Category Archive for Other Stuff

5 Simple Productivity Hacks To Get Ahead Of Your Growing Workload In The Digital Age

5 Simple Productivity Hacks To Get Ahead Of Your Growing Workload In The Digital Age

Most of us have so many tasks to do every day that it can seem unmanageable and overwhelming. The digital marketing workload only seems to increase with each passing week. And phone calls, emails and social media can focus us on the latest and loudest, rather than what is truly important.

The workload isn’t going to change, but we can change how we handle it. By prioritizing, we can separate what needs to get done from what could be done, and break down tasks into manageable goals and next actions.

Here are 5 simple productivity hacks to help you prioritize your work:

1. Trim task lists.

Delete or move the tasks on your list that remain at the bottom and realistically won’t get done. This will leave more room to work on tasks that need most of your focus. Rank your tasks to see what you are able to purge. Or use one of the many task management software programs, some of which even have mobile device versions, to more efficiently handle your task lists.

2. Control your inbox.

Email is a great way of communicating, but going through your inbox can be a huge time commitment and it can be overwhelming. Of all the emails you receive in a day, 20% of them are probably worth 80% of the time you spend. Organizing and purging the remaining emails will make the important ones feel more manageable.

3. Set goals.

Determine what is a primary goal for you for the week and what is actually secondary. If you take the time to think about it, the answer may surprise you. And don’t just write it down and forget it! Revisit your goals and reward yourself for completing them, or make adjustments if they no longer seem feasible. This should be a living document that changes as your needs change. You can use your email application or other software to keep your goals in a handy, digital location.

4. Evaluate the important vs. the urgent.

Interruptions may seem important, but are they really? Looking at what is truly important can help you to focus on the work that really needs to be done. The urgent tasks may seem like they need to be done now, but take the time to consider if they really need to be handled immediately or if they just seem like they do. Set up action folders in your email application or create to-do lists in other software so that you don’t lose sight of your less-than-urgent tasks.

5. Create a schedule.

Think about those tasks you decided were important and make sure you have enough time to work on them. Distractions will come up throughout your day! The important thing is to make sure you budget your time well so you can process your massive inbox and answer that emergency phone call without sacrificing your high priority items.

Contributed by Dale Carnegie Training.

How To Use LinkedIn’s “Advanced Search” Feature To Get Sales Leads

Here’s a quick and simple technique to use LinkedIn’s “Advanced Search” feature to research pre-qualified leads.

You can search for prospects using keywords, filtering your connection level, identifying your prospects’ location, and selecting LinkedIn groups you are a participant of.

Drill down your ideal customer as much as you can. Your goal is to find the people whom you are most likely to do business with. Once you have defined your parameters, you can generate a search by clicking the ‘search’ button at the bottom.

“Advanced Search” takes one step further by offering Boolean search technology—through the use of ‘AND’, ‘OR’ and ‘NOT’—to generate highly targeted results. However, you can also use quotation marks (“) for your search terms. Experiment with your search to find out which set of results suits you.

After identifying your prospects, you can save your search results 3 times, so make sure to choose keywords and phrases that lead to your most suitable sales leads.

Lead Scoring In Inbound Marketing

Lead Scoring In Inbound MarketingAccording to MarketingSherpa’s B2B Benchmarking Report, only 21% of B2B marketers have established a lead scoring program.

Inbound Marketing* is lauded for its ability to attract a high volume of leads, but distinguishing between visitors who are just looking around and quality leads likely to become customers is a challenge Inbound marketers are facing.

Lead scoring allows you to manage your leads and attach a value of ‘sales-readiness’ to each lead based on their personal information and behavior patterns on your website.

This allows the Inbound marketer to determine if they are ready to talk to a sales personnel, and thus bridges the gap between the marketing team and the sales team to work towards converting the lead into a customer.

STEP 1: First, determine if you need Lead Scoring.

There are a few criteria that you have to consider before thinking about using lead scoring. It’s not essential for every business, and in some cases you’ll be wasting your own time.

  • Is your sales team being given enough leads to begin with? If not, you should focus on getting more leads rather than be concerned with lead scoring.
  • Is your sales team complaining about bad leads (leads with a low conversion rate)? Lead scoring becomes useful here since there is not enough information to determine how sales-ready the leads are.
  • Do you have sufficient information about your leads? Information such as the leads’ position in their companies or their level of activity on your website helps to profile the leads and in turn determine their sales-readiness. Without this information, both marketers and salespeople are merely guessing how warm the leads are and it just does not work that way.

STEP 2: You’ll need to decide what makes a lead ‘good’.

Discuss this with your sales team and base this decision on known contact information and consumer patterns. The main factor to take into account is how much the lead engages with your website, such as how much content they download, or how many pages they have viewed, etc.

Apart from the website activity levels exhibited by your leads, other things to look at include:

  • Role in company
  • Company size
  • Industry

STEP 3: Set the points for every visitor action.

Once you have figured out your ideal customer, create a scale of points for your leads, such as a scale of 0 to 100. The points themselves are arbitrary, so there must be consensus among all marketing and sales staff how many points should be assigned according to the significance/weightage of an action. A series of actions by a visitor should add up the points to a total score that is high enough to indicate a level of sales-readiness. The sales team will know it is time to make a move towards engaging such visitors.

Lead Scoring maximizes marketing efficiency as your marketing or sales team knows when to start reaching out to the lead, how much and what type content to offer the lead, and whether or not the lead is worth pursuing.

Is your website capturing enough leads? Are your leads eager to read what you have to say next? Allow us to give you a FREE assessment of your website performance so you know how to apply improvement tips after a call. You have nothing to lose!

* Inbound marketing is a form of digital marketing that involves SEO, Social Media, blog and landing pages to generate sales leads.

10 Secrets To Creating Effective Graphs And Charts

10 Secrets To Creating Effective Graphs And ChartsI can’t emphasize enough on how powerful visuals are for bringing across a message, showing data and sharing information. They capture the readers’ attention, deliver messages clearly, and are simple to create. More importantly, readers can mentally retain visuals better than text, and this increases impact.

However, there is always the case of an adverse effect when your data or message cannot be presented clearly because of a wrong use of tools to create your visual content. To avoid confusion, you need a good design, and choose the right type of representation (i.e. correct types of charts and graphs).

Compiled below are some common visualization mistakes that you can avoid while creating graphs and charts to present data and information.

1. Pie chart segments

Pie charts are one of the most commonly used tools to represent data. This chart is good for representing percentages and proportions. However, they are often designed “too much” and become over-complicated. The segments of the chart should be ordered intuitively, and should not include more than 5 segments.

While placing your figures into the pie chart, the largest section should always be at the 12 o’clock, going clockwise. From there, you have 2 options. You can either place the second largest section on the right or left of the biggest section. As for the remaining sections, place them in descending order after the second largest section.

2. Lines of a line chart

You may be thinking that dashed lines and dotted lines can allow readers to easily differentiate the groups. Unfortunately, they can also be distracting. The best method for differentiating line charts are to use solid lines (same width) with different colours for each group.

3. Arrangement of data for bar graphs

Your different groups of data should be presented in a logical and systematic way so as to ensure they are clear and easy to understand. You may choose to place them in an alphabetical order or value.

4. Visibility of data in area charts

You can have a fanciful design, but be very sure that your data is not lost or covered by your design. There is no point in having a beautiful design with an incomplete set of data as what readers’ perceive would be different from what you originally wanted to show. You may use different transparency in the area charts to make sure that all data can be seen and read.

5. Readers doing the work

Make the experience of reading information and data stress-free by including necessary graphic elements for your graph. For example, adding a line indicating the trend to a scatterplot or adding a faint dotted line across the bar graph to illustrate the value.

6. Misrepresentation

You need to check that all representations are accurate, relative and shown to scale. For example, a circle representing a figure of 100 cannot be 3 times the size of one which is representing 50.

7. Colours on a heat map

Certain colours will appear much brighter and more attention-grabbing as compared to other colours. To avoid confusing your reader with your messy representations, use a single colour with different shades to illustrate the difference.

8. Width of bars

Keep the width of your bars and space between your bars consistent as it helps your reader view your data. The space between bars should be ½ of your bar width.

9. Making comparison difficult

Readers should be able to compare values easily with just one glance as that is the whole point of using visuals—easy and effective. Do make sure your data is presented conveniently (side by side) for your readers to compare.

10. Using 3D

They may look really cool and hence some are thrilled to use 3D in their graphs. However, 3D shapes can distort perception and skew data. Does the front or back of the bar represent the value? To avoid misinterpretation, you may want to stick with the clean and flat designs.

On top of using charts and graphs to convey information, you can also use infographics to capture information and make your content easier to share.

4 Tips That Help You Create Better Presentation Slides

4 Tips That Help You Create Better Presentation SlidesLooking at Mark Zuckerberg and the late Steve Jobs as examples of high standards, it is irrefutable that great presentation skills coupled with slides designed for easy reading can make a great impact on an audience and bring a message across in a most effective and clear manner, therefore a great presentation incorporates equal parts of excellent content, smooth delivery, and a great design.

When it comes to visual design, there are always some common flaws that show up in presentation decks. Read the following 4 tips to creating better presentation slides.

Tip 1: Use consistent colours

Colour is a powerful tool to evoke emotions. The right colour can help motivate readers. Studies show that colour usage can increase interest and improve learning comprehension. While we may use two distinctive colours on the same slide, it can create a dichotomy and upset a clear interpretation on the part of viewers. In that sense, two colours in the same colour range are suggested for use. For example, for two charts appearing on the same slide, you can use one colour in different shades to present the ideas (i.e. dark green, light green). The only time you should use different colours is when you want to show how your contributions are significantly higher than other parties or highlight a significant data point to display on your charts (contrasting purposes).

Tip 2: Use visuals to enhance comprehension

Photographic images or bold, arresting visuals help the audience connect with the slide at a more emotional level. As compelling images can turn a good deck into a great deck, it can also turn a bland textual slide into one that your audience can’t help but pay attention to and remember easily.

Tip 3: Use videos when appropriate

Use videos where appropriate in relation to the content. Video clips promote active cognitive processing, which is the natural way people study. You can play video clips within the presentation file without ever leaving the application. In fact, using a video clip not only illustrates your point better, it also serves as a change of pace thereby increasing the interest of your audience.

Tip 4: Compare data in a clear form

Presenters are usually guilty of including too much data in their charts. There are several methods to display data in graphic form; just remember to keep it simple. In general, tables are good for the comparisons of quantitative data. However, tables can lack impact on a visceral level and display that information in a less dramatic or emotional way. If you want to show how your contributions are significantly higher than two other parties, for example, it would be best to show that in the form of a bar chart. Therefore, try to compare the data in a clear form to allow viewers see the difference at a glance.

If you present often in your work, this article hopefully serves as a reminder and refreshment. For new presenters, use these tips as a guide to improve and perform better for your future presentation sessions.

Problem-Solving Method From 1946 Revealed.

In 1946 at age 20 while working in the “Inventions Inspection” department of the Caspian Sea flotilla of the Soviet Navy, a young man made a remarkable discovery about how to solve problems.

Aiming to capitalize on his discovery, in 1948, he sent a dangerous letter addressed as follows: “Personally to Comrade Stalin”. He explained that the approach to solving problems in the USSR was chaotic and filled with ignorance about innovation. At the end of the letter he made an outrageous statement: There was a method that could revolutionize the world and produce invaluable results. For this great insight, Stalin banished him to a Siberian Gulag (concentration camp) where he worked 12-hour days.

After Stalin died in 1953, he was released. He studied 200,000 patents and discovered there were only 1500 basic problems that could be easily fixed by using the right principles. He developed a sequence of steps that could solve virtually ANY problem.

In the past I had wondered why no 2 marketers can execute a supposedly step-by-step solution in the same way and achieve the same result. It’s not just a simple case of a product that can’t please everyone; it’s that no 2 person share the same thinking process.

The way we think and act is what makes us unique. With this 1946 method, we can hypothesize scenarios and possible solutions according to our own reasoning and apply them in full confidence that it is how we want to make things work.

Imagine if only you have full knowledge of this method, how many problems—no matter the size and its nature—can you solve:

* Problems with your money
* Problems with finding your target market
* Problems with building your list
* Problems with your relationships
* Problems with your work

And not just yours but others, and get paid for it in the process?

If you have problems related to your activities as an online marketer or entrepreneur, or you have other pressing issues and problems that steal your money, time, energy, focus or enjoyment in life, then this might be the most important report you’ll read this year.

Can You Insert A Popup Into Your PDF File?

PDF Popup Magic

This incredible software allows you to insert popup and/or pop exit to your PDF files when visitor open or close it.

I don’t think it is possible till I see this software in action…

With PDF Popup Magic, You can:

• direct your readers to a specific website
• let your readers e-mail you directly
• put in a subscription form to capture their name and e-mail

All of these can happen when they open or close your PDF.

That is an incredible piece of software.

Imagine, now you can give away report with direct download link. And when they downloaded your report and open up, they see your subscription form, or they are redirected to a website you want them to see.

How many more subscribers you will get? How many more traffic you can send to your website, or affiliate website? How many more sales you can get?

This is an awesome piece of software but very easy and simple to use. I highly recommend you to get it now and use it before your competitors do…

Amazon S3 Is Not Fully Secure!

If you use Amazon S3 the way most marketers do, I guarantee you’re paying too much money and losing too many sales.

Find out how to prevent these problems once and for all…

You need to check S3FlowShield out if:

1) you do membership sites
2) do video marketing
3) use Amazon S3 at all
4) use WordPress

Actually, every serious marketer needs to check this out because right now there are over 1.4 BILLION files on Amazon S3 that even a brain-dead dork could steal.

Here’s the link again.

Website Flipping – Turning Small Investments Into BIG Revenues.

Killer Flipping Secrets

Hey, not a lot of time today guys, so let’s just dive right in. Maybe this is you?

• Tired of working hard days with long hours, always hoping for more
• Tired of spending money endlessly for money making guides that just let you down
• Tired of struggling with Google slaps, affiliate managers, eBay fees, complex web scripts.
• Just looking for something EASY that makes money over and over again

What if there was an easier way?

Killer Flipping Secrets: Premium Website Flipping Information

With small investments, and a little bit of effort, Bryan O’Neil and Thomas Smale have been turning beat-up websites into bankable properties, and laughing literally all the way to the bank since early 2009. They can even teach you to flip start-up websites, and there’s no sign the new gold rush is slowing down anytime soon.

Killer Flipping Secrets combines the knowledge and experience of both Thomas Smale and Bryan O’Neil, and is the culmination of their mutual efforts bringing you the foremost website flipping education money can buy online. You are guaranteed to finally begin making consistent money with your online investments.

Stop wasting time, and start making money today.

Watch this new killer app!

Magic Banner Bot

Do you use blogging, Twitter, social networking sites or article marketing to promote your business?

More and more people are discovering the marketing power of these solutions.

But they do have one big ‘drawback’: You must build and maintain credibility with your visitors, followers or friends.

This means you cannot just promote your own products and affiliate links all the time. You need to discuss other
things in your chosen niche, including discussing interesting websites.

So you end up linking to and promoting other people’s websites…without getting paid anything for doing it.

Problem solved. With Magic Banner Bot, you can make money whenever you link to or promote someone else’s website, even if the site has no affiliate program and no commercial content at all.

This easy-to-use software works by placing your own ads on other people’s websites, whenever you link to them.

Your ad is like an ordinary banner ad, except that it floats over the page and can follow the visitors as they scroll, making it much more visible and much more likely to get clicked.

You can use this solution to advertise your own products or any affiliate program. All you need is an ordinary banner or image (which are provided by most affiliate programs).

This allows you to easily promote your business and build credibility at the same time.

Who says you can’t have your cake and eat it too!

Watch the demo at work here.

7 tips for webinar presenters

1 – Keep the overview under 5 minutes; attendees want to get to the heart of the topic right away.

2 – Reference page numbers or slides during the course of the presentation.

3 – Use examples to help explain your topic.

4 – Repeat each question before you answer to allow the audience to hear both sides of the exchange.

5 – Speak clearly and project your voice fully.

6 – Make sure your presentation follows the advertised agenda and fits the allotted time.

7 – Avoid reading directly from the materials.

Source: Lorman Education Services

Simple formula for making up to $530 an hour

Quick Flip FOrmula

If you could could turn $10 and an hour of work into $100-$300, how many times would you do it?

That’s exactly what you can do with a brand new Quick Flip Formula that my friend Ivan Correces just released.

It’s a simple domain flipping system Ivan uses himself to make up to $530 an hour. Not bad for a part-time ‘job’.

If you think this is too good to be true, or another fad, it’s not.

There are people out there making a killing flipping domain names, (6 and 7 figures part-time), and it’s a legit way of making money.

The problem is, just like in Internet Marketing, there is an ‘elite’ group of people making all the money flipping domains (1% of the people make 99% of the money).

But with this “Quick Flip Formula”, Ivan came up with a unique twist on the whole domain flipping game, that allows the average Joe to get a piece of the action.

I’m not going to explain this whole system, but I’ll just say that it’s a very simple and effective way of making a few hundred bucks a day, with just a few hours of work. And it goes something like this…

1. You buy a domain for $10.

2. You apply the Quick Flip Formula (which takes less than 15 minutes per domain).

3. You make $100-$200 profit on average per “domain flip”.

4. Rinse and repeat as many times as you like.

That’s pretty much the whole formula in a nutshell. It’s very simple. And that’s exactly what separates this from all the other “make money” systems out there. I really think the fun part is it takes less than 15 minutes of preparation to spruce a site up, in the author’s words.

If you’ve tried other ways of making money online, and you find it too complicated or too time-consuming, this will be a breath of fresh air for you.

– You don’t need to create your own product.
– You don’t need to be a great copywriter.
– You don’t need your own list.
– You don’t need to be an AdWords expert.
– You don’t need to chase affiliates or be in the inner circle of gurus.
– In fact, you don’t need any marketing knowledge or technical skills at all.

This is the perfect system for normal, everyday people to realistically make some extra cash online, quickly and easily. And by “extra cash” I mean $100-$300 per day with just a few hours of work (as you’ll see in the case studies on the site).

It’s fast, simple, and anyone can do it.

If you can follow some simple instructions, and actually DO what this Quick Flip Formula teaches you to do, you will make money.

At the sales page, press the F5 key once and look for a $10 discount.

Marketing on mobile phones?

In case you haven’t noticed, mobile phones are more common now than sand on a beach. Wanna know how you can start marketing on mobile devices now?

This is HUGE. My friend Howie Schwartz has put together a KILLER report on why MOBILE MARKETING is the next big thing in 2010 and how you can profit from this virtually untapped market.

Think about it, thanks to smart phones, people are getting online even more from their mobile devices then they are sitting around in front of their computers.

Up until now, nobody knew the secrets to monetizing the mobile marketing revolution, but that’s about to change…

Get in EARLY as the mobile wave is hitting right now and you do not want to be left behind on this one.

I gotta go now, because I’m in the middle of discovering how to apply mobile to my business too

5 ways to ruin your PowerPoint presentation

Avoid these common mistakes when preparing PowerPoint presentations:

1-Low-contrast slides.

2-Too small font.

3-Too much type.

4-Too many bullets.

5-Reading the slides.

Source: Stephanie Weaver, The Podium, 12/09, p. 9.

Understanding the Difference Between Web 2.0 and Mobile 2.0

Mobile Website Guide

Web 2.0 brought with it the age of instant messages, blogs and social networking. Mobile 2.0 brings with it various applications, which are mobile device-compatible. There is a distinct difference, and understanding the difference could mean the difference between struggling and mobile website success.

Below you will find a list of the more popular terms used previously, as well as their new Mobile 2.0 counterpart.

* MMS = Media sharing
* SMS = Instant messaging, mobile blogging
* Java games = Connected applications (i.e. photo sharing, blogging)
* WAP push = RSS readers
* Location services = Applications such as Google Maps

Web 2.0 is about creating an interactive and user-friendly website online, Mobile 2.0 is about creating an interactive and user-friendly website via mobile phone or device. Understanding the difference in terminology, and how it has changed, will help you create a fully functioning and engaging mobile website for your business. Although this list is only a partial one, you can learn more about creating a mobile website in the new e-book “Mobile Website Guide“.

How to turn your cell phone into an ATM!

Mack Michaels, the Mastermind behind Maverick Money Makers, has just released his newest, most exciting course to date.

Over the last 7 months over 13,000 people have used Mack’s incredible coaching to earn over 2 million bucks as members of his coaching club.

And now, he’s turning the industry on its head again!

Reach into your pocket. What do you find?

I’ll bet you’ve got a cell phone in there, don’t you?

Well, so do 4.3 billion other people around the World…

Imagine being able to reach all 4.3 billion of those folks and talk to them? Just compare this to millions of people on Google everyday!

How incredibly powerful would that be?

On average people look at their cell phones no less than 24 times per day, often may more.

Multiply that by the 4.3 billion cell phone users and what do you get?

Over 103 billion times that people around the World look at their cell phones.

What if you could deliver your sales message directly to their cell phone? There’s nothing more personal than a cell phone.

And now you have the exact system that Mack used to generate $328,707 in one month using cell phones!

All you have to do is follow the steps he gives you in his step-by-step video training.

Even if you can only duplicate 1% of Mack’s results that’s almost $4k per month!

Excited yet? You should be!

But, if you’re as committed and hardworking as I think you are then the sky is literally the limit.

Don’t miss out on this.

Right now Mack is even taking it further and you can get your hands on his proven system for under $25, which I consider to be utter madness…

Go to the page right now and find out what “Cell Phone Cash” is about.

Here’s how to recycle your exit traffic for profits.

Exit Profit Generator

Wouldn’t you agree getting traffic is one of the essential tasks all Internet marketers must do? Of course!

What bugs me is that after all the hard work of getting people to a website, the majority of them won’t stick around long enough to have made the work worth while.

What if you could get a second chance at all these website runaways? What if you had a way to pull their attention back to your site, to capture their e-mail, or give them a special discount or alternative offer before they’re gone for good?

Do you think that would help you increase your profits? Of course it would!

Well I just came across an awesome, easy-to-use system that allows you to do just that…

Pick Exit Profit Generator up today and let me know how you like it.

Get Your Very Own Software Marketplace Portal.

Your Software Website

I bet you never knew this but tens of millions of dollars worth of software is sold online each and every day.

The software niche is one of the largest niches on the Internet in the world today. There are software programs for just about every task imaginable, and once developed can make the creator money on complete autopilot.

Would you like a piece of this million-dollar software pie? I thought so!

With “Your Software Website” it really is possible to run your very own software business on complete autopilot.

And the good news is everything has been done for you. Your Software Website is pre-loaded with the best selling software titles and affiliate links. Simply spend a few minutes setting everything up from your admin panel and you have an instant software empire that runs on complete autopilot.

Everything is taken care of from taking payments to delivering the software to your customers. All you have to do is collect the payments.

What could be simpler? Take a look for yourself.

This really is cutting-edge technology combined with sharp graphics and professional design. I promise you will not be disappointed.

The History Of Money

Money

Money is a medium that can be exchanged for goods and services and is used as a measure of their values on the market, including among its many forms as commodities such as gold, an officially issued coin or note, or a deposit in a checking account or other readily liquefiable account.

In the modern world we take money for granted.

However, pause for a moment and imagine what life would be like without money. Suppose that you want to consume a particular good or service, such as a Macbook. If money didn’t exist, you would need to barter with the retailer for the Macbook that you want.

Barter

Barter is the process of directly exchanging one good or service for another. In order to purchase the Macbook, you would need to have something to trade for the Macbook. If you specialized in growing orange, you would need to bring enough boxes of oranges to the retailer’s shop to purchase the Macbook. If the retailer wanted your oranges and you wanted his Macbook, then a double coincidence of wants would exist and trade could take place.

But what if the retailer didn’t want your oranges? In that case you would have to find out what he did want, for example, chicken. Then you would have to trade your oranges for chicken and the chicken for Macbook.

But what if the person selling chicken had no desire for oranges, but instead wants a cooker? Then you would have to trade your oranges for a cooker and it would take a lot of oranges to buy a cooker. Then you would have to trade your cooker for chicken and the chicken for Macbook.

But what if…??

It would become easier to make the Macbook yourself or to just do without.

The Evolution Of Money

Somehow at some point money became the universal commodity that has no other uses other than for value exchange.

Money evolved as a way of avoiding the complexities and difficulties of barter. Money is any asset that is recognized by an economic community as having value. Historically, such assets have included, among other things, shells, stone disks (which can be somewhat difficult to carry around), gold, and bank notes.

The modern monetary system has its roots in the gold of medieval Europe. In the Middle Ages, gold and gold coins were the common currency. However, the wealthy found that carrying large quantities of gold around was difficult and made them the target of thieves. To avoid carrying gold coins, people began depositing them for safekeeping with goldsmiths, who often had heavily guarded vaults in which to store their valuable inventories of gold. The goldsmiths charged a fee for their services and issued receipts, or gold notes, in the amount of the deposits. Exchanging these receipts was much simpler and safer than carrying around gold coins. In addition, the depositors could retrieve their gold on demand.

Goldsmiths during this time became aware that few people actually wanted their gold coins back when the gold notes were so easy to use for exchange. They therefore began lending some of the gold on deposit to borrowers who paid a fee, called interest. These goldsmiths were the precursors to our modern fractional reserve banking system.

Functions Of Money

Regardless of what asset is recognized by an economic community as money, in general it serves three functions:

* Money is a medium of exchange.
* Money is a measure of value.
* Money is a store of value.

Money as a medium of exchange: Used as a medium of exchange, money means that parties to a transaction no longer need to barter one good for another. Because money is accepted as a medium of exchange, you can sell your lemons for money and purchase the desired Macbook with the proceeds of the sale. You no longer need to trade lots of lemons for a cooker and then the cooker for chicken and then the chicken for the Macbook. As a medium of exchange, money tends to encourage specialization and division of labour, promoting economic efficiency.

Money is a measure of value: As a measure of value, money makes transactions significantly simpler. Instead of markets determining the price of oranges relative to cookers and to chicken and to Macbook, as well as the price of cookers relative to chicken and to Macbook, as well as the price of chicken relative to Macbooks (i.e. a total of six prices for only four goods), the markets only need to determine the price of each of the four goods in terms of money. If we were to add a fifth good to our simple economy, then we would add four more prices to the number of good-for-good prices that the markets must determine. As the number of goods in our economy grew, the number of good-for-good prices would grow rapidly. In an economy with ten goods, there would be forty-five good-for-good prices but only ten money prices. In an economy with twenty goods there would be one hundred and ninety good-for-good prices but only twenty money prices. Imagine all of the good-for-good prices in a more realistic economy with thousands of goods and services available.

Using money as a measure of value reduces the number of prices determined in markets and vastly reduces the cost of collecting price information for market participants. Instead of focusing on such information, market participants can focus their effort on producing the good or service in which they specialize.

Money as a store of value: Money can also serve as a store of value, since it can quickly be exchanged for desired goods and services. Many assets can be used as a store of value, including stocks, bonds, and real estate. However, there are transaction costs associated with converting these assets into money in order to purchase a desired good or service. These transaction costs could include monetary fees as well as time delays involved in the liquidation process.

In contrast, money is a poor store of value during periods of inflation, while the value of real estate tends to appreciate during such periods. Thus, the benefits of holding money must by balanced against the risks of holding money.

Summary

Money simplifies the exchange of goods and services and facilitates specialization and division of labour. It does this by serving as a medium of exchange, as a measure of value, and as a store of value.

Free software in $7 e-book (must pay first)

Open Source Profits

A new question for you today: Do you use original software? Now don’t reply to me whether you use or not. I don’t want to see your name and e-mail address regarding this! But let’s face it: A piece of software branded with the likes of Microsoft or Adobe is expensive. People resort to piracy crimes because of high price.

However, there are also factors of constant updating of new versions (and pay for every update) and perhaps just plain dislike for institutionalized brands and thus the desire to explore other interesting alternatives, only that we don’t often see other less well-known brands on the shelves or aren’t sure if the quality is good.

What you can be sure of is you can gain access to many absolutely free programs in a 100% legal, ethical manner with a guide called “Open Source Profits” and save yourself thousands of dollars in the process!

And it is so named because you can also profit from open source software!

The author, Imran Qureshi, can assure you from his own first-hand experience with these types of programs, that they are professionally developed, and in some cases have even more functionality than the big-brand software! You’d be surprised at the number of programs that are covered, and the different applications that you can access without paying a single cent. You’ll love it.

If you’ve ever wanted to get a specific program, but found that it was too expensive for your budget, then I highly recommend that you get a copy of Open Source Profits for good reference today!