August 23rd, 2008 cate
From the newscientist:
Rice bran – a so-called “superfood” – might contain dangerous amounts of a natural poison.
A new study suggests that rice bran, the shavings left over after brown rice is polished to produce white rice grains, contains “inappropriate” levels of arsenic. Andrew Meharg at the University of Aberdeen, UK, and colleagues found that the levels of arsenic in rice bran products available on the internet and used in food-aid programmes funded by the US government would be illegal in China – the only country in the world to have standards for how much arsenic is permissible in food.
Meharg’s team are calling on the European Union and the US to follow China’s example and update food standards for arsenic.
Arsenic is a natural carcinogen, present in drinking water around the world including in Australia, the US and many developing countries.
In previous work, Meharg has shown that brown rice contains more arsenic than polished white rice (Environmental Science and Technology, DOI: 10.1021/es702212p).
Nutritional drink
In the new study, Meharg and colleagues purchased brown rice from China and Bangladesh and polished part of it in the same way that it would be to produce commercial white rice. They found that 1 kilogramme of brown rice contained on average 0.76 mg of arsenic in its toxic inorganic form. The rice also contained some non-toxic, organic arsenic. The polished white rice grains contained 0.56 mg inorganic arsenic per kg, whereas the rice bran contained 3.3 mg per kg on average.
On the surface, this appears to be good news: the bran shavings are usually discarded except in Japan, where they are used in traditional pickling recipes. But in recent years a number of rice-bran products have come onto US and European markets, mainly targeted at health-food consumers. They are labelled “superfoods”: the bran is high in antioxidants, vitamins, mineral nutrients and fibre. Producers say it is the largest wasted agricultural food resource on the planet, with 60 million metric tonnes of it discarded worldwide each year.
Some companies have produced a powdered version with a long shelf life at room temperature. Mixed with water, these “rice-bran solubles” make a nutritional drink and have been distributed as food aid to malnourished children in Malawi, Guatemala, Nicaragua and El Salvador. There are plans to further expand the aid programmes in Latin America, India and the Caribbean.
Meharg and his colleagues purchased nine commercial rice-bran products online, including rice-bran solubles from NutraCea, a company that participates in food-aid programmes, and analysed their arsenic content. The products contained between 0.48 mg/kg and 1.16 mg/kg of inorganic arsenic. China recently updated its standards, and set the limit to 0.15 mg of inorganic arsenic per kg of food.
Risk analysis
“The arsenic concentrations reported are worrisome, but the risk assessment is complex,” says Philippe Grandjean, professor of environmental health at Harvard University’s School of Public Health.
Indeed, “safe” standards for arsenic intake are controversial. The risk of skin, lung, bladder and kidney cancer increases proportionally with arsenic intake, which has lead toxicologists to the conclusion that there is no “safe” limit. But risks must be weighed against the benefits gained from drinking water and eating certain foods that contain the poison.
NutraCea has carried out a pilot project distributing their rice-bran solubles to 67,000 pre-school children in Guatemala. They monitored the nutritional state of 150 children. Whereas at the beginning of the trial, 37% were deemed malnourished, that dropped to 5% after taking 15 g of the rice bran 5 days a week for 6 months. The project was funded by the US Agency for International Development USAID and the Christian Children’s Fund.
Marie Vahter, an environmental toxicologist at the Karolinska Institute in Sweden who has done extensive studies on the health effects of arsenic believes the nutritional benefits do not necessarily outweigh the risks, given the availability of other supplements. “Recent reports indicate increased fetal and infant mortality due to fairly low-level arsenic exposure via drinking water,” says Vahter. Arsenic also impairs brain development and impairs the body’s ability to repair DNA.
Unwanted substances
“Rice-bran solubles are not the only way of getting nutrients to malnourished children,” argues Meharg. “If aid agencies want to go down the bran solubles route why not wheat, oat or barely bran solubles. All these crops have ten times less total arsenic than rice and are just as nutrient rich.”
“One would expect dietary supplements to be virtually free of unwanted substances like arsenic, especially when aimed at children, who are particularly vulnerable to arsenic,” says Grandjean.
Drinking water limits on arsenic levels are more widespread than food limits, despite animal studies showing that the body does not distinguish between arsenic derived from food and from drink. Water limits tend to be based on the World Health Organization’s “provisional” guideline limit of 0.01 mg of arsenic per litre of drinking water – although the WHO itself admits that “based on health criteria” the guideline would be less than this. It says the value is restricted by measurement limitations, hence its provisional nature.
According to China’s standards, all of the rice-bran products tested by Meharg would be illegal. According to the UK’s 50-year-old standards, two of the nine products are safe – yet all can be purchased online in the UK. The US has no standards for arsenic levels in food, and has a limit of 0.01 mg/l in drinking water.
“We totally agree with the overall message that it is important to set standards for inorganic arsenic in our food,” comments Walter Goessler, an arsenic expert at the Karl-Franzens University in Austria.
“Rice-bran solubles are being produced by commercial companies who profit from this commodity,” says Meharg.
At the time of going to publication, NutraCea had not replied to New Scientist’s request for comment.
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August 5th, 2008 cate
What is the difference between these millionaires and you? Not much. They are just like you except they have lots and lots of money. Can you, too? Answer: Yes.
From rd:
“When you think “millionaire,” what image comes to mind? For many of us, it’s a flashy Wall Street banker type who flies a private jet, collects cars and lives the kind of decadent lifestyle that would make Donald Trump proud.
But many modern millionaires live in middle-class neighborhoods, work full-time and shop in discount stores like the rest of us. What motivates them isn’t material possessions but the choices that money can bring: “For the rich, it’s not about getting more stuff. It’s about having the freedom to make almost any decision you want,” says T. Harv Eker, author of Secrets of the Millionaire Mind. Wealth means you can send your child to any school or quit a job you don’t like.
According to the Spectrem Wealth Study, an annual survey of America’s wealthy, there are more people living the good life than ever before—the number of millionaires nearly doubled in the last decade. And the rich are getting richer. To make it onto the Forbes 400 list of the richest Americans, a mere billionaire no longer makes the cut. This year you needed a net worth of at least $1.3 billion.
If more people are getting richer than ever, why shouldn’t you be one of them? Here, five people who have at least a million dollars in liquid assets share the secrets that helped them get there.
Set your sights on where you’re going
Twenty years ago, Jeff Harris hardly seemed on the road to wealth. He was a college dropout who struggled to support his wife, DeAnn, and three kids, working as a grocery store clerk and at a junkyard where he melted scrap metal alongside convicts. “At times we were so broke that we washed our clothes in the bathtub because we couldn’t afford the Laundromat.” Now he’s a 49-year-old investment advisor and multimillionaire in York, South Carolina.
There was one big reason Jeff pulled ahead of the pack: He always knew he’d be rich. The reality is that 80 percent of Americans worth at least $5 million grew up in middle-class or lesser households, just like Jeff.
Wanting to be wealthy is a crucial first step. Says Eker, “The biggest obstacle to wealth is fear. People are afraid to think big, but if you think small, you’ll only achieve small things.”
It all started for Jeff when he met a stockbroker at a Christmas party. “Talking to him, it felt like discovering fire,” he says. “I started reading books about investing during my breaks at the grocery store, and I began putting $25 a month in a mutual fund.” Next he taught a class at a local community college on investing. His students became his first clients, which led to his investment practice. “There were lots of struggles,” says Jeff, “but what got me through it was believing with all my heart that I would succeed.”
Educate yourself
When Steve Maxwell graduated from college, he had an engineering degree and a high-tech job—but he couldn’t balance his checkbook. “I took one finance class in college but dropped it to go on a ski trip,” says the 45-year-old father of three, who lives in Windsor, Colorado. “I actually had to go to my bank and ask them to teach me how to read my statement.”
One of the biggest obstacles to making money is not understanding it: Thousands of us avoid investing because we just don’t get it. But to make money, you must be financially literate. “It bothered me that I didn’t understand this stuff,” says Steve, “so I read books and magazines about money management and investing, and I asked every financial whiz I knew to explain things to me.”
He and his wife started applying the lessons: They made a point to live below their means. They never bought on impulse, always negotiated better deals (on their cars, cable bills, furniture) and stayed in their home long after they could afford a more expensive one. They also put 20 percent of their annual salary into investments.
Within ten years, they were millionaires, and people were coming to Steve for advice. “Someone would say, ‘I need to refinance my house—what should I do?’ A lot of times, I wouldn’t know the answer, but I’d go find it and learn something in the process,” he says.
In 2003, Steve quit his job to become part owner of a company that holds personal finance seminars for employees of corporations like Wal-Mart. He also started going to real estate investment seminars, and it’s paid off: He now owns $30 million worth of investment properties, including apartment complexes, a shopping mall and a quarry.
“I was an engineer who never thought this life was possible, but all it truly takes is a little self-education,” says Steve. “You can do anything once you understand the basics.”
Passion pays off
In 1995, Jill Blashack Strahan and her husband were barely making ends meet. Like so many of us, Jill was eager to discover her purpose, so she splurged on a session with a life coach. “When I told her my goal was to make $30,000 a year, she said I was setting the bar too low. I needed to focus on my passion, not on the paycheck.”
Jill, who lives with her son in Alexandria, Minnesota, owned a gift basket company and earned just $15,000 a year. She noticed when she let potential buyers taste the food items, the baskets sold like crazy. Jill thought, Why not sell the food directly to customers in a fun setting?
With $6,000 in savings, a bank loan and a friend’s investment, Jill started packaging gourmet foods in a backyard shed and selling them at taste-testing parties. It wasn’t easy. “I remember sitting outside one day, thinking we were three months behind on our house payment, I had two employees I couldn’t pay, and I ought to get a real job. But then I thought, No, this is your dream. Recommit and get to work.”
She stuck with it, even after her husband died three years later. “I live by the law of abundance, meaning that even when there are challenges in life, I look for the win-win,” she says.
The positive attitude worked: Jill’s backyard company, Tastefully Simple, is now a direct-sales business, with $120 million in sales last year. And Jill was named one of the top 25 female business owners in North America by Fast Company magazine.
According to research by Thomas J. Stanley, author of The Millionaire Mind, over 80 percent of millionaires say they never would have been successful if their vocation wasn’t something they cared about.
Grow your money
Most of us know the never-ending cycle of living paycheck to paycheck. “The fastest way to get out of that pattern is to make extra money for the specific purpose of reinvesting in yourself,” says Loral Langemeier, author of The Millionaire Maker. In other words, earmark some money for the sole purpose of investing it in a place where it will grow dramatically—like a business or real estate.
There are endless ways to make extra money for investing—you just have to be willing to do the work. “Everyone has a marketable skill,” says Langemeier. “When I started out, I had a tutoring business, seeing clients in the morning before work and on my lunch break.”
A little moonlighting cash really can grow into a million. Twenty-five years ago, Rick Sikorski dreamed of owning a personal training business. “I rented a tiny studio where I charged $15 an hour,” he says. When money started trickling in, he squirreled it away instead of spending it, putting it all back into the business. Rick’s 400-square-foot studio is now Fitness Together, a franchise based in Highlands Ranch, Colorado, with more than 360 locations worldwide. And he’s worth over $40 million.
When extra money rolls in, it’s easy to think, Now I can buy that new TV. But if you want to get rich, you need to pay yourself first, by putting money where it will work hard for you—whether that’s in your retirement fund, a side business or investments like real estate.
No guts, no glory
Last summer, Dave Lindahl footed the bill for 18 relatives at a fancy mansion in the Adirondacks. One night, his dad looked out at the scenery and joked, “I can’t believe we used to call you the black sheep!”
At 29, Dave was broke, living in a small apartment near Boston and wondering what to do after ten years in a local rock band. “I looked around and thought, If I don’t do something, I’ll be stuck here forever.”
He started a landscape company, buying his equipment on credit. When business literally froze over that winter, a banker friend asked if he’d like to renovate a foreclosed home. “I’m a terrible carpenter, but I needed the money, so I went to some free seminars at Home Depot and figured it out as I went,” he says.
After a few more renovations, it occurred to him: Why not buy the homes and sell them for profit? He took a risk and bought his first property. Using the proceeds, he bought another, and another. Twelve years later, he owns apartment buildings, worth $143 million, in eight states.
The Biggest Secret? Stop spending.
Every millionaire we spoke to has one thing in common: Not a single one spends needlessly. Real estate investor Dave Lindahl drives a Ford Explorer and says his middle-class neighbors would be shocked to learn how much he’s worth. Fitness mogul Rick Sikorski can’t fathom why anyone would buy bottled water. Steve Maxwell, the finance teacher, looked at a $1.5 million home but decided to buy one for half the price because “a house with double the cost wouldn’t give me double the enjoyment.”
It’s not a fluke: According to the 2007 Annual Survey of Affluence & Wealth in America, some of the richest people “spend their money with a middle-class mind-set.” They clip coupons, wait for sales and buy luxury items at a discount.
No kidding! Talk show host Tyra Banks calls herself the Queen of Cheap and keeps perfume samples from magazine ads in her purse for quick touch-ups.
Sara Blakely, founder of the $100 million shapewear company Spanx, gets her hair trimmed at Supercuts.
And Warren Buffett, the third richest person in the world, according to Forbes, lives in the same Omaha, Nebraska, home he bought four decades ago for $31,500.”
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July 27th, 2008 cate
From the nation:
“Our disfunctional financial system hit a new low last week when Citigroup, the hopeless wreck of Wall Street, announced it had lost $2.5 billion in the past three months–a cheer went up, and so did the Dow. Only $2.5 billion; people were afraid the losses would be much higher. Happy days are here again.
There are no happy days for the millions of Americans who have been trying to put away some money for their retirement in tax-sheltered entities like IRAs, Roth Accounts and 401(k)s. For them, the market’s downward slope has been harrowing and frightening. When will the steady erosion of their savings end? And when it does, what will be left of their future financial security?…”
Read the rest of the article
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July 17th, 2008 cate
With all of the talk with banks going under, and with an economy that is plummeting as I write this, it makes you wonder if your money is safe in the bank. The IndyMacBank in California is already the 5th bank to go under in the U.S. Who will follow? How are you supposed to protect your money? Here’s an article from reuters that might help you feel less nervous about money issues:
“The government’s seizure of IndyMac Bank raises concerns for many consumers about whether their banks might be next.
While it is unlikely the nation will see thousands of banks fail as they did during the savings and loan industry collapse in the late 1980s and early ’90s, analysts predict there will be more battered financial institutions that are unable to survive in today’s marketplace.
“IndyMac’s failure is certainly a broader issue,” said Eva Weber, an analyst at Aite Group, a financial services research firm. “Those who are trenched in more risky business, who are feeling more heavy losses, may be at more risk.”
On Friday, the Office of Thrift Supervision transferred control of the California lender to the Federal Deposit Insurance Corp. because it did not think IndyMac could meet its depositors’ demands. By Monday, the bank reopened as IndyMac Federal Bank, FSB, and customers whose deposits were insured by the FDIC were able to access full banking services, including online banking, during normal business hours.
IndyMac, like many of the nation’s banks, was facing pressures of tighter credit, tumbling home prices and rising foreclosures. In recent weeks it had experienced a run on the bank, with depositors pulling out $100 million a day.
Here are some questions and answers about the government’s role when a bank fails and if other banks are at risk: Read the rest of this entry »
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