A high net worth individual

Is the millionaire term changing? Is a millionaire measured as an individual with one million dollars in assets or an annual income of one million dollars? Some seem to think so but cash flow and assets can be misleading as a short-term contract or special payment such as a bonus could make a person a millionaire for just a year.

Under such a definition despite the fact that they invested that sum and receive a return on their investment. A 6% return on a million dollars isn't a bad income after all - an average Australian income falls within that range.

For me, I suggest a millionaire is an individual possessing a net worth of over one million dollars and that includes the primary residence. We do need a caveat on that though, because we need to ensure a common base and the USD is still the currency of choice for measuring wealth.

The financial services industry definition differs as it excludes the value of the family home instead defining a millionaire as an individual with at least one million dollars of investable assets - fair enough.

That changes things slightly, a million dollars of investments is a far tougher club to become a part of as the sole purpose of the financial services industry is to get their hands on your hard earned dollars to earn fees from.

The Swiss bank and wealth management business Credit Suisse uses a less stringent definition; they believe a millionaire is anyone who has assets exceeding one million dollars. That definition includes the family home, superannuation, life insurance, stamps, wine or art collections and really anything of value.

The Credit Suisse Global Wealth Report estimated that in mid 2010 there were 24.2 million individuals meeting their criteria worldwide measuring approximately 0.5% of the world's adult population.

Merrill Lynch, the wealth management division of the Bank of America also defines a millionaire as an individual with one million dollars of investable assets excluding their family home. Needless to say, as an American banking powerhouse, they would measure wealth in USD and by their measure.

High net worth individuals account for less than 2% of the US population. Capgemini, the French multinational consulting, technology and outsourcing firm reports in their wealth report that the Asia-Pacific region has 5.13 millionaires up 9.4% on previous years - impressive.

According to the Capgemini consulting definition, just a paltry 16% of high net worth individuals inherited their wealth informing us that 84% actually earned their own money with entrepreneurial endeavors accounting for nearly half of this earning potential.

I'm guessing the average millionaire is extremely frugal with their money; after all, they actually earned it. People aspiring to become millionaires believe the Hollywood hype and really want to spend a million dollars to live the high life.

In the consumer driven marketplace, such short term thinking is misplaced instead believingshort term consumption in the answer. They should be thinking about  investing their money and joining this exclusive club for the long term. Thinking like a millionaire and spending like a millionaire are two totally different mindsets.

Blackberry Bold

Whilst the latest Blackberry smartphone didn't exactly reverse the company's fortunes, I was able to upgrade my old BlackBerry Curve to the later release Bold model. Whilst this is my traveling and hence reserve phone, I maintain a second phone on a overseas plan for international work and travel. There is much to like with the Bold even though it is an old model, I don't concern myself for the latest model, I just enjoy the functionality of a phone that works.

Moving away from the all plastic case of the Curve, the Bold integrates metal and plastic to give users a robust casing that carries a certain style. The letters of the keypad are larger than the previous model although I do have some issues typing with my big fingers. The Bold does have a touchscreen of sorts, not a full touchscreen function like an Android or Apple device but certain functions can use either the keypad or touch.

Blackberry still has a strong presence in South-East Asia unlike its declining markets in the United States, Western Europe and Australia. I believe BlackBerry devices are favoured by governments due to the high security features Research in Motion has embedded in their devices. I hope BlackBerry as we know it still has a market as I would hate to see this company disappear.

Transition to retirement

Since I was born after 1960, I can't take full advantage of the transition to retirement scheme currently on offer. 

From age 55 a soon to be retiree is allowed to decrease their full-time work obligations and begin drawing down on their retirement fund and then re-contribute to superannuation for a taxation benefit. 

In my age cohort, we have to wait until age 60 to transition to retirement. At that age, you can just retire, use your retirement benefits up until age 67 and apply for the age pension, why not just do that?

That assumes the federal government doesn't bugger around with superannuation any further, we know the government loves to routinely interfere in such a long-term scheme vitally important for the retirement incomes of working Australians. 

Whilst this isn't a strategy I would currently be seeking, the purpose of transition to retirement is to keep experienced workers gainfully employed drawing on their vast experience whilst not draining the pension system. 

The federal government has over spent and is now looking for areas to tax so they can improve their accounts, how about leaving the retirement accounts alone of the people who actually planned and saved for their retirement to remove the burden from the taxpayer. 

The value of superannuation

Compulsory superannuation was introduced in Australia in the early 1990s with employers contributing 3% of worker's salary into a forced retirement account. This was phased in over a number of years and was initiated in lieu of pay rises at the 3% level moving to 6% and finally the 9% contribution level. This is an untaxed payment, throughout the accumulation phase, the accumulated benefit grows untaxed with the tax liability paid upon withdrawal.

However, as I was employed by a small businesses, they were not obliged to immediately contribute to the scheme. When those lucky enough to work for large companies moved to the 6% level, I was just beginning on the 3% compulsory stage. Likewise, we were not all equal moving from 6% to 9%, this put a large section of the population at a distinct disadvantage in regards to retirement savings.

I tried to sacrifice part of my salary into superannuation post 2000 but was denied the opportunity as the business I worked for stated their payroll was too small to warrant this. Basically, the company I worked for could make extra untaxed payments into my retirement account for my future but they were uninterested in the extra effort.

I gained my first lucky break when I began employment with the state government, this was my first large employer in 20 years of employment. I was able to join the state government scheme where the unit purchase price was well priced and contribution rules were favourable. For those employed a year later, the unit prices were not so generous, contribution rules were much tighter and significantly less restrictive.

I finally have joined a scheme where I have the ability to accumulate a reasonable retirement benefit, I have lost the opportunity to benefit from compounding interest but I have to put the wasted twenty years behind me and just get on with it for remainder of my working life.

Bali as a relax and unwind destination

Most nations have their cheap holiday destination; the English head down to Spain, the Germans drive south to Italy, the Japanese fly to Siapan and the Australians have Bali. Naturally there are other destinations where people can holiday, I am just thinking of the cheapest country with the cheapest deals to lure foreign tourists for a week long spree away from the stress of work and home.

For me, Bali is a three and a half hour flight to a resort location for sun, sea and surf to wind down. I have been plenty of times so there isn't much I need to see - especially in Kuta. After a couple of days I am keen to head up north too a more  remote destination. I have no need for the nightclubs, bars or a loud disco with exorbitant prices for watered down drinks so I am more than willing to stay out of the more popular areas.

Bali is also known as an adventure destination with white water rafting, scuba diving, mountain biking, hiking and the water sports of parasailing, water skiing and jet skiing. Maybe the lure of the long weekend will be the motivation to visit Bali in the cold and wet winter months.

A Turkish coup

I awoke on Saturday morning to the news that elements of the Turkish military have attempted a coup to remove hardline president Recep Tayyip Erdoğan but had been unsuccessful. Flicking over to the newswires, I also saw that the military opened fire on unarmed protesters - this is disgraceful.

The Turkish military has a history of staging coups in this now secular nation when the government of the day is becoming less secular instead attempting to impose their brand of Islamic idealism on the nation. It would appear a section of the military is attempting to return Turkey to a secular nation, this has happened a number of times over the years but it would appear the coup doesn't have widespread military support and was defeated.

Instead of staying true to the teachings of the revered Mustafa Kemal Atatürk, the founder of the modern Turkish nation, the government of Recep Tayyip Erdoğan is taking Turkey down a dangerous road in an attempt to return Turkey to religious a religious state. 

Terror hits Nice

I am once again saddened at the senseless terror attacks in Nice. The French people have endured much over the last couple of years after welcoming so many immigrants into the country, this is how they are repaid - religious hatred. Murdering innocent people driven by the homicidal ideology of their satanic cult is just pathetic. It is up to the Islamic imams and scholars to show some leadership and eradicate this hatred of western nations by repudiating this religious bigotry.

France is a secular country, the banning of religion in public affairs is known as laïcité where the separation of church and state is enshrined in the constitution. Asserting state secularism is based on the belief of freedom of thought and freedom of religion for the French. You can practice your religious beliefs in France, that is the freedom the French enjoy. Even a cult that indoctrinates the mentally weak and socially inept can be practiced openly in France recruiting murderers that claims religious cowards can meet 72 virgins when they take the lives of infidels - pathetic.

A wallet no longer required

As a college lecturer, I am constantly in contact with young people and I see trends emerging. That ridiculous trend of baggy pants falling down exposing boxer shorts has thankfully passed. I watched the young guys walk around constantly pulling their pants up, they couldn't walk ten paces without the need to pull their pants up again.

You are not much of a gangster if you can't get away from the police due to your pants falling down. Somebody forgot to tell them the look originated after punks were apprehended and the police confiscated their belts during the arrest process - ouch.

The current trend I see is for young guys to ditch the wallet and keep their credit and debit cards along with some bank notes in their mobile phone cover. This actually has a degree of functionality, the mobile phone stores all their data, they constantly look and play with their phones, it is also their timepiece so there is no need for a watch.

The rise of LinkedIn

Whilst sometimes described as a social network; LinkedIn may be really be described as a professional networking site with less emphasis on social and a greater emphasis on professional. Founded in 2003 by Reid Hoffman, former Yahoo! executive Jeff Weiner now calls the shots as CEO and the business is gaining some traction in a highly competitive social networking market with offices based worldwide and revenue mostly generated by advertising income.

LinkedIn is very much a networking site, it is also a business newsfeed following selected companies and sectors. The ability to follow groups and engage in discussions allows user to remain engaged with the site. The basic function of LinkedIn is the creation of user profiles allowing users to showcase their skills and experiences for potential recruitment.

LinkedIn is an excellent online recruiting tool with businesses and potential employers searching for potential and vet potential candidates with candidates able to review the profile of hiring managers.

Teaching business skills to dive operators

What hinders the growth of the recreational dive industry is the lack of business training and development for dive centre and resort owners. Notwithstanding, dive centre and resort managers fall within the scope of dive management professionalism. The certification agencies package and sell dive courses to entry level divers, continuing education for recreational divers and professional level courses yet they fail to adequately train operators in the virtues of dive centre management.

Dive certification agencies, under increasing competitive pressures lack the will to drive change through an industry sadly in need of leadership and direction. The focus of professional level courses is dive training, almost oblivious to the stark realities of the industry that they operate in. No dive certification agency offers a dive centre and resort management course aligned to business principles incorporating principles of leadership, pricing, marketing, operations, accounting and bookkeeping, finance and teamwork.

Whilst a full micro-economics course is not required, presenting the principles of supply and demand to business owners allows business owners and managers to analyse their business and local competition. Touching on basic principles of macro-economics allows managers to analyse the industry seeking expansion opportunities. Teaching the principles of strategy allows managers the ability to internally analyse their business to enhance their value chain allowing value adding leading to a sustainable competitive advantage.

No longer would the dive centre and resort manager immediately engage in a costly price war, they would have the knowledge and skills to develop a value added product or service differential and market their product to targeted consumers based on their strengths and not to the old fallback position of lower prices unless a focused cost leadership position is identified by careful value chain analysis and exploited by a prudent marketing strategy.

Antarctic sea ice growth

I have been viewing conflicting information on climate change, the National Snow and Ice Data Centre reported 2014 April sea ice growth was at record levels. NASA reported Antarctic sea ice data in September 2014 had increased; yet a number of agencies state Antarctic sea ice will completely melt in coming centuries and is unstoppable, what is going on?

I have to ask, how could the two leading agencies publish such widely different from conclusions from other agencies? Surely, one group of agencies has to be right and the other wrong - how could these conclusions differ so greatly? What are the implications of Antarctic sea ice growth over the period, surely this has to be positive?

We are now heading into a La Niña weather pattern following the El Niño phenomenon, the Pacific Ocean warmed three to five degrees during El Niño and summarily cooled by a couple of degrees below standard causing higher than normal air pressure in the Western Pacific and lower air pressure in the Eastern Pacific. As La Niña generally causes extreme storms with increased cyclones (typhoons in Asia) and heavy flooding, I will be eagerly following sea ice growth in Antarctica to see if it reverses current trends.  

Finally fixing my inflator

I purchased an Apollo EX2000 BCD way back in 2002 and have never bothered to service the unit. For a long time it was my first choice BCD until it was replaced with a Scubapro T-Black and retired to travel duties. I worked on the theory that this was a reasonably lightweight BCD well suited for airline weight limitations, I also retired by jetfins from travel duties and replaced them with lightweight Mares x-stream fins.

The inflator hasn't worked for about 7 years, since I never use it. I just disconnected the inflator hose as it self-inflated with the jammed inflator button - no big deal. My recent trip to Easy Divers in Sipalay saw me run foul of the dive centre management. The dive staff informed me of my constantly inflating jacket as they set my gear up as this is all part of the service here, my casual response didn't impress the German dive centre manager.

When I told them not to worry about it they went into a flat spin, I have been diving for a decade in the Philippines and this is the first time I was questioned about the state of my equipment. They took my BCD off of me and quickly ran it through their repair centre. They stripped the inflator mechanism down, cleaned the internals and returned it to me - I was astounded.

Unfortunately I am a creature of habit and never used it during the trip. Once you are correctly weighed with a balanced scuba unit and old and beaten up 3mm wetsuit, there is no need to inflate your buoyancy control device - thanks for the repairs though.

Running into deco

I had a conversation with a colleague in regards to his first 50 metre dive on air that entailed a small decompression obligation. Despite the depth, he was still concerned about allowing his computer slipping into required decompression stops.

He expressed concern about allowing his Galileo computer to enter such uncharted territory as PADI had always maintained a no-decompression policy. Even as a PADI instructor, he expressed concern about decompression, the PADI instructor course (IDC) teaches you to teach - not dive.

The IDC assumes you have some diving experience, although 100 dives isn't considered a whole lot of experience and a potential instructor only requires the advanced, rescue and divemaster courses - the minimum. Furthermore, the divemaster course is pretty light on dive theory as it is really a course designed to gain exposure as a teaching assistant.

At best, he would have had a few minutes at 3 metres to complete his mandatory stops. In essence, despite the depth, he spent just a short time at that 50 metre depth with the majority of his multi-level dive at significantly shallower depths.

Now I'm not stating that divers should slip into deco and dive to depths beyond the scope of recreational diving limits without the training, experience, equipment and ultimately knowledge. 

I am stating that a through knowledge of dive computers should be taught at the supervised experience course between entry level and rescue - I can't force myself to call it an advanced diver course. A higher level of knowledge is required for dive masters, assistant instructors and instructors.

What he didn't require was a decompression stop regime requiring mandatory stops at 12 metres, 9 metres, 6 metres and finally 3 metres as the fast tissue compartments controlling his dive at depth was now controlled by the medium and then slow tissue compartments as he made his way up the wall. 

I knew the dive site well as I have dived this vertical wall numerous times. I also knew the top of the wall has a depth of 6 metres so he is able to off-gas in the shallows and I bet his deco ceiling had actually resided as he ascended.