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Ryan is a guest author from Millionaire Money Habits, a personal finance site that discusses building wealth by developing the habits of self-made millionaires. I thought it was interesting how Ryan incorporated news into personal finace skills. Let me know what you think.

By now you it would be virtually impossible to not have heard of Dave Kori, the 17-year-old high-school student who called a Virginia school administrator, Dean Tistadt, at home. He left a message asking why a snow day had not been declared after a three-inch snowfall. The student apparently intended to speak to the Fairfax County chief operator, as he left his name and return phone number. If his goal was to get a return call, he certainly succeeded. Dean’s wife called back, leaving an angry message for the high-school student, which Dave posted online for the world to hear.

While there may be some privacy issues and potential school code violations, the actions Dave Kori took were arguably commendable. In fact, what he did exudes characteristics that I believe will make him very successful in life. Maybe it wasn’t the right thing to do, and I’m sure there was a better way to handle the situation, but to get what you want, you have to break the rules now and again. He believed strongly about something, and he went straight to the source to have his questions answered.

Photo Credit: Lida Rose

There are many Dave Kori’s in the world, and the one’s I know personally have translated those tenacious characteristics into wealth. Let’s examine:

• Gumption: Becoming wealthy requires the ability to take and handle risk, and at times requires a bit of an attitude. What Dave did was bold. He didn’t just complain to his friends that he had to go to school, he took the steps necessary to either get an answer or to make the school administrator reconsider his decision the next time there is a snowfall.
• Successful Strategy: Self-made millionaires do not become wealthy without implementing a well thought-out strategy. In this case, Dave wanted his thoughts to be heard, wanted an explanation from Dean, or just wanted a call back. Either way, he pretty much got what he was looking for. His message was clear and compelling enough to actually get the administrator’s wife to call back.
• Went to the Source: When wealthy people have questions, they don’t try to figure it out on their own. That would cost them too much time, and time is money. They go right to the most knowledgeable person they can find for answers. The high-school student had questions that were apparently left unanswered, so he went to the only person who could give him an explanation. He went directly to the decision maker.
• Resourceful: What appears as good luck to others, is actually just millionaires being resourceful. They have the ability to uncover rocks in order to find new investment opportunities and get connected with the right people. Dave had the brains to figure out who was in charge of this decision, and then took the time to find a way to track him down.
• Curious: The rich want to understand how things are done and decisions are made. Maybe Dave was genuinely curious, and wanted to know why the decision was made to keep the school open, or maybe he wanted to know how that decision was made.
• Dignity: Wealthy people have a lot of self-respect, and don’t allow others to mistreat them. Dave stood up for what he believed was right, and wanted answers. Any risk or fear in calling the chief operator at home was overshadowed by his strong desire to be vocal with his beliefs. Then when the administrator’s wife left a message, he did not allow her to disrespect him. As a result, he publicly allowed the public to decide if the return call response was just.

While the public’s opinion on how the high-school student handled the situation is either criticized or hailed, I find his actions to be redeeming qualities that exemplify a highly successful person. Identify your objective, focus on the strategy to reach that objective and take no prisoners in reaching that objective.

I’m a Facebook user and enjoy its services, but I wasn’t crazy about beacon. I’m happy that they changed the program into an opt-in. It seemed invasive to have this as an opt-out. Frankly I felt the program went against the spirit of Facebook, which was about choice of privacy.

Read the rest.

read more | digg story

The Federal Reserve Tuesday responded aggressively to a housing downturn that threatens to spread to the broader economy, cutting its main benchmark interest rate by a half-percentage point and broadly lowering borrowing costs.

read more | digg storyWhat doe sthat mean for us? An article on abcnews.com provides an answer.

Rate cuts take months to fully work their way through the economy, but consumers and businesses could quickly feel some impacts from Tuesday’s cut in the federal funds rate to 4.75% from 5.25%. The fed funds rate is what banks charge each other for overnight loans.In continuation of the Fed’s cut, the Wall Street Journal has a wonderful article, What the Rate Cut Means for You. Here’s just a snippet of the topics discussed. I highly recommend this article and this week the Wall Street Journal’s content is open and free to peruse. Rupert Murdoch wants to make this permanent, but no decision as of yet. Check out this wonderful resource.

RATE EXPECTATIONS

Here’s how the Fed’s rate cut could affect your wallet:

• Expect lower rates on home-equity lines of credit and some credit cards.

• Brace yourself for lower yields on money-market funds and savings products.

• Borrowers with adjustable-rate mortgages tied to Libor aren’t likely to get immediate relief.

• Fixed-rate mortgage rates could move higher if inflation worries grow.