Why I'm Against Welfare (or Free Money)

According to the authors of a book about how wealth destroys families, "...70% of all lottery winners will squander their money away in a few years."

Basically, instead of teaching someone how to fish, you're giving them a cannery. However, since they do not have the skills to run a business (or manage money), they eventually lose it all.

The authors also "found that when new wealth is created within a family, there is a 90% probability that all of the wealth will be gone by the third generation."

This means that rich kids and grandkids blow through their parents' money in a short time.

Recently, in a Wall Street Journal article, I read that 3 winners of Extreme Home Makeover have lost their homes. Basically, after getting their free mansion, they took out mortgages.

That was smart.

So, if you really like the homes on the show, three of them are now in foreclosure.

What's the moral of the story?

Giving someone money, without the knowledge to manage it, is a complete waste.

I am a much bigger fan of Nobel Prize Laureate Dr. Muhammad Yunus, the founder of Grameen Bank. He's one of the pioneers of microfinance/microcredit.

Although I'm not sure what the solution is, I do know that blindly handing someone cash is not the answer. If you do, you're one of those... enablers (I think that's the word that Oprah uses).

Personal Responsibility

Remember the infamous McDonald's lawsuit?

Yes. The coffee was piping hot, but are you supposed to drive a car with a hot cup of coffee between your legs?

Apparently, this is also happening here in Korea.

2 Million Won Granted for Sprained Ankle in Cinema

By Kwon Mee-yoo Staff Reporter If a moviegoer sprains his ankle while exiting a dark theater, are they entitled to compensation, and if so, how much? A theater was told to pay 2 million won ($1,670) to a patron who hurt his ankle because the theater was too dim, a court said Monday.

Based on the article, the man left the movie theater during the film to answer a phone call.

It was really dark. He slipped and hurt his ankle. However, the Korean judge felt the movie theater was somehow at fault.

Does this mean that movie theaters cannot turn off all the lights during a movie?

Or do we need a warning sign in all movie theaters?

"Be careful when exiting the theater during the film. It's dark."

We are currently living in a world without personal responsibility. It's never your own damn fault.

If you're poor, you can blame rich people.

If you're out of a job, you can blame the economy.

If you're unhappy, you can blame your parents.

If you're uneducated, you can blame the school or teachers.

If you're gaining weight, you can blame fast food.

If you fall, you can blame gravity.

For everything else, you can blame the government.

If you're bored, you can blame me.

Welcome Back! Taco Bell

It looks like Taco Bell will be open in Seoul before the end of the month. For most Americans, Taco Bell means good cheap Americanized Mexican food.

In the U.S., you can buy a taco for as little as 89 cents or 1,000 won.

Is it healthy? No.

Is it nutritious? No.

Is it tasty? Yes.

Is it cheap? Absolutely.

If you like tacos, burritos, or nachos then I recommend a visit. I hope the prices are roughly the same as the U.S.

Taco Bell is my favorite fast food restaurant. =)

Some Statistics For You...

English is the first language for over 400 million people.

China has 300 million English learners.

350 million people can speak English in India.

"Half of the world's people are projected to be speaking English by 2015."

88% of Seoul National University students enrolled in private academies.

Korea's "top university students spent on average three hours daily carefully studying what they learned in class."

Number of Asian students enrolled in U.S. universities:

India: 103,260

China: 98,510

Korea: 75,065

Kim Hyeon-Su, age 13, received a perfect (120) Toefl score. Her mother taught her English at home.

Whenever a student asks me, "How can I improve my English?" I usually ask, "Can you speak English with any friends or family members?" If the answer is "no," then it will be slow and difficult.

1.9 trillion Reasons...

Recently, the U.S. Senate approved a debt hike of $1.9 trillion dollars.

It looks like this: $1,900,000,000,000.

In Korean won you'd add three more zeros. 1,900,000,000,000,000 won.

This is the amount of money the U.S. government needs to borrow (mostly from China).

To put it in perspective, 1.9 trillion dollars, would be the same as giving every single person in Korea about 40 million won.

This is my biggest problem with government of any kind. It's too easy to spend money when it's not your money. It's just human nature.

It's why children spend money from their parents and don't feel guilty.

It's why casinos use chips instead of cash.

It's why stores prefer you to use credit cards instead of cash.

You don't feel anything when you gamble with chips or pay with a credit card.

The next time you go to Coffee Bean and order two lattes, try paying with cash. You might feel a little pain when you give it to the clerk. Spending cash hurts. Especially, when you've earned it yourself.

I remember my first part-time job in high school. After I got paid, I realized I had to work for one hour just to buy lunch for myself.

South Korea's 2010 government spending is around $250 billion or

291,000,000,000,000 won. That's a lot of lattes and lunches.

One of the few governments in the world that surprised me was Hong Kong.

In 2008, the government had a surplus of $14 billion. Instead of spending the money, the government decided to reduce taxes on salaried workers by 50%.

http://www.tax-news.com/archive/story/Hong_Kong_Tax_Cuts_Aimed_At_Middle_Class_xxxx26687.html

I'm still waiting for my government to do that someday.

Ralph's Bar

My friend and former teacher Ralph opened up a bar in Imun-Dong near H.U.F.S. It's an American style bar. The prices are very reasonable and Ralph is quite friendly.

If you are in the area, stop by and practice your English with him. Also, I'll be there on the weekends lending him a hand.

It's 25 meters behind Coffee Bean and Alpha stationary store - down the small side street in front of "Dr. Chicken."

Here's the Facebook page: http://www.facebook.com/profile.php?ref=name&id=100000595993495

If you are coming with a large group of more than 12 people, I would make a reservation:

010 -3879 - 9355.

Bill and I

One of my favorite games is "Time Crisis 3."

Bill can throw a cigarette in his mouth.