“If you are selling a product that really doesn’t provide much value (even, though, you make some nice profit selling it) then you are NOT making someone’s life better. And, ultimately, your business will lose you just don’t realize it yet.
If you are selling some program or money making system that doesn’t really work or only 1 out of 1,000 people (if they’re lucky) make money with it then you are NOT making someone’s life better.
If you are sending out emails to your list that are mainly just promotions for other products then you are NOT making someone’s life better.
If you’re too focused on making YOUR life better with the money you will make from your business, the odds are good that you aren’t making people’s lives better with what you do. And the ironic part is, this will keep you from making a lot of money.
Your business must be built around truly making people’s lives better or you are, ultimately, doomed to fail online. Write that down. NOW.”
- John Reese
2008-09-30
2008-09-28
How the Fractional Reserve Banking "Money Multiplier" Works
You'll never win the game if you don't know the rules of the game you are playing / being played.
How the Fractional Reserve Banking "Money Multiplier" Works
Under a 5% "Fractional Reserve" requirement, most banks can loan out twenty times the amount of their actual capitalisation.
This amounts to money that is not theirs.
For argument's sake, let's just say that you go to your bank with a $5,000 deposit.
All the rest of your money has gone out in taxes, and you want to buy a $105,000 house.
The bank asks you for the property title (mortgage) and your personal guarantee to secure the deal.
The bank uses these instruments and your $5,000 deposit as security in order to borrow the extra $100,000 either from the central bank or offshore bankers.
The bank pays the old house owner $105,000, which consists of $100,000 borrowed by the bank (see below), and the $5,000 you deposited with the bank.
You move into your new house.
Over the course of the next year, you pay the bank $5,000 in interest plus a small reduction of the capital amount.
Then you sell the house.
The bank relinquishes the house deed to the new owner (probably another bank) and the bank ends up with the $5,000 interest you paid plus the $100,000 you had "borrowed" from them.
Your bank pays the offshore bank the $100,000 they borrowed plus interest; say $3,500.
On the face of it, they only make the premium between their own borrowing rate and their lending rate, which may only be 1.5%.
But hold on a minute.
Under the Fractional Reserve System, they have been able to make 1.5% interest on the whole $100,000; not just the $5,000 you deposited with them originally.
In other words, the local bank has risked nothing and used your home and your labor to gain a 30% profit from your deposit.
Now simply multiply that transaction by the hundreds or thousands of like deals done by the bank(s) each year, and you can readily see why banking is such a lovely business to be in.
The largest part of a bank's assets are in securities, mortgage documents, business and private guarantees, and "instruments" other than cash deposits.
And each of these "instruments" represents another deal wherein the local banks profit times ten or more from someone else's money, assets, and labor. (high risk high return? that is for layman.)
But it gets worse.
The local banks usually wrap your mortgage or instrument into something like a mortgage bond, which they then sell at face value to a financial entity somewhere up the feeding chain; ultimately in cyberspace.
Once the transaction has been removed from local government jurisdiction, those that control the banking system can create new money out of thin air based upon those instruments (our surrendered asset titles) as security.
Those few families that control the international banking system are growing the world money supply at around 7.5% per year, gaining ownership over our assets in the process, and purchasing controlling interest over the entire world economy with this new money which is effectively "laundered" once it has been paid back to the issuing entities.
The local banks are merely well-paid pawns in this process.
The end result is ever-growing debt slavery for the masses, and ongoing death and destruction as those entities continually stir the pot of international conflict in order to encourage more government taxes and the need for more private borrowing.
http://www.truthaboutax.com/ , http://en.wikipedia.org/wiki/Illuminati
How the Fractional Reserve Banking "Money Multiplier" Works
Under a 5% "Fractional Reserve" requirement, most banks can loan out twenty times the amount of their actual capitalisation.
This amounts to money that is not theirs.
For argument's sake, let's just say that you go to your bank with a $5,000 deposit.
All the rest of your money has gone out in taxes, and you want to buy a $105,000 house.
The bank asks you for the property title (mortgage) and your personal guarantee to secure the deal.
The bank uses these instruments and your $5,000 deposit as security in order to borrow the extra $100,000 either from the central bank or offshore bankers.
The bank pays the old house owner $105,000, which consists of $100,000 borrowed by the bank (see below), and the $5,000 you deposited with the bank.
You move into your new house.
Over the course of the next year, you pay the bank $5,000 in interest plus a small reduction of the capital amount.
Then you sell the house.
The bank relinquishes the house deed to the new owner (probably another bank) and the bank ends up with the $5,000 interest you paid plus the $100,000 you had "borrowed" from them.
Your bank pays the offshore bank the $100,000 they borrowed plus interest; say $3,500.
On the face of it, they only make the premium between their own borrowing rate and their lending rate, which may only be 1.5%.
But hold on a minute.
Under the Fractional Reserve System, they have been able to make 1.5% interest on the whole $100,000; not just the $5,000 you deposited with them originally.
In other words, the local bank has risked nothing and used your home and your labor to gain a 30% profit from your deposit.
Now simply multiply that transaction by the hundreds or thousands of like deals done by the bank(s) each year, and you can readily see why banking is such a lovely business to be in.
The largest part of a bank's assets are in securities, mortgage documents, business and private guarantees, and "instruments" other than cash deposits.
And each of these "instruments" represents another deal wherein the local banks profit times ten or more from someone else's money, assets, and labor. (high risk high return? that is for layman.)
But it gets worse.
The local banks usually wrap your mortgage or instrument into something like a mortgage bond, which they then sell at face value to a financial entity somewhere up the feeding chain; ultimately in cyberspace.
Once the transaction has been removed from local government jurisdiction, those that control the banking system can create new money out of thin air based upon those instruments (our surrendered asset titles) as security.
Those few families that control the international banking system are growing the world money supply at around 7.5% per year, gaining ownership over our assets in the process, and purchasing controlling interest over the entire world economy with this new money which is effectively "laundered" once it has been paid back to the issuing entities.
The local banks are merely well-paid pawns in this process.
The end result is ever-growing debt slavery for the masses, and ongoing death and destruction as those entities continually stir the pot of international conflict in order to encourage more government taxes and the need for more private borrowing.
http://www.truthaboutax.com/ , http://en.wikipedia.org/wiki/Illuminati
2008-09-27
2008-09-25
Did I Marry The Right Person? (Part 2)
This interesting story, told by Leonard Merrick, is written in simple, beautiful English. I hope you would like it.
Two strangers meet in a café.
Outside, a hurdy-gurdy is playing an old-time popular song.
A tear trickles down the face of one of the two strangers.
"What's the trouble? Sad memories?"
"Yes."
"Do you mind telling me about it?"
"Not at all . . . Many years ago I met a beautiful young lady at this very same café. And on that occasion, we heard this very same song . . . I fell in love with the lady . . . And now, whenever I hear this song, my heart is oppressed with sorrow, and the tears come to my eyes."
"Poor fellow, so she jilted you."
"No, my friend, she married me."
Two strangers meet in a café.
Outside, a hurdy-gurdy is playing an old-time popular song.
A tear trickles down the face of one of the two strangers.
"What's the trouble? Sad memories?"
"Yes."
"Do you mind telling me about it?"
"Not at all . . . Many years ago I met a beautiful young lady at this very same café. And on that occasion, we heard this very same song . . . I fell in love with the lady . . . And now, whenever I hear this song, my heart is oppressed with sorrow, and the tears come to my eyes."
"Poor fellow, so she jilted you."
"No, my friend, she married me."
2008-09-24
High net worth individuals exposed
High net worth individuals exposed
Generally, only the high net worth individuals, who are serviced by private banking consultants flying in from Singapore, would have had opportunities to invest in sophisticated products which are issued by the American financial institutions to raise funds to finance their own activities.
According to industry officials, thanks to the tight restrictions by the Securities Commission (SC) and Bank Negara Malaysia (BNM), the retail investors have limited access to the sophisticated structured products.
“Due to the stringent regulation by BNM and SC, sophisticated structured products and investment tools such as derivatives or bonds that are linked to foreign companies are not made available to retail investors,” said an official who is a wealth management consultant.
“The high net worth individuals would have got expsoure to such products through their investment accounts overseas and also from their private wealth management consultants,” said the official.
Related : The Irony in the Big Picture.
------------------------
With hindsight, the country’s regulated investment environment seems to have shielded investors from the shockwave triggered by collapse of Lehman Brothers and American Insurance Group (AIG) that wiped out US$3.62 trillion (RM12.4 trillion) in market capitalisation from stock markets worldwide and about RM33 billion on Bursa Malaysia in just three days last week.
------------------------
Investors in Hong Kong have marched to government offices claiming that the authorities failed to provide proper oversight on the structured products that were sold to retailers. The investors, holding papers that are now risk becoming junk, alleged that the banks and financial advisers who sold them the structured products did not perform their duty to warn them of the high investment risks involved in those complicated products.
These products include Lehman-linked minibonds in Hong Kong -- notes secured by swap obligations guaranteed by Lehman. Another structured product is DBS Group’s High Notes 5 series, which are linked to eight securities including Lehman bonds. The products generally offered returns of between 4% and 6%.
Such structured products are sold over the counters in commercial banks in Hong Kong and Singapore, mostly in small denominations. For Malaysians, the minimum investment in these sophisticated products is RM250,000, certainly not meant for the man in the street.
Alternatively, an investor needs to show net worth of at least RM3 million to purchase the structured products in smaller denominations.
Related : The Most Important Quadrant , An accredited investor
------------------------
Full Story :
http://www.theedgedaily.com/cms/content.jsp?id=com.tms.cms.article.Article_92264854-cb73c03a-1f195fc0-c3b8622d
Generally, only the high net worth individuals, who are serviced by private banking consultants flying in from Singapore, would have had opportunities to invest in sophisticated products which are issued by the American financial institutions to raise funds to finance their own activities.
According to industry officials, thanks to the tight restrictions by the Securities Commission (SC) and Bank Negara Malaysia (BNM), the retail investors have limited access to the sophisticated structured products.
“Due to the stringent regulation by BNM and SC, sophisticated structured products and investment tools such as derivatives or bonds that are linked to foreign companies are not made available to retail investors,” said an official who is a wealth management consultant.
“The high net worth individuals would have got expsoure to such products through their investment accounts overseas and also from their private wealth management consultants,” said the official.
Related : The Irony in the Big Picture.
------------------------
With hindsight, the country’s regulated investment environment seems to have shielded investors from the shockwave triggered by collapse of Lehman Brothers and American Insurance Group (AIG) that wiped out US$3.62 trillion (RM12.4 trillion) in market capitalisation from stock markets worldwide and about RM33 billion on Bursa Malaysia in just three days last week.
------------------------
Investors in Hong Kong have marched to government offices claiming that the authorities failed to provide proper oversight on the structured products that were sold to retailers. The investors, holding papers that are now risk becoming junk, alleged that the banks and financial advisers who sold them the structured products did not perform their duty to warn them of the high investment risks involved in those complicated products.
These products include Lehman-linked minibonds in Hong Kong -- notes secured by swap obligations guaranteed by Lehman. Another structured product is DBS Group’s High Notes 5 series, which are linked to eight securities including Lehman bonds. The products generally offered returns of between 4% and 6%.
Such structured products are sold over the counters in commercial banks in Hong Kong and Singapore, mostly in small denominations. For Malaysians, the minimum investment in these sophisticated products is RM250,000, certainly not meant for the man in the street.
Alternatively, an investor needs to show net worth of at least RM3 million to purchase the structured products in smaller denominations.
Related : The Most Important Quadrant , An accredited investor
------------------------
Full Story :
http://www.theedgedaily.com/cms/content.jsp?id=com.tms.cms.article.Article_92264854-cb73c03a-1f195fc0-c3b8622d
2008-09-23
First fear, then loathing, toward Wall Street
First fear, then loathing, toward Wall Street
Crisis sparks anger over executive salaries, lax regulation
For Ebels, who lives in Falmouth, Mich., it’s also especially galling that people like him, who are already suffering from the weak economy, will now end up footing the bill for these chief executives’ mistakes.
“All (the bailout has) done is transfer all the indiscretions of all these people onto the shoulders of the taxpayers,” he said.
......
As Americans digest a dizzying series of events that has left Wall Street shaken to its core, the mood on Main Street is shifting from fear to loathing. They are angry that government regulators did not do enough to prevent this — and protect them — in the first place. They are upset the government is proposing billions of dollars in bailouts for Wall Street, even as many regular Americans are struggling to hang onto their homes and pay their bills.
They also are livid that massive financial firms in which they trusted took wild risks and made incredibly bad decisions, in turn impacting their personal finances. Some wonder why, in the face of such a massive financial crisis, so few of these executives have stepped up to apologize for, or even try to explain, their actions.
Mostly, they think it’s despicable that many of these top executives could walk away with millions of dollars in their bank accounts, even as some average Americans see their retirement plans thrown into chaos.
......
“It’s like adding insult to injury to then see that the government is going to step in, and these idiots that have done wrongdoing for a long time are still going to retain big bonuses,” she said.
Provencal thinks the executives should have seen these problems coming. And if they couldn’t foresee it, then she thinks safeguards are needed to prevent the same thing from happening again.
“I hate to see too much regulation in place, but the bottom line is, these institutions have not been self-regulating,” she said.
......
At 59, Richard Martin also is dealing with a suddenly changed financial landscape. Martin had planned to stop working next year, using his 401(k) savings and two pensions he has earned to finance his retirement. But after watching his investment portfolio shrink for the past 12 months, he said that plan is looking iffy at best.
......
In fact, to Martin, the bailout seems to just be giving corporations what they want, without forcing them to change their ways enough to prevent the same thing from happening again. If these companies have spent the last few decades arguing for deregulation, he figures they should be willing to live with the consequences of a free market.
“I would have loved to have seen a few of these go under, personally,” Martin said. “The idea of the free market is that the strong survive and if they’re not capable of surviving, they shouldn’t be in the marketplace.”
......
“The thing you learn is people who seem smarter than you may not be,” he said. “That’s the scary thing.”
Full article: http://www.msnbc.msn.com/id/26841602/
After checking the real life examples of what is happening, check back previos notes posted in this blog.
Dow plunges; $700B evaporates amid Lehman failure
Mechanics and Financial Advisors
The Irony in the Big Picture.
The Shape of America’s Recession
贝南奇好心做坏事
Crisis sparks anger over executive salaries, lax regulation
For Ebels, who lives in Falmouth, Mich., it’s also especially galling that people like him, who are already suffering from the weak economy, will now end up footing the bill for these chief executives’ mistakes.
“All (the bailout has) done is transfer all the indiscretions of all these people onto the shoulders of the taxpayers,” he said.
......
As Americans digest a dizzying series of events that has left Wall Street shaken to its core, the mood on Main Street is shifting from fear to loathing. They are angry that government regulators did not do enough to prevent this — and protect them — in the first place. They are upset the government is proposing billions of dollars in bailouts for Wall Street, even as many regular Americans are struggling to hang onto their homes and pay their bills.
They also are livid that massive financial firms in which they trusted took wild risks and made incredibly bad decisions, in turn impacting their personal finances. Some wonder why, in the face of such a massive financial crisis, so few of these executives have stepped up to apologize for, or even try to explain, their actions.
Mostly, they think it’s despicable that many of these top executives could walk away with millions of dollars in their bank accounts, even as some average Americans see their retirement plans thrown into chaos.
......
“It’s like adding insult to injury to then see that the government is going to step in, and these idiots that have done wrongdoing for a long time are still going to retain big bonuses,” she said.
Provencal thinks the executives should have seen these problems coming. And if they couldn’t foresee it, then she thinks safeguards are needed to prevent the same thing from happening again.
“I hate to see too much regulation in place, but the bottom line is, these institutions have not been self-regulating,” she said.
......
At 59, Richard Martin also is dealing with a suddenly changed financial landscape. Martin had planned to stop working next year, using his 401(k) savings and two pensions he has earned to finance his retirement. But after watching his investment portfolio shrink for the past 12 months, he said that plan is looking iffy at best.
......
In fact, to Martin, the bailout seems to just be giving corporations what they want, without forcing them to change their ways enough to prevent the same thing from happening again. If these companies have spent the last few decades arguing for deregulation, he figures they should be willing to live with the consequences of a free market.
“I would have loved to have seen a few of these go under, personally,” Martin said. “The idea of the free market is that the strong survive and if they’re not capable of surviving, they shouldn’t be in the marketplace.”
......
“The thing you learn is people who seem smarter than you may not be,” he said. “That’s the scary thing.”
Full article: http://www.msnbc.msn.com/id/26841602/
After checking the real life examples of what is happening, check back previos notes posted in this blog.
Dow plunges; $700B evaporates amid Lehman failure
Mechanics and Financial Advisors
The Irony in the Big Picture.
The Shape of America’s Recession
贝南奇好心做坏事
2008-09-21
How Long Till You Earn Your First Million?
How Long Till You Earn Your First Million?
If you know that Hollywood's top stars can earn $20 million per film and that the average time to shoot a movie is six months, you won't be surprised to see that their paychecks make the average person's income look minuscule in comparison.
In fact, if these celebrities worked standard 8-hour workdays, it would take them less than seven days to earn $1 million.
In all likelihood, the little people -- aren't making that kind of money. In fact, it will take some people their entire careers to cross the million-dollar mark even once.
Here are 30 jobs with earnings anywhere from below minimum wage to six-figure salaries and how long it would take to earn $1 million in terms of hours, eight-hour workdays and years:
http://msn.careerbuilder.com/custom/msn/careeradvice/viewarticle.aspx?articleid=1425&;SiteId=cbmsnsl41425&;sc_extcmp=JS_1425_spotlight>1=23000&cbRecursionCnt=1&cbsid=c4db081b8c444352aff263cd895ce53b-273669607-w6-6
If you know that Hollywood's top stars can earn $20 million per film and that the average time to shoot a movie is six months, you won't be surprised to see that their paychecks make the average person's income look minuscule in comparison.
In fact, if these celebrities worked standard 8-hour workdays, it would take them less than seven days to earn $1 million.
In all likelihood, the little people -- aren't making that kind of money. In fact, it will take some people their entire careers to cross the million-dollar mark even once.
Here are 30 jobs with earnings anywhere from below minimum wage to six-figure salaries and how long it would take to earn $1 million in terms of hours, eight-hour workdays and years:
http://msn.careerbuilder.com/custom/msn/careeradvice/viewarticle.aspx?articleid=1425&;SiteId=cbmsnsl41425&;sc_extcmp=JS_1425_spotlight>1=23000&cbRecursionCnt=1&cbsid=c4db081b8c444352aff263cd895ce53b-273669607-w6-6
2008-09-20
How to define wealth
http://articles.moneycentral.msn.com/RetirementandWills/EscapeTheRatRace/JustHowRichIsRichReally.aspx
How to define wealth
In short, how you -- and I mean you, personally -- determine what constitutes wealth depends on your expectations.
A million bucks, wisely invested, will yield an income of about $40,000 a year, if you follow the financial planning rule of thumb that says you can only draw income equal to 4% of your assets (a must if you're not working and want to be sure your money lasts as long as you do). That's comfortable, but hardly rich.
Carole started out saying she really didn't want to be rich. But when I pressed her to clarify what her desired not-really-rich lifestyle would look like, she ticked off the following:
A two-bedroom home in downtown Manhattan.
A car (and a garage to go with it).
Between $200,000 and $500,000 in savings.
$500,000 in her retirement accounts (which is about 10x what she has now).
A couple of getaways per year.
"So although I just said I don't want to be rich -- that's a couple of million right there," she said, quite surprised.
How to define wealth
In short, how you -- and I mean you, personally -- determine what constitutes wealth depends on your expectations.
A million bucks, wisely invested, will yield an income of about $40,000 a year, if you follow the financial planning rule of thumb that says you can only draw income equal to 4% of your assets (a must if you're not working and want to be sure your money lasts as long as you do). That's comfortable, but hardly rich.
Carole started out saying she really didn't want to be rich. But when I pressed her to clarify what her desired not-really-rich lifestyle would look like, she ticked off the following:
A two-bedroom home in downtown Manhattan.
A car (and a garage to go with it).
Between $200,000 and $500,000 in savings.
$500,000 in her retirement accounts (which is about 10x what she has now).
A couple of getaways per year.
"So although I just said I don't want to be rich -- that's a couple of million right there," she said, quite surprised.
2008-09-18
The perfect storm of a global recession
The perfect storm of a global recession
The probability is growing that the global economy - not just the US - will experience a serious recession.
This looming global recession is being fed by several factors:
the collapse of housing bubbles in the US, UK, Spain, Ireland and other euro zone members;
punctured credit bubbles where money and credit were too easy for too long;
the severe credit and liquidity crunch following the US mortgage crisis;
the negative wealth and investment effects of falling stock markets (already down by more than 20% globally);
the global effects via trade links of the recession in the US (which still counts for about 30% of global gross domestic product);
the US dollar's weakness, which reduces American trading partners' competitiveness;
and the stagflationary effects of high oil and commodity prices, which are forcing central banks to increase interest rates to fight inflation at a time when there are severe downside risks to growth and financial stability.
By Nouriel Roubini (The Edge Malaysia, September 1, 2008)
The probability is growing that the global economy - not just the US - will experience a serious recession.
This looming global recession is being fed by several factors:
the collapse of housing bubbles in the US, UK, Spain, Ireland and other euro zone members;
punctured credit bubbles where money and credit were too easy for too long;
the severe credit and liquidity crunch following the US mortgage crisis;
the negative wealth and investment effects of falling stock markets (already down by more than 20% globally);
the global effects via trade links of the recession in the US (which still counts for about 30% of global gross domestic product);
the US dollar's weakness, which reduces American trading partners' competitiveness;
and the stagflationary effects of high oil and commodity prices, which are forcing central banks to increase interest rates to fight inflation at a time when there are severe downside risks to growth and financial stability.
By Nouriel Roubini (The Edge Malaysia, September 1, 2008)
2008-09-16
Dow plunges; $700B evaporates amid Lehman failure
Some info catched my eyes:
16th Sept 2008
About $700 billion evaporated from retirement plans, government pension funds and other investment portfolios. On Tuesday, the Federal Reserve pumped an additional $70 billion into the financial system to help ease credit stresses
http://www.tribune-democrat.com/local/local_story_259235622.html
or search "About $700 billion evaporates from retirement plans" in Google for other sources.
What happens if you begin taking a financial advisor's advice at 25 and at age 65 you find out your financial advisor was giving you bad advice?
You can't take your ruined financial life back to the financial advisor like you can take your broken car back to the mechanic.
http://howtze.blogspot.com/2008/07/mechanics-and-financial-advisors.html
That is one of the reason why mutual funds are slow
http://www.corporatejourney2u.com/howtze/ht_mutualfundsareslow.html
* This does not mean mutual funds are not good investment. For most people, mutual funds are great investments. They are better investment if you know what you are doing, know what the risks are, and know the big picture of the whole game of investing in stocks and mutual funds... public and private.
16th Sept 2008
About $700 billion evaporated from retirement plans, government pension funds and other investment portfolios. On Tuesday, the Federal Reserve pumped an additional $70 billion into the financial system to help ease credit stresses
http://www.tribune-democrat.com/local/local_story_259235622.html
or search "About $700 billion evaporates from retirement plans" in Google for other sources.
What happens if you begin taking a financial advisor's advice at 25 and at age 65 you find out your financial advisor was giving you bad advice?
You can't take your ruined financial life back to the financial advisor like you can take your broken car back to the mechanic.
http://howtze.blogspot.com/2008/07/mechanics-and-financial-advisors.html
That is one of the reason why mutual funds are slow
http://www.corporatejourney2u.com/howtze/ht_mutualfundsareslow.html
* This does not mean mutual funds are not good investment. For most people, mutual funds are great investments. They are better investment if you know what you are doing, know what the risks are, and know the big picture of the whole game of investing in stocks and mutual funds... public and private.
2008-09-15
2008-09-08
2008-09-06
淘宝小鳄鱼掠倒 eBay
“eBay 是大海里的鲨鱼，淘宝则是长江里的鳄鱼，鳄鱼在大海里与鲨鱼搏斗，结果可想而知。
但我们把鲨鱼引到长江里来，在长江真正的老大是鳄鱼。”
阿里巴巴创办人马云分析自己能打败 eBay 为自傲地陈述。
但我们把鲨鱼引到长江里来，在长江真正的老大是鳄鱼。”
阿里巴巴创办人马云分析自己能打败 eBay 为自傲地陈述。
2008-09-01
Your 5-minute guide to managing debt
At some point in our lives, most of us have borrowed too much. If you're in over your head, don't despair. But make no mistake: You must learn to live on what you earn.
First, stop making excuses about why you're in debt. Don't blame the credit card companies or your parents. Put that energy into reducing your debt. (See "Solving money problems.")
http://articles.moneycentral.msn.com/SavingandDebt/ManageDebt/Your5MinuteGuideToManagingDebt.aspx
First, stop making excuses about why you're in debt. Don't blame the credit card companies or your parents. Put that energy into reducing your debt. (See "Solving money problems.")
http://articles.moneycentral.msn.com/SavingandDebt/ManageDebt/Your5MinuteGuideToManagingDebt.aspx
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