Golf Swing

Maximize Your Long-Term Salary Growth

If you're happy with your current salary, it would be easy to just sit back and enjoy it. But if you want to make sure your earnings keep rising over the long term, you need a strategy to protect against salary plateaus and unemployment.

Experts offer the following tips for maximizing your earnings over the course of your career.
* Watch industry trends carefully.

"If your professional area is vulnerable to economic shifts, don't cling to it just because it is familiar and comfortable," said Libby Pannwitt, principal of the Work Life Design Group, in San Carlos, California. Take a class or even get an advanced degree to arm yourself with skills that are more enduring.

For example, Marianne Adoradio, a recruiter and career counselor in Silicon Valley, said she sees otherwise excellent candidates for human resources positions who don't have global experience -- something that is a requirement for more and more positions. She advises people in the field -- even if they aren't currently job-hunting -- to make sure they're working on projects with a global component. If they aren't, they need to ask their boss how they can gain this experience.

* If you reach a salary plateau, understand the reason.

In many fields, people start out their careers with a succession of rapid salary increases. These increases taper off after a time, though, unless they enter management. Some companies have career paths for non-managers with highly specialized skills, so if you're not interested in management, you may want to pursue one of those.

If the problem is that your field of expertise is no longer in as much demand as it used to be, then you may need to look at a move to a related field.

* Make yourself marketable outside your company as well as inside.

"The most successful people develop themselves to add a lot of value to any company in the industry, not just their company alone," said Steve Levin, principal of Leading Change Consulting & Coaching, in Portola Valley, California. This will give you more leverage in internal negotiations -- and more options if you decide to leave your current company.

One tip for being marketable across an industry: Try to work for "name-brand companies," Adoradio said. Recruiters often prefer candidates who have worked for industry-leading companies. Having one on your resume will help your long-term career prospects.

* Consider multiple income streams.

Some people branch out from their main job to take on consulting work or teach a course in their field. This may help advance your primary career if the work helps you stay current or showcases your expertise. If your second job is in a different field, the second income will increase your earnings and help shield you from the downturns in your main industry.

* Don't focus too narrowly on money.

"Raises and promotions are given to people who generate trust and demonstrate competence to handle more complexity," Levin said. Focus on this, and the money will likely follow.

And remember that learning new skills in a job can be just as important as the money.

"When that learning stops, when that development stops, it's time to move," said Leslie G. Griffen, managing partner of Career Management Associates, in Overland Park, Kansas.

Five Practical Moves to Help You Outrun Inflation

by Jennifer Openshaw

Rising health-care and education costs have topped the headlines for years. We're getting used to paying more at the pump. But recent figures show rising prices hitting closer to home. Higher commodity costs are driving prices for food, clothing and other basic necessities.

Sure, we've gotten our breaks. Electronics have been getting cheaper for years. The China effect has held prices steady for lots of manufactured goods, including clothing. And the housing market -- well, you could say that housing is getting cheaper, but that only helps those lucky few in the market today.

Inflation happens slowly -- an increase here, and increase there, and suddenly your finances fall behind the curve. If you spend $50,000 a year excluding housing payments, a 4% annual inflation rate suggests your expenses will rise by some $2,000.

Your income may keep up, but it's hard to count on that. I say it's time to aim high -- to figure out how to save at least $1,000 this year. Not to pay down debt, put in savings or improve our lifestyles -- but to stay ahead of the inflation monster.

Five ways to save a grand:

The following five practical suggestions can save $1,000 apiece:

1. Don't "obey your thirst." At least, not all the time. The cost of beverages, in all forms, adds up. Wine, soda, beer, even bottled water are expensive at home, not to mention at restaurants. Order drinks with free refills, or drink ice water. At home, try a filtered water pitcher or learn to drink juices, especially from concentrate. One friend of mine quaffed two 12-packs of soda a week -- $12 or so considering redemption values -- and quit when his kids started to follow suit. He switched to lime juice with great success. Without much sacrifice, I think you can save $20 a week on beverages -- at home, at restaurants, or some combination of the two. I can hardly think of an easier way to save a grand.
2. Put your cars in "econo-drive." Energy prices send no clearer message than it's time to cut back on driving. Put differently: gas prices are part of the problem, but how much we drive is usually the other problem. Learn how to combine trips and think of alternatives to trips, like putting kids on school busses instead of driving them to school (which will train them to ride the bus too). Or challenge yourself and your family to make one day a week car-free. Save 2,000 miles a year -- which isn't so much for an average family driving 25,000-30,000 miles. I think the IRS reimbursement of 50.5 cents/mile is pretty close to actual cost, so that'll save the $1,000. And your cars will last longer.
3. Thrift-shop for those threads. According to the latest Bureau of Labor Statistics inflation report, overall apparel costs rose for the first time since 1998. What do you do? Naturally, buying fewer clothes and shopping for enduring value is part of it. But consignment and thrift shops are great places to get good stuff, even fancy designer names. Lately, consignment stores have acquired new stock as people turn their extras into a little cash. It's fun. A friend of mine checks out the consignment stores when she travels -- it gives her more to choose from and something to do.
4. Do you own work. That is, the housework, indoor or outdoor. Mow your own lawn and save maybe $40 to $60 a month. It's good exercise, too. Learn to paint walls or cut hair. I mean, don't get silly -- if you can't iron a shirt, don't iron shirts. If you can't reach the drain plug, don't change your oil. But I bet you can find at least a couple of things you can do yourself, and it's a satisfying feeling.
5. Suspend services you don't need. Seems obvious, but I bet you have a few you've forgotten about or are hanging on to for obscure just-in-case reasons. Still have that old dial-up account? How about the "premium" cable or satellite package? Or those "hot" domain names they keep asking you to renew. Do you really need them still? Could that pest control be done every other month instead of monthly?
Some perspective
The point isn't to turn into a miserable miser -- the point is to prepare for the inevitable. Good financial management implies always planning ahead.
And if today's inflationary monster turns out to be more growl than bite, or if your income keeps up with inflation on its own, so much the better. You'll have $1,000 extra to spend on something you want -- or to prepare for the next financial storm. Either way, it's a good thing.

Spring cleaning for gadgets

In addition to doing those other things you ought to take care of twice a year (like changing your toothbrush and replacing your furnace air filter), spring is a good time to clean your gadgets and computers to ensure they keep running well and looking good.

It doesn't have to take hours and hours. Here are some tips for cleaning your gear efficiently.
Blast it outAnything you can physically open (primarily your desktop PCs) should be cleared of dust. Unplug your computer, remove the case, and take it outside. Get a can of compressed air and blow out all the dust bunnies, paying special attention to any fans in the case. Use quick, short bursts to avoid condensation.

Cleaning your laptop is especially important, as laptops have far less room for airflow and can overheat if they aren't kept free from dust. Use the compressed air's straw attachment to blow out the laptop's vents. Use it on your keyboard as well, to keep crumb buildup to a minimum.
Shine it upI hate it when people touch my laptop screen or TV, because of the smudges their filthy fingerprints leave. Fingerprints can quickly turn from a mere annoyance to a permanent problem if they're left there for long, as the oils have an uncanny habit of setting in and eventually becoming impossible to remove. (Nothing will ruin your HDTV experience faster than a bunch of kids' handprints overlaying your video, forever.)

I've yet to find anything better than Purosol, which I've recommended in the past, for cleaning off LCD screens, but any store-bought LCD screen cleaner should work, as long as it's alcohol-free.

Don't forget to clean your camera displays and cell phone screen, too. Those touchscreens (like the iPhone's) can get especially nasty, riding around in your pocket all day.
Repair your mediaScratched CDs and DVDs can be mended. A variety of solutions are available on the market, but the cleaning-paste-and-towel method has always provided the best results for me.

Clean the surface of your CD with dish detergent and water. If scratches remain, use a commercial scratch repair kit that includes a thick paste that you rub into the media, and a microfiber cloth to wipe it clean.

I've never tried the motorized solutions that spin your disc around electronically while cleaning it, but users have reported mixed results on how well these really work. More expensive units seem to get better reviews, but maybe readers can offer feedback on their experiences with these devices in the comments below.

Mikhail Fridman Russian US$20.8B

Fridman spent his childhood in Ukrainian city of Lvov and studied at the Moscow Institute of Steel & Alloys in 1980s.

He founded Alfa Group in 1990s with college friends (and now fellow billionaires) German Khan and Alexei Kuzmichev; it's now a diverse conglomerate with oil, retail, telecom and banking interests.

Strong Kremlin connections include a former subordinate who now serves as a political adviser to Putin.

In 2003 he merged his oil company, TNK, with British oil giant BP, an achievement, considering that six years prior the two parties were fighting, with BP protesting his methods for taking over a partly BP-owned oilfield.

Now focusing on telecom; his Altimo Group has telecom holdings in Ukraine, Turkey, Russia and Uzbekistan.

In 2007 Fridman was declared unofficial winner of a protracted and multimillion-dollar legal battle over a stake in Russia's third-largest mobile carrier, Megafon

Prince Alwaleed Bin Talal Alsaud Saudi Arabia US$21B

The most active and successful investor in the Middle East took his investment vehicle, Kingdom Holding, public on the Saudi stock exchange in July 2007.

Kingdom Holding contains his investments in well-known companies such as Citigroup and News Corp., as well as Four Seasons Hotels and Fairmont Hotel management companies, among many others.

The share price of Kingdom Holding does not fully reflect the 45% drop in stock price of Citigroup, his largest investment, in 2007.

Alwaleed joined the Singapore government investment arm and several other investors in a $12.5 billion capital injection for Citigroup in January 2008; the size of his investment is undisclosed.

In the early 1990s, Alwaleed made a risky bet on Citigroup that paid off hugely; in recent years it accounted for nearly half his fortune.

Alexei Mordashov Russia US$21.2B

Son of mill worker parents, Mordashov studied economics in Leningrad in mid-1980s.

He was later named finance director of a steel mill. When the plant's elderly general director instructed him to buy up company shares so it would not fall into the hands of an outsider, Mordashov bought most of them himself. He became general director and built it into a conglomerate, acquiring automakers, coal companies, ports and transportation companies.

Today his Severstal is Russia’s third-largest steel company but is looking to get much bigger.

In a bid to expand internationally, Mordashov bought Rouge Industries of Dearborn, Mich., and Italian steel producer Lucchini, but in 2006 lost widely publicized battle for steel giant Arcelor to powerful rival and fellow billionaire Lakshmi Mittal.

In late 2007 he presided over the opening of a new mini-mill in Mississippi, in which he is the biggest investor.

One holding he cashed out of last year was Severstal-Auto.

Liliane Bettencourt France US$29.5B

Daughter of L'Oréal founder Eugene Schueller, a man who is said to have a checkered past, with wartime ties to the Nazi regime, Liliane is the world’s richest woman, thanks to her controlling stake in the cosmetics giant. She has held the stock for more than four decades.

She became a widow last November when her 88-year-old husband, Andre Bettencourt died.

Her Bettencourt Schueller Foundation supports medical, cultural and humanitarian endeavors in France and developing countries.

Theo Albrecht Germany US$23B

After World War II, Theo and his older brother, Karl, transformed their mother's corner grocery store into discount supermarket giant Aldi, which now has more than 8,000 stores and $67 billion in sales. They eventually split ownership and management of the group into North and South regions.

Theo still manages Aldi's less profitable northern chain with the help of his two sons.

In the U.S. he owns discount gourmet food retailer Trader Joe's as well as a stake in Supervalu Inc.

He has shunned the limelight for decades, after having been kidnapped for 17 days in 1971.

Little is known about him, though rumor has it that he is very thrifty, collects old typewriters and loves to golf.

Roman Abramovich Russia US$23.5B

Orphaned as a child, Abramovich dropped out of college, then made a fortune in a series of controversial oil export deals in early 1990s.

His fortune took off in 1995 when he teamed up with Boris Berezovsky (now also a billionaire) to take over oil giant Sibneft at a fraction of its market value. (When Berezovsky fled Russia in 2000 to escape fraud charges, he sold out to Abramovich.)

In 2003 to 2004 he sold stake in Russian Aluminum to fellow billionaire Oleg Deripaska, who is now ranked ninth in the world.

In 2005 Abramovich liquidated his biggest asset, selling 72.6% stake in Sibneft to gas titan Gazprom for $13 billion.

In 2006 he bought stake in the country's largest steelmaker, Evraz Group, and, early in 2008, a piece of Highland Gold, a U.K. mining company with operations in Russia.

He also spent some of his cash buying U.K. soccer club, Chelsea.

He recently finalized divorce from the mother of his five children, Irina, but largely stays out of public eye, except for occasional spottings with rumored girlfriend Daria Zhukova.

Lawrence Ellison US US$25B

Oracle titan reshaping the software industry via acquisition; has purchased 21 companies for more than $19 billion since the beginning of 2006.

Forging into retail, business intelligence software; determined to squeeze out German rival SAP.
Biggest challenge: making the myriad applications work together for the release of Oracle Fusion later this year.

Chicago-bred tech tycoon studied physics at U. of Chicago; didn't graduate.

Started Oracle in 1977. Took public in 1986, a day before Microsoft. Companies have been fiercely competitive since.

Side bet: invested $125 million in Web software outfit NetSuite.

Still yearning to win yachting's most prestigious trophy, the America's Cup. Lost last year to Luna Rossi.

Also owns 453-foot Rising Sun; building a smaller leisure boat because mega-yacht is hard to park.

Bernard Arnault France US$25.5B

Arnault put up $15 million from his family's midsize construction company to buy Christian Dior in 1985.

Since then he has built the world's largest luxury goods empire, LVMH Moët Hennessy Louis Vuitton, whose brands include Dom Perignon, Fendi and Tag Heuer.

LVMH, which he still heads, acquired premier French financial daily Les Echos from the Pearson Group last December.

Son Antoine, 28, and daughter Delphine, 32, sit on LVMH’s board.

Arnault has also set up an investment fund with his good friend and fellow billionaire, Albert Frere, in 2006; the pair own two wineries together.

Via his investment arm, Groupe Arnault, owns French tour operator Go Voyages and a stake in French retail chain Carrefour.

Arnault often spends New Year's Eve in his four-star hotel, Le Cheval Blanc, in ski resort Courchevel, France.

He is also said to be a skilled pianist.

Sheldon Adelson US US$26B

Cabdriver's son borrowed $200 from uncle to sell newspapers at age 12.

Studied voice in teens, later dropped out of City College in New York City to become court reporter.

Made first fortune in trade shows.

Created computer industry's marquee event, Comdex, in mid-1980s; sold show to Japan's Softbank for $862 million in 1995.

Then Vegas: bought Sands Hotel & Casino for $128 million, demolished it to build the $1.5 billion all-suites Venetian Resort Hotel Casino and the 1.2-million-square-foot Sands Convention Center.

Changed the way casinos do business by enticing conventioneers to Sin City midweek, taking emphasis off gambling. Sold suites for $250 a night, added high-end retailers, celebrity-chef restaurants.

Took Las Vegas Sands public in December 2004.

Li Ka-shing HK US$26.5B

Once a poor immigrant, Li got his start selling plastic flowers in Hong Kong in the 1950s.

Now Hong Kong's richest person.

His fortune is centered on conglomerates Cheung Kong and Hutchison Whampoa. Through them, he is the world's largest operator of container terminals, world's largest health and beauty retailer, a major supplier of electricity to Hong Kong and a real estate developer. Hutchison Essar sold its stake in an Indian mobile business for $11 billion in 2007; the group still has other telecom interests.

Li also has a $12 billion stake in Canadian oil company Husky Energy.

He has announced plans to donate one-third of wealth over time.

Eldest son Victor helps him run his massive empire; son Richard struck out on his own in early 1990s and is a billionaire in his own right

Karl Albrecht Germany US$27B

Germany's richest man.

After World War II, Karl and his younger brother, Theo, developed their mother's corner grocery store into discount supermarket giant Aldi, which now has more than 8,000 stores and $67 billion in sales. They eventually split ownership and management of the chain into North and South regions.

Now retired, Karl used to manage more profitable southern half of Aldi's business in Germany.

Fiercely private: little known about him other than that he apparently raises orchids and plays golf.

Oleg Deripaska Russia US$28B

Former metals trader survived the gangster wars in the post-Soviet aluminum industry.

His holding company, Basic Element, now owns Russian Aluminum (UC Rusal), automobile manufacturer GAZ, aircraft manufacturer Aviacor and insurance company Ingosstrakh.

In 2006 Rusal, SUAL and Glencore International, of Switzerland, merged their aluminum assets into the United Company Rusal, the world's largest aluminum producer.

Married to a relative of Boris Yeltsin, Deripaska has been busy expanding UC Rusal's activities in Russia and abroad, moving it into aluminum production in Nigeria and China.

To integrate vertically, he has signed agreements to produce coal in Kazakhstan and invest in a nuclear power plant in eastern Russia.

Attempting to get a stake in Norilsk Nickel, which co-owner (and fellow billionaire) Vladimir Potanin is fighting.

KP Singh India US$30B

Singh is now the world's richest real estate baron after listing his real estate development company DLF in 2007. The offering helped triple his fortune to $30 billion this year, up from $10 billion.

A former army officer, known as K.P., he joined his father-in-law's Delhi Land & Finance in 1961.

Singh later built DLF City in Gurgaon, his showpiece township on the outskirts of Delhi, by acquiring land from farmers. Over time, he transformed it into one of India's biggest real estate developers.

Group plans to raise another $1.5 billion by listing a subsidiary in Singapore.

A keen golfer, he now leaves son Rajiv, daughter Pia to run operations.

Ingvar Kamprad & Family Sweden US$31B

Peddled matches, fish, pens, Christmas cards and other items by bicycle as a teenager.
Started selling furniture in 1947.

Now, his company Ikea, which sells hip designs for the cost-conscious, is one of the most beloved retailers in the world, with an almost cultlike following.

Ikea now has stores in 40 countries, from Sunrise, Fla., to Guangzhou in China.

As egalitarian as his brand, Kamprad avoids wearing suits, flies economy class and frequents cheap restaurants.

Has been quoted as saying that his luxuries are the occasional nice cravat and Swedish fish roe.
Says his home is furnished mostly with his own Ikea products.

Last May was awarded the Global Economy Prize by the University of Kiel for his contributions to society.

Anil Ambani India US$42B

The year's biggest gainer, Anil Ambani, is up $23.8 billion in the past year and is closing gap with estranged brother, Mukesh, who ranks one spot ahead of him in the world at No. 5.

The sons inherited their fortune from their late father, renowned industrialist Dhirubhai Ambani. But they couldn't get along, and in 2005 their mother brokered a peace settlement breaking up the family's assets.

A marathon runner, his biggest asset is his 65% stake in telecom venture Reliance Communications.

He recently raised $3 billion from the highly anticipated initial offering of his Reliance Power, the biggest in India's history. Despite the hype, the stock tumbled 17% immediately after its February listing. In a bid to appease investors, company's board recently approved the issue of bonus shares.

Still feuding with brother Mukesh: battling him in court over a gas-supply agreement.

Mukesh Ambani India US$43B

Asia's richest resident heads petrochemicals giant Reliance Industries, India's most valuable company by market cap.

His fortune is up $22.9 billion since last year, making him the world's second-biggest gainer in terms of dollars. The biggest gainer was his estranged brother Anil, who ranks sixth in the world, just behind his older brother.

The sons inherited their fortune from their late father, renowned industrialist Dhirubhai Ambani. But they couldn't get along, and in 2005 their mother brokered a peace settlement breaking up the family's assets.

Mukesh is using some of his money to build a 27-story home.

Lakshmi Mittal India US$45B

Heads world's largest steelmaker, $105 billion (sales) ArcelorMittal, which accounts for 10% of all crude steel production.

Just delivered 580 tons to be used in construction of the World Trade Center memorial in New York.

With 44% stake, is the company's largest shareholder. Longtime resident of London is Europe's richest resident.

Bill Gates III United States US$58B

Harvard dropout and Microsoft visionary no longer the world's richest man.

Blame Yahoo!: Microsoft shares have fallen 15% since the company boldly attempted to merge with the search engine giant to better fight Google for Internet dominance.

Gates is preparing to give up day-to-day involvement in the company he co-founded 33 years ago to spend more time focused on his philanthropic endeavors.

Bill & Melinda Gates Foundation has $38.7 billion in assets, donates to causes aimed at bringing financial tools to the poor, speeding up the development of vaccines (for AIDS, malaria, tuberculosis), bettering America's lagging high schools.

Sells 20 million Microsoft shares every quarter, proceeds going to private investment vehicle Cascade; more than half of net worth now outside of Microsoft.

Company spent $6 billion to land Web ad company Aquantive last May.

Would-be rival to Apple's iPod, the Zune, not yet a hit.

Believes Microsoft's far-flung bets, including 10-year affair with Internet-based television, may soon pay off; says next 10 years will be the "most interesting" in software history.

Helú Slim & Family MEX US$60B

Second-richest man in the world this year; even richer than Microsoft's Bill Gates, at least for now, thanks to strong Mexican equities market and the performance of his wireless telephone company, America Movil.

The son of a Lebanese immigrant, Slim made his first fortune in 1990 when he bought fixed-line operator Telefonos de Mexico (Telmex) in a privatization.

In December, America Movil struck a deal with Yahoo! to provide mobile Web services to 16 countries in Latin America and the Caribbean.

A widower and father of six, Slim is a baseball fan and art collector. He keeps his art collection in Mexico City's Museo Soumaya, which he named after his late wife.

In recent years, he has donated close to $7 billion worth of cash and stock to fund education and health projects, and to the revitalization of Mexico City's downtown historical district.

Warren Buffett United States US$62B

America's most beloved investor is now the world's richest man.

Soared past friend and bridge partner Bill Gates as shares of Berkshire Hathaway climbed 25% since the middle of last July.

Son of Nebraska politician delivered newspapers as a boy.

Filed first tax return at age 13, claiming $35 deduction for bicycle.

Studied under value investing guru Benjamin Graham at Columbia.

Took over textile firm Berkshire Hathaway in 1965.

Today holding company invested in insurance (GEICO, General Re), jewelry (Borsheim's), utilities (MidAmerican Energy Holdings), food (Dairy Queen, See's Candies).

Also has noncontrolling stakes in Anheuser-Busch, Coca-Cola, Wells Fargo.

Insurance operations flourished in 2007. "That party is over. It's a certainty that insurance-industry profit margins, including ours, will fall significantly in 2008."

The Oracle of Omaha issued a challenge to members of The Forbes 400 in October; said he would donate $1 million to charity if the collective group of richest Americans would admit they pay less taxes, as a percentage of income, than their secretaries.

Had long promised to give away his fortune posthumously.

Irrevocably earmarked the majority of his Berkshire shares to charity in 2006, mostly to the Bill & Melinda Gates Foundation. Gift was valued at $31 billion on day of announcement; donation will far exceed that sum so long as Berkshire shares continue to rise.

Frozen Grand Central

Are You Born to Be a Billionaire?

by Maureen Farrell, Forbes.com

Empire builders like Bill Gates and Sam Walton aren't just great businessmen. They are bona fide revolutionaries.

Self-made billionaires don't dominate industries--they transform them and spawn new ones. That takes more than intelligence, courage and luck. It takes divine-like vision.

Billionaire entrepreneurs are "not working within the confines of the current market," says Gerald Kraines, chief executive of the Levinson Institute, a business consulting firm in Jaffey, N.H. "They're anticipating things much further afield. You have to see spaces that no one else sees."

The world's self-made billionaires certainly have vision in spades, spanning everything from how computers work to how people shop. But the ability to see around corners isn't the only quality that separates the very accomplished from the stratospherically wealthy. To crack the $1 billion barrier, you need total, unwavering belief in your vision--and an immutable will to pull it off.

"[Billionaire entrepreneurs] need a deep passion and a point of view about the future," says Peter Skarzynski, chief executive of Strategos, a Chicago-based consulting firm that advises global companies, including Nokia and Whirlpool. "They fundamentally believe that they have a better way to solve a set of problems than how they're being solved now."

Billionaires also have a seemingly ravenous appetite for risk. It's hard enough for many of us to muster the courage to abandon our cubicles and start a small company, let alone build an empire. And while the risks pile up as businesses expand, billionaires have a confidence bordering on arrogance that checks their fear and doubt, says Skarzynski.

Are you a born billionaire? Before you tackle a serious growth strategy and all its attendant hassles, ask yourself some hard questions at the outset, says executive psychologist Debra Condren, who has worked with big names like 3M, Chevron and Hewlett-Packard.

The most important one: Why go big at all? Are you looking to cash out in a sale? Enamored of the thought of having your own stock ticker? Suffused with competitive desire? Whatever your reason, get a grip on it before you decide to kick your zealous pursuits into high gear.

Next, ask yourself if you are willing to make tough decisions for the growth of your company. If you have an intense loyalty to the small group who helped get things off the ground, understand that those folks may not be able to come along for the ride. If you're not comfortable supplanting (or firing) them, stay small.

For entrepreneurs who prize their independence, ask yourselves how much of it you're willing to give up. As the demands mount, both your schedule and decisions become less your own; worse, you may have investors and board members to appease.

"It becomes very hard for company founders to accept that they are no longer the real boss," says Carl Robinson, a psychologist who works primarily with growing, middle-market companies.

Like holding forth in public? You'd better, because companies of any significant size need a public face. Entrepreneurs who thrive on public performances--weekly meetings, shareholder gripe sessions, even television interviews--have an easier time than those who shun the spotlight.

"You need to have the ability to fill a room and inspire people," says Condren. If public speaking isn't your forté, but you're still hankering to grow, find a confident substitute who can sell your story.

Not only do you have to be able to communicate, you need a knack for building consensus. In most cases, the bigger your business, the more input you need from those around you--and that means being willing and able to marshal them to your cause. Have a my-way-or-the-highway mentality? Can your growth plans.

In the end, chasing billionaire status--and not crashing along the way--is as much about knowing who you are as it is about knowing how to nab new customers or manage inventory. Who knows? Maybe a modest $100 million might be a better fit.

Paul Potts

Happy Leap Day! (Unless You're in Debt)

This being February 29 — Leap Day — today is costing you an extra day's interest if you're repaying a debt. On the bright side, it's earning you a tiny bit more on your bank deposits.
Whom do we have to thank — or curse — for this extra day every four years? Julius Caesar and his lover, Cleopatra.

In 48 B.C., Julius Caesar was in Alexandria, Egypt, absorbing the culture and science — and decadence — of Cleopatra's capital. There he learned from an old sage named Acoreus about Egypt's calendar, which had a leap year.

At the time, the Roman calendar did not. Like most ancient calendars, it was based on the phases of the moon, which in one cycle takes about 29.5 days. But 12 months of 29.5 days doesn't equal the true length of the year as measured by the orbit of the Earth around the sun. It's off by 11 days, so anniversaries, holidays, and entire seasons to drift backward on lunar calendars.

The ancient Egyptians had realized this and created a calendar 365 1/4 days long — with the fraction averaged in by adding an extra day every four years.
When Caesar returned to Rome, he created a 365-day calendar with a quadrennial leap year, adding the extra day in February.

A minor hassle for some, perhaps, but certainly better than the alternative faced by the Romans. Back in 45 B.C., for instance, their lunar calendar had drifted backward by 80 days — nearly three months. Spring had become winter, and autumn came in the summer months.

To correct this, Caesar decreed that 45 B.C. would be 445 days long. Think about the extra interest on 80 extra days! No wonder they called it "The Year of Confusion."