21st Century Academy

Particularly in a volatile market atmosphere, many less savvy investors rely on old myths they believe to be true. It is a natural tendency to panic as the market swings downward and begin selling off assets. Other investors take the opposite tactic, developing a laissez faire attitude and failing to act when they should. Both of these tactics are doomed for failure because they rely on some of the commonest investment myths.

When the Market is Bad, Hold

A long-term investment plan is often built on the premise that no matter what the market does, leaving investment dollars where they are is best. After all, the market will rebound eventually, right?

Sure, the market will rise again, but a stock worth little to begin with will almost never rise to a level that makes it highly profitable just because the market turns. Just like buying antiques, items that were originally worth a lot of money will still be the highest valued decades later. Low-priced stocks need to be purged from your portfolio before they result in even greater loss.

Besides that, how long are you willing to wait? Consider this example. Say you bought shares of a top-rated stock prior to the correction of October 1987. How long would it have taken you to regain the same value? The answer is ten years. Still other stocks have yet to reach the same level of value they once enjoyed. Obviously this is too long if you are ever going to attain financial independence in this lifetime.

When the Market is Bad, Sell

At the opposite end of the spectrum are those investment gurus who maintain you should withdraw from a declining market immediately and place your remaining investment capital elsewhere. This could be just as bad a mistake as holding onto your all your stock certificates in the hopes they will regain value.

Highly valued and strongly performing stocks are always a good investment, no matter the whims of the market. This is just one part of a successful portfolio that will create wealth in the short and long run. Diversification is important. Assess the performance of each investment and make decisions to sell based on more than just the recent activity in the stock market.

When it comes to creating wealth via investments, there is one principle that always holds true and that is to buy low and sell high. Forgo rash decision making and stick to your financial goals – but only when it makes sense to do so.

bookmark this

Do you have a wish list? A wish list might seem like something that you’d do when you are a child but adults who actually write their goals, wants, and dreams down on a piece of paper are much more likely to actually get what they want. Stating goals and desires in a list form gives you a tool to use to define, measure, and analyse your success. It’s quite healthy to circle items you want in a catalogue — even if they currently seem beyond your means.

Is your wish list hazy or do you clearly see just what you want? If you don’t know what you want, it’s a great idea to take the time to explore and define your dreams.

What’s the greatest part of a list of any sort?  The act of ticking off items on that list with a big check mark, of course. As you reach your goals, pull out your wish list and check them off. On a day where you’re feeling discouraged about something, pulling out your list can show you how far you’ve come and make the path you need to take clearer, too.  Just like checking off things on your ‘to do’ list helps you with your organisation at home and at work, the list can be used for bigger things, too.

Don’t forget to add to the list. Even millionaires should keep wishing! You can also have small goals and big milestones. Right now it might be most important to you to build a nest egg, pay down your mortgage, buy an investment property, or save enough for a really great vacation. Later on it might be to get your pilot’s license or retire ten years early because you’ve accumulated enough wealth to do so.  Today you might want a new minivan and tomorrow you might set your sights on a luxury sports car because the minivan is in your driveway already.

Whether you’re dreaming about a new car or dreaming really big, the act of visualising and stating your dreams can help you get there. If today you simply verbalise that you desire financial security, try actually stating and defining what that means to you with tangibles and you’ll increase your chances of wishes coming true.

bookmark this

Consistent thoughts are naturally followed by consistent behaviours that are conducive to generating wealth. This is an important aspect of money management. Consistency is a critical aspect of success, no matter what the endeavour. Managing finances is not a project that has a beginning, middle and end. It is an ongoing way of being.

Developing the right mindset for building wealth requires practice, as well as tenacity. Managing money is a way of being that stems from a well developed set of mental processes. Each time you have a thought neurological pathways are reinforced. New thoughts lead to new neurological pathways. It is necessary to repeat the thought new thought processes consistently in order to strengthen the pathway.

Neurological Pathways to Wealth

Consistency and money management, as all things, begins in the mind. You can create neurological pathways that reinforce the notion that you are deserving of wealth, and that you are capable of managing money well. Practicing this thought process builds the neurological pathway to wealth.

How does the neurology come into play with money management?

All of our beliefs, feelings and behaviours begin in thought. Each thought has the capacity to help us follow through with the appropriate behavioural responses automatically. Practising visualisations, thoughts and focus on building wealth naturally leads to appropriate behavioural follow through.

Learning Mental Money Management

Though this process may appear to be quite easy, it is important to note that some of the thoughts may not be supported by your underlying belief system. Simple exercises like 30 seconds of positive thinking can offer enough support to build neurological pathways for the things you want to achieve.

You are no different from any millionaire on the planet. Wealth can be a matter of perception. When you take a few moments each day to:

• Visualise your goals
• Feel genuine gratitude
• Believe in your ability to succeed
• Practice good money management

Gradually, the process of managing money becomes second nature, allowing you to achieve the goals that you visualise every day. Your thought processes naturally lead to behavioural follow through that is consistent with the ideas in your head. Focus on what you can accomplish rather that what you can’t. This is the fundamental element of consistently improving your finances.

bookmark this

The secret to building wealth lies in part in the ability to focus on specific goals. Many individuals find that they are easily distracted, developing far too many projects at once. This leads to scattered energies moving in various directions.

Scattered energy is among the most detrimental components to building wealth. When your ideas, aspirations, and goals each move in different directions, they become diluted. Practice focus naturally guides success in your direction, and this focus needs to be purposeful and consistent. It should ideally work with your natural genius.

Finding Your Genius

Everyone has genius on some level. There is no coincidence that the word rings of genetic. The secret to success includes being able to determine your genuine genius. This involves objective self-evaluation that can be difficult, but it is well worth the effort.

The genius does not have to relate to a remarkable talent or intellectual aptitude. Many find their niche in motivating other people while others find genius in calculating figures. Others may work well with their hands. The possibilities are endless.

Recognising your personal genius begins with evaluating your strengths. You may know areas in which you excel, but it may benefit you to do a little brainstorming. You may recognize your genius as something that comes remarkably easily to you, so much so that it seems as if anyone can do it.

Creating a Plan

Building wealth relies a great deal on creating a viable plan of action. Using your niche as a guide, you can begin taking steps toward success. This process is not a struggle, as it flows naturally from your innate ability to work within your genius.

Working yourself ragged is not a viable option. There is good reason that this approach does not accumulate wealth. You become engaged in a tiresome rut and that’s just filled with feelings of anxiety and frustration. This leads to cycle of fatigue and a sense of hopelessness.

Begin with a plan of action that works with your strengths. Diligence at work does not have to be a struggle, and genuine feelings of gratitude naturally arise out of doing what you love. This leads to a positive cycle of energy, motivation and focus.

The primary question is how to take the first step. What I Didn’t Learn in School but Wish I Had by Jamie McIntyre offers insight into a millionaire’s mindset, providing viable approaches to building wealth easily.

bookmark this

Do you have what it takes to get wealthy – the courage to do what you need to in order to get rich? If you are like successful students of the 21st Century Academy, you may have done your research on making money but initially doubted your own ability to stick to the right path on your way to gaining wealth. This is a losing attitude.

So what is the key to getting wealthy? There are actually five maxims which can help anyone achieve success.

Get Motivated

Without motivation, your desire will never be anything more than that: an ambiguous emotion. True motivation is translated into ambition and ambition results in action. Only action can create wealth.

Manage Your Time Efficiently

Gaining wealth takes time. Take it from Jamie McIntyre, there are no shortcuts to this step. Do only those things which result in the generation of income. Let me repeat that: only spend your time on income generation. This means you will have no extra time for leisure pursuits, at least until you have amassed a sufficient amount of assets.

Frugal Cash Management

If you own your own business, you know that taking all the income earned from it and using it to buy things for yourself is not the way to become successful. You must first make a good profit before even considering spending money on extras.

The Law of Attraction

If you can desire it, you can obtain it. Enough said.

Set Clear Goals

How you can obtain anything if you don’t know what it is you want? Jamie McIntyre knows this rule firsthand. Only by writing down exactly what it was he desired was he able to develop a plan with the steps necessary to obtain it.

Now that you know what it takes to create wealth, do you have the courage to do what needs to be done?

bookmark this