3019 AD

I just read an article “on-line” that excited me!  I’ve thought about this for many years, what with cellular phones becoming smaller and smaller while gaining in power and the ability to control aspects of our lives that wouldn’t have even been considered 5,10 or 20 years past. 

Elon Musk just announced he has successfully created a (micro) “chip” to enable a “brain-computer interface”, and he has had success in having a monkey control a computer with its brain.  Yes, you read this right! 

For many years, I’ve thought as cellphones have gotten smaller, easier to use with voice commands, etc.  why not just take that “chip” inside the phone and implant it behind the ear?  The only reason a cellphone has to be “hand hold-able” is because you can’t take the chip and have a viewable display for the obvious reasons.  But, if you could use voice commands, such as: “Hey Siri” to access an APP, or, “Call Angela”, to communicate with a friend, you wouldn’t need any hand held device, just the ability to use a voice command or possibly a “thought” (brain) command.  I’m no engineer so this would be way, way outside my realm of producing and programming such a “chip” with APPs that could or would replace the current hand held cellphone.

Elon and I can’t be the only two persons thinking down this path…I have to believe that “we” can do this with today’s technology, and this technology is advancing at such a rapid pace that before you know it, deciding on the “size” of your cellular device won’t be a second thought, because it has to fit in your pocket or bag or whatever.  You won’t have to worry that you will forget it on the table in a restaurant, or leave it on the shelf in your closet and 15 minutes later forget where you left it.  How many times have you had to “ping” your phone to locate it?  If it was stored, say, behind your ear under your skin it would never get lost…Also, you’d not have to worry if you fell or jumped into a pool or lake and had your cellphone “on you” that it would be ruined from the moisture.  Heck, even if you didn’t submerse the cellphone, moisture getting into your cellphone can still be a problem for you to deal with.  Implantation under your skin would keep it safe in any situation such as these.  I can’t think of a more “moisture proof” container than your epidermis.

This “neurotechnology” is being advanced by Musk and colleagues at his company called Neuralink.  I’ve never heard of this company, and I suspect this is because of the nature of implanting “brain micro-chips” in people’s brains is not yet considered a “mainstream” idea.  What’s next, will Big Brother start sending you subconscious thoughts?  This most definitely is on the line of “robotic behavior”, in my opinion.  Consider this:  What would you need schooling for if you could simply implant a “chip” that controls your brain?  Could you make the dumbest person in the world “smart” with such a “chip”?  Could you change human behaviors?  For people who “think” they receive subconscious thoughts now, could you actually send subconscious thoughts to counteract what they “think” they are receiving, which could conceivably “fix” their problem?   Could you teach a monkey to be more than just a chimp with a “chip”?  WOW, talk about receiving subconscious thoughts…

My (conscious) thought is, YES it is very possible that anything goes in the realm of tomorrow’s Orwellian world.  What would this mean for collectors and the collection industry?  Could all of our “communications” be “electronic” in nature, and could it be so simple that a “monkey” could send it?  What a concept!  A chimp with a “chip” that could collect the “chips”!  Unfortunately, I won’t be here to see this idea become a reality as I’ve already been around long enough to see what a “computer” can do to change the collection industry.  Artificial Intelligence (AI) has only begun to effect the collection industry, and there are some forward thinkers out there who are looking for ways to make us better and more effective at our jobs as debt collectors using AI (Artificial Intelligence for you non-thinkers).

You can’t become the next “billionaire” by thinking “inside the box”.  The “Elon’s” of our world are thinking and dreaming of other worlds.  Their “outside the box” thoughts and ideas, as crazy as they may seem today, will become a reality in a future world.  Maybe that future world will have colonies (of earthlings) living on another planet or galaxy…WOW again, more subconscious thoughts!  I can’t fathom such ideas based on my reality of watching “Leave it to Beaver”.

So, what IF earthlings lived abroad?  Abroad the vast solar system that is!  Would collectors need to do the same?  What would the “collection agency of 3019” be like?  My guess is it would be nothing like the collection agency of 2019.  How would we collect?  WHAT would we collect?  We’re talking “crypto” currency now, but that hasn’t become mainstream by any means.  My thought is that our “green backs” will not exist and we won’t need wallets to carry ID.  Heck, we may not need ID if we live on MARS!  (There are no BARS on MARS!) Crypto currency may even become a flash in the past before 3019 arrives.  Since the beginning of time, we’ve gone from coins to paper and soon to “cryptos”?  How do you hold “cryptos” in your hand?  Will they fit in my pocket, or wallet…with my “crypto credit cards”? I’m not sure I like where this is going…Until then, I’ll just sit back and dream…dream of the good ole days when debtors with “green backs” actually walked into my office and used those “green backs” to pay a debt.  I’ll dream of placing a telephone call…where I had to “dial” the (rotary) phone number and wait…and I’d speak to a live voice, leave a message with a live person who had to search for a pencil and paper to write down my name and number.  And guess what, every one of them called me back!  WOW again, more subconscious thoughts! 

Today, we still collect in basically the same fashion as we did forever (at least my forever).  Some days I wish for the past and future to become the present.  Doesn’t this sound crazy?  What does the future hold and what has the past already provided us?  I can’t answer this in the here and now, but I can say that the present is just a Nano-second from the future. And, the only certainty in the future is Change, and I’m not talking about those metal coins that used to jangle in your pant pocket.  The past always “feels” better with age, kind of like a fine wine.  We need to remember the past so as to make wise choices in the future, so think about it.  Our present will be optimized when we combine past experience with future expectation.  Now, does that make sense?  (More subconscious thoughts!)

Every human (and I’m only speaking from my personal experience here, so don’t quote me) wants a better future with a fond and memorable past.  We can use this tidbit of information in our collection industry today (the present).  We simply need to treat others as we wish to be treated in return.  This is one concept that has remained the same since the beginning of time. This is what my philosophy is and the one I’ve passed on to my coworkers.

Elon Musk lives in a “fish bowl” with all types of naysayers looking at his every move.  Heck, the guy has built a new car industry (Tesla) and is shooting for the stars (SpaceX).  I wouldn’t expect any less than teaching a monkey to think or even collect debts!  Sounds crazy to me, but it just might work in 3019.

Jim Cox is co-owner of A. Alliance Collection Agency.

A. Alliance Collection Agency, Inc. is a full service, licensed accounts receivable management and debt collection agency providing highly effective, customized one on one management and recovery solutions for our business partners.  Founded innorthern Illinois in 2005, we have been proudly improving the bottom-line on behalf of our business partners in and around Chicagoland for over 14 years.

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Liar, Liar Pants on Fire! What to do When You Need the Fire Extinguisher

Would you be willing to admit that you lie?

I just felt you squirm.  I know I did when I encountered the question the other day.

So, let me take the pressure off.  While we surely don’t like to admit it, we all lie.  Degree and kind certainly factor into our self-analysis.  Think Santa Claus and the Easter Bunny. 

I will be the first to admit I am no George Washington.  No, I don’t think of myself as a liar. And I think most people I know would consider me to be a person of integrity.  I would think most of you feel the same way. Yet at the very least the fact is we all shade the truth at times. 

Why do we do this?  A variety of reasons I suppose.  Peer pressure.  Work pressure.  To be liked.  Competition.  Just being nice.  To avoid an obligation (we encounter this a lot in the collections business).

One of my beefs lately is the prominence of the phrase “Shape the Narrative” or some derivative.  No less than the respected historian Doris Kearns Goodwin writes about the ability to shape the narrative as a key and desirable quality of great leaders. 

Yet which conflicting “narrative” is right? At what point does shaping the narrative simply become a euphemism for lying? 

At all events, lying can be innocent, unintentional and benign.  Of course, it can also be self-destructive, self-deceiving and ultimately harmful to our reputation and our ability to be effective as a person. 

The other day I came across an article in the Harvard Business Review “What to Do When You’re Caught in a Lie (Even an Unintentional One)” by Ron Carucci (read it here)  The subject of the article is really not about lying.  It is about conflict and confrontation when someone is caught lying.  A pretty unconventional subject if you ask me. But intriguing, nonetheless.

“People lie, on average, one to two times per day” says Carucci.  “While the percentage of lies told by a person, the conditions under which we lie, and the degree to which the truth gets stretched all vary, research agrees — we all do it sometimes.”

True.  But once or twice a day? I suppose that does not even include the lies we tell ourselves (“I’m not speeding if I am keeping up with traffic!” “These jeans make me look slimmer!”).  Heck, I am glad someone is not keeping track of mine.  I hope!

At all events, why do we lie?  According to Carucci “Most of us believe that our lies actually work — mainly because it takes a rare person to confront us.” 

He goes on to point out that we probably all have encountered a straight up lie and pick up cues from the person telling it.  Not all of us have good poker faces. I know I don’t.

And if you are the perpetrator of a falsehood, you may feel you have gotten away with something and it will just slide by.  However, Carucci says “…don’t assume things will be OK after the painful silence or furrowed eyebrows subside. Your reputation is now in question.” 

Perhaps fatally.  And it can go farther than just our personal reputation.   How many companies can you name that have suffered greatly because they overpromised and underdelivered? Or just outright lied about their product or services?  If you are of my generation think Enron.  If a later think Theranos.

So, if you get caught in a lie, intentional or unintentional, what to do?  If you are like me, my guts simply won’t let me let it go unaddressed.  Carucci has some suggestions.

  1. “First, reflect on why you lied.”  Largely this involves getting to the root cause of why we felt compelled to lie in the first place.  Enhance our reputation?  Go to any lengths to earn the business?  Says Carucci: “Dishonesty is never random. Underneath our lies are unmet needs that we believe lying might satisfy. Identifying these needs is the first step to finding healthier ways to fulfill them.”

Another good point: “Whatever your motivation, remember that identifying why you lied in no way excuses it. You may be tempted to quell any lingering feelings of shame with self-justification for lying in the first place. ‘It’s not fair…,’ ‘I deserve this…,’ and ‘Why should I have to…’ are all defenses we use to rationalize deception. If you catch yourself defending your lies, that’s a clear signal that you are avoiding something deeper. Instead, ask yourself, ‘What underlying fears am I trying to protect?’ Remember, dishonesty often provides no more than a momentary surge of false regard in the eyes of others.”

2. “Assess the credibility damage.” Do you feel yourself losing credibility or not being solicited for opinions?  It is time to take an honest assessment of what damage a distortion of the truth has caused you.  Carucci: “As you recognize signs of weakening credibility, you may be triggered to lie even more to regain it. Resist your natural instinct to diminish the extent of the damage. Doing so will only perpetuate a cycle of deceit. Instead, evaluate the gap between the reputation you want and the reputation you have. Do you want to be known as someone with great ideas who delivers on commitments? Or as the go-to leader who can solve the toughest problems? Once you are clear on this, you can more accurately evaluate the degree of doubt you may have raised by attempting to dishonestly engineer that reputation.”

3. “Look for ways to demonstrate self-honesty.”  Commit to changing.  This can be very hard, especially if this is an ingrained habit.  Look for ways to right the ship and rebuild your credibly.  “…if your humility is being questioned, genuine expressions of self-doubt about your ideas, self-deprecating acknowledgements of things you aren’t good at, and affirmations of others’ greater abilities can remind people that you aren’t all bad and that aspects of your integrity are still intact.”  Clearly this can take a lot of time and effort but if you want to reestablish your integrity you need to start right now.

And I would add a fourth to the list. 

4. Admit it, own it, correct it, and accept the consequences.   I think this would be the hardest to do because it requires a degree of humility that is often discouraged in the business world.  Often it is hard to admit a mistake let alone confess to a lie.  Yet the sooner amends can be made the better.  More often than not, while the initial reaction may not be easy to swallow, getting it all out can help the healing begin all around.

A. Alliance Collection Agency, Inc. is a full service, licensed accounts receivable management and debt collection agency providing highly effective, customized one on one management and recovery solutions for our business partners.  Founded in northern Illinois in 2005, we have been proudly improving the bottom-line on behalf of our business partners in and around Chicagoland for over 14 years.

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What’s Causing Record Household Debt in America? Financial Illiteracy?

Collectively, we as Americans owe a record amount of money—over 13.5 trillion dollars. Yikes!  If you’ve read any of our recent blogs you already know this. But what you might not know is that the recent report by The New York Fed (Mark talked about in last week’s blog) says that while the amount of debt is higher than before the great recession it’s not as risky this time around because things are different. Phew!

Debt in of itself isn’t a bad thing. It can be good when it allows us to buy a house, a car or a college degree we could not otherwise afford.  But it’s important to keep a good handle on our finances to not only understand what’s coming in versus what’s going out and the ability maintain a good balance of both. We also need to be able to understand basic financial concepts like risk diversification, inflation, interest and compounding interest.

Right now our economy is booming with unemployment at a fifty-year low and wages rising. You’d think we’d be having a field day getting our finances in order wouldn’t you? But according to a recent survey by Bankrate that’s not the case at all. We are actually marching in the opposite direction. (That’s why Mark and I keep writing about this topic!)

For example, this year’s report found only 44 percent of households surveyed have more money in emergency savings than the amount they owe in credit card debt. I can shine a brighter light on that 44 percent by telling you it is 14 points lower than last year’s 58 percent and the lowest percentage in Bankrate’s nine year history of conducting this survey. To make matters worse these numbers probably won’t be getting better soon because according to the same report only 43 percent of those surveyed said they were focusing on boosting their emergency savings this year, down from 53 percent last year. Uh Oh!

A couple of months ago I read an article in investmentnews.com called, “Financial Literacy: An Epic Fail in America.” The title pretty much says it all.  The article talks about a 23-year-old graduating senior at a Texas university who was starting his first post-graduation position when he had the rude realization that he had to begin paying back his $90,000 worth of loans and what that really meant in monthly payments—about half of his new monthly salary. This student made it through all those years of schooling plus four additional years of higher learning yet he had no idea what he had gotten himself into.

Sadly this is not an isolated event and many Americans (as well as many people world-wide) struggle with financial literacy. It begs the question: Are students learning enough about how to manage their money?

The Center for Financial Literacy at Champlain College doesn’t think so.  Established in 2010 the center was designed to promote and develop financial literacy skills in k-12 pupils as well as college students, teachers and other adults. In 2017 the center graded each of the states on a National Report Card on Financial Literacy. Sadly only five states received an “A”. 

Wisconsin, where I live, scored an “F” on that report.  That’s probably what prompted then-Governor Scott Walker to sign a bill requiring school districts to incorporate personal finance into k-12 instruction.

With these types of statistics trending like they are, it’s easy to see how many Americans—even in a good economy—are struggling to keep up with their debt. We need to educate ourselves and our youth on financial literacy now! If not, I don’t want to even think about what’s going to happen when our economy takes a tumble.

A. Alliance Collection Agency, Inc. is a full service, licensed accounts receivable management and debt collection agency providing highly effective, customized one on one management and recovery solutions for our business partners.  Founded in northern Illinois in 2005, we have been proudly improving the bottom-line on behalf of our business partners in and around Chicagoland for over 14 years.