Perfect Practice Makes Perfect

The entirety of the time I was in coached sports I heard "practice makes perfect" and "you have to practice every single day." While I agree that practice daily is true and will lead to rewards there was a key component missing. It was the idea of practicing in the correct way and in a perfect manner. Also always pushing current skills to the next level. 

Let's say I was practicing my ball throwing for baseball. I consistently each day go out and perform the same rote task of throwing the ball from shortstop to first base. This is a common task to do. I get really good at it and really nothing else. Good I think, I've mastered a skill. But I am wrong. I mastered a skill but not a more difficult skill that is highly prized or needed. Also, let's say I have a slight flaw in my throw, the ball still gets there but it makes the ball move wildly once every ten throws. Well that's a big flaw that over time really hurts my chances of playing in the big leagues. No one ever really tried to correct my technique and now it is a habit for life. I could have really pushed myself to fix the technique and learned great skills. 

This happened because I didn't follow the right advice about practice. I also just blindly thought that I was practicing and that in a certain period after prancing and passion for the game I should be the next great baseball player pulling in millions. 

I was never into baseball that much to put in effort or time so this is all hypothetical but any sport I was playing, like tennis,  never put in enough nor did I participate the way I should have to become a master. I should have followed the real advice that I must practice in a way to excel which is through pushing boundaries and fixing all mistakes. 

And this can work in more than just sports. It can work everywhere. To become great you have to spend time in something and spend the right kind of time. One that will advance and not make you skillful in a low skill but introduce you to master a hard learned skill.

Thoughts on Internships

I had a few thoughts based off of this article in The Economist this week. It says that internships are becoming more popular for the millennial generation. I do see this occurring with people graduating and still picking up internships not yet full-time work. I do not see a problem with internships at all, they do provide the average person a look into a field they might be interested in and get experience dealing with problems in business or any line of work. It allows them to meet higher level employees and ask them questions with less friction than an outsider would have.

Yes, it does not pay them very much if at all and sometimes people pay to go to the internship with time, housing costs, or if they use a broker to find an internship. These downsides are not the best and can certainly turn some possible workers off the internship. They will work you and it will be the things that no one else wants to do.

Internships though are great because even though you are the bottom, this position is only temporary and you will learn much from any internship. They are giving you a glance at the workings of their business in exchange for you doing the work no one else wants to do. And no it is very fun to pay to work but with the access and learning that can be accomplished it's a small price to pay for a better position later where you have the upper hand in knowledge about the field. Also, in earlier times people did pay to learn a trade and it was much longer. Apprenticeships are not the same as internships but a close modern day equivalent.

If you have ann internship use it to make friends with people in the office especially those with technical knowledge and ask them questions. You are there to learn and you can learn everything about a company in a few short weeks working there. The biggest thing you might find out is that the company is not the right fit for you.

Disappointing Job Numbers

August had extremely slow job growth from the previous expectations coming in at 142,000 new jobs rather than the expected 215,000 new jobs. At the lowest level of new jobs created in the United States this year. There was some brighter spots in the report, the unemployment rate went down and wages rose faster than inflation. All good things for people with jobs. The unemployment rate though went down because less people are participating in the labor force not because of new jobs.

The effects of this report on the market will probably be negative at first. Although I could see the market rise later because the Fed might be unwilling to raise rates or slow bond-buying after such a weak report.

We will just have to see but I would be cautious trading today and the next week until more information comes out. Trade Wisely.

Book Review: The Adventures of Johnny Bunko

I liked the nontraditional presentation of these career guide. It was produced as a manga comic book and its short and to the point. I read it in under 20 minutes and it shouldn't take any person too long to read. It is not full of technical jargon or grand ideas to get you started on the perfect career path. It does not tell the reader that the path to happiness is to make large amounts of money or even how to get to where you want to go.

The thing that Bunko teaches people really well is six simple rules to think about in your career path. Each no more than a few words. I thought the simplistic rules were really good for those with short attention spans and would be a great graduation gift. It at times seems silly but the book does teach really good things to think about in the career path.

I would have liked more discussion of these ideas and rules but understand that with the chosen format it is difficult to have an in-depth conversation with a short book. The rules are good and well-thought of but I don't know if they are good for more directional looking people. I know there is not a plan that works for everyone and each person must find their own path but some people want and need more concrete steps for their career.

Overall a great book and one that should sit on the shelf. Even if you get other books for more discussion, this is a perfect introduction to a new way to think about careers. Get it for that recent grad you know or someone who might be unhappy in their current job/career path.

Number Nine: Wal-Mart, The Unstoppable Beast

Wal-Mart is down from its high this year on concerns about the entire retail industry. It has met expectations with earnings last quarter and will have strong earnings the rest of the year if in line with forecasts. I think Wal-Mart will beat those expectations this year though.

Wal-Mart will have very competitive pricing this Christmas and the American consumer will want to spend this Christmas season as incomes go up slightly and more people are employed. They can created themselves as a destination for the hottest tech gadget and with the lowest prices.

I'm also really interested in Wal-Mart's money services it offers customers. It has become a good bank for the customers banks normally overlook. Good prices on money orders and prepaid debit cards will put them ahead as people eschew traditional banks. They are also growing their organic produce which they are able to sell for a higher price and perhaps even attract more conscious consumers.

The company is also doing well in competing with Amazon on shipping goods to a consumer's house. I know a few people who just order it online from Wal-Mart and have it delivered to their door and these people do not always live in a big city.

Wal-Mart hasn't had to change but I believe that they are capable of change and quickly at times. They are attuned to what the American consumer wants and can provide it at the cheapest price. For these reasons they are included in the WML. Happy Trading.