Technology and Wealth in the Internet Age
As an estate planner, attorney Craig Hersch has unique insight into how business and wealth have changed over the past decades. He shares some of his thoughts on thriving in today’s environment below. Read his full article at FloridaEstatePlanning.com/adapting-technology-wealth. It is fascinating to see how the rules of business have changed in the last several years. Businesses and careers can implode by becoming obsolete overnight. The microchip and the technological advances it offers have changed our society. Those who keep up with technology and incorporate it into their careers and businesses prosper, and those who don’t suffer.
I can trade for $6 online? Why should I pay the CPA to prepare my tax return when I can use a website for free? Why do I pay an estate planning attorney when I can prepare my documents on the internet for a fraction of the cost? But there is a way for both businesses and service professionals to break free of the commoditization trap. They must first recognize that the pitfall exists, then embrace the same technology that produces the gap to create unique, personalized value that consumers will flock to. When everything looks the same, people search for someone who can provide three things: leadership, relationship, and creativity. Those are elements that no computer can replicate. Leadership, relationship, and creativity enhance the consumer’s comfort, clarity, and confidence in deciding which new car to purchase or how best to balance one’s investment portfolio. Those that can help the consumer zero in on what’s most important to them will find success.
The microchip has caused many businesses and careers to fall victim to the “commoditization trap.” The commoditization trap is the perception that your business’s goods (and prices) are the same as any of your competitors. You see this most often today when shopping in the brick-and- mortar stores. You check how much something is inside a physical store, then you go online to find it at a cheaper price. And it isn’t limited to goods — services are being commoditized too. Why should I pay the
These can be scary times for those who don’t adapt, but they also offer unlimited economic opportunities for those who understand the challenges and are willing to use technology to their advantage.
stockbroker his standard commission when
TAKE A BREAK!
These savory and sweet pork chops are covered in a flavorful hoisin glaze and take only 30 minutes!
INGREDIENTS
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2 garlic cloves, minced 2 tsp minced ginger 1/3 cup hoisin sauce 2 tbsp rice vinegar
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4 boneless pork chops (about 2 lbs)
3/4 tsp salt
2 tbsp sesame oil Cilantro (optional)
2 tbsp water
DIRECTIONS 1. In a small saucepan over medium heat, simmer garlic, ginger, hoisin sauce, rice vinegar, and water. Whisk occasionally until mixture is fully incorporated (about 4 minutes). Set aside. 2. Lightly salt pork chops. In a large skillet over medium-high heat, add sesame oil and wait until smoking. Place pork in skillet and cook until browned (3-4 minutes on each side, depending on thickness of pork chops). 3. Remove pork chops from skillet and transfer to a cutting board. Let rest for 5 minutes. 4. Drizzle hoisin mixture over pork chops and top with cilantro if desired.
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