At one time, for reasons that are too long to explain here, I acquired my NJ Insurance License for Health and Life. As part of the course we had to learn what it is that keeps insurance companies in business particularly because we see large settlements paid out in the news and many of us know people that are insurance agents that make a fortune…or so we have been told.
The reason for this is the Law of Large Numbers. Yes, compulsory insurance like auto and medical are requiring everyone to pay a premium regardless of their risk. There are still far fewer claims that are paid than money collected. Insurance profits.
In high school, when I went on my senior trip to Florida, it was my first experience with this concept although I didn’t know that I was actually learning what should be a valuable lesson. I was told by my parents that they had exhausted their funds paying for my trip and that any money that I wanted to spend, I would have to supply for myself. I had nothing of value to sell, and at the time, no job. I did have a face full of facial hair (as high school males tend to get). I had no desire to go to the Florida sun with all this hair and the day before Florida was usually Senior Crazy Day. My craziness was to shave my face, but only half of it. Most people didn’t believe me and since I needed money, I tried to bet people $100 that I would go through with it.
Now, the fact that no single person would bet $100 was clear, but I could get 100 people to bet me a dollar. Although I never got to approach 100 people, I did get 30 people. There were 1600 people in my school and 30 of them paid me to do something that didn’t cost me a thing. That was less than 2% of the population. I didn’t even get the word out to most of them.
Today, we have access to a larger population and social media is the key. Marketers for major companies are exploiting this through ads on these sites. So, let’s think. What do I have? What can I do? What would be valuable enough so that someone would pay me a buck for something. If only one person in 100 would pay for something, then we need to find way more than 100. How many more people would I have to expose my value to, to make that 1% put me in the top 1%? It is a good question. Why isn’t it asked more often?
Law of Large Numbers in it’s simplest form–If you take a very small percentage from a very large number, you get another very large number.
Is it possible to teach an old dog new tricks? It is possible to make this concept pay? I’ll get back to you on that.
I remain employed by my current NJ public school and it never ceases to amaze me. When I had this blog hosted at WordPress.com, it was not accessible at school. Now that I have it hosted with SiteGround, I can post whatever I want.
The free version has limitations built into it. The free version is talked about at our conferences. The free version is a way for anyone to begin to build their writing skills by writing everyday. The free version is blocked.
One of the glaring problems with education today is its lack of connection to the real world. We are still talking about jobs and creating jobs and looking to recover manufacturing jobs instead of teaching students how to create value for themselves. Students create things all the time. Those creations are never seen to be valuable enough to be the vocation that will get them through life.
I have a rebellious streak in me. I have been using one essential question in my music production class. It is “How can I get the world to pay my bills?” This should be the question that everyone answers and not “what do I need to get into college?” That is a loaded question that presupposes that you should go to college. The cost today outweighs the benefit particularly because colleges never ask my essential question either.
I am participating in an action research project. If a person can create something of value, they should be able to market and sell it using available technologies. This should be taught and there is no better way to test it than through an old fart like me. Also, no one should have their own value determined by those around them. There are a lot more people in this world.
I may have wanted to click my heels together several times yesterday and uttered these words, but I knew that it would have been an exercise in frustration. I was already frustrated enough. I have gotten used to the way that the airlines have used their real time information and their connected devices to make sure that you are fully aware of what is going on with your transportation situation.
They were nice enough to tell me that although there was no problem with my initial flight, the connecting flight was already delayed. Then the initial flight was delayed. Then when I arrived at Las Vegas’ Macarron Airport, the 3:15 flight was listed as departing at 6:10. It eventually departed at 5:35, but not before changing to 4:15, then 4:35, then 4:55, then 5:05, then 5:10 and finally…uh…GATE CHANGE…run to the other side of the terminal and then board the plane.
It really makes you appreciate being home…no matter how cold it is.
Well, I am still a newbie. I am back to square one. I thought that I had migrated this blog over from WordPress.com, but, apparently not. I have lost all posts and content from the previous. I guess January 6, is a good day to realize this. So, a new beginning.
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