17 September 2018


Question: According to MSN, what is the daily cost of living like a billionaire?


Argentina aims to reassure IMF with austerity budget – Pg. 1

–          Mr Marci’s government and the IMF are negotiating over Argentina’s request to reinforce a $50bn bailout package announced in June.

–          …spending cuts of about 1.4% of GDP, and revenue measures, including new export taxes that will raise 1% of GDP, should enable the government to balance the federal primary budget next year


What I wish I had known at 18 – and advice for university students – Pg. 10

–          First, if you go out to parties or bars make sure you drink as many glasses of water as alcohol.  Secondly, be friendly with everybody because you never know where they will end up.  Third, follow your passions

–          The first people you meet are not necessarily going to be your best friends – don’t worry about it.  Don’t get too caught up in trying to go to the parties everyone’s expected to go to.  Try to find people with whom you can forge close connections and who will be with you decades afterwards

–          If you make a mistake today [picking a major and going to University] and want to switch courses, there are financial consequences.  The other thing I wish I’d known is how valuable it is to get work experience, especially early on when the academic pressures are slightly less

–          The thing I regret most is spending too much time in college bar with other people moaning about stuff.  It’s the time in your life when you’re free to absorb interesting stuff.  I wish I had listened better to my peers and to academics.  Learn to listen before you go

–          What matters is developing a wide network.  The thing that catches people is they go deep far too early, get stuck in one profession and don’t have any connections outside that area

–          I wish I had taken more classes that had nothing to do with my major, and relaxed and enjoyed it

–          The lesson I wish I’d learnt, and I still haven’t, is the ability to shut up

–          I wish I’d known is that it didn’t matter what precise grade I got.  What mattered was that I understood what I was interested in and focused on that in a way that was useful for the jobs Market

–          (Prof Note: (1) Being right is not often not enough; (2) Relationships and network are meaningful in so many ways, i.e. personal and professional; (3) Question the status quo….always!; (4) A sunset is better when shared)


MBA applications fall at top US business schools – Pg. 11

–          Business schools blame the decline on conditions in the US market, where a combination of fast-rising tuition fees and a lack of employers willing to fund student places has pushed candidates to target only a few elite institutions

–          …applications to Harvard, are down by 4.5% on the previous year to its two-year full-time MBA course

–          The decline in US demand is down to a mix of US immigration curbs, a growing number of alternative and cyclical movements in demand for full-time study…

–          A perception that overseas students are unwelcome in the US…

–          More damaging have been the tightening of immigration restrictions over many years, a rise in the quality of business schools in Europe and Asia and the expectation that business education should be obtainable whenever and wherever students want it in an age of online delivery…


Answer: (1) Mansion Costs: Varies, But can top over $15,000/day; (2) Fancy car costs: $411+/day; (3) Luxury Yacht Costs: Up to $5,890/day; (4) Entertaining Costs: Up to $82,191; (5) Personal Trainer Fees: $1,340/day for one hour; (6) Personal Chef Costs: $515/day; (7) Nanny Fees: $220/day; (8) Butler Costs: $272/day; (9) Cleaning Service Costs: $267/day; (10) Outdoor Home Maintenance Costs: $125/day; (11) Personal Security Costs: $21,370/day; (12) Personal Assistant Costs: $246/day; (13) Lawyers and Legal Fees: $1,500/billiable hour; (14) Vacation Home Costs: $3,000+/day (Prof Note: My personal advice: weekend home and rent the holiday home.  When I run the numbers, this makes the most economic sense.  However, can one put a price on personal pride?  Do what makes you happy (and that you can afford)); (15) Private Jet Costs: $2,254+/day (Prof Note: Every time I look at NetJet to Nevis the calculations are clear, American Cattle (Economy) class wins every time!); (16) Total Cost to live like a billionaire: $134,601+/day