that we had no idea what to expect other than Bill Belichick was probably gonna end up winning that type of game.   We are running the ball. We're running the triple option. We are taking this thing old school. Mack Jones throws the ball three times in the entire game. Everybody's up in arms. Cause now Mack Jones doesn't deserve credit for the win. Mack Jones isn't as good as everybody says he is. Whenever we're talking about offense or rookie of the year, Mack Jones better not be in a conversation cause they won against the Buffalo Bills. One of the best teams in the AMC without even using the motherfucking way everybody will say. And I think that is absolute bull. Cause that is a game that shouldn't count for either team. None of the stats should matter.  And if you can beat somebody just running the ball right down their goddamn throats, which is what has been happening by the way to the Buffalo Bills two out of the last three weeks.


Hey guys, my name is Boris. I'm a physician assistant and today's video is going to be about Money so the last video I posted called physician assistant versus MD doctor Which one gets rich the fastest did pretty well people seem to like these money topics And it's definitely something that I'm very passionate about personal finance And I mean we do what we do because we're passionate about the work We want to be healers. We want to be medical providers. We love medicine But of course money makes the world go around so you have to have money in order to provide for your lifestyle your family You know keep a roof over your head put food in your mouth if you have kids put food in their mouths Take care of your pets take care of your kids take care of your parents take care of your friends do what you got to do Money makes the world go around so it would actually be Irresponsible to think about a career without thinking about how much the career pays And if you're be able to provide the kind of lifestyle that you truly see yourself wanting to do for you on your family When you're considering a career right so people watch this channel for information on how to become a physician assistant on Living the life of a physician assistant about medicine about health. So if you're passionate about these things I think that money plays into a lot of these things and so let's go the topic of this video is living on a average physician assistant salary in 2022 which according to the AAPA annual salary report is a hundred and fifteen thousand dollars per year now that is average That's 50th percentile across all specialties across all experience levels So if you're working as a physician assistant, you know that your salary, you know year one just after school Usually is a whole lot lower than it might be after year even to especially after year five and especially after you've been practicing in the Same specialty for five ten years. You've built up a base of patience. You're much more efficient at your job You're much more knowledgeable your you don't have to bother your supervising positions as much you're much more independent You're much more profitable. So usually salaries tend to go up and sometimes way up as you get more experienced But that being said the average salary is still about a hundred and fifteen thousand dollars according to the salary report So that is what I'm going to go off of when I make this video So I'm just going to share my screen And we'll take it from here. Okay So check this out. So first off. I wanted to show you the the AAPA salary report if you're an AAPA member you have access to this thing and any Contract as a physician assistant should include membership to AAPA. They should pay for this thing So when you're negotiating for a salary, it's the most useful Also, if you're thinking about changing specialties thinking about living in a different part of the country just to see if you're paid fairly just to help you negotiate the AAPA annual salary report is a tremendously important tool So using this tool we see right here Nationwide in 2022 we have We have 50th percentile, which is average a hundred and fifteen thousand dollars 25th percentile. So bottom quarter is about a hundred and two thousand dollars 75th percentile So top 25 percent about a hundred and thirty two thousand dollars and then the people at the very top the top 10 percent The 90th percentile is making about a hundred and fifty seven so about close to 160 grand a year not too too bad And I think this is all compensation. Nope never mind scratch that it's not all compensation It's just salary. So if you see under here under nationwide that salary under there is also nationwide bonus So a lot of physician assistant contracts come with a base salary You know you make that no matter what and they also come with a bonus structure So if you happen to hit certain goals of productivity, you happen to bill You know above a certain threshold you get a certain percentage of that so basically I'm not going to give you an example, especially from my contract, but let's say, you know, I Don't know let's say they expect you to make $50,000 a month in billing and then let's say, you know anything over that they'll give you like 10% right? So let's say you make $60,000 a month for your practice that month then you get 10% of that extra 10 grand Which is going to be a thousand dollars. So that's a thousand dollars that month that you made in bonus That's usually how bonuses work the proportions, of course the numbers are totally fudged totally case-dependent You know specialty primary care compensation works wildly differently in a lot of different factors Well, I'm just giving you a good example of you know If you meet a threshold you get a certain percentage of whatever you bill above that threshold And of course I can go into way more detail about that, but that's just the basics of the bonus structure So basically here we have you know 50th percentile average base salary was about a hundred and fifteen thousand If you look just below that 50th percentile so average Bonus was five thousand dollars Annually so that means that the average physician assistant in 2022 made a total of a hundred and twenty two thousand dollars. Sorry a hundred and twenty thousand dollars per year These guys at the very very top hundred and fifty seven thousand dollar a year salary about twenty four thousand dollar a year bonus So that actually puts them up to just below a hundred and eighty thousand dollars a year all things included So that's actually quite good isn't it especially for a physician assistant? That's very very good And then here bringing up the rear these poor folks in the tenth percentile Probably working in a and assuming this is all full-time. None of this is part-time. This is all assuming full-time work So, you know forty fifty hours a week or so So these people working in probably one of the lower paid specialties like pediatrics tends to bring up the rear in most cases Unfortunately, you know, you're taking care of kids. It's super important But for whatever reason pediatrics does not make a whole lot of money a lot of time same with primary care You know, that's why I'm in it right now. I definitely feel that and I'm also getting out actually More to come on that. I don't think I've told anybody on YouTube, but yeah I'm actually changing specialties pretty shortly, but more to come on that later So basically these people at the bottom 10 percent Bottom 10th percentile here make about 92 grand a year plus, you know, this minimal bonus of like 700 bucks So even the physician assistants working full-time kind of at the bottom of the ladder are still making, you know Over 90 93 94 thousand dollars a year so not too too bad honestly not a bad career when the bottom 10 percent is making just over 90 grand, you know So yeah, and these are a lot of times probably just like new grads. Maybe they're doing fellowships where the pay is quite low This kind of a thing so yeah, so that's the average So this video is going to be on living on the average salary, which is a hundred and fifteen thousand dollars a year Plus the bonus making it about a hundred and twenty thousand dollars a year How easy is it to live on a hundred and twenty thousand dollars a year as a physician assistant? Okay, so that is what we are going to do. I'm going to use actually Just kind of an average us city. So I'm living in Syracuse, New York currently may not be here forever. Also, you heard it here first I might be moving Raleigh, North Carolina might be calling my name or possibly Tampa, Florida or possibly Cleveland, Ohio Those are my top three right now kind of heavily leading towards Raleigh, but we'll see what happens either way So Syracuse is a pretty low to average cost a living city. This website right here living cost org They have a lot of really good information.  Absolutely not not possible And so their average monthly salary here is 28 grand. I think that's actually pretty accurate. That's about 50 grand a year 50 55 60 grand a year. So that's pretty accurate for a single person But I think that this whole budget of 17 1800 bucks a month is absolutely impossible even in Syracuse So we're actually gonna build our own budget if you can see my screen, but we'll get to that in just a moment Also here Syracuse cost of living. It's about 11% lower than the national average, which is I'd say probably pretty accurate. Some places are much more expensive. Some places are much less expensive housing Kind of is less expensive if you buy a house housing prices here are quite low However rent prices are not that low and taxes are pretty high. So Either way, I'm just saying I'm using Syracuse as my experience because I've been living here the last few years So I know what it costs to live here. Okay, so that is what we're doing with that Okay, so first things first let's figure out and just like my last money video I'm gonna do this all in real time so you can see my thought process that I'm gonna build the spreadsheet in real time In case you need help building your own budget spreadsheet I'm gonna show you exactly how I do that how I do The calculations the totals and exactly how you can stay on budget because it's tremendously important that you do Manage your money well and not to come to lifestyle creep so First things first you need to figure out how much you're making per month, right 120, right? That's what we said hundred and twenty thousand dollars total between salary and bonus. Let's say you're the national average physician assistant, so We're going to do a hundred and twenty if you see that Hundred and twenty thousand dollars per year now the problem with this is most people are paid on a Bi-weekly basis so every two weeks which means twice a year you actually get an extra paycheck Which you know if you're smart you just kind of live on two paychecks a month And then those extra ones you use as a travel budget as a boost in your savings x y and z whatever you want to do But for the purposes of this video, I think it's a lot easier instead of calculating bi-weekly like most people are paid I think it would actually be much more beneficial to Con to um What am I trying to say brain freeze? Sorry, it's 458 P.m. And I've worked a very long day Monthly that's the word I'm looking for It's much more beneficial for the purposes of this video to just calculate monthly pay even though that's not what most people experience Okay, so monthly pay if you can use this calculator right here And this is again in Syracuse, New York Calculated with the New York State taxes which are quite absurdly high I personally don't pay any local taxes because I live in the city But like if you live in a suburb your taxes will be even higher, but this is just you know Calculated based on living in the city of Syracuse making a hundred and twenty thousand dollars a year your estimated monthly take-home pay is $6,500 a month Here's how this is calculated. Here's your tax bill right FICA state Federal taxes plus. I also this is one big assumption here, but this is something you should obviously do I assumed a pre-tax deduction of five percent because most contracts will have a IRA or retirement fund with match and usually you have to put in five percent of your take-home pay Or sorry five percent of your pre-tax pay in order to get that match So it's actually really stupid not to do that because it's just a lot of free money that you're leaving on the table for your retirement So I'm assuming that you're a physician assistant If you're a physician assistant, you're pretty smart And if you're pretty smart you better be putting away five percent of your pre-tax salary in your companies for 401k because you want to get that match and you want to save for retirement because you don't want to be old and poor You want to be old and rich at least I do Anyway, so those are my assumptions that you're living in Syracuse, New York with the crazy state taxes that we pay Plus the federal tax rate of whatever it may be here Plus you're putting away five percent of your pre-tax income into a 401k These are my assumptions with these assumptions in place. You see that your monthly take-home pay is about $6,500 per month pretty damn good. I would say especially in this area So knowing that $6,500 a month, let's go to our sample budget in our total monthly money Then is gonna be $6,500 per month. Okay I'm assuming you're not working any part-time jobs. I'm assuming you don't have like an annuity You don't have any other income of any sort I know a lot of people do but we're just assuming that you're living on this national average of $120,000 a year which equates to after Syracuse taxes and National taxes federal taxes and also putting away 5% of your pre-tax income into a 401k equates to about $6,500 a month. Okay Now These are all the line items on my personal budget and I think it's pretty comprehensive Obviously if you got kids you got daycare you got other expenses You know you might have line items that are different from mine, but I'm gonna do this pretty basic I think I cover what most people spend their money on at the very least most single people like myself, right?  You might have your spouse's income in there So it's just much easier to calculate these things and live in general as a single person You know people who are married obviously get tax benefits and things are different and their spouse might make money So that might make your household budget totally different also probably changes your household expenses So I'm gonna say as a single person. This is much much easier not to talk down to married people I'm sure sooner or later I'm gonna you know give in and join the ranks of you guys sometime down the line But that is not today or anytime soon, but anyway, so another assumption I forgot is we're doing this as a single person making 120 grand Which basically means the government's gonna be like, oh, yeah, give me that money because we're gonna text it from crap out of you Which uh, yeah, you can obviously tell how I feel about that Okay, so all those assumptions aside We are gonna say monthly income of $6,500 a month now when you're making your budget I say savings and sinking funds Those should be the last things you calculate because you need to know how much you're actually living off of first so the very first thing I'm going to put in here is Mortgage or rent right so that website that I just showed you they said that the average rent is like a thousand bucks for a one-bedroom That's kind of on the low side. You're not gonna live in a great part of town My mortgage is about 1,300 a month plus I pay extra obviously towards principal So let's just say for 1,500 a month You can definitely have a decent apartment or mortgage in a decent part of town where you're safe, right? You're professional you make good money You can definitely afford to live in a safe area and you should this is also assuming you don't have roommates You're living like an adult, you know So yeah, I'm gonna say $1,500 a month on rent also this website said something about utilities being like For the heck did it say oh that's rent and utilities for a thousand bucks.  There's absolutely no way I'm gonna say utilities realistically for a small house even is like Maybe about 200 bucks a month Maybe and that's if you keep it pretty cool in the winter and pretty warm in the summer So yeah, I'm gonna say 200 minimum for utilities food Depending on how extravagant your budget is whether you shop at Aldi's or whether you shop at Wegmans, you know Or Costco for food, I think for a single person especially in 2022 with inflation as crazy as it is I think 400 is kind of a Decent amount if you eat like canned tuna canned beans and like Frickin can fruit never buy anything raw never buy anything Never buy anything fresh never really get good quality food Yeah, you could probably do it for like two to three hundred bucks a month, but you're just I don't know That's a very unsatisfying way to eat. You're not gonna be healthy I think 400 is a pretty decent amount kind of low to normal for spending on healthy food for one person every single month Going out entertainment again as a single person kind of important I'm going to say a bear minimum of like 200, but I mean think about it You take one person out to dinner even if it's not an expensive dinner You get a glass of wine and appetizer and like an entree each you're gonna be out 70 bucks even in Syracuse easy You know, you do that three or four times a month suddenly. That's like three $350 so I'm going to say people might like laugh at this figure But if you actually calculate your money and figure out how much you're actually living off of how much you actually spend on going out at The bars at the restaurants, whatever you may do buying lunches buying coffee in the morning buying breakfast I'm thinking you probably spend at least 300 realistically probably closer to 400, but let's say you're frugal Let's say you're going out entertainment budget is like 300 a month, which is actually pretty sparse honestly Health let's say you have a gym membership. Maybe you do some sort of a dance class Maybe you do some sort of a curricular extra curricular activity. That's active. Maybe you have some memberships Maybe you have a personal trainer. I personally pay for two gym memberships and a masseuse I get a deep tissue massage every month.   You have to buy something random You know, I'm gonna say just a little wiggle room every month For gas and car expenses. This wildly varies on if you have a car payment or not I'm lucky enough to where I do not Granted my car is 200,000 miles on it and it's a total piece of crap So I might very well have a car payment soon But let's just assume you do not and then with gas as high as it is unless you have like a Tesla or something I'm gonna say like my my expense my budget here is about three hundred dollars a month If it's only gas I usually never hit that unless I take road trips But with insurance with random expenses with changing your oil, you know tires stuff comes up little repairs here and there I think 300 bucks a month Without a car payment is actually quite realistic phone bill. I think my phone bill is like 120 bucks But I get a veteran's discount and I pay for actually three lines. So I think a hundred bucks is probably pretty average for a phone bill Generosity charity You should definitely I mean, I'm not like a big Bible thumper or anything I'm actually Jewish, but I think the tithe, you know a tenth of your take-home pay is a very respectable amount to give Now granted with taxes as high as they are and so many of our taxes going to philanthropic things Maybe that tithe is kind of an old number a tenth of your income is might be I don't know Probably a little bit on the high side But still it makes you feel way better spending money on yourself and taking nice vacations and going out to a nice dinner When you know that 10% of your income you're actually giving to other people So maybe that would be just leaving a fat tip at a restaurant. I consider that generosity charity Maybe you pay for like a monthly contribution to charities that you believe in which I definitely do a few of them actually a few different things my Monthly donations are spread across three different charities that I very very very strongly believe in New York bully crew brothers for life and Vera house Are fantastic charities and definitely causes that I very very strongly believe in and want to champion So of course I put my money where my mouth is and I you know I give money every single month without even thinking about it to those charities And also I leave a little wiggle room in the generosity charity budget just to like I said give a really big tip Like if your waiters obviously having a bad day Give them a freaking hundred percent tip give them like 20 bucks give them 50 bucks Whatever you spent on the meal, you know on your overpriced food give that to an actual person You know they don't make that much money. They're obviously You know in some sort of transition part of their life if they're waiting tables so freakin give them some money All right, like you don't need it give it to them And it just makes you feel better as a human being that you're contributing every single month and also Dave Ramsey says this the money guy He says that generous people are just more attractive and it I don't know if that's necessarily true like directly But it just it makes you just feel better about life when you're contributing to other people instead of just me me Me what can I buy? What can I eat? What can I wear? What can I just give myself? It's just freakin like it's just better to Make sure that it's a line item on your budget to give to other people. Okay, so I'm going to say I don't know Maybe a little less than 10% let's say 500 bucks, right? Let's say 500 bucks a month. You are giving to other people if you're not I don't know Little bit of judgment past your way if you're making this kind of money you should freakin give some of it away Okay, okay All right student loans So I'm lucky enough to where I only have one student loan left at this point I had it's only a hundred bucks a month and it's interest free So mine is a hundred bucks a month more than likely if you're a new physician assistant Or even not so new more than likely you got you know at least 300 usually 500 or more a month coming out for student loans So since this video is for most people now for me I'm going to say 400 a month on student loans because that's actually quite realistic and might even be on the low side depending on how much you owe Yeah, all right. So now Before we do our savings and our sinking funds. Let's do this. So right now We are going to do How much we have left at the end of the month? So this is going to be equals and pay attention if you want to build one of these yourself equals this total monthly money minus open parentheses All of this select all these close parentheses What is happening? Why is this not working? Equals D3 Minus oh That's why okay So D3 or total monthly money minus the sum of all those Values There we go. Now we got a number. Okay. So basically what this is is our total monthly money Minus all these expenses that we came up with of course if you have other expenses if you have you know child care Like I said could be super expensive You got a car payment your student loan is different or you don't have student loans, you know Whatever expenses you have to add or subtract you do all of that you take it away from your total monthly money And that gives you $2,500 total leftover So that means that is going to be what you're going to do savings and or sinking funds and or adjust some of these as needed so let's say You know you want to save $2,000 a month and let's say you want to Put $500 a month into sinking funds sinking funds are just stuff that you're saving for Savings is to like build up your savings your emergency fund. Maybe you're saving for a house whatever that may be So for instance like my sinking funds are for a phone because I have an old iPhone 10 That's about to die For my computer because I have this ancient computer. I've been using since frickin before PA school.   So always always save money always always save up for things that you're doing and so now you see here at the end We're at zero. We're zeroed out, right? So every single dollar we make is accounted for And you know, I think this is a pretty respectable budget if you know, let's say you go out a lot You know, maybe your entertainment budget is gonna be like 500 a month, which seems laughable But honestly try calculating how much you spend on restaurants bars coffee and breakfast and lunches every month I bet you it's actually probably in excess of $500 a month if you make decent money, right? And then of course because that's now 500 now we're 200 in the hole. So now savings is probably gonna be less, right? 1800 so that's how that works anyway guys so This turned into a budgeting exercise But basically the title of this video was living on an average physician assistant salary in 2022, which is a hundred and twenty thousand dollars a year In a pretty average kind of low to average cost of living city Of course in Manhattan. This would be a whole different beast. Your your mortgage or rent would be like thirty five hundred four thousand dollars Which basically leaves you almost nothing for anything else. So in one of those cities, you know $120,000 just simply does not go a long way in a city like Syracuse Pittsburgh Cleveland Detroit, you know places that nobody kind of wants to live The unspoken truth, you know, $120,000 a year is actually a very very good salary as you can tell you can live Very very well and still have tons of money left over to save and invest and do everything that you're gonna do, right? So that's the video guys. Let me know what you think and I'll see you in the next video


You know, I've been in a lot of schools with a lot of safe school specialists, and no one connects the way that Wendell does. I think Wendell makes a just great effort to get to know each student. It was a few times where I'd have problems at school, and you know, he was kind of like my go-to person. Being able to see him in the hallway kind of just like a homie, you know, so that's pretty cool. You know, safety is paramount, right? If you feel safe, you're relaxed, and if you're relaxed, you're able to learn. And I find it very important to have kids feel that way. The main thing is in stealing in the kids that they're confident, right? That they can't work through very difficult things. Just remember, you know, what it feels like to be kind, to be respectful, to reach out and to help people. When you work with somebody like that and all of their energy is devoted to others, you can't help but be inspired.


Personal Finance PowerPoint Presentation Stock Exchanges Prepare to get financially fit by practicing personal finance. Most of this information comes from Investopedia. Get in to know the stock exchanges which you can find online. Take a look at the references, resources, continue your research from there. This is by David R. Harper, updated April 10th, 2022. In prior presentations, we've been looking at investment goals, investment tools, investment strategies. When we think about individual investments, we often break them out into large categories of fixed income, such as bonds and then stocks, which are basically equity interests. We're mainly focusing in here on the stocks, the equity interests, remembering that when we purchase stock or invest in tools that purchased in stocks, like mutual funds and ETFs, the stocks represent an ownership interest in essence of the company, the capacity for us possibly to be voting for things such as the board of directors. And usually we're going to be buying those stocks on an exchange. So then we have to get an idea of what is an exchange. Remember that corporations could be corporations that are not publicly traded, that are not on exchanges, but if they want to generate more capital in order possibly to grow, the exchanges are often beneficial because they facilitate a more easy trade for individuals to be investing, making it easier basically to generate capital. So what are stock exchanges then? A stock exchange does not own shares. When we're thinking about the stock exchange and your buying shares on the exchange, it's not like you're buying from the exchange. The exchange is helping to facilitate the trade that is being made. Instead it acts as a market where stock buyers connect with stock sellers. So it's putting the buyers and sellers together. We're getting more and more accustomed to this kind of concept because we work with basically platforms that are doing the same kind of thing. The platform is connecting the two people together. It's kind of like the Silk Road that connects the traders together and that usually is going to be a big benefit for both people involved including the corporation who gets to generate capital and investors who now have the capacity to get access to these kinds of investments in a way that hopefully is transparent and they can trust. So stocks can be traded on several exchanges such as the New York Stock Exchange, the NYSE or the NASDAQ. Although most stocks are traded through a broker, it is important to understand the relationship between exchanges and the companies that trade. Also, there are various requirements for different exchanges designed to protect investors. So we always have this kind of trade-off between the requirements of the exchanges and the cost of those. So some of those requirements, for example, might be that you have to standardize your financial statements. You have to have them in accordance to some standard. You have to have possibly a third-party audit. All those things make it so that investors can trust more when they buy stocks on the stock market. However, they cost a lot to do that as well. So you've got to basically be balancing these two things out like anything else. So how stock exchanges work? A stock exchange is where different financial instruments are traded, including equities, commodities and bonds. Exchanges bring corporations and governments together with investors. Exchanges help provide liquidity in the market, meaning there are enough buyers and sellers so that trades can be processed efficiently without delays. So clearly as they're processing the trades here, hopefully they're getting better and better at facilitating the trades without the delays. Exchanges also ensure that trading occurs in an ordinary and fair manner, so important financial information can be transmitted to investors of financial and financial professionals. That's one of the key components that we have here because before you have some of the regulations on some of these kind of exchanges, then you have these kind of scam situations. So a scam is different from a business because with a scam it usually involves an unequal sharing of information. So one party in the trade has more information than the other and usually it's a short-term kind of trade that can't stand up basically over time that the scam will fall apart if all the information becomes apparent, obviously. So stocks first become available on an exchange after a company conducts its initial public offering, otherwise known as the IPO. So if a company has incorporated, they're still a corporation, but they're not on the exchange yet, then they might want to start that, you know, if they go onto the exchange then they might be able to generate capital and they usually do that first off with that initial public offer in the IPO. A company sells shares to an initial set of public shareholders in an IPO known as the primary market. After the IPO floats shares into the hands of public shareholders, these shares can be sold and purchased on an exchange or the secondary market. So when you're thinking about, we've talked about the primary and secondary markets in the past, usually when you're buying the stock, you are not buying it from the company unless it was like offered by the company possibly through an IPO. Usually you're buying it from other investors and one of the genius behind stocks themselves is they broke the equity interest. They broke the ownership interests in the corporation into these standard units and that makes it so that we can more easily value those units by seeing how much those units are being traded for making trade on secondary markets where most of the trading happens possible. The exchange tracks the flow of orders for each stock and it's the flow of supply and demand that establishes a stock's price. That's how I like stock prices to happen. Supply and demand, that's how it happens. Depending on the type of brokerage account, you may be able to view this flow of price action. So for example, if a stock's bid price is $40, this means an investor is telling the exchange that they are willing to buy the stock for $40. At that same time, you may see an asking price for $41, meaning somebody else is willing to sell the stock for $41. The difference between the two is the bid asks spread, auction exchanges. Auction exchanges are the auction market or the auction market is a place where buyers and sellers put in competitive bids and offers simultaneously. So in an auction exchange, the current stock price is the highest priced a buyer is willing to spend on a security while the lowest price is what the seller will accept. Traders are then matched and when paired together, the order is executed. The auction market is also referred to as the open outcry system. Brokers and traders communicate physically and verbally on the trading floor or pit to buy and sell security.  It looks quite chaotic, but everything pulls together that way. So although this system is slowly being phased out by electronic systems, so obviously the idea that everybody's yelling on the trading floor might you would think that at some point as we get the systems and networks working more and more that might be the way that things are going to be going more often in the future. Some exchanges still use these auction systems including the New York Stock Exchange, the NYSE. The NYSE closing auction is the last event of the trading day when the closing price for each stock is determined by bringing all buyers and sellers together to establish a price for all those involved. New York Stock Exchange, the NYSE, the New York Stock Exchange is the world's largest equities exchange. The parent company of the New York Stock Exchange is Intercontinental Exchange as ICE as a result of the merger with the European exchange Aranext in 2007. Although some of its functions have been transferred to electronic trading platforms, it remains one of the world's leading auction markets, meaning specialists called designated market makers are physically present on the trading floor. Each specialist specializes in a particular stock, buying and selling the stock in the auction. These professionals are under competitive threat by electronic only exchanges that claim to be more efficient. So again, you got these people on the floor versus the electronic systems and you think there'd be some pros and cons to them. You would think possibly the electronic systems might win out over time. That is, they execute faster trades and exhibit smaller bid ask spreads by eliminating human intermediaries. Companies listed on the NYSE have great credibility because they have to meet initial listing requirements and comply with annual maintenance requirements. To keep trading on the exchange, companies must keep their price above $4 per share. So note the exchanges themselves have kind of these regulatory components to them. You also have the SEC, a government entity that kind of looks over this stuff as well. But note that like in a professional setting, like if you're like a CPA or a lawyer or something like that, the profession itself has its own need or its own self-interest to basically be trustworthy and whatnot. So the exchange itself in other words has in its own interest to maintain rules so that they increase the level of transparency for the companies trading on the exchanges because it's that trust, it's that transparency. It's people investing and being willing to put their capital in companies because they trust that they're putting something in something that has value that draws the capital to these exchanges in large degree. So investors who trade on the NYSE benefit from a set of minimum protections among several of the requirements that the NYSE has enacted. The following are especially significant. So we got the equity incentive plans must receive shareholder approval. A majority of the board of directors members must be independent. The compensation committee must be entirely comprised of independent directors and the audit committee must include at least one person who possesses accounting or related financial management expertise. So electronic exchanges. So now we're going to the electronics exchanges here. Many exchanges now allow trading electronically. There are no traders and no physical trading activity. So you're not really imagine the floor and people putting out the bid prices and so on on the floor to set the price. Instead trading takes place on electronic platform and doesn't require a centralized location where buyers and sellers can meet.  But it has pros and cons because obviously that then makes that particular area have a whole lot of power and influence right in that particular area. And so you would think that if you could do it on a network thing you might be able to decentralize the actual location of the power at least to some degrees and so on although power will still coalesce wherever it tends to coalesce. It won't be evenly spread but in any case there's pros and cons to it. So these exchanges are considered more efficient and much faster than traditional exchanges and carry out billions of dollars in trades each day. The NASDAQ is one of the world's leading electronic exchanges. The NASDAQ is sometimes called screen based because buyers and sellers are only connected by computers over a telecommunications network. Market makers also known as dealers carry their own inventory of stock. They stand ready to buy and sell stocks on the NASDAQ and are required to post their bid and ask prices. The exchange has listed the governance requirements similar to the NYSE New York Stock Exchange. For example, a stock must maintain a $4 minimum price. If a company does not maintain these requirements it can be delisted to an over-the-counter market. So if they're going to be kicked off the exchange basically that wouldn't be good because you wouldn't have the access to the capital as readily you would think if you were on the over-the-counter market which doesn't have the regulatory requirements of the exchange that are there in part to add transparency to get trust to get more investment. So for example, on the New York Stock Exchange if a security price closed below $1 for 30 consecutive trading days that exchange would initiate the delisting process. Electronic communication networks, the ECNs, electronic communication networks, the ECNs are part of an exchange class called alternative trading systems, ATSs. ECNs connect buyers and sellers directly because they allow a direct connection between the two. ECNs bypass market makers. So cutting out once again the middle man here possibly in that kind of system. So this is becoming more and more possible possibly with the technology increases. So think of them as an alternative means to trade stock listed on the NASDAQ and increasingly other exchanges such as the NYSE or foreign exchanges. There are several innovative and entrepreneurial ECNs that are generally good for customers because they pose a competitive threat to traditional exchanges and therefore push down transaction costs. Although some ECNs allow retail investors to trade, ECNs are mostly used by institutional investors which are firms that invest large sums of other investors such as pension fund managers. So examples of ECNs include NASDAQ, interbank, network, electronic transfer, the INET, and ARCA options which are overseen by the NYSE, the New York Stock Exchange. So over-the-counter OTC. So now we're talking about the OTC which has the less regulation. Typically the term over-the-counter OTC refers to markets other than the organized exchanges described above OTC over-the-counter markets generally list small companies many of which have fallen off the OTC market because they were delisted. Fallen off to the OTC market meaning they were on the exchanges and possibly got delisted and therefore now on the over-the-counter. So two of the major OTC markets include over-the-counter bulletin board that's the OTC BB, the over-the-counter bulletin board. The OTC BB was an electronic communication of market makers. So companies that fall off the NASDAQ often ended up here. Once on the OTC double B there were no quantitative minimums or no annual sales or assets required to list. The OTC bulletin board was closed in November 2021. Then you got the pink sheets. The second OTC market is referred to as the pink sheets a listing service that doesn't require companies to register with the Securities and Exchange Commission. So that's a government entity that is often involved within the regularization process. Again if you're talking about smaller companies they're going to be subject to possibly less regulatory scrutiny because they're smaller and they're not on the exchanges and possibly not generating the same kind of investments from say investors as the large companies traded on the exchanges. The idea being that a company can do what the company wants, generally if they're not on the exchanges and they're private and so on, but if they're asking of course for money from the public then the idea would be well we want to increase more transparency in that instance so the public can trust in the system and be able to do comparing and contrasting more readily without having to actually physically go to the company and do that kind of rigorous analysis. So liquidity is often minimal and these companies are not required to send quarterly 10Qs. We got the OTC risks. Some individual investors are wary of OTC stocks because of the extra risks involved. I would say most investors are going to be more wary there because obviously there are less regulations involved. So on the other hand some strong companies trade on the OTC so obviously you can find value there as well. So in fact several large companies have deliberately switched to OTC markets to avoid the administrative burden and costly fees that a company regulatory oversight laws such as the Sarbanes-Oxley Act. So this is one of the big acts that came up that was designed to increase the confidence in the markets after a bunch of scandals happened but again we've always got this question and this is a standard kind of regulatory question and that being the regulations if they're really efficient and designed to increase transparency that should be a benefit to people and that should draw in more money to the markets over time but if they overstep their bounds and they have regulations that aren't efficient aren't achieving their goal and they're highly costly then they're going to end up having kind of like from an economic term like a black market or people are going to try to avoid the regulations so they might say hey at some point you know if the costs get too high then people might go to the OTC and say hey you know it is what it is you know you gotta trust in what I'm doing here because I can't pay the regulatory burden so you gotta find wherever that balancing place is. You should also be careful when investing in the OTC if you do not have experience with penny stocks as these primary trade over the counter. So other exchanges, there are many other exchanges located throughout the world including exchanges that trade stocks and bonds as well as those that exchange digital currencies. Asia, the TSE has more than 3,800 listed companies with a combined market capitalization of more than 5.6 trillion. The Shanghai stock market, the SSE is the largest in the mainland China. Many investors are traded on the exchange including stocks, bonds and mutual funds. The Shenzhen stock exchange, the SZSE is the second largest stock exchange operated independently in China. Europe, Euronext is Europe's largest stock exchange and although it has undergone multiple mergers it has initially formed by the mergers of the Amsterdam, Paris and Brazil's stock exchanges. The London stock exchange, LSE is located in the United Kingdom and is the second largest exchange in Europe. The most popular index within the LSE is the Financial Time Stock Exchange, the FTSE 100 shares index. The FTSE contains the top 100 well-established publicly traded companies or blue chip stocks, digital exchanges. Coinbase is the leading cryptocurrency exchange in the United States. Coinbase has an advanced trading platform that facilitates cryptocurrency trades for retail investors and custodial accounts for institutions. Although Bitcoin is the most popular cryptocurrency, others are traded via Coinbase such as Ethereum and Litecoin. Coinbase is licensed as a cryptocurrency exchange in 42 United States. Binance is the leading global exchange for cryptocurrencies with an average trading volume of 2 billion per day and the past Binance accounts were able to be funded with US dollars, but that changed and you can make deposits via Swift Transfer. Then we've got Kraken is a San Francisco based cryptocurrency exchange where investors can buy or sell cryptocurrencies using various fiat currencies including US dollars, Euros, Canadian dollars and the Japanese yen. More than a dozen virtual currencies can be traded via Kraken exchange including Bitcoin, Ethereum, EOS and Monero. As in the case, most crypto exchanges investors need to establish and fund their digital wallet which links to the trading account. What is a simple definition of stock exchanges? A stock exchange is a market that brings together buyers and sellers to facilitate investments in stocks. So what are the three major stock exchanges in the United States? The New York Stock Exchange, NYSE is the largest stock exchange in the United States and the world by market capitalization. The NASDAQ is the second largest stock exchange in the United States while the American Stock Exchange which is known as the NYSE AmEx equities after the acquisition by NYSE UranX in 2008 is the third largest in the United States. What is the difference between stock exchange and stock market? The stock exchange is a marketplace or the infrastructure that facilitates equity trading. On the other hand, stock market is an umbrella term, a broader term representing all of the stocks that trade in a particular region or country. A stock market is often represented as an index or grouping of various stocks such as the S&P 500. What is the purpose of a stock exchange? A stock exchange brings companies and investors together. A stock exchange helps companies raise capital or money by issuing equity shares to be sold to investors. The companies invest those funds back into their business and investors ideally earn a profit from their investment in those companies. What's the bottom line then? Every stock must list on an exchange where buyers and sellers meet. The two big United States exchanges are the NYSE New York Stock Exchange and the NASDAQ companies listed on either of these exchanges must meet various minimum requirements and baseline rules concerning the independence of their boards. But these are by no means the only legitimate exchanges. Electronic communication networks are relatively new but they are sure to grab a bigger slice of the transaction pie in the future. Finally, the OTC over the counter market is a fine place to experience investors with an itch to speculate and know how to conduct a little extra due diligence.


Welcome, my name is Maria and I'm a project leader in Absalon and today I'll be talking about conductive effective user tests. I would like to start with telling you why I believe this topic is important and also what I actually mean by user tests and then I will follow up with some good practices. I think that including users into the development process is a game changer because in the end we are building a solution for them and they will decide if it is a success. They will decide if this is helpful for them and intuitive to use. And when I'm talking about user tests, I'm talking about one-on-one meetings that they have with the users when we already have something that we would like to share. It doesn't need to be a final solution, it can be, for example, a POC. And this meeting usually consists of three parts. First, I'm asking the user about his or her daily work, then I'm asking the user to perform actions in the application and I'm observing it. And then I'm gathering general feedback from the users. Now I will follow up with some good practices. First, try to not wait until the product is good enough. I know it can be very hard to share something that you feel is not perfect and you see a lot of things you could improve but it is worth it because otherwise you can spend a lot of time developing something which won't be used because of some assumptions that you made at the beginning. I would even go a bit further. I think that sometimes it's good to dedicate time to create a POC and showcase the POC to the users to gather early feedback. And I think that SHINee is a great tool to create such POCs because of how fast you can develop in it. And I would like to share a case study with you. Some time ago, a client came to us and asked us to create quite complex React Python application and in the end we decided to start with a POC in SHINee to validate his idea first. And we had only two weeks to create this POC. And I have to tell you that it exceeded my expectations for sure because we were able to not only create good looking application with the car functionality implemented, but also we were able to mock a lot of other functionalities. And it allowed us to show this to the user and gather feedback. And to learn a lot of things that we needed to change in the final design. And later on, when we were implementing the application in React Python, we could already implement those changes. And otherwise, we would need to wait a few months at least to gather this feedback and then probably rewrite a significant part of the code. So I encourage you that when you have a situation that you know that your final solution is quite complex and it will take some time, just try to start with the POC with a lot of functionalities mocked and already start gathering feedback from the users. The next three points will be mostly about the second point of the interview. So the time when the user is interacting with the application and the rest of serving it. So first, try to limit the explanation to the minimum. I know it can be hard sometimes when you see this user struggling. But those are the situations that you should observe and note down and make sure that you know how to avoid them in the future, how to change the UI or implement some changes in the features in the application. Another point will be to ask the user to perform business actions. So try to avoid questions like, could you go to the right top corner and change the value in the dropdown to Poland? It is much better to ask a question like, could you please try to display data for Poland? Because then you know if it's easy for the user to find this dropdown and also to filter on Poland, for example. And you can implement some changes if it's not. Then ask the user to speak aloud about their thinking process and expectations. Because only then you can truly understand what is happening. As an example, a user can open a tab and he can tell you that, oh, I opened this tab because I expected some advanced charts here. But I can only see a table which is not very helpful for me. And now you know that you need to change something. You can change the tab name or add these advanced charts if needed. And the last part is about gathering feedback. So try to ask open not leading questions. So try to avoid questions like yes or not. And try to not lead the user with your question. So the worst example would be starting with a question like, don't you think that this solution is great and it will really help us? Because then it will be very difficult for the user to give you some constructive feedback and criticize the solution. That's all I would like to share today. Thank you so much for joining me and see you on the Q&A session. Thank you. Goodbye.