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Millions of college students are so terrified of loans they’re turning to ‘Sugar Daddies’ for help paying for school
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Millions of college students are so terrified of loans they’re turning to ‘Sugar Daddies’ for help paying for school

  • A growing number of students are turning to dating sites to find Sugar Daddies and Mommas for help with college costs.
  • Christina, a 29-year-old Sugar Baby and MBA student living in Las Vegas, talked to Business Insider about her experience.
  • She’s received over $90,000 for education-related costs, but says the stigma is the hardest part about being a Sugar Baby.

The student debt crisis in the US has gotten so bad, there’s a growing group of young women – and some men – who are taking an unconventional approach to paying for college.

Through dating websites like SeekingArrangement.com , Sugar Babies, as they’re called, partner up with wealthy, often older, men who want to spend money on them.
Some 2.5 million Sugar Babies identified as students in 2016 on SeekingArrangement.com. Many of these Sugar Babies turned to the site to find someone who will pay for their education so they can graduate debt, and worry, free.

In exchange, Sugar Babies go to dinners, attend events, or accompany their Sugar Daddy, or daddies, on trips. In some cases, they provide companionship or foster a mentor-mentee relationship. In other situations, the terms of the agreement include physical intimacy.

Welcome to Sugar Baby University
SeekingArrangement.com was founded by MIT graduate Brandon Wade in 2006 and now counts 10 million members worldwide, making it the biggest Sugar Baby and Sugar Daddy dating site on the web.

A couple years ago, the site noticed an uptick in the number of members signing up with a university email address, Alexis Germany, a spokesperson for SeekingArrangement.com, told Business Insider. It decided to launch a marketing campaign – dubbed Sugar Baby University – targeting indebted college students and young people who are interested in college but afraid of taking on massive loans.

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Introduction to Accounting – Definition, Meaning

over the centuries, accounting has remained confined to the financial record-keeping
functions of the accountant. But, today’s rapidly changing business environment has forced the accountants to reassess their roles and functions both within the organisation and the society. The role of an accountant has now shifted from that of a mere recorder of transactions to that of the member providing relevant information to the decision-making team. Broadly speaking, accounting today is much more than just bookkeeping and the preparation of financial reports. Accountants are now capable of working in exciting
new growth areas such as: forensic accounting (solving crimes such as computer hacking and the theft of large amounts of money on the internet); ecommerce (designing web-based payment system); financial planning, environmental accounting, etc. This realisation came due to the fact that accounting is capable of providing the kind of information that managers and other interested persons need in order to make better decisions. This aspect of
accounting gradually assumed so much importance that it has now been raised to the level of an information system. As an information system, it collects data and communicates economic information about the organisation to a wide variety of users whose decisions and actions are related to its performance. This introductory chapter therefore, deals with the nature, need and scope of accounting in this context

Meaning of Accounting

In 1941, The American Institute of Certified Public Accountants (AICPA) had defined accounting as the art of recording, classifying, and summarising in a significant manner and in terms of money, transactions and events which are, in part at least, of financial character, and interpreting the results thereof’. With greater economic development resulting in changing role of accounting, its scope, became broader. In 1966, the American Accounting Association (AAA) defined accounting as ‘the process of identifying, measuring and communicating economic information to permit informed judgments and decisions by users of information’.

In 1970, the Accounting Principles Board of AICPA also emphasised that the function of accounting is to provide quantitative information, primarily financial in nature, about economic entities, that is intended to be useful in
making economic decisions. Accounting can therefore be defined as the process of identifying, measuring, recording and communicating the required information relating to the economic events of an organisation to the interested users of such

information. In order to appreciate the exact nature of accounting, we must
understand the following relevant aspects of the definition:
• Economic Events
• Identification, Measurement, Recording and Communication
• Organisation
• Interested Users of Information

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Top 10 Quotes for Thinking, Fast & Slow – I promises Never Forget

Top 10 Quotes for Thinking, Fast & Slow – I promises Never Forget

  1. “A reliable way to make people believe in falsehoods is frequent repetition, because familiarity is not easily distinguished from truth. Authoritarian institutions and marketers have always known this fact.”
  2. “Nothing in life is as important as you think it is, while you are thinking about it”
  3. “Our comforting conviction that the world makes sense rests on a secure foundation: our almost unlimited ability to ignore our ignorance.”
  4. “The psychologist, Paul Rozin, an expert on disgust, observed that a single cockroach will completely wreck the appeal of a bowl of cherries, but a cherry will do nothing at all for a bowl of cockroaches.”
  5. “Intelligence is not only the ability to reason; it is also the ability to find relevant material in memory and to deploy attention when needed.”
  6. “The idea that the future is unpredictable is undermined every day by the ease with which the past is explained.”
  7. “If you care about being thought credible and intelligent, do not use complex language where simpler language will do.”
  8. “I have always believed that scientific research is another domain where a form of optimism is essential to success: I have yet to meet a successful scientist who lacks the ability to exaggerate the importance of what he or she is doing, and I believe that someone who lacks a delusional sense of significance will wilt in the face of repeated experiences of multiple small failures and rare successes, the fate of most researchers.”
  9. “A general “law of least effort” applies to cognitive as well as physical
    exertion. The law asserts that if there are several ways of achieving the
    same goal, people will eventually gravitate to the least demanding course
    of action. In the economy of action, effort is a cost, and the acquisition of
    skill is driven by the balance of benefits and costs. Laziness is built deep into our nature.”
  10. “Odd as it may seem, I am my remembering self, and the experiencing self, who does my living, is like a stranger to me.”

 

 

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Thinking, Fast and Slow – The Best selling book published in 2011

Thinking, Fast and Slow is a best-selling book published in 2011 by Nobel Memorial Prize in Economics laureate Daniel Kahneman. It was the 2012 winner of the National Academies Communication Award for best creative work that helps the public understanding of topics in behavioral science, engineering and medicine.

The book summarizes research that Kahneman conducted over decades, often in collaboration with Amos Tversky It covers all three phases of his career: his early days working on cognitive biases, his work on prospect theory, and his later work on happiness.

The central thesis is a dichotomy between two modes of thought: “System 1” is fast, instinctive and emotional; “System 2” is slower, more deliberative, and more logical. The book delineates cognitive biases associated with each type of thinking, starting with Kahneman’s own research on loss aversion. From framing choices to people’s tendency to replace a difficult question with one which is easy to answer, the book highlights several decades of academic research to suggest that people place too much confidence in human judgement.

Kahneman developed prospect theory, the basis for his Nobel prize, to account for experimental errors he noticed in Daniel Bernoulli’s traditional utility theory. According to Kahneman, Utility Theory makes logical assumptions of economic rationality that do not reflect people’s actual choices, and does not take into account cognitive biases.

One example is that people are loss-averse: they are more likely to act to avert a loss than to achieve a gain. Another example is that the value people place on a change in probability (e.g., of winning something) depends on the reference point: people appear to place greater value on a change from 0% to 10% (going from impossibility to possibility) than from, say, 45% to 55%, and they place the greatest value of all on a change from 90% to 100% (going from possibility to certainty). This occurs despite the fact that under traditional utility theory all three changes give the same increase in utility. Consistent with loss-aversion, the order of the first and third of those is reversed when the event is presented as losing rather than winning something: there, the greatest value is placed on eliminating the probability of a loss to 0.

In 2012, the American Economic Association’s Journal of Economic Literature published a review of Thinking Fast and Slow. A thorough discussion of Kahneman’s take on prospect theory, as well as an analysis of the four fundamental factors that it rests on, can be seen on pages

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Educational ramifications for expats in China: Students and families suffer

The Indian expats living in China have shifted to the country at will on getting offers to join the global bandwagon and live better lives as a result. Many would have hardly thought deeply about the ramifications that would surface owing to the decision to leave their motherland for bliss in a distant land. Studies have shown that with time, the greatest sufferers of such steps are none other than the children of the expats themselves. Interestingly it has been seen that the most trouble pertaining to the children is faced owing to their education in China.

Why does education suffer?

The cultural and language barrier that exists between the Chinese and Indian individuals makes the situation worse to the least. While the Chinese prefer to follow Chinese in schools, Indians on the other hand prefer English which is in fact shunned by the Chinese. This ambiguous problem leads the Indians to search for English medium schools which are a rarity in China. The problem worsens when the handful available schools that follow western world curriculum charge astronomical amounts for simple schooling. Such schools are known to charge in excess of Rs 20 lakhs for a single year of schooling which indeed is a tad too costly for any Indian professional living in china. Hence the education dilemma initiates from this point.

Stay and pay or go back home?

The expats are left with no other alternatives but to choose any one among the two available options while keeping their jobs. Either they must put their wards into schools that charge astronomically high sums or opt to leave their children back at home in India tended to and nurtured by relatives. The first option is viable for only highly paid professionals who can afford the costs of education. They must keep on paying whatever the economic consequences are. On the other hand, leaving children back at home is far better economically as it saves lakhs but comes at a heavy price. There is no other pain as great as living without one’s own children and yet they have to do that and stay away from them for long periods of time.

Families torn apart

The decision to keep children thousands of miles away at the care of some relative is not at all satisfactory or pleasing for any individual. The pain and anguish of separation can seldom be felt by outsiders. It often happens that just for the sake of her child’s education, a mother needs to stay away from him for months at a stretch. This is very pathetic and inhumane to say the least but the great divide is forcing them to adapt in such a manner.

The probable solution

The only Indian-run school happens to be situated in Guangzhou that offers affordable international education. Years ago another school used to be there but it was closed down in the 70s owing to the Cultural Revolution. Since then the ever increasing Indian expat community dwelling in China is reeling under the dearth of affordable schools for their kids. The Indian embassy needs to act and think fast in order to end the crisis and save the Indian families from bearing the ordeal and trauma of living separately in lands divided by an international border.

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Is the brain drain cycle starting to run reverse?

If statistics are to be believed, the recent trends that are being reflected in the field of science in India speak something positive at last much to relief of the nation’s well wishers. The brain drain phenomenon that has been eroding the nation off its valuable intelligentsia for the past many decades is finally displaying signs of reversal in the past few years. Even though the phenomenon is off to modest start yet optimists are forced into hoping the auguring signs to be the harbingers of a new beginning.

Why and how did brain drain cripple India?

India has been drained and eroded off its finest intellectuals to the more developed nations of the world where they ventured forth in order to quench their thirst for discovering and attaining academic excellence. The major role played behind the phenomenon was the huge abyss that lay between the research and application facilities between the developed nations and India. The emigration of resident Indians stunted India’s academic and developmental growth in many dimensions. The nation lost credibility and stature in the global scenario owing to its helplessness as other nations cherished the fact that what India lost was nothing but their gain in the long run.

What is reversal of brain drain?

A new phenomenon that is being observed among many non resident Indian intellectuals is the urge to return to their homeland and work for the nation’s benefit. The brains that had previously chosen foreign nations to settle and work towards the realization of their dreams are finally answering the call of their motherland. The hope lies in the proven fact that such drives are often contagious in nature and hence even a small trickle can trigger even greater numbers to follow suit in the near future. This reversal of brain drain back to their roots, the land of their origins, will surely help India to gain its lost status in the global platform.

The reasons behind the phenomenon

The influx of intelligentsia to their homeland has been possible due to the coalescence of multiple factors that are alluring and driving them towards their ancestral roots. The primary reason behind the phenomenon is the development of infrastructure in India. The state of affairs in higher education and learning is not the same as before when they left India for greener pastures. Indian government now provides state of the art infrastructure and facilities for different research and development processes. Allocation for education and research in the union budget has increased manifold in the past years. Globalization too has played a part as the income of the average Indian has increased, thus increasing the national GDP. Moreover presently India is home to almost every possible MNC of repute which have made the entire Indian market lucrative for all. Lastly, the urge to work for one’s homeland has played a significant role and driven them to play a decisive role in the nation’s resurgence.

What the future beholds

In the near future India can definitely expect to see an increased number of emigrated intelligentsia returning to their homeland. More the rise in numbers, the more will the nation gain in return. The reversal of brain drain will help an earlier deprived nation to emerge as one of the flourishing among the global best owing to the same individuals who once had deserted it. The entire nation wants to welcome them back and help the resurgence of the nation from a developing to a developed nation.

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Is ‘study abroad’ worth the hype?

Over the past few years, India has managed to make a name for itself as a centre of excellence when it comes to education. The presence of institutions like IITs, IIMs and AIIMS, and the exceptionally outstanding performances that their students have exhibited, clearly indicates the high level and standard of education in our country. The Indian education system has given birth to a number of great leaders like Madan Mohan Malviya, Rabindranath Tagore, Pandit Jawaharlal Nehru and many more. Many prodigious scientists like Dr. C.V Raman, Aryabhatta II, A.P.J Abdul Kalam and numerous others have also learned their art from the Indian education system. The strong, resilient and robust education system of our country holds the potential to turn a Slumdog into a millionaire.

‘To be educated is to learn, unlearn and re-learn every day’. The methods, methodologies, techniques and processes involved in the education field in India change with the ever changing dynamic world to suit the needs of the students.

There is no denying the fact that the grass always appears greener on the other side and therefore even after having the best of the educational institutions with knowledgeable professors and dynamic learning environment, youngsters today want to leave their country and go abroad to study. Studying abroad has become a fashion/style statement and has thus gathered a lot of hype over the past decade or so. Today, it comes as a stereotype thought to eight out of ten people to go aboard and pursue their education.

Following are some of the major factors that one must consider before making up his/her mind to study abroad:-

  • Amount of capital involved– The education in aboard is definitely much more expensive than in India. Therefore it is not always possible that one gets his/her ROI (Return on Investments) after completing the course.
  • Fake universities – It comes as ‘no new NEWS’ to us that a number of universities turn out to be fake. The aim of such muggers is to grab hold of your money by exhibiting an excellent campus and placement records on their fake websites.
  • Brain drain – Once anyone decides to pursue studies from abroad, then there is a little or no chance of their brains serving their own country. This adds to the already existing ache of brain drain.
  • Overhyped concept– Studying oversees is nothing more than an overhyped concept today. It indeed has become a status symbol instead of an intellectual decision.

Apart from the aforesaid reasons, there are many other reasons also that help us conclude that studying aboard is not worth the hype. Therefore the onus to decide our future and the future of our country lies on our own shoulders. Instead of being allured by the western culture and education, we must try and understand that ‘Education is not about filling the pain but about lightening the fire’. So let’s bring heat to the fire of invention, improvement and innovation in our intentions and stay in our country in order to make it a better place to live

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Are the IIMs overhyped? is neccesserly?

In that era of education where an MBA has become a rage among young graduates, the IIMs seem to be the mecca of business education. The brand value of IIMs comes from the fact that they are public institutions and moreover world class organisations for business studies.

The IIMs mainly the ABC’s are actually overhyped. Other IIMs like Rohtak, Ranchi, Kashipur, Udaipur, Shillong are comparably underrated than their more famous campuses.

But from where does this tag of being overhyped come from? The overrating factor comes only from within India. When we look through the web of colleges in India the crème de la crème comes out to be just a handful of colleges. In a country where top quality institutes are a rarity, the IIMs provide the best chance for an individual to get quality education at a fraction of cost as in the west.

When these institutes are compared to B-schools across the world they come out to be just above average. In the world rankings the IIMs barely come in the top 50 colleges in their disciplines. When the placements are seen under the light of the Indian media, they are greatly overhyped.

In one view we can say that these ‘best’ of our institutes are not good enough to feature in the global top hundred list. Whereas if we look upon a narrower view it is a fairly established fact that the IIMs are in general unmatched and  unparalleled in comparison to other institutes in the country that offer similar courses. This coupled with tuition fees that are much lower compared to that of the top US universities make IIMs much more affordable and lucrative for a typical Indian student. It is the typical Indian setting that makes the IIMs appear over-hyped and over-rated.

The ones who seem to have really done well because of the IIMs are the coaching institutions, whose claims are mind boggling and they get a good joy ride out of the fact that the IIMs remain over hyped among the Indian youth. Regardless of the excellence of the Institute, how many of the IIM’s have contributed to the growth and innovation of the country or worked for rural development on which they write huge thesis and host number of conferences. There is no denying the fact that they are premier institutes across the country but falling into the influence and hype trap won’t be too wise.

The IIMs have twisted the entire concept of management tutoring in India and placements have been made most important spotlight to sell and create the brand. This unquestionably is not the purpose of any institute, much less a public owned institute.

Over-hyping the IIM brand enhances its unattainable stature. It should not be advertised in the light of being a very difficult target to achieve! The IIMs are certainly overhyped in our country where good placements are considered over the top and a college with full fledged infrastructure is scaled as something equal to the western standards; something which makes the IIMs vastly over-hyped!

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Introducing theme based training for Kindergarten kids

Kindergarten days are the first days of learning and making discoveries. Your child experiences the world of schooling for the very first time! Kindergarten is not about homework and assignments; it is more about making a child drawn towards the idea of learning by making it more fun and exciting. Imagine classrooms where children can learn without the bars of conventional learning techniques. Theme based learning makes this a reality!

For little students the major concern is regarding increasing their vocabulary, making them more comprehensive and cooperative in studies. The process of learning should altogether appeal to the kids who are being taught. Theme based training at kindergarten level makes it very entertaining and educative at the same time. From themes based on jungle animals, colours, vegetables and fruits, seasons and many more; there are numerous ideas to add excitement to your classroom! Making your class more of a fun game than a boring studying destination will increase the interest of kids tenfold! Kindergarten children should be made to work in teams on various interesting topics. Setting them to work according to a specified theme makes their lessons appear fresh and more interesting.

Children are easily distracted and thus they need a kind of study curriculum which holds back their attention for a long period of time. Theme based training divides ideas as per the interest of the kids. Child-friendly themes such as information about space, modes of transportation, healthy habits etc provides a very meaningful base of learning to the small ones and also apprises them of some very basic ideas of learning. Kids are at their best when they are fully engrossed in their learning; and theme based training method makes it very easy to keep your kids ‘glued’ to learning.

The studying pattern can be divided and adjusted according to several themes provided to the students after short spans of time. Every new theme will leave the children enthusiastic and excited about their new learning voyage. Questioning, discussing and conducting small games and quizzes makes the class even more enjoyable.

Along with the basic knowledge and written & oral forms of learning, there can also be a room for projects, theme-related songs and other creative exercises. Children tend to feel more drawn towards the more creative ways of teaching. Theme based training can easily be taught with the help of small group activities and projects. Kids can be asked to prepare small poems and songs to present on a given theme. This will fulfil two purposes at the same time- learning and enjoyment!

There can be a number of learning programs based upon Theme-based learning. It really helps in building grammar and enhancing reading abilities in kids. Free play and mutual learning will make them more comfortable with their learning environment. Theme based learning is a magical combination of activities specially designed to promote curiosity and learning among children.

Let them discover some great pieces of knowledge on their own. It is their questions and doubts that will make them learn faster and better. So say yes to theme based kindergarten classes!

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New Government initiatives to give boost to education in India

Witnessing a great revolution in the education system in the past few decades, the government of India has taken a number of initiatives to boost education in India. The development in the terms of education has been strived to be balanced in terms of regional growth along with maintaining the level of education as widely acceptable. A number of new institutes of education have been sanctioned under the government lately; most of which are concerned with imparting education at higher levels.

Primary education too has been taken care of by the government. A number of government initiatives such as the ‘Sarva Shiksha Abhiyaan’ program set up by the government managed to send millions of children to school. In a country like India which has a large number of young and education-needing population, such a government initiative proved out to be greatly rewarding in the long run. Government institutes are seldom correlated to poor educational and infrastructural policies, yet the government is trying to break this belief by sanctioning money for the setting up of schools of the ‘Kendriya Vidyalaya’ quality. There has been a proposal that was passed which included setting up of 6000 new model schools that will be similar to KV in terms of standards and policies. The centre will bear almost 75% of expenses that will be incurred to set up these institutes.

Further, the latest ‘Make in India’ campaign launched under the visionary guidance of Prime Minister Narendra Modi is bound to benefit the system of education in a long run. The Make in India campaign will try to boost research and development of sciences as well as production techniques under guidelines of making them staple to India. Unearthing of Indian talent for creating more job opportunities and educational opportunities will remain as the basic goals of this campaign. A number of budgets have been approved and a number of schemes have been passed that indicate the government’s concern for improving the education system in India. Proper monitoring and accountability will definitely give India a leap in terms of performance and output. Government initiatives promise to open the doors of schools and universities to millions of students who dream big and carry the weight of India’s future on their shoulders.

The government also recently gave a nod to the much delayed ‘Education loan guarantee fund’ that providing surety to banks against loans given to students for their higher education. The HRD ministry spends nearly Rs.1,000 crore every year for providing interest relief to students whose annual family income is less than Rs.6 lakhs. The government also recently gave a nod to the much delayed ‘Education loan guarantee fund’ that providing surety to banks against loans given to students for their higher education. The HRD ministry spends nearly Rs.1,000 crore every year for providing interest relief to students whose annual family income is less than Rs.6 lakhs. Such government initiatives provide education security to students who want to pursue higher education but cannot take it up due to the want of money.

The government has been seen to be working both in the fields of primary as well as higher education. A number of reforms, new policies and schemes have been developed to maintain the level of education as being globally acceptable. We have been able to bridge the gap between the millions of students and their schools. Government initiatives will definitely make India more self-sufficient and developed in terms of education.

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