Mar 29

We are going to play a game.

I have three boxes, 1 contains a great prize –let’s say a 3 course meal in a 5 star restaurant. The other 2 contain something evil – let’s say cold tinned spaghetti.

You get to choose 1 box. Take your time. Got it?

I am going to assume you chose box number 2.

I will now tell you that box number 1 contains spaghetti and give you the opportunity to swap your box number 2 for my box number 3.

The question is: should you a) swap, b) not swap or c) it doesn’t matter? More...

Mar 18

Many people think that they are in business to make money and this is certainly an important objective, however, it is not the only or even the most important reason for being in business. More...

Mar 05

In an earlier post, I alluded to the challenge of navigating probabilities when new information comes to hand.

Consider the following scenario:

There is a horrible disease that does something horrible (I won’t be too specific because it is horrible). Its incidence in the general population is 1 in 100,000 (this is pretty rare; less than 250 cases in Australia). There is a screening test which is 100% effective at detecting the disease but has a 1% false positive (i.e. there is a 1% chance it will say you have the disease when you don’t). You have just been screened and have been given a positive result. Should you put your affairs in order? More...
Mar 03

The classifications of differant kind of water and wastewater in AS/NZS 3500 can be confusing and perplexing so we offer this chart that hopefully clarifies and classifies the various types used.

Oh, to answer the title, you can drink the 'Network Utility Oporator's Supply' or if you don't heve one, 'Rainwater'.

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Mar 03

There are basically 5 methods of generating an income: 

  1. Welfare: If you are reading this blog I assume you are planning for something better.
  2. Salary or Wages: You work for a boss and are paid for your work. Again, I assume you are planning for something else.
  3. Self-Employment: You work for the public and are paid for your work. A lot of people who think they own a business are actually in this category.
  4. Business Owner: You own and work within a business; part of your income is in payment for your work and part is through the profits of the business. It is the differencebetween this and self-employment that I would like to discuss.
  5. Passive Investment: You own a ton of shares, bonds, property and/or cash and it generates so much money you will never be able to spend it. This is where I hope you are going. More...