Tag Archives: art

3 Simple Steps to Building Wealth

The topic of building wealth is always a hot one. When it comes up, people are careful not to be misled. 

So you may be wondering whether these three steps here are a misleading concept. They are not. 

There are the three wealth building steps. 

  • Make money
  • Save money
  • Invest money

That’s all you have to do. They seem simple but following them is much harder than you think. 

Take a closer look at each one of them. 

Make Enough Money

People talk a lot about how saving small amounts regularly can help you accumulate a large amount over time. But no one talks about this side of the story. How should people make enough money to save? 

Cutting costs seems like a good idea but there is a limit. If you cannot cut down your expenses more than you already have, find a way to earn more. 

Income is divided into two major categories: passive and earned. Passive income comes from investments while earned income is what you get from your job. 

For those that are in the middle of changing their career or those that are starting out, here are four things to consider.

  • What is your passion? Your chances of succeeding financially are higher if you do what you love. 
  • What is your area of expertise? Find something that you are good at and use the skills to make money.
  • What job will pay you well? It is wise to get a job that aligns with your expectations financially. 
  • How do you get there? Now think about what you have to do to land that job—in terms of training and education. 

With these things in mind, you will be on a journey to success. Remember to be proactive and open-minded.

Save Enough Money

So you already make a good amount, have a good standard of living but you can’t manage to save enough. Why is that? It is because your expenses go above your budget. 

Follow the steps below to live within your budget or to create one.

  • Monitor your spending for a month. 
  • Cut back. If there is an unnecessary expense, remove it. 
  • Adjust. Keep adjusting your budget as needed to suit your needs. 
  • Build a cushion. Save a few months’ worth of expenses for emergency. 
  • Get matched. Start contributing to your employer’s 403(b) or 401(k). 

Invest Money Wisely

With sufficient income and the ability to save, it is time to take some risk and start investing in securities. 

But first, assess your situation. Things that you should consider include liquidity needs, tax considerations, time horizon, your household income, etc. 

Find the asset allocation that works for your needs. It is advisable to find a financial advisor so they can walk you through everything. The allocation should include equities, fixed income, cash and alternative investments. 

Young investors can take more risk because time is on their side. 

Remember to diversify your investments and avoid the temptation of timing the market. 

HOW VIRTUAL REALITY COULD CHANGE THE ART WORLD

There’s a new player on the virtual reality (VR) scene. Acute Art is marketed directly to artists and will be available in the fall. To preview the platform, the studio invited artists Marina Abramović, Olafur Eliasson, and Jeff Koons to try out some new material. The making-of video discusses the potential of a viable commercial VR.

Over the decades, VR has moved from the edges to the mainstream, always greeted with skepticism and fears that it’s just another passing fad. But we now have consumer-grade specs like the Oculus Rift and controllers like the Touch for games. Virtual reality in art has always been less sleek, more DIY, and with lots of stops and starts.

As Raymond Gozzi Jr. wrote about virtual reality’s promise and threat back in 1995, it “has caught people’s imaginations and inspired fantasies far out of proportion to what the technology can actually deliver, now or in the foreseeable future.”

To the outside observer, there is only the strange spectacle of a person wearing a bulky helmet waving a gloved hand around and moving in weird, unpredictable ways…. I am told that the graphics are rudimentary and the illusion is partial. There is a slight delay between your movement and the corresponding movement of the environment. The head-mounted display is bulky and heavy. And after a while, some users start to feel queasy and ill.

Gozzi feels the main potential of virtual reality is as a “miniaturizing metaphor,” a way to make a large and complex problem simple and digestible—though there’s a risk that making something too digestible can diminish its power and meaning. A great example is Abramović’s interactive work for Acute Art, which focuses on the theme of climate change. If you choose environmentalism, Marina lives; if you choose consumption, she drowns from rising sea levels.

There’s an obvious irony here; the virtual environment becomes an idealized stand-in for an imperfect (in this case, rapidly declining) reality. Any recreation of a natural landscape can be a distraction from, or a reminder of, its loss. This is encapsulated beautifully in the New Palmyra 3D scanning and printing project, where Syrian activist Bassel Khartabil created 3D models of heritage architecture under threat of destruction during war. (For his efforts, he was detained by the Syrian military in 2012 and has been missing since 2015.) 

shutterstock_390641140

The more seamless a new VR platform—the farther away from bulky, heavy, and queasy—the more it risks devaluing its source material. Why travel to visit an iceberg and see its crumbling firsthand when you can virtually interact with an immaterial glacier that will never melt?

While VR was certainly more challenging to use in the 1960-2000s, its very imperfect nature—the ad-hoc assemblages of various technologies—was often what made those projects special. In 1994, Dan O’Sullivan wrote in “Choosing Tools for Virtual Environments,” about work that was “disjointed” and “full of seams,” concluding that VR environments shouldn’t strive to be perfect. A little bit of abstraction goes a long way. It commits the participants to use their own imaginations, involves them more fully in the process, and brings some of our IRL experiences into the virtual space:

Beyond producing perceptual illusions, interactive media can tap the imagination by making a partner of it. If the audience has an investment in the creation of an imaginary world, less technology is required to maintain the illusion. Less work maintaining the illusion means a greater ease of creativity. Creative work feeds back again to better capture the imagination.

Source:

https://daily.jstor.org/how-virtual-reality-could-change-the-art-world/