Take stock in your investment education
Now you have experienced that taking back control has had a positive change on your attitude about money. You are seeing the light at the end of the tunnel first hand and you are experiencing how having a positive money-mind-attitude can make a difference in your life. But don’t stop there.
When you make a decision or choice you don’t always see the results right away. Sometimes you have to wait until years later. For example, you buy one ounce of gold today. Some so called experts say gold will go up to $2,000 by 2010, others says it will be beaten down to $500 an ounce – who is right? Well, what was the driving force that compelled you to buy the gold in the very first place?
Asking yourself questions is part of taking stock in the investment decisions you make. It’s a way of validating the choices you made and that they still make sense to you.
“Why” is a powerful question to ask – especially when you are honest with yourself. Maybe you bought the gold because you feel strongly that the Canadian or U.S. dollar will end up like Zimbabwe’s currency did. Just a few months ago, Zimbabwe began printing their first 100 billion dollar bill…yup…that’s a “b” you see there.
When will our currency deflate – I don’t know – but if you believe it will and it is more possible today than before…maybe buying gold is a good decision. You see that’s where you have to believe in your choices and make them what you feel is true to you.
But don’t do it until you get all the facts.
Here is a better choice – to live free of debt. Remember, Canadians say they accumulated more debt than they had six years earlier. Despite this depressed feeling of indebtedness, 53% of Canadians still don’t have a personal/household budget. I can tell you why…because most people don’t even know how to balance a cheque book let alone manage a personal budget. For many it takes too much time and effort. To make matters worse, people are unaware of the critically important information that is available to help manage their debt – you have to educate yourself!
Also important to learn is the magical power of time and compounding – teach your children about it too. Develop a financial plan. Over 85% of non-retired Canadians polled have some sort of RRSP, but less than 15% of them have a formal written plan outlining their retirement strategies and end goals (TD Waterhouse Investor Poll).
Developing your money-mind attitude is about making the right choices and finding the courage to stick with those decisions. It’s through these decisions we make that give us back control of who we really are. Is it easy? No it’s not. Is it necessary? Absolutely yes, it is!
You owe it to yourself to invest in yourself.
Once you do, you’ll discover that life itself is really not about money anymore. Once you have a good handle on your finances…you’ll have greater freedom of choice to make better decisions which will change your whole outlook on life…hey, it’ll change your attitude!
A winning attitude is an “attitude of gratitude!” Make the choice, change your attitude about money and I guarantee you it will be the key to your financial success!