town

In grade six, I saw a poster showing a cute girl helping a cuddly chick. The caption said the smallest of actions is bigger than the grandest of intentions. Another poster showed a hippo's open mouth and a caption saying that when all is said and done, more is said than done.

Since talk and fancy brochures mean little, how do you measure intent? The easiest way is with ongoing visible proof.

Connections

Recently, we discussed how the ideal advisor has chemistry, credentials and generosity. Here's the connection with trust.

Chemistry: your intuition tells you if you like them. If you don't, you can stop here because you have many other choices.

Credentials: this is covered in the section on Expertise. You'll want to deal with people who can do the underlying technical work according to today's standards.

Generosity: this the best measure of intent. Look for proof that's consistent and persistent. And unconditional. The best place is online in text, audio or video.

Fooled Again?

Yes, we can still get fooled. Applying this new definition of trust is an excellent filter. Will it last? Let's check back in another three years.

Podcast Episode 91 (3:21)

direct download | Internet Archive page

PS How do you decide who to trust?

October 16, 2010

BUYER BEWARE: THE BEST WAY TO MEASURE INTENT

Most people are close to average, when compared with their peers. That's true by definition, whether you're talking about advisors, coaches, executives, musicians or teachers. Members of a tribe tend to think alike, look alike, and talk alike. You'll spot patterns among nonconformists too.

Yet there are material differences that affect that results you get. How do you pick one over the rest?

Look at their intent. This takes mere minutes to assess but saves you agony in time and money. Simply look at what they give away for free on their websites, blogs, podcasts or videos.

You're looking for generosity. Unconditional and valuable to you.

You can easily look at their content anonymously and assess the

quality: generally reasonable but if it's too professional, maybe they hired someone to create it?
quantity: do they give you a bite or a meal?
frequency: is there a real commitment of resources on their part?
consistency: have they quit giving?
history: are they innovators or laggards?

The Experiment

As an experiment, I've been looking for experts who could help my clients become more successful. These candidates create positive first impressions and seem to be worth hiring. There are so many of them. How do you pick one?

Online they've done nothing special. So the results below aren't surprising.

I bought a book from a coach and subscribed to her newsletter but she won't reply to emails (bad intent: not following her own advice). Imagine someone who'll take your money but won't respond to you.

A public relations specialist had no tips on how to approach a well-known group (bad intent: doesn't have the connections claimed).

A professional organizer created a paid event with slow onsite registration in a room with obstructions and lousy refreshments (bad intent: incompetence or low standards).

This one's weird. A coach sent continual emails pleading for free help in selling tickets, rather than designing a must-attend event (bad intent: proving that the techniques he teaches don't work).

Finally, two marketing firms added me to their mailing lists without permission (bad intent: violating the do-not-spam rules). Hire them and what sort of work would you expect?

Results

How you do anything is how you do everything. — T Harv Eker

I wasn't looking for bad examples, but they abound. Online clues to intent could be wrong but they're surprisingly predictive. What's your experience?

Rather than listen to what they say, watch what they do. You're more than a wallet or credit card. Are they after more than a bite our of your cookie?

Podcast Episode 88 (3:48)

direct download | Internet Archive page

PS If they're not online, that's a bad sign.

October 9, 2010

TED to TEDx to TEDxTORONTO

I keep meeting people who aren't familiar with TED or TEDx. So highlights from TEDxToronto 2010 aren't meaningful to them. This post provides context.

TED is the best source I've found for consistent, diverse great ideas. Talks generally run 18 minutes or less. Some are less than six minutes long. That's enough to convey a powerful idea but short enough to cut out the fluff.

Bill Strickland

Have you seen Bill Strickland's talk about the revitalization of Pittsburgh, Pennsylvania? He's so low key but draws you in with a captivating story. He attracted unlikely allies like Herbie Hancock who accompanies him on piano. His talk from 2002 runs 35 minutes. Maybe the 18 minute rule was not in place then. You probably won't mind.

Some Speakers

TED speakers include Bill Gates, Peter Gabriel, Malcolm Gladwell, Al Gore, Seth Godin, and Jane Goodall. Those are just some of the last names starting with G.

(Click on a photo to go to their profiles and their talks)

In 2007, TED Talks were put online for free. That's when I learned of TED.

I wanted to attend the TED conference in Monterey, California but this wasn't practical. Admission was restricted to 1,000 and there was a waiting list. Also, tickets cost $6,000 US, which helps this nonprofit fund its activities. Add the cost of transportation, accommodation and time off work. These days TED conferences take place in several cities around the world. You're still looking at a major commitment — if you get admitted.

xPand

The purpose of TED is to spread ideas. So content is licensed under Creative Commons, If only events could occur in more places and at lower prices …

With TEDx, they can. These events are organized locally by volunteers. Tickets are generally free thanks to sponsors but some charge to cover the costs. Admission rules vary. For example, TEDxToronto is free thanks to sponsors but applications are approved.

That's the background. If you're interested in TEDx, there's probably an event near you at some time during the year.

Near Toronto, you'll find TEDxBurlington, TEDxGTA, TEDxHartHouse (University of Toronto), TEDxOakville, TEDxIB@York, TEDxRyersonU, TEDxYouth@Toronto. That gives plenty of choice.

Podcast Episode 87 (3:37)

direct download | Internet Archive page

PS Other volunteer-run places to learn include BookCamp, PodCamp and FreelanceCamp. You may find one near you.

September 25, 2010

THE RIGHT WAY TO VIEW NETFLIX IN CANADA

On weekends, we watch movies. In 2000, we got the largest HDTV that would fit down our stairs (a 56" Panasonic projection TV) and a great Yamaha/Paradigm surround sound system that still shakes the walls. The challenge is finding content. As part of a low noise life, we don't have cable or satellite. Visiting video stores is a hassle. The library has a limited selection and we never tried rental by mail.

The ideal for convenience and selection is watching streaming video through our home cinema.

We have a 25 Mbps Internet connection with a 125 GB monthly usage cap. We'd upgrade to 50 Mbps and 175 GB but Rogers refuses to take another $30 a month from us unless we get digital cable TV too. There's no technical barrier, just an arbitrary corporate "policy".

The Promise

I kept reading about Netflix which offers movie rentals by mail and streaming Internet video in the US.

Well, Netflix came to Canada this week and we subscribed the first day. For $7.99 a month, you can watch as many movies and TV episodes as you like. You can watch on different devices such as gaming consoles, computers, iPhones and even iPads. You can watch on different devices at the same time. So the solution is good for the family, except for a show stopper explained below.

The technology works surprisingly well. There are none of the buffering problems we sometimes experience with YouTube and other online video. Playback starts faster than loading a DVD. You're spared the previews that some discs force you to watch. There's no FBI warning either. The quality may seem blurry at first but quickly sharpens.

The Biggest Complaint

There's lots of choice but many omissions. You won't find new releases. In the US, you'd get them by mail since streaming is included in the DVD-rental-by-mail packages. That option isn't available in Canada. Don't count on getting all the older stuff either. You won't currently find: The Shawshank Redemption, The Sopranos, any Monty Python, What's Eating Gilbert Grape?, The Matrix series, any Get Smart, Lawrence Of Arabia, Once Upon A Time In America, What About Bob? or The Departed. Sometimes you'll find subsets of series: only Crocodile Dundee 2, only Terminator 2 and only Bad Boys 1.

However, you will find Fawlty Towers, Memento, GlenGarry Glen Ross, House of Games, Slumdog Millionaire, Frozen River, Snow Falling On Cedars, 12 Monkeys and The House Of Sand And Fog. Christopher Nolan's first film, Following, looks interesting. You can search by title, director, performer or genre. Some titles are available in HD (which doubles bandwidth consumption to 2 GB/hour).

When a selection isn't available , you're given substitutes based on your preferences. Instead of Indiana Jones And The Raiders Of The Lost Ark, you're offered Popeye with Robin Williams , the Golden Child with Eddie Murphy or The Gods Must Be Crazy 2. Isn't that bizarre? Other times the choices are more relevant.

The Right Perspective

Netflix feels like a video rental store.

There's lots of choice but don't count on finding a specific title. If you're open to exploring, you'll find a vast selection available for instant viewing. How convenient during a winter snowstorm or if you want more variety than television can provide. Plus you can watch wherever you have a fast Internet connection.

The Show Stopper

There's one major caveat if you have children. In the US, Netflix lets you setup profiles for different family members. So you can prevent your children from watching content you deem unsuitable. This option is not currently available in Canada but should be coming soon.

Customer Service

Customer service is fast and friendly. You enter a six digit code which you find at the bottom of your web pages. Afterwards, you receive a short satisfaction survey by email. You're asked about movie quality after viewing, much like Skype asks about call quality. You can leave comments on the Netflix blog. You'll find many complaints about the selection in Canada.

As with books, a title is new if you haven't seen it before.

In that sense, Netflix is convenient source of entertainment unless you insist on seeing the newest movies or specific movies. The selection is bound to improve (and is already overwhelming). The easiest way to tell is by trying the service, which is free for the first month.

Podcast Episode 85 (5:45)

direct download | Internet Archive page

PS What are you watching tonight?

September 18, 2010

HOW YOUR REAL AGE AND INSURANCE AGE DIFFER

"I'm almost 14."

That's what our son said when he was almost six. We were on vacation and he wanted to watch Small Soldiers on HBO.

Parents measure a baby's age in hours, days, weeks and then months.

Children measure age differently. Mere days after your 4th birthday, your 5th feels very far away. School and other "big kid" stuff looks alluring. So your age is 4 years and 3 months, then 4 1/2, then "almost 5".

Later, we measure our age in years and milestones like the "big 4-0".

Dennis The Menace once said that once you're "over the hill", life picks up speed. Some retirees say time moves faster. As a nonretiree, I find that hard to believe. If every day feels like Saturday, maybe a week passes overnight?

40 or 41?

Suppose you turned 40 on January 1. How old are you in March, June, September and December?
You'd probably round down and say 40. We age every day but give of our age as of our last birthday. Maybe this is a psychological trick to help us feel younger. Maybe it's just simpler.

What works in real life doesn't work for insurance. If you're 40.01, do you want to pay the same premiums as someone who's 40.99? That means you're subsidizing the older ones. Similarly, if you're a nonsmoker, you don't want your premium rates blended with smokers. If you're healthy, you'd want credit too.

To be fair overall, insurers usually base your premium on your age as of your nearest birthday. That means an insurance age of 40 covers a range from 39.51 to 40.49 years from birth. The calculations are done via computer algorithms. You needn't worry about them.

41 or 40?

Confusion may arise when you look at your age on insurance projections (often called "illustrations"). The output might show your age at the time of purchase (say 40) or at the end of the first policy year (say 41).

Practices vary by company. The projection may only show the policy year (starting at 1). These differences means you'll need to pay attention — especially if comparing proposals from different companies or different advisors. If you want to compare projections on your 65th birthday, the output might show 65 or 66.

Backdating

Using our example of you turning 40 on January 1, what happens if your insurance takes effect on August 2? Your nearest birthday is the next January, which means you pay premiums as if you're 41. That may not feel fair.

Companies will often let start coverage a few months earlier, say June 2. You'd pay the premiums for June and July for this option. This process is called "backdating" and lets you "save age".

40 or 44?

Insurers really want to estimate your biological age.

So an unhealthy 40 year old may get "rated" and pay the premium rates for a healthy 44 year old. Insurance ratings are much like the surcharges that banks add if your credit rating is shaky.

In the future, age might get calculated daily. So the longer you wait, the older you get and the more you pay.

Podcast Episode 84 (4:15)

direct download | Internet Archive page

PS We relented and all watched Small Soldiers. After all, ages 6 and 14 are so close to each other.

September 11, 2010

Iron Man Didn't Save Leslie Bibb But Another Superhero Did

Floods. Hurricanes. Power failures. Disease. Financial meltdowns. Drought. Y2K. Famine. Global warming. Killer bees. Toxins. Avalanches.

What do we learn from devastation? Sometimes, we can take simple, quick, cheap precautions like washing our hands and covering our mouths when we sneeze. Other reactions are very expensive, such as the gigantic costs in time, money and anxiety from the escalated security following 9/11. Since memories fade, the precautions only be temporary.

This post isn't meant to scare you about possible future horrors. Why complete with the news or movies?
We have trouble associating with big numbers but we connect with individuals. We like stories and listen to celebrities. Let's scale down to one family.

Leslie Bibb's Tragedy

Leslie played reporter Christine Everhart in Iron Man 1 and 2 but Tony Stark didn't avert a tragedy in her personal life. Neither did Superman, Batman, Spider-Man, Hancock, Defendor or Dr. Manhattan.

Her dad was the superhero.

He died in an accident when she was only three but had enough life insurance to keep her family going. She's got three older sisters and a mother.

We would have been sunk if it weren’t for your father’s life insurance.
— Leslie's mom

Leslie didn't realize the role this silent protector played. That's the magic of life insurance. You barely notice the premiums but you get immense peace of mind. Should you die, your family gets the financial resources to survive. The tax-free proceeds can payoff the mortgage, provide ongoing living expenses and fund higher education.

We would have had to sell our home. My mom would have been forced to work longer hours or get a second job. But none of that happened because of my dad’s thoughtfulness. — Leslie

Leslie is the spokesperson for the nonprofit LIFE Foundation and tells her touching — but hardly unique — story herself.

I can't embed this video, so you'll need to click to view.

Your Options

Some people think it's morbid to anticipate the worst. Well, sometimes the worst happens and thankfully for my family, my father had planned ahead.

I doubt people will buy life insurance just because I said so, but maybe it will remind them to follow through on something that has been on their to-do list for awhile.

— Leslie

We can't predict the future but we can protect ourselves and those we care about. This takes time and money. So does inaction.

Podcast Episode 83 (3:55)

direct download | Internet Archive page

PS This is Life Insurance Awareness Month. Do you have your own story?

September 4, 2010

reBOOT: WHAT HAPPENS WHEN YOU DONATE YOUR COMPUTER?

We rely heavily on technology and so do those less fortunate. How long do you keep a computer? What do you do when you no longer need it?

Upgrade Schedule

When do you upgrade? My timetable is every two years. I might delay a bit if there's a new operating system on the way. Vista wasn't worth the wait but Windows 7 was.

The new equipment is high quality and generally made for business. I'm writing this on a ThinkPad X200 tablet with multitouch, pen support and a silent hard drive with no moving parts. A month after I bought, the X201 was launched … that's another story. The point is that the equipment will last. We cascade within the family and then donate.

Here's what we just gave

two Pentium 4 desktops, each the size of a large loaf of bread (QBIC, Shuttle XPC 20th anniversary edition)
two 15" LCD monitors (Samsung 570)
a flatbed scanner with a sheet feeder (HP Scanjet 6250)
inkjet printer (never used)
assorted wireless keyboards, wireless routers, etc

Please don't ask what this equipment cost when new.

reBOOT

Search online and you'll find many places that accept equipment. We picked reBOOT, with locations across the country. This national charity sends refurbished equipment to charities and nonprofits across the country and abroad. One shipment of 60 computers is destined for schools in Afghanistan but the Taliban are blocking delivery because girls would also be educated.

Worried about identity theft? Me too. So I wiped the hard disks at home. reBOOT does too using RCMP standards. That's important for peace of mind and a key reason I'm careful about where equipment goes. If you're really worried, you can remove the hard drive and smash it to bits with a hammer. Extreme but effective.

Thanks to Microsoft, all computers come with Windows XP and Office XP (Word, Excel, Outlook, Publisher, PowerPoint, Access and FrontPage).

You can buy equipment there too.

New Homes

Since we upgrade regularly, I wasn't sure that what's obsolete for us would be useful to anyone else. It is. Here are the likely destinations.

Mini-desktops to UNESCO?

Aid organizations want small, light, reliable equipment because space is at a premium. Our computers are ideal. They can be turned into servers after adding 2 TB hard drives. Our computers use low power, which is also a bonus.

LCD monitors to UNESCO?

A 15" LCD with 1024x768 resolution is still usable. The smaller size helps with portability. Our monitors might accompany the mini-desktops.

Scanner to Seniors?

Seniors have old photos and slides and other things to scan. Our scanner has a slide adapter, a sheet feeder, a white light and the character recognition works with text as small as 4pt. So it's still useful.

The Rest

The future of the rest of the equipment isn't known. It works and will likely find nice homes. Now that we know that old equipment can be reused, I'm happier about donating more and sooner.

Your Turn

Some computers — especially Macs — were almost old enough to vote. We saw a Mac donated three weeks ago that's now a door stopper.

You probably have stuff to donate and causes you care about. Why not give while the equipment can still be used? You may get a tax receipt. You'll also clear up space at home … for more gadgets.

Podcast Episode 82 (4:29)

direct download | Internet Archive page

PS Back to School time is a great opportunity to give.

August 22, 2010

THREE KEYS TO GETTING YOUR INSURANCE CLAIM PAID

"A pocket full of mumbles such are promises."
— Simon and Garfunkel, The Boxer

Your insurance contract is an expensive but worthless stack of paper if your claim isn't paid. A promise broken. As Warren Buffett says, promises vary greatly in their quality. You know that.

You can boost your chances of getting your (legitimate) claim paid with

an insurer with excellent corporate governance
an independent distributor with leverage with the insurer
an independent advisor with leverage with the distributor

These keys maximize your leverage when you need it most. The cost is minimal.

The Right Insurer

Corporate governance deals with companies keeping promises. This measure looks to the past but is a reasonable predictor of the future, especially for publicly-traded companies. Due to competition, picking a well-run insurer rarely costs you much more. The Globe and Mail prepares rankings.

The latest global financial crisis shows that bigger doesn't mean better corporate governance. Investors and taxpayers around the world learned this tough lesson. So you won't automatically pick the company with the highest score because other factors also matter.

If your advisor is independent, you'll likely get proposals from different insurers. Ask about the selection criteria. Was corporate governance a consideration?

The Right Distributor

Insurers are growing through acquisition to reduce unit costs, increase market share and eliminate competitors. You're stuck with less choice but may not get lower prices.

Fortunately, the independent distributors are growing too. They're often called Managing General Agents (MGAs).

An independent distributor promotes products from different insurers. A dependent distributor is generally owned by an insurer to promotes its own products.

Insurers don't like dealing directly with advisors — too many points of contact. The distributor is the intermediary. Also, the insurer can recover advisor debt from them.

Some independent distributors have better reputations and more clout with the insurers. Here is the just-released 2010 Report Card from Investment Executive. This link shows the main chart in PDF format. Don't worry if you don't recognize the names.Your advisor picks the distributor. Who did they pick and why?

The Right Advisor

Through your advisor, you'll get the distributor and access to the insurers. You want your advisor on good terms with all parties. If not, you lose by association when you need a favour.

You have full control over who you pick. Get this decision right and you don't need to worry much about the others. Here are three decision criteria to consider: chemistry, credentials and generosity.

Avoid an advisor who's a "squeaky wheel". Insurer staff don't like them. Who would? You may face unwelcome delays and anguish during the claims process. Your advisor will likely blame the insurer … even though they picked the company.

Since insurers set the premiums, you don't pay extra for picking a particular advisor. You simply need to be careful. Your decision affects everything else.

Exceptions Prevail

Insurance is an intangible promise on a piece of paper. You're dealing with people and ambiguity. A claims adjuster uses judgement to decide if you're disabled or have suffered a critical illness that qualifies under the terms of the policy contract. So requests for exceptions are routine. Some lead to changes in procedures. Others are special one-time arrangements. Many are rejected.

The nicer advisors and the larger advisors get more exceptions.

That's no surprise. That's how life works. You want the leverage on your side. An advisor who knows the inner workings of the insurers can help the distributor frame requests in ways that are more likely to get results.

Cutting Back

You've experienced the effect of companies trying to make more money. You might face higher prices, smaller sizes, slower delivery, tougher return policies, smaller selection or less service.

An insurer maximizes profits if clients pay premiums but make fewer claims than projected. Some of those savings may be passed on to you. For example, term life insurance is inexpensive because so few die. Getting you to cancel your coverage helps too. So you find incentives like a return of your premium if you cancel your critical illness insurance. The insurer wins because they keep all the investment returns and didn't pay a claim. You may gain more by keeping your coverage. Since you're older, you're more likely to make a claim.

If you or your advisor pick the lowest price, do you think that company is taking lower profits or are they making money by cutting back somewhere else? As a shareholder, what would you want them to do?

Survival

Bell Canada Enterprises owns Bell Mobility, Solo and Virgin Mobile. They share the same network. If there are network problems or enhancements, who gets top priority? Probably customers of the flagship brand.

In the world of acquisitions, bigger insurers are more likely to survive and to give their own clients preferential service. What's worse, experienced staff from the acquired company are often cut to reduce costs. So picking the right company at the outset is helpful — though you can't be certain which company is the right one. Your advisor can help in reducing the chances of guessing wrong.

Sad Cases

Here's a sad story about an insurer that delayed a death claim for 11 months. Imagine the family's anguish. Even then, intervention by Ellen Roseman seems to be the catalyst for payment.

There's the cruel world of bank mortgage insurance. You may think you're covered because you've been paying premiums for years. How would you feel to be told you never qualified when you file a claim?

External pressure from a journalist may help if you have a solid case and exhaust other options first.

No Guarantees

Insurers are likely to pay "obvious" claims. Otherwise you'd see articles in the media regularly and pressure to reform their practices. The government might even intervene.

The challenges occur when there's ambiguity. Human judgement isn't perfect and there may be financial pressure to deny claims — maybe not today, but in the future.

Insurance is about peace of mind. Why not boost yours with simple, inexpensive steps?

Podcast Episode 80 (7:46)

direct download | Internet Archive page

PS Visit the links for more, including touching examples.

August 14, 2010

HOW TO GET FREE HELP FROM A STRANGER

If you're lost in a new city, you might ask a stranger for directions. They'll probably help for free.

Nowadays, you can easily reach strangers worldwide by phone, email or text messages. Ease of access doesn't obligate them to help you. Try other options first.

Try Other Options First

Yes, you're original, but is your question? Probably not. That's great because answers for your query --- or a variation --- are probably online waiting for you. If you can't find an answer with your preferred search engine, try another one. Also, try different search words.
Search for places that those with answers might gather. Consider getting books from the library (depending on your question).

There are many places where your questions are welcome and you can get multiple answers

a LinkedIn Group (newly revamped). The quality of your question and your profile may affect who answers. Check for similar questions first.
on Facebook. If your friends don't know, they may know someone who does. Whether they bother to help depends on your relationship with them.
an online forum. Example: for financial questions, the Canadian Money Forum is excellent.
in person Meetups: so many, so many different topics

You'll get better answers if you first observe and participate. You're then a welcome guest, not an annoying pest. If you're helped, why not stay to help others? That's a great way to say thanks.

What To Ask

Ask what they would do, rather than what you should do. They don't know you. Opinions vary. Would you act if you didn't get the answer you wanted? We routinely ignore advice from family, friends and doctors.

A critique can be better than an answer. Why not share what you're thinking and explain why? The strangers might raise questions that help you figure out your own answer. That's ultimately what you'll need to do.

Asking A Real Person

If you must ask a stranger, be sure

to use their preferred method of contact. If in doubt, use email. Chris Brogan has a nice structured form
be patient. People are busy and have their own priorities
followup nicely if you don't get a reply. Your question may have gone astray or been forgotten.

The Bizarre Request

Here's this week's most bizarre request for help. I got two long distance voicemails that I couldn't hear properly. That's why my greeting recommends sending email for faster and better service. I then got a phone call and still couldn't hear properly. The caller asked me how to enter a post-graduate program at a university I never attended. Huh? He also wanted advice on whether his study plan was a good idea.

How could I possibly know? I asked the caller to send an email with the details. He agreed but didn't. Case closed?

If you're lost in a new city, you could use GPS Navigation on your smartphone or even a paper map. That way you're self-reliant. Preparation takes more effort but makes you more resourceful.

Podcast Episode 79 (3:48)

direct download | Internet Archive page

PS Say thanks --- even if you don't like the answers.

August 7, 2010

HIGHLIGHTS FROM MAKER FAIRE DETROIT

When things get so big, I don't trust them at all. You want some control -- you've got to keep it small.
--- Peter Gabriel, DIY

Maker Faire is a celebration of the Do It Yourself (DIY) spirit. You leave feeling inspired and energized by the ingenuity.

Now In Detroit

Maker Faire came to Detroit for the first time. That's the location closest to Toronto (about four hours away). The event took place mainly on a parking lot at The Henry Ford. We attended both days and the weather was perfect: overcast on Saturday and sunny on Sunday.

Most participants seemed to be from Michigan. The many inventions ranged from robots to DNA kits that motivate students to study biology to ways to create electricity in Africa from stove exhaust. In the DIY spirit, the ideas were generally inexpensive. Most of the computers were inexpensive netbooks.

The crowd-pleasing touring spectacles came from further away.

The Lifesize Mousetrap

This elaborate DIY mousetrap takes 13+ years to design, five days to assemble, two days to dismantle and a tractor trailer to haul. The mouse is represented by a GM van (no surprise at a Ford venue).

Mentos and Coke Zero (Eepy Bird)

If you want to see two men in lab coats get doused with Coke Zero, this is the place. Ditto if you want to get wet. Preparation takes three hours and 108 2L bottles of Coke Zero. Although Pepsi was the only soft drink sold, Coke got plenty of free publicity.

You can create your own liquid fireworks at home … outside.

3D Printing

I've read about 3D printers but never saw one before. They print plastic layer by layer to create physical objects. Unlike the new 3D TVs, you don't need to wear special glasses to enjoy the results.

The military showed a model of a hybrid humvee that doubles mileage to 8 mpg. Printing took 14 hours on a $60,000 3D colour printer. You could even see detail inside it. This was like a model kit assembled for you. That's beyond the budget of most DIYers.

The other extreme is the $950 monochrome CupCake CNC from Makerbot, which you assemble. It makes plastic objects as large as a tennis ball. I spoke to the inventor, Bre Pettis, briefly. If you're not creative, you can download templates from Thingiverse. Here's the Stanford Bunny taking a break from her keyboard.

Amazing Examples

This video shows objects you can make with a high quality 3D monochrome printer (not related to Maker Faire).

Imagine the possibilities when we have 3D printers at home.

Go

You may have the tools to take your ideas to reality. If not, there are well-equipped inexpensive hackerspaces with equipment and willing collaborators.

This kind of creativity can revitalize Detroit to have a future beyond cars.

If you like visiting science centres or exploring new ideas, you and your family will enjoy Maker Faire. Attending is even easier now that Maker Faire is travelling east. The next stop is New York City.

Podcast Episode 78 (4:29)

direct download | Internet Archive page

PS Thanks to Peter McGarvey for telling us about Maker Faire and meeting us there.

November 28, 2010

Learning

Environment

Education

Links

Podcast Episode 94 (3:50)

November 21, 2010

Opposites Distract

Looking Back

Looking Forward

Links

Podcast Episode 93 (3:59)

November 7, 2010

What Is Trust?

Expertise

Intent

Connections

Fooled Again?

Links

Podcast Episode 91 (3:21)

October 16, 2010

The Experiment

Results

Links

Podcast Episode 88 (3:48)

October 9, 2010

Bill Strickland

Some Speakers

xPand

Links

Podcast Episode 87 (3:37)

September 25, 2010

The Promise

The Biggest Complaint

The Right Perspective

The Show Stopper

Customer Service

Links

Podcast Episode 85 (5:45)

September 18, 2010

40 or 41?

41 or 40?

Backdating

40 or 44?

Links

Podcast Episode 84 (4:15)

September 11, 2010

Leslie Bibb's Tragedy

Your Options

Links

Podcast Episode 83 (3:55)

September 4, 2010

Upgrade Schedule

reBOOT

New Homes

Mini-desktops to UNESCO?

LCD monitors to UNESCO?

Scanner to Seniors?

The Rest

Your Turn

Links

Podcast Episode 82 (4:29)

August 22, 2010

The Right Insurer

The Right Distributor

The Right Advisor

Exceptions Prevail

Cutting Back

Survival

Sad Cases

No Guarantees

Links

Podcast Episode 80 (7:46)

August 14, 2010

Try Other Options First

What To Ask

Asking A Real Person

The Bizarre Request

Links

Podcast Episode 79 (3:48)