Another Test Down

We finished with our biochem exam 1 today. Now we have gross anatomy in a few more days. I would just like to mention that cramming for med school is not too much fun because there is too much information. I am actually still feeling like my life is a blur right now and cannot seem to focus on the next topic at hand.

I joined a fantasy football league this year, and I must say, it makes me care more about what the NFL is doing. I think its truly insane the amount of money that you can make running a fantasy league. I know many people that have no problem forking down hundreds of dollars so that they can VIRTUALLY play against their friends in a statistical battle. The best part for the people running the fantasy sites, they get paid money and they don't even have to give a reward. Apparently someone thinks its cool enough to just win your league and doesn't think a prize is necessary (and for some reason I have to agree with that because I would just be happy to have the bragging rights that I beat the rest of my friends in Fantasy Football).

On another note, I would like to discuss the statement that "you have to spend money to make money." This seems like a logical term to many in business. I have to agree that this statement. Think about it this way. I want to enter the computer business and compete with Dell. Firstly, I wouldn't really dream to do such a thing because it would be nearly impossible to compete with Dell's amazing supply chain (just ask Gateway, who recently got bought out by Acer). However, if I were to do it, I would have to buy some raw materials (e.g., memory, motherboard, other computer stuff) to build a machine that I could sell to someone. All that would not be free, and therefore, I would have to spend money to make money. If you're like me, you would read this and say, what about if you have advanced orders and have already been paid for your merchandise before delivering it to the customer. I would respond to this by using my accounting knowledge and say, "Revenue is recognized when it is earned. Even if you have the money in your hand, under generally accepted account practices, you cannot recognize the revenue until you DELIVER the product and it is really deferred revenue."

And that's the Gulati Opinion...