...a small income. As I was browsing through the site, I drilled down into the budgeting tab and focused on doing a “Spending Freeze”. While I have not yet done a spending freeze, I was able to use the tips to calculate the benefits that I would receive if I were able to do so. My family of 4 could save between $500 and $700 per month of discretional spending. Wow, I had no idea that much money was slipping through the cracks each month. That is a nice car, pool, or boat payment if I can reduce that unnecessary spending. The target market of WiseBread appears to be the 30 to 40 something’s that are living on a budget. It has connections to Facebook and many other social networks which allow for instant access to the budget tips and articles to help us squeeze every dime out our expenses. The primary focus of the website is budgeting and quick steps to a frugal approach to living. There does not seem to be any direct links to tools that can be used in debt management or personal finance; but there are an unlimited amount of articles with practical applications for self-help. There is not a...
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...Jugaad - The Indian Model of Frugal Innovation By Dr. Ajith P Abstract This paper defines frugal innovation also called as Jugaad in Indian context. The concept of jugaad innovation is introduced and explained. The uniqueness of jugaad model compared to innovation model followed by developed nations is compared and contrasted. The paper further explores the relationship between frugal engineering, design principles, design thinking, co-creation and jugaad. The benefits and implications of jugaad model of innovation for emerging nations as well as developed countries are also discussed. The paper provides better understanding of what jugaad innovation model is and how to accelerate jugaad innovations by firms in emerging markets. Jugaad can provide value for money as well as value for many. Learning to do more with less for more people should be the jugaad innovator’s dream. Key words: Jugaad, Innovation, India, Frugal Innovation, Affordability, MLM, Sustainable Solutions Introduction “Earth provides enough to satisfy every man’s need, but not every man’s greed.” - Mahatma Gandhi Peter Drucker made a very profound observation long back. According to him, as the purpose of business is to create a customer, the business enterprise has two and only two basic functions: marketing and innovation. Marketing and innovation produce results; all the rest are costs (Trout, 2006; Kotler, 2009). Strategic innovation, which is a must for all marketing firms in today’s market...
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...Annette Economides, is broken down into chapters covering each area of a household budget: groceries, car expenses, housing costs, utilities, debt, medical bills, clothing, entertainment and recreation, vacations, kids and money, and savings and investments. In each chapter, Steve and Annette offer tips on how one should be thinking about each area of their life. Steve and Annette offer ideas, at the end of each chapter, to improve one’s performance in each area by offering three stages of suggestions: for someone willing to make small changes, for someone looking to make bigger changes, and for someone to go all in and follow Steve and Annette’s way. Planning is very important; to save some serious money Steve and Annette insist one should start with a plan that will assist to develop a budget. They suggest one to apply more resourcefulness, clip coupons, create grocery lists, and double check the lists before heading off to shop. When you plan menus in advance it gives you time to take careful inventory of the pantry and do some product and pricing research to see which items are priced best. Organization is a money saver as Steve and Annette claim. Disorganization may cause one to end up with late payments with fees, lost coupons, forgotten checks, and the list goes on. While the “cheapest family” has gone on to work things out like a well-oiled machine, I have unfortunately lost money due to being disorganized. Committed savers are those not afraid to go after the best deal...
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...Mauro Galus Intro to Society & Culture A. Lane, 10/6/2011 Living in Poverty After going over the budget I created for a family of one parent and one child, in which the parent earns minimum wage with no benefits, I had trouble imagining how this family could live a normal life. By only glancing at the difference in the figures of a regular income family from Ann Arbor in comparison to the minimum wage family, you can see a difference right away; the family from my hometown earns three times as much. I was not just surprised to discover such differences in the budgets, but I was also shocked. I find myself to be very fortunate when it comes to matters of monetary concern seeing as my father earns a six-figure salary as an M.D., so trying to imagine how this family has to scrutinize over how to spend their money on these necessities proves to be not only difficult, but saddening as well. When it came to distributing the available money to the different monthly items I had available, I decided that, aside from no health insurance, the transportation would be the cheapest. The family would most likely use public transportation and could buy a monthly pass. I also didn’t give the family as much money to put towards “other necessities” because when you’re in this type of situation, you have to be very frugal and cannot spend your money on as many unnecessary goods. When it comes to social class, I would say I come from the upper middle class. I chose this class distinction...
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...6/27/2015 First break all the rules | The Economist × Our cookie policy has changed. Review our cookies policy for more details and to change your cookie preference. By continuing to browse this site you are agreeing to our use of cookies. More from The Economist My Subscription World politics Business & finance Subscribe Economics Science & technology Culture Log in or register Blogs Debate Multimedia Print edition Special report: Innovation in emerging markets Comment (9) Timekeeper reading list First break all the rules Email Reprints & permissions Print The charms of frugal innovation Apr 15th 2010 | From the print edition Like 263 Tweet 173 Follow The Economist GENERAL ELECTRIC'S healthcare laboratory in Bangalore contains some of the company's most sophisticated products— from giant body scanners that can Latest updates » accommodate the bulkiest American football players to stateoftheart intensivecare units that can nurse the tiniest premature Nina Simone: Don't let her be misunderstood babies. But the device that has captured the Prospero | 2 hours 55 mins ago heart of the centre's boss, Ashish Shah, is much less fancy: a handheld June 26th 2015 edition: Pick of our week, in audio electrocardiogram (ECG) called the Mac 400. International | Jun 26th, 16:15 The device is a masterpiece of simplification. Terror in the Middle East: A bloody day ...
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...61 Easy Ways To Lose Weight A few years ago, one of my friends at Men's Health stepped on the scale and was horrified by the result. He'd somehow managed to pack 20 pounds of flab onto his previously skinny frame. When he looked into the mirror, he saw a fat guy staring back. He decided to make a change, quick. That day, he gave up his beloved soda. He was only drinking two or three bottles a day, but over the course of six months, he dropped those 20 pounds. It was a small change to his lifestyle -- no big deal, really. And yet, it had a massive impact on his health and his body. (No surprise: Drinking calories is one of the 20 Habits That Make You Fat.) My point: Making small decisions each day can result in big-time fat loss. Below are dozens of simple ways to lose weight. Start with one -- today! -- and watch the weight begin to melt away. Trust me, this is going to be easier than you think. 1. Have a clear goal. It should be one that anyone in the world can measure and understand. 2. Drink tea. Research suggests that those who drink tea -- black, green, or white, as long as it’s from real tea versus herbal tea -- have lower BMIs and less body fat than those who don’t consume tea. 3. Eat cayenne pepper. A study published in the British Journal of Nutrition showed that when compared to placebo, capsaicin -- the active ingredient in cayenne -- increased fat burning. 4. Decrease/eliminate processed carbs. They do nothing for you outside of creating a favorable...
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...Gift from Developing Economy to Developed Economy Ritu Sinha 1 Abstract In the era of globalization, emerging market economies are surfacing into centers of innovation. These innovations associate with low-cost products like healthcare devices, wind power, micro finance, electric cars and many more. The success of these frugal innovated products enable developed countries to adopt well. Hence, reverse innovation refers to those innovations which are adopted by developing countries first and then by developed countries. These innovative products are a result of cutting edge technology, common sense and ingenious use of local commodities with the price range that is affordable to a huge mass of consumers like Tata's one lakh ($ 1677) car Nano, Nokia's sturdy mobile phones, the Chottu Cool' refrigerator and many more. These products might be conceptualized for the customers at the bottom of the pyramid still not limited by scaled down versions meant for the lower end. This paper is an attempt to evaluate how reverse innovations are possible in emerging markets and how it can unlock business opportunities at a global scale. Keywords Emerging market, frugal, innovation, product reverse, technology 1. Introduction In today's changing and competitive environment, innovation is must for the survival of any kind of business in the marketplace. The primary objective of any business firm is to understand the changing needs, wants and preferences of its customers and design the products...
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...Personal Budget Summary and Findings ACC 547/Taxation Michael De Marco Personal Budget Summary and Findings Memo DATE: October 1, 2012 TO: Henry and Mary Jones FROM: RE: Follow-up on Financial Planning Meeting It was a pleasure to meet with both of you to discuss your personal finances, your financial dreams, and concerns. As we discussed, being in control of your personal finances, and not your finances being in control of you, is very important. When you are in control of your finances you can achieve your financial goals and comfortably provide for you and your children. Below is a summary of my findings and recommendations for you to help achieve your goals. You will also see attached your personal budget that you provided and the balance sheet and cash flow statement I created based on the financial data you provided me. Summary of Facts Henry is 37 and Mary is 38. Henry and Mary have two sons, ages three and one. Henry has a high school education and Mary has a master’s degree in Library Science. Henry is a truck driver for a major oil company and earns a yearly income of $95,000. Mary works as a librarian for the local school district and earns a yearly income of $50,000. Two major concerns regarding Henry and Mary’s financial position is the lack of savings and debt. They have very little money in savings and a large amount of debt. Their goals are to pay off their debt and fully fund college funds for both their children. Summary of Key...
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...Second, saving for emergencies, you will not fear of crisis or surprise events which require a lot of money because you are already prepared financially. Third, saving for retirement, this is helpful for future purposes. Personal Finance includes about wealth, but what is wealth? Wealth is the abundance of valuable resources or material possessions of economic value like money, real estate and personal property. An individual, who is considered wealthy, is someone who has accumulated substantial wealth relative to others in their society or reference group. In order to be successful in personal finance there are certain keys in achieving it. First is frugality, it refers to living below our means so that savings may be affected. In being frugal, we have to save, save and save. It requires control over our expenditures. Second is vision, it refers to foresight or the ability to look far...
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...THOUGHT Fortis College Abstract Contrasting fast food and homemade food brings to mind three important issues. First, the nutrition content and how they differ in these two areas. Secondly, the impact that both these foods have on one's budget. Thirdly, the kind of variety that both types of food have to offer. After reading the facts, the differences will be crystal clear. DOCTOR! DOCTOR! Is she going to make it? To find out the answer to this question, we must rewind several years back into Katy's life to when she was young, fit, and full of vigor. Katy started out working at a lucrative law firm as an intern. She was dedicated to her work and was a stickler to detail. This type of work ethic required long hours and often placed nourishment on the “back burner”. Katy frequented the local fast food restaurant for breakfast, lunch, and many a times, for dinner. After two years at this pace, Katy received a nice promotion, but she felt tired and sluggish quite often. Also, her bank account showed very little signs of life due to Katy's spending on clothes and food. Fast forward five years. Katy is now married and has started a family. Since then, she has become a great cook and an even better “frugal” spender. Katy's health and energy level have improved, which she needs to keep up with her busy household. Katy learned, in a few short years, a major lesson. When comparing fast food to homemade cooking, in regards, to nutrition, cost, and variety...
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...In the case “Conflict of an Insurance Broker”, whether or not A&A presents the Reliable bid to the museum constitutes a potential conflict of interest. As the insurance broker, A&A should be professional to obtain the best insurance coverage for the museum’s needs; more precisely, the market indicates that the value of the needed policy is around $100,000; therefore, A&A should remove Reliable insurance company whose annual premiums quoted was $60,000 from the proposed list, and then present the other four comparable insurance companies with annual premium that ranged between $90,000 and $110,000 to the museum. From the museum’s standpoint, however, the tight operating budget forces the museum to be extremely frugal in its spending and always choose the lowest bid for any service without regard for quality, A&A should meet the requirement of the museum to present the lowest bid so as to save money, Reliable to the museum. Specifically, the potential conflict of interest here is the biased judgment. In general, not only are professionals are paid for using specialized knowledge to make judgments for the benefit of others but also part of the value of their services lies in the confidence that can be placed in a professional’s judgment. Hence, The insurance broker, A&A, does not merely meet the museum’s requirement to save money, but also have the responsibility to conduct in accordance with the code of ethic and propose the most suitable prices to maintain...
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...untraditional bottom-up approach, involving and relying on the city’s most precious asset – its people. The opportunity for this project to get involved is available to everyone. There is a lot room to grow because St. Louis has been getting a bad reputation as a city with high crime rates and not good place to live in. In order to address this issue, a community-focused web site is lunched for people to input ideas and pitch it out in the open. The ideas are listed by categories into marketing, beautification, the arts, sustainability, non-profit, education, sports, entertainment, Weird and other. After ideas has been posted, people cam search and place their votes on which ideas are contributable. The top five get to be approved and a budget is being set to make it into reality. For me however, the web-site raises an ethical and legal issue about how the voting is calculated and who counts the votes. Also from where the money is coming from for the budgeting of the ideas. A little more...
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...driving me to plan a more sustainable business is a quote from a reading that I found very interesting “You cannot change what you do not measure”. This had an impact on me because throughout my life I have never thought about being sustainable or thinking about my carbon footprint or the footprint that my company is leaving behind. Although things seem small we I do not know the impact without measurement. Although any change may not be significant at first it is definitely a step in the right direction. Another key driver is the idea of leaving behind something better, I want to know that I did my best to try and preserve the beautiful earth and eliminate unnecessary chemicals and pollutants so future generations can live happily. Who is your business planning team? Who should be involved in your planning process? As of right now my business planning team is my group, which consist of Taylor, Sammi, and Alex. During out meeting we have bounced ideas off one another and really believe that they can be very beneficial and influential down the road when some more serious planning takes place. I will probably also have my Dad and Grandpa involved since I am trying to make our family business more sustainable and they are obviously very knowledgeable about the budget and equipment where I lack some knowledge. How will you use your business plan? I am planning on presenting my business plan and ideas to my Dad when it is complete. My plan is to make his business more sustainable in...
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...Introduction to California Pizza Kitchen California Pizza Kitchen is known worldwide for its high quality menu and ingredients, with budget friendly prices. They collect their revenues from three different sources. Sales from company owned restaurants, royalties from franchised restaurants and royalties from a partnership with Kraft to sell CPK branded frozen pizza in grocery stores. CPK has a "dedication to guest satisfaction and menu innovation and sustainable culture of service." CPK has the lowest average bill cost of any other casual dining restaurant, of $13.30 per guest. Their menu has very few choices, but the choices that are offered are of high quality and nothing less. Their goal is to extend their franchises to Mexico and South Korea in the coming years being as in the last five years they were capable of increasing total businesses up 38% so a small extension would be of no issue for them. In 1997 they also introduced the idea of an ASAP option. The ASAP options offers guests the most popular items on the menu, pre-made and ready to grab and go. With society becoming more and more fast paced, the ASAP option has been growing steadily. Upcoming decisions for the Chief Financial Officer (CFO) In recent years restaurants in North America have been seeing a large increase in prices of cost of goods sold (COGS), labour and commodities. In 2007 President Bush increased the minimum wage in the United States from $5.15 to $7.25 which was a large increase that...
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...convert into Christianity. He was interested and sympathetic towards them and the fact that they were working in such horrible conditions. However, Antonio Vazquez de Espinoza may be over exaggerating such cruelty because he is a priest. An additional document that could be used to fully understand such human suffering would be an image demonstrating the Indians and their living condition under such harsh government. Society was both socially and economically impacted. People felt the need to obtain materialistic luxuries and in return would pay for these items with silver that the government possessed. Ye Chunji (document 1) mentioned that people who had money would spend it unwisely while people who were on a tight budget were frugal because since they were limited in what they could purchase they lived a simple lifestyle. This was what they wanted. He wanted to see people change back into the old traditional ways when rituals and religion was more important than the items you pertain in life. Chunji was a county official who wanted people to reflect Buddhism and Confucianism because he claims that people will never be satisfied no matter how much of the luxurious items they had because they would always keep wanting more and it quickly turned into greediness. Ye Chunji was a high positioned man who lived a well lifestyle compared to those living in that dynasty, because of this he did not know how an individual living under the needy government...
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