Wednesday, April 20, 2011
Friday, January 21, 2011
Nigeria Next Billionaires
Where do you think Nigeria Next Billionaires will emerge from? Forget politicians wait... Think IT CEOs|Internet CEOs|Hedge Funds CEOs|Any Internet Driven Business| think about this and choose your path.
If you are still in doubt then you need to see what Google guys have done. I am very sure you have used Google as search engine but what about Google Mobile,The Google Mobile application for iPhones, iPad etc Google Finance, Google Earth a common applications that all mobile phones manufactures now included in their phone to control market shares. Google Adwords for advertisers, Google Adsense for web developers, owners and designers, Froogle for ecommerce business, Google Checkout for payment. Infact, my 9 years on the Internet revolve round Google while I was looking for methods to get regular income without breaking my bank or exhausting my pause.I know Internet opportunities are real. There has never been a time of unlimited opportunities as this Internet era. But the challenge now is over enough and bombardment of load of irrelevant and redundant information that are nothing but junks like gold. Experience is the best teacher they say. Don't waste time on the Internet. Do something constructively. It steals time away from you.
If truly you are looking for Internet opportunities or ways of making money online. This is my opinion: Get the education you need especially in Internet marketing, and Investing. You can learn to develop web applications instead of wasting much time on selling other people's products everyday. This will give you leverage to sell your service. The world is looking for services that create values for other business or other people. Affiliates programs will help but learning to render more service than that will be profitable and rewarding.Let your college degree be your guide. I believe you are better at something even if it is GNS 101 or ECO 201 you know better during your school days or now, there are millions of people who need your help online. Let them know you are real and ready to help.
You will succeed in Internet business if you know how take the advantage of multiple markets. It is not a compulsion to trade or invest in currency. Learn to trade and invest in financial instrument; commodities, future, stock, and many more. This will give you insight to what the company are doing with money and how it is distributed in wealth circle.The knowledge is enough to reposition your financial stature. You can succeed in anything as long as you believe in yourself. Forget the opinion of other about you, it will do you no good. Your thought about yourself is the ultimate. I have once been in your shoe. Today, I enjoy every bit of my moment online. Chat, talking and doing all sort of things, yet it gives me money in return.
Internet will produce more millions in Nigeria than any Industries in the next five years and the emergence of billionaires is a possibility. Today, you don't know them. They are billionaires in making. Following the process and principles. It could be you. Do what you love and love what you do just make sure you take it online for the world to see.
This is just the beginning of new era in Internet marketing. The social media will revolutionize Internet marketing. Facebook will produce millionaires and billionaires including twitter and other social networks. Don't just join any social network. Learn to turn fun to dollars.
If you are still in doubt then you need to see what Google guys have done. I am very sure you have used Google as search engine but what about Google Mobile,The Google Mobile application for iPhones, iPad etc Google Finance, Google Earth a common applications that all mobile phones manufactures now included in their phone to control market shares. Google Adwords for advertisers, Google Adsense for web developers, owners and designers, Froogle for ecommerce business, Google Checkout for payment. Infact, my 9 years on the Internet revolve round Google while I was looking for methods to get regular income without breaking my bank or exhausting my pause.I know Internet opportunities are real. There has never been a time of unlimited opportunities as this Internet era. But the challenge now is over enough and bombardment of load of irrelevant and redundant information that are nothing but junks like gold. Experience is the best teacher they say. Don't waste time on the Internet. Do something constructively. It steals time away from you.
If truly you are looking for Internet opportunities or ways of making money online. This is my opinion: Get the education you need especially in Internet marketing, and Investing. You can learn to develop web applications instead of wasting much time on selling other people's products everyday. This will give you leverage to sell your service. The world is looking for services that create values for other business or other people. Affiliates programs will help but learning to render more service than that will be profitable and rewarding.Let your college degree be your guide. I believe you are better at something even if it is GNS 101 or ECO 201 you know better during your school days or now, there are millions of people who need your help online. Let them know you are real and ready to help.
You will succeed in Internet business if you know how take the advantage of multiple markets. It is not a compulsion to trade or invest in currency. Learn to trade and invest in financial instrument; commodities, future, stock, and many more. This will give you insight to what the company are doing with money and how it is distributed in wealth circle.The knowledge is enough to reposition your financial stature. You can succeed in anything as long as you believe in yourself. Forget the opinion of other about you, it will do you no good. Your thought about yourself is the ultimate. I have once been in your shoe. Today, I enjoy every bit of my moment online. Chat, talking and doing all sort of things, yet it gives me money in return.
Internet will produce more millions in Nigeria than any Industries in the next five years and the emergence of billionaires is a possibility. Today, you don't know them. They are billionaires in making. Following the process and principles. It could be you. Do what you love and love what you do just make sure you take it online for the world to see.
This is just the beginning of new era in Internet marketing. The social media will revolutionize Internet marketing. Facebook will produce millionaires and billionaires including twitter and other social networks. Don't just join any social network. Learn to turn fun to dollars.
Saturday, November 6, 2010
FINANCIAL SUCCESS MINDSET
Financial success! A magical word, a dream of all, imagination all envisioned the state at which hassle of making money becomes unimportant but investing and contributing it for humanitarian service becomes your ultimate dreams because you have had more than enough and you can afford anything you could dream. The state at which billion of people of the world wish they could reach before their demise. We all day dream everyday about how wonderful it might be if only fate would smile in our direction and bestowed upon us a generous portion of money. The handsome some of money that will perhaps liberate us from impoverishment, elevate us from the state of dependency to simple and complete conscious state of independency and interdependency. That’s our dream.
Who among us dislike financial success in today’s world when success is attached to material accumulations? Who does not want good shelter and comfortable mean of transportation and a fat bank account? I guess No one! Everybody wishes to be rich. We all want our voice to be heard in our community. We all love compliment, we want recognitions. These are within reach of possibilities for some while vast majority of people think it’s far away from their reality. Nevertheless, you should know that you are the only element that will determine the possibilities or impossibilities. This is the best time to be alive: the richest century of all centuries, the most adorable and un-barricaded time of financial success, the time average income earners can free herself or himself from despair of poverty of the mind and soul-The time you can passionately convert your talent, vision with discipline to a crystallized knowledge that will engulf self limiting belief system and uncovers our financial ingenuity.
Financial success is guided by principles. The principles like natural laws, you cannot argue against them. They are universal and timeless. Allen Robber and Victor Hansen in One Minute Millionaire explain briefly what principle is like, saying ‘Principles are simple yet a powerful model that helps us understands how the world works. Principles guarantee the same result each and every time – no matter where, when, or who uses them. Gravity is principle when you wake up in the morning, you don’t have to question which way your foot will go when you get out of bed. It goes down, never up. Likewise, two times two is always equal to four. It never equals five. Principles don’t wear or rush out. They last forever. They are timeless and tireless. Principles cannot be over used. Life is a process of discovery of principles’. If you want to make rapid progress in your life, don’t ignore principles.
According to Paul Getty, one time world’s richest, True wealth comes from ability to practice what he calls ‘Economic Alchemy’ which is the ability to take something that has very little value and convert it into something of significantly greater value. It’s a principle. All wealth begins in the mind. Mastery of certain principles is the surest software of financial success system. All you need is to use them everyday, within organization, family etc. These include:
The Principle of Initiative
The principle of initiative is act of taking responsibility for whatever position we found ourselves today. Where we found ourselves today is not by an accident, our thoughts and actions have landed us there consciously or unconsciously. We are all responsible for everything that happens to us in life. This first step for proper diagnoses of financial success is admitting responsibility for everything that has happened in the past. Taking initiative or responsibility is ability to direct one’s thought and action in response to stimuli in our family, organization, community or institution towards what we want instead of blaming some else. When things go wrong as they will sometime do, the normal thing is blaming some else. We tend to find a scapegoat for our misfortune or shortcomings. But the principle of financial success is inversely proportional to common belief of blaming others or oneself. The issue of if Bolaji or Damie has done this or that it would have resulted to a desirable result is never the best way for approaching the circumstance. By doing that, you are giving them power over your life. We may not be responsible for everything that happens but we are free to choose our response to what has happened and take responsibility to redress the action.
Blaming professes no solution, it only aggravates our negative emotion and discussing the solution stirs the ingenuity and creativity in us. It gives more allowances for your subconscious mind to work on the solution other than burying yourself in the problem. However, it’s is not what happens to you that cause the damage, it is our response to it. Adopt new way of resolving issue and learn from the present circumstance. An accurate diagnosis is half the cure, proper examinations of present predicament or plight should probably teach you a valuable lesson. On the contrary, instead of blaming other we blame ourselves for failure. Why was I such a fool? I caused it! It’s my fault! This is even more detrimental than blaming others. It is pernicious thinking and dangerous practices. It plants deep feeling of inferiority complex and insecurity in one’s life like weed. Self-blame is prime source of self-pity that opens the door of self-deprecation and leads to self-contempt even self-destruction. It shuts door of development. You don’t have to blame yourself for all the money you lost in the last stock market crash or other businesses because there is a lot to learn from them. Just like Henry Ford puts it: ‘Failure is opportunity to begin again more intelligently’
You are not responsible for unemployment but you are responsible for not doing anything at all, you are not responsible for getting good job but you are responsible for doing the present job better, you are not responsible for lack of adequate infrastructure but responsible for the maintenance of the current ones. If you don’t presently have any job or you are seeking, you can decide to research about the industry you like to work in future. You will understand relevant position of the industry in relative to economic development. The strengths and weaknesses and other facts will make you prepare for the job. Who knows, you might stumble on something interesting that could give birth to new ideas. Every society, organization, community is looking for solution. Be part of the solution, add values. You would definitely be on the highway of financial success. Remember the law of serendipity. It may just work for you.
Audacious Goals
I know this is not the first time you would be reading about goal setting. Every writer talks about it. They emphasize it as part of self development and road map to success. Goal is blueprint of your life. If you don’t plan your day someone else will for you. Setting audacious financial goals and having a kind of obsession with the goal is a different thing; you have to be obsessed about what you want. If at any point in time you were asked about your goal, you should in succinct terms be able to express it. That can only be achieved when you think everyday from your goal instead of thinking of your goal. Thinking from your goal creates internal obsession about the goals and your personal mission statement, if there is no alignment you would instantly receive the signal from your inner mind (conscience). That is an indication of misalignment of your goals and personal mission statement. If you have tried goal setting and you fail to achieve them. Now, use your life mission statement to set your goals. Practically, you will come to understanding that just setting goals to accumulate money is not enough reasons. There should an intrapersonal dialogue agreement between your talent, passion and your skill
You should characterize all essential elements of goal setting namely believability, measurability, attainability, etc. when you are setting goals. If you have not set goal before, you may want to pick a book on goal setting, I’ll recommend reading “Goals” by Brian Tracy. Follow all steps but it’s your commitment that determines the result. You have to commit yourself totally. Just like W.H Murray says in The Scottish Himalayan Expedition, ‘Until one is committed there is hesitancy’. Concerning all acts of initiative (and creation) there is one elementary truth, the ignorance of which kills countless ideas and splendid plans. The moment one definitely commits oneself, then providence moves too’. All sorts of things occur to help one that would never otherwise have occurred. A whole stream of events issues from the decision, raising in one’s favour all manner of unforeseen incidents and meetings and materials resistance, which no man could have dreamt would have come his way. I have learnt a deep respect for one of Goethe’s couplets: Whatever you can do, or dream you can, begin it. Boldness has genius and power and magic in it’. No goal is bad enough but low goal is even worse, just imagine all the money you want in life and what you want to give in return positively to humanity to earn it!
Who among us dislike financial success in today’s world when success is attached to material accumulations? Who does not want good shelter and comfortable mean of transportation and a fat bank account? I guess No one! Everybody wishes to be rich. We all want our voice to be heard in our community. We all love compliment, we want recognitions. These are within reach of possibilities for some while vast majority of people think it’s far away from their reality. Nevertheless, you should know that you are the only element that will determine the possibilities or impossibilities. This is the best time to be alive: the richest century of all centuries, the most adorable and un-barricaded time of financial success, the time average income earners can free herself or himself from despair of poverty of the mind and soul-The time you can passionately convert your talent, vision with discipline to a crystallized knowledge that will engulf self limiting belief system and uncovers our financial ingenuity.
Financial success is guided by principles. The principles like natural laws, you cannot argue against them. They are universal and timeless. Allen Robber and Victor Hansen in One Minute Millionaire explain briefly what principle is like, saying ‘Principles are simple yet a powerful model that helps us understands how the world works. Principles guarantee the same result each and every time – no matter where, when, or who uses them. Gravity is principle when you wake up in the morning, you don’t have to question which way your foot will go when you get out of bed. It goes down, never up. Likewise, two times two is always equal to four. It never equals five. Principles don’t wear or rush out. They last forever. They are timeless and tireless. Principles cannot be over used. Life is a process of discovery of principles’. If you want to make rapid progress in your life, don’t ignore principles.
According to Paul Getty, one time world’s richest, True wealth comes from ability to practice what he calls ‘Economic Alchemy’ which is the ability to take something that has very little value and convert it into something of significantly greater value. It’s a principle. All wealth begins in the mind. Mastery of certain principles is the surest software of financial success system. All you need is to use them everyday, within organization, family etc. These include:
The Principle of Initiative
The principle of initiative is act of taking responsibility for whatever position we found ourselves today. Where we found ourselves today is not by an accident, our thoughts and actions have landed us there consciously or unconsciously. We are all responsible for everything that happens to us in life. This first step for proper diagnoses of financial success is admitting responsibility for everything that has happened in the past. Taking initiative or responsibility is ability to direct one’s thought and action in response to stimuli in our family, organization, community or institution towards what we want instead of blaming some else. When things go wrong as they will sometime do, the normal thing is blaming some else. We tend to find a scapegoat for our misfortune or shortcomings. But the principle of financial success is inversely proportional to common belief of blaming others or oneself. The issue of if Bolaji or Damie has done this or that it would have resulted to a desirable result is never the best way for approaching the circumstance. By doing that, you are giving them power over your life. We may not be responsible for everything that happens but we are free to choose our response to what has happened and take responsibility to redress the action.
Blaming professes no solution, it only aggravates our negative emotion and discussing the solution stirs the ingenuity and creativity in us. It gives more allowances for your subconscious mind to work on the solution other than burying yourself in the problem. However, it’s is not what happens to you that cause the damage, it is our response to it. Adopt new way of resolving issue and learn from the present circumstance. An accurate diagnosis is half the cure, proper examinations of present predicament or plight should probably teach you a valuable lesson. On the contrary, instead of blaming other we blame ourselves for failure. Why was I such a fool? I caused it! It’s my fault! This is even more detrimental than blaming others. It is pernicious thinking and dangerous practices. It plants deep feeling of inferiority complex and insecurity in one’s life like weed. Self-blame is prime source of self-pity that opens the door of self-deprecation and leads to self-contempt even self-destruction. It shuts door of development. You don’t have to blame yourself for all the money you lost in the last stock market crash or other businesses because there is a lot to learn from them. Just like Henry Ford puts it: ‘Failure is opportunity to begin again more intelligently’
You are not responsible for unemployment but you are responsible for not doing anything at all, you are not responsible for getting good job but you are responsible for doing the present job better, you are not responsible for lack of adequate infrastructure but responsible for the maintenance of the current ones. If you don’t presently have any job or you are seeking, you can decide to research about the industry you like to work in future. You will understand relevant position of the industry in relative to economic development. The strengths and weaknesses and other facts will make you prepare for the job. Who knows, you might stumble on something interesting that could give birth to new ideas. Every society, organization, community is looking for solution. Be part of the solution, add values. You would definitely be on the highway of financial success. Remember the law of serendipity. It may just work for you.
Audacious Goals
I know this is not the first time you would be reading about goal setting. Every writer talks about it. They emphasize it as part of self development and road map to success. Goal is blueprint of your life. If you don’t plan your day someone else will for you. Setting audacious financial goals and having a kind of obsession with the goal is a different thing; you have to be obsessed about what you want. If at any point in time you were asked about your goal, you should in succinct terms be able to express it. That can only be achieved when you think everyday from your goal instead of thinking of your goal. Thinking from your goal creates internal obsession about the goals and your personal mission statement, if there is no alignment you would instantly receive the signal from your inner mind (conscience). That is an indication of misalignment of your goals and personal mission statement. If you have tried goal setting and you fail to achieve them. Now, use your life mission statement to set your goals. Practically, you will come to understanding that just setting goals to accumulate money is not enough reasons. There should an intrapersonal dialogue agreement between your talent, passion and your skill
You should characterize all essential elements of goal setting namely believability, measurability, attainability, etc. when you are setting goals. If you have not set goal before, you may want to pick a book on goal setting, I’ll recommend reading “Goals” by Brian Tracy. Follow all steps but it’s your commitment that determines the result. You have to commit yourself totally. Just like W.H Murray says in The Scottish Himalayan Expedition, ‘Until one is committed there is hesitancy’. Concerning all acts of initiative (and creation) there is one elementary truth, the ignorance of which kills countless ideas and splendid plans. The moment one definitely commits oneself, then providence moves too’. All sorts of things occur to help one that would never otherwise have occurred. A whole stream of events issues from the decision, raising in one’s favour all manner of unforeseen incidents and meetings and materials resistance, which no man could have dreamt would have come his way. I have learnt a deep respect for one of Goethe’s couplets: Whatever you can do, or dream you can, begin it. Boldness has genius and power and magic in it’. No goal is bad enough but low goal is even worse, just imagine all the money you want in life and what you want to give in return positively to humanity to earn it!
Monday, October 11, 2010
The Bear Time Your Way
Money- It is one of the emotional charged issues of our lives. Most people are willing to give up so many things in accumulation of more; they give up time with family and friends or even destroy their health just because they want to make more money. Some still go extra mile in performing money rituals using friend, wife, close relatives worst still children just to acquire more money, to many money answer all things and they will do anything to acquire it, some pretend to unimportance of its existence. They deal with money by pretending it doesn’t count in their lives. Contrarily, financial pressure or inadequacy is a natural phenomenon that permeates the genes of all of us. We all need money for surviving today in the society. Lack of money translate into a lack critical resource while some people share opinion of money as the source of pride, envy, greedy even contempt.
Intellectually you and I know that money is just a means of exchange. Not the root of all evils or maker of dreams as some say, it’s not even ultimate source of power and freedom. It’s part of the process of all.
A 15cm x 71/2 cm paper that society imposed on us through conformity and conditioning of being the measurement of wealth, Possession of handsome of it seems to give a wonderful world to the master, while lack of it is horrible. Many make mistakes of thinking that their lives problem would dissipate if they had enough money. Nothing can be further from the truth. Earning money does not guarantee happiness and long life of luxury.
Most people get interested in investment everyone else is. When stock is ‘bulling’ the want share of it, they want take part in real estate flipping. The time to get interested is when no one else is. You cannot buy what is popular and do well says Warren Buffet. That is what salvage great investment from good investment - when people seem to be keen interested in outstanding performance of stocks that is when average investors blindly invest usually at the top of the market if not exactly at the top it will be closer . Average investors refer to those who never seek knowledge and understanding of the market. The people who invest according to what a friend says without taking much time to do research about the investment programs.
If you want invent professionally in any market index, commodities, currency, bond, real estate, invest when vast majority of the people pay less attention to such investment. The belief still holds for many investment strategies because no one knows the performance of the market until you are told. It is prevalent occurrence among investors to be silent when taking advantage of investment opportunities that remain incomprehensible to many. The truth is that they trust their guy and research. Professional investors seek first capital preservation in any investment that will also guarantee good return. Sometimes good investment opportunities are infamous, inconspicuous among investors only available to insiders who play the real game of money.
A recession is simply a contraction of the economy. Time for financial beef up by government and citizen is during recession. A man who dreams of having glorious retirement at ripe age of 70years or more is likely to witness a recession once or more in his lifetime. This may either be translated as opportunities or impoverishment by the individual. We believe recession is time for living conservatively without considering investment again because of immediate loss of capital. Remember that every recession period creates opportunities for those who seek it. This means that there are underlying opportunities now that one can take advantages even when people complain of lack of circulating liquid cash. One thing I always remember is the rule of bumblebee. According to this law in mathematics, it is physically impossible for bumblebee to fly. Fortunately for her no one ever explained this to bumblebee, so she does. If you don’t know there is economy contraction you will go ahead to achieve what you want like some do.
Don’t subject yourself to discouragement when you make decision to embark on investment especially during this period when it is considered risky. Recession time like such presents more opportunities to find good investment people are scare of. All you need is to awake your prosperity consciousness.
The lame excuse we all have is lack of money for investment at this time either due to the capital and profit that have been lost to the previous crash. Still, there are many ways out of this bondage. This might not be as simple as I have assumed for majority or be the right answer for all and sundry but it will give you ideas of creating or generating money form exiting to invest for unknown future.
(a) Sell What You Don’t Need
One of the ways of generating cash for immediate investment is liquidating non-essentials, unnecessary liabilities you have acquired in the past that you have tagged as assets, the properties that have remained fallowed for months’ even years. Old car(s) in automobile repairer workshop, load of unused household kitchen utensils, outdated books in your bookshelf that other might need and bunch of toys in your store. You may have extra television or radio sets, blender, pieces of furniture, all this have market value today and should be liquidated for cash.
Don’t be deluded by what others do and misinterpret or misused want and need. Your want is quite different from your need. You may want latest Armanda 2009 model but all you need is comfortable means of transportation you can acquire with fractional cost of Armanda. You may want hundred disc loader home theatres instead of moderate sound system. There are instances of want and need today. Examine yourself should you have many ‘wants’ than necessary, sell them off to purchase the ‘need’ and save the difference for future investment. This will not only put more money back into your wallet for investment but create transformation in your home and lifestyle. You will acquire new brands items in the process
(b)Cut Back Consumption
A naira saved today may worth its twice tomorrow. The money you spend today is gone forever. Don’t think about what something costs; consider rather how much time it takes you to get the net money to buy it. The way to have enough money is to either create or earn it and the only way to grow in wealth is by producing more than you consume. Consumptions rate grow dramatically everyday. Our taste for food, frivolous materials, fashions, parties has tremendously affected consumptions rate. We consume virtually everything that comes our way, no matter how much we earn there never seems to be enough. We allow Parkinson seed to germinate in our garden.
Its time we looked back to possibility of alternative to our ways of consumptions. If we can cut consumption on food items we can as well do so in communications, fashion, transportation or entertainment.
In Nigeria communication is considered most expensive in Africa which is killing. Inter-network communication calling rate is alarming for our major operators yet no one can deny himself of communications with family and friends, boss, office mate and colleagues. Cutting back the amount you spend by scheduling your minor and major calls to off- peak period with reduction in tariff. Calling friends for gist’s or gossiping can be scheduled to mid-night calls that seem to be free for some network operators. I cannot over emphasize this, if you want to know how much you spend on calls, start today by recording every of your calls and the amount spend. You will be amazed with sum total at the end of the month.
Your children and wife should not be left out if you are married with kids in this development. They are equally part of the moving train. Don’t feel guilty by putting your foot down and closing your wallet. It is an opportunity to give your children an understanding of basic economics. If your wife or child wants something, don’t just deny them but let them figure out what they are going to do to or create to get that. This process will increase their financial education you are trying to teach them. I believe your wife will be an advocate of financial independent however you may not have to struggle much before she will comprehend your actions
Entertainment like fashion should also be taking into a check during this time because you don’t want boring life; you want to take fun out of life. A life that you are used to has almost reaching climaxed. An evening of drinking in a bar, restaurant meal, Asun spot and palm wine joints every Saturday can still buy 1000shares unit of penny stock. Friday’s night clubbing and partying can be totally stopped or reduced. I know you need certain form of recreation or social activities especially the one with business associate or colleagues. You need to be more selective of what party to attend. It costs you nothing than discipline to refrain from the multifarious attitude that is ruining your finances. In fact your wife will be extremely happy if you spend more time at home instead of your normal joints. This transformation will bring good and everlasting relationship back to your home concurrently improving your finances thereby causing soaring of your self esteem and self confidence about what you are capable of achieving in life.
When you try this you will discover dramatic changes in your life and finances within a short period.
Intellectually you and I know that money is just a means of exchange. Not the root of all evils or maker of dreams as some say, it’s not even ultimate source of power and freedom. It’s part of the process of all.
A 15cm x 71/2 cm paper that society imposed on us through conformity and conditioning of being the measurement of wealth, Possession of handsome of it seems to give a wonderful world to the master, while lack of it is horrible. Many make mistakes of thinking that their lives problem would dissipate if they had enough money. Nothing can be further from the truth. Earning money does not guarantee happiness and long life of luxury.
Most people get interested in investment everyone else is. When stock is ‘bulling’ the want share of it, they want take part in real estate flipping. The time to get interested is when no one else is. You cannot buy what is popular and do well says Warren Buffet. That is what salvage great investment from good investment - when people seem to be keen interested in outstanding performance of stocks that is when average investors blindly invest usually at the top of the market if not exactly at the top it will be closer . Average investors refer to those who never seek knowledge and understanding of the market. The people who invest according to what a friend says without taking much time to do research about the investment programs.
If you want invent professionally in any market index, commodities, currency, bond, real estate, invest when vast majority of the people pay less attention to such investment. The belief still holds for many investment strategies because no one knows the performance of the market until you are told. It is prevalent occurrence among investors to be silent when taking advantage of investment opportunities that remain incomprehensible to many. The truth is that they trust their guy and research. Professional investors seek first capital preservation in any investment that will also guarantee good return. Sometimes good investment opportunities are infamous, inconspicuous among investors only available to insiders who play the real game of money.
A recession is simply a contraction of the economy. Time for financial beef up by government and citizen is during recession. A man who dreams of having glorious retirement at ripe age of 70years or more is likely to witness a recession once or more in his lifetime. This may either be translated as opportunities or impoverishment by the individual. We believe recession is time for living conservatively without considering investment again because of immediate loss of capital. Remember that every recession period creates opportunities for those who seek it. This means that there are underlying opportunities now that one can take advantages even when people complain of lack of circulating liquid cash. One thing I always remember is the rule of bumblebee. According to this law in mathematics, it is physically impossible for bumblebee to fly. Fortunately for her no one ever explained this to bumblebee, so she does. If you don’t know there is economy contraction you will go ahead to achieve what you want like some do.
Don’t subject yourself to discouragement when you make decision to embark on investment especially during this period when it is considered risky. Recession time like such presents more opportunities to find good investment people are scare of. All you need is to awake your prosperity consciousness.
The lame excuse we all have is lack of money for investment at this time either due to the capital and profit that have been lost to the previous crash. Still, there are many ways out of this bondage. This might not be as simple as I have assumed for majority or be the right answer for all and sundry but it will give you ideas of creating or generating money form exiting to invest for unknown future.
(a) Sell What You Don’t Need
One of the ways of generating cash for immediate investment is liquidating non-essentials, unnecessary liabilities you have acquired in the past that you have tagged as assets, the properties that have remained fallowed for months’ even years. Old car(s) in automobile repairer workshop, load of unused household kitchen utensils, outdated books in your bookshelf that other might need and bunch of toys in your store. You may have extra television or radio sets, blender, pieces of furniture, all this have market value today and should be liquidated for cash.
Don’t be deluded by what others do and misinterpret or misused want and need. Your want is quite different from your need. You may want latest Armanda 2009 model but all you need is comfortable means of transportation you can acquire with fractional cost of Armanda. You may want hundred disc loader home theatres instead of moderate sound system. There are instances of want and need today. Examine yourself should you have many ‘wants’ than necessary, sell them off to purchase the ‘need’ and save the difference for future investment. This will not only put more money back into your wallet for investment but create transformation in your home and lifestyle. You will acquire new brands items in the process
(b)Cut Back Consumption
A naira saved today may worth its twice tomorrow. The money you spend today is gone forever. Don’t think about what something costs; consider rather how much time it takes you to get the net money to buy it. The way to have enough money is to either create or earn it and the only way to grow in wealth is by producing more than you consume. Consumptions rate grow dramatically everyday. Our taste for food, frivolous materials, fashions, parties has tremendously affected consumptions rate. We consume virtually everything that comes our way, no matter how much we earn there never seems to be enough. We allow Parkinson seed to germinate in our garden.
Its time we looked back to possibility of alternative to our ways of consumptions. If we can cut consumption on food items we can as well do so in communications, fashion, transportation or entertainment.
In Nigeria communication is considered most expensive in Africa which is killing. Inter-network communication calling rate is alarming for our major operators yet no one can deny himself of communications with family and friends, boss, office mate and colleagues. Cutting back the amount you spend by scheduling your minor and major calls to off- peak period with reduction in tariff. Calling friends for gist’s or gossiping can be scheduled to mid-night calls that seem to be free for some network operators. I cannot over emphasize this, if you want to know how much you spend on calls, start today by recording every of your calls and the amount spend. You will be amazed with sum total at the end of the month.
Your children and wife should not be left out if you are married with kids in this development. They are equally part of the moving train. Don’t feel guilty by putting your foot down and closing your wallet. It is an opportunity to give your children an understanding of basic economics. If your wife or child wants something, don’t just deny them but let them figure out what they are going to do to or create to get that. This process will increase their financial education you are trying to teach them. I believe your wife will be an advocate of financial independent however you may not have to struggle much before she will comprehend your actions
Entertainment like fashion should also be taking into a check during this time because you don’t want boring life; you want to take fun out of life. A life that you are used to has almost reaching climaxed. An evening of drinking in a bar, restaurant meal, Asun spot and palm wine joints every Saturday can still buy 1000shares unit of penny stock. Friday’s night clubbing and partying can be totally stopped or reduced. I know you need certain form of recreation or social activities especially the one with business associate or colleagues. You need to be more selective of what party to attend. It costs you nothing than discipline to refrain from the multifarious attitude that is ruining your finances. In fact your wife will be extremely happy if you spend more time at home instead of your normal joints. This transformation will bring good and everlasting relationship back to your home concurrently improving your finances thereby causing soaring of your self esteem and self confidence about what you are capable of achieving in life.
When you try this you will discover dramatic changes in your life and finances within a short period.
Thursday, November 12, 2009
Success The Enemy of Growth
Many times in life we think success is achievement of a particular endeavour- graduating from university, getting a dream job, getting married, building an estate, acquiring handsome of money and many more. The pursuit of success is a dream of everybody, all human races. We all strive higher in achieving particular goals in our choosing career. This happens because we are built to conquer environment, solve problems, achieve goals, and we find no real satisfaction or happiness in life without obstacles to conquer and goals to achieve but sometimes even with the best thoughts and feeling, things just do not work or go your way. This time all your bones and muscles sing chorus of quitting, you turn left and right, everybody gives quit a nod. You are apparently frustrated with your job, business and all actions you have taken in the past that led you to current predicament. Mine is not an exceptional. All successful people at one time in their lifetime faced such plight of this mother nature in business and career, while they lost almost if not all of what they have, either due to wrong judgement of business ideas or lost of control of it along the line as a result of poor or inaccurate decision making.
As a young entrepreneur I understand that failure is part of success like many great minds will share with people that they succeed after many failed attempts which cannot be ruled out in business. But do you know that success also can be a great ingredient to one’s failure at one point. I am writing this because I have lived a life of success turning to be a great catalyst for my failure in business resulting into many millions of naira. Immediate success is a signpost of good performance when manage properly. This can as well blind us to little details. I will not be writing this if I have not accepted the responsibility for the lost, and buckle up in order to find where mistakes are made and how I could correct them. I know it may be difficult to believe this but I was able to realize this, and I want to be ‘truth to myself’ so that you can learn from me as you travel the voyage of business world whether in financial market or establishment of business without making same mistakes. Success can be catalyst to business failure:
Past Success
The worst thing that could happen to an entrepreneur or business starter is to succeed at the first. It could be fun and motivating because you would think you possess the magic hand for succeeding immediately as you start the business. Your body chemistry tells you, you can do it again and again. You feel you will soon ‘arrive’ base on your future projections. You feel good and confidence about yourself. Your first success blinds you like me and you think the little research you have done in the past is actually paying off now. This is where the unnoticing problems get started. It was obvious to me that I was going to be rich when I succeeded immediately when I started. I was as if the best analyst and I could run away with all the money. Fine it worked but for how long?
Success became an overnight thing and overconfidence set in. What I will refer as ‘Overconfidence of Ignorance’. The state when you don’t know but you don’t know that you don’t know. In this case you will not bother to know until you run to difficulties. Then you pay the price with you and investors hard earning cash. I lost because I thought I knew all the answers but the world of schools and colleges is different from business world. In schools and colleges you can only find one or two answers to a particular question but in business world there are hundred of answers to a particular question. I lost big because there are other answers that I need to know. Rick Warren says ‘The greatest enemy of tomorrow success is today’s successes. Past laurel will not take anyone above that, that is why Charles Handy also said ‘It is one of the paradoxes of success that the things and ways which got you there are seldom those things that will keep you there’. It was after I have lost that I knew that what took me to where I am today would not take me to where I am going again. The past success can be an instrumental to your success if you don’t rely totally on it but you remain flexible in your approach to doing things and focus more on continual learning other than past glory.
Learning is a process that can never be ignored in business. When achieve a goal that gives you that feeling of success, in order to move higher you need to set higher goal that will challenge your original paradigm and push you beyond the initial scope of knowledge. When I approached my mentor about my plight in business and I started lamentation. All I could hear him say is you just ‘grow up’ boy. Thus, when something goes sour in your life or business, look nowhere first except yourself because it’s more than likely that you might be the source of the challenge. Double check your attitude and belief system. Improve and acquire new skills to do better. Failure is an indication that you are growing.
Intuitions
Now that you know you don’t know and you strive for knowledge everyday to know. Do you take time to listen to your inner voice, do you take time to listen to yourself and act on that instead of what you know. Mind plays significant roles in success. I wish I could have listened to myself the more in some of the decisions I made that led business failure in the past. The gosh you feel in your stomach is an indication of something is wrong or sign of warning of cause of actions. This is what separate successful business people from others. They trust their guts through knowledge and follow it. Most of the mistakes I made in business world could be avoided if I had been more attentive to my inner minds.
Your inner mind can be an instrument to success if you practice the art of separation everyday. A time you remain alone for minimum of thirty minutes to think out the problems you want to solve with strong expectation of getting genuine answers.
As a young entrepreneur I understand that failure is part of success like many great minds will share with people that they succeed after many failed attempts which cannot be ruled out in business. But do you know that success also can be a great ingredient to one’s failure at one point. I am writing this because I have lived a life of success turning to be a great catalyst for my failure in business resulting into many millions of naira. Immediate success is a signpost of good performance when manage properly. This can as well blind us to little details. I will not be writing this if I have not accepted the responsibility for the lost, and buckle up in order to find where mistakes are made and how I could correct them. I know it may be difficult to believe this but I was able to realize this, and I want to be ‘truth to myself’ so that you can learn from me as you travel the voyage of business world whether in financial market or establishment of business without making same mistakes. Success can be catalyst to business failure:
Past Success
The worst thing that could happen to an entrepreneur or business starter is to succeed at the first. It could be fun and motivating because you would think you possess the magic hand for succeeding immediately as you start the business. Your body chemistry tells you, you can do it again and again. You feel you will soon ‘arrive’ base on your future projections. You feel good and confidence about yourself. Your first success blinds you like me and you think the little research you have done in the past is actually paying off now. This is where the unnoticing problems get started. It was obvious to me that I was going to be rich when I succeeded immediately when I started. I was as if the best analyst and I could run away with all the money. Fine it worked but for how long?
Success became an overnight thing and overconfidence set in. What I will refer as ‘Overconfidence of Ignorance’. The state when you don’t know but you don’t know that you don’t know. In this case you will not bother to know until you run to difficulties. Then you pay the price with you and investors hard earning cash. I lost because I thought I knew all the answers but the world of schools and colleges is different from business world. In schools and colleges you can only find one or two answers to a particular question but in business world there are hundred of answers to a particular question. I lost big because there are other answers that I need to know. Rick Warren says ‘The greatest enemy of tomorrow success is today’s successes. Past laurel will not take anyone above that, that is why Charles Handy also said ‘It is one of the paradoxes of success that the things and ways which got you there are seldom those things that will keep you there’. It was after I have lost that I knew that what took me to where I am today would not take me to where I am going again. The past success can be an instrumental to your success if you don’t rely totally on it but you remain flexible in your approach to doing things and focus more on continual learning other than past glory.
Learning is a process that can never be ignored in business. When achieve a goal that gives you that feeling of success, in order to move higher you need to set higher goal that will challenge your original paradigm and push you beyond the initial scope of knowledge. When I approached my mentor about my plight in business and I started lamentation. All I could hear him say is you just ‘grow up’ boy. Thus, when something goes sour in your life or business, look nowhere first except yourself because it’s more than likely that you might be the source of the challenge. Double check your attitude and belief system. Improve and acquire new skills to do better. Failure is an indication that you are growing.
Intuitions
Now that you know you don’t know and you strive for knowledge everyday to know. Do you take time to listen to your inner voice, do you take time to listen to yourself and act on that instead of what you know. Mind plays significant roles in success. I wish I could have listened to myself the more in some of the decisions I made that led business failure in the past. The gosh you feel in your stomach is an indication of something is wrong or sign of warning of cause of actions. This is what separate successful business people from others. They trust their guts through knowledge and follow it. Most of the mistakes I made in business world could be avoided if I had been more attentive to my inner minds.
Your inner mind can be an instrument to success if you practice the art of separation everyday. A time you remain alone for minimum of thirty minutes to think out the problems you want to solve with strong expectation of getting genuine answers.
Sunday, October 11, 2009
How Safe is Your Investment in Today’s Dynamic Environment
After spending years of working while you save hard earnings for days when all allowances and paycheck are over in retirement and pension fund in a country like Nigeria where uncertainties are certain. I watched a news brief last week about Nigeria clamouring for retirement saving in pension fund. Thousands of these aged Nigerians were left in the scorching harsh weather because they need money they worked for all their life. I was really touched by the suffering of these adult. Is there no safe investment? Or must we wait until our saving is gone before we realise it? How safe is investment environment in Nigeria.
Investment environment metamorphosis from simple to complex situation in every part of the world, those who understand more make profit from the dynamism of the complexity. It is about time we got our brain working in terms of what to do when the working days are over so that we will not be stranded like our present pensioners. Same day I watched the telecast of pensioners and I also got my minute dollar cheque and annual report of one my investments in the foreign land. I started this with $100 few years back in gold investment although I have less investment capital but today when stock and other market crashed the commodities like gold is skyrocketing. An ounce of gold today is about $1,117 that’s reasonable enough. Just imagine those who have bought gold at $35 an ounce.
I have always talked about investment diversification not in the actual sense like mutual fund and other funds that still invest your money back to the stock market, except hedge fund because hedge fund is considered risky due to its own investment methodology. They can invest in anything that will yield profit that is why hedge fund manager are being paid for performance such as certain percentage of the profit unlike the mutual fund that receive commissions in both bull and bear time. When I talked about diversification, I mean investing something you have studied and understand the pros and cons. Don’t allow other people to that thinking for you. Be your own money manager is still the best and endeavour to pay for professional advice.
If you invest all money in stock market and it goes south for more than three years, how do you cope with life expenses that aggravate everyday if retire within the down time.
A better approach for a safe investment strategy for retirement is to first determine how much income you want to draw each year, taking into account all your living expenses including holidays and asset purchases. Multiply that figure by 3. That's how much you need to put away in 'defensive' assets. The rest of your nest egg keeps working for you in whatever 'growth' investments you are comfortable with and appropriate to your risk level.
Your income or pension drawdown is deducted only from your 'defensive' assets. Markets can go south for 3 years before you need to withdraw anything from your 'growth' assets. Too many financial advisers still use the 'risk profile' approach to investment strategies and rebalance the portfolio on a yearly or more frequent basis to keep the original asset allocation, crystallizing losses along the way if markets are in an extended downturn.
If you are close retirement and you are looking for safe way of investing if you are too old to learn about the intricacies of investment because the better way of investing is learning it, then invest in government bond and others. This seems to be safest if you want to take the easy pathway to building your retirement plan
The Federal Government has an investment scheme which is very secure. If you are keen to know more about just which are the best safe investments, you should have a look at the Government Treasuries. There are three types of treasuries, all of which are similar aside from the length of the term. Treasury Bills have a term length of one year or less, Notes are offered from one to ten years and Bonds for ten years and longer. The Government will use the money that you pay for these treasuries for investment and, in return, will guarantee you a fixed rate of interest.
Any schemes that carry the guarantee of the Federal Government are going to be the best safe investments. Although you may find that you are not getting a very high interest rate with this type of investment plan, as least you will know that you will have a safe and secured return on your hard earned money. In 2008, Lagos State Government issued bond with fixed interest rate. This is one investment you should be looking for if you don’t want to learn about trading and investing on your own.
At least if the Government does not guarantee absolute security you are looking with your money, you are still very sure and secure that it will yield little return. Other form of safe investment include: Certificates of Deposit (CDs)
Banks and credit Unions offer Certificates of Deposit for terms usually from 90-Days to 5-years. As long as the CD is offered by bank or insured credit union, your principal is guaranteed by the federal government. Because, they carry no risk (as noted above), certificates of deposit is an attractive and very safe investment. The interest from CDs is fully taxable. Most CDs are fixed for the term you select, but there are banks that offer callable CDs and even CDs linked to different market indices. Certificates of deposit generally offer yields that are better than Treasuries and Bonds, but you may want to do a tax analysis to see what the Tax Equivalent Yield is. In Nigeria, most banks issued CDs. You can approach your banker for better clarification. Don’t limit yourself to only one bank.
Treasury Bill
T-Bills are offered with a term length of 1-year or less. T-Notes are offered with a term length of 1-year to 10-years. Finally, T-Bonds are offered with term lengths greater than 10-years. We will collectively call these Treasuries. Treasuries are issued by the Federal Government and you are basically loaning them your funds for which they guarantee to pay you a certain interest rate. You will always get your principal back at maturity. Treasuries can also be purchased in large denominations. Their safety and ease comes with a relatively low rate of return. They can also be bought and sold in the secondary market. Treasuries are a safe investment, but as with any of these fixed income investments, they do carry the risk that interest rates and or inflation will rise during the term, thus eroding their spending power.
Every human has four endowments- self awareness, conscience, independent will and creative imagination. These give us the ultimate human freedom... The power to choose, to respond, to change says Steven Covey. You have the power to financial freedom over financial security through what you choose to do and respond in your environment.
See you next week
Investment environment metamorphosis from simple to complex situation in every part of the world, those who understand more make profit from the dynamism of the complexity. It is about time we got our brain working in terms of what to do when the working days are over so that we will not be stranded like our present pensioners. Same day I watched the telecast of pensioners and I also got my minute dollar cheque and annual report of one my investments in the foreign land. I started this with $100 few years back in gold investment although I have less investment capital but today when stock and other market crashed the commodities like gold is skyrocketing. An ounce of gold today is about $1,117 that’s reasonable enough. Just imagine those who have bought gold at $35 an ounce.
I have always talked about investment diversification not in the actual sense like mutual fund and other funds that still invest your money back to the stock market, except hedge fund because hedge fund is considered risky due to its own investment methodology. They can invest in anything that will yield profit that is why hedge fund manager are being paid for performance such as certain percentage of the profit unlike the mutual fund that receive commissions in both bull and bear time. When I talked about diversification, I mean investing something you have studied and understand the pros and cons. Don’t allow other people to that thinking for you. Be your own money manager is still the best and endeavour to pay for professional advice.
If you invest all money in stock market and it goes south for more than three years, how do you cope with life expenses that aggravate everyday if retire within the down time.
A better approach for a safe investment strategy for retirement is to first determine how much income you want to draw each year, taking into account all your living expenses including holidays and asset purchases. Multiply that figure by 3. That's how much you need to put away in 'defensive' assets. The rest of your nest egg keeps working for you in whatever 'growth' investments you are comfortable with and appropriate to your risk level.
Your income or pension drawdown is deducted only from your 'defensive' assets. Markets can go south for 3 years before you need to withdraw anything from your 'growth' assets. Too many financial advisers still use the 'risk profile' approach to investment strategies and rebalance the portfolio on a yearly or more frequent basis to keep the original asset allocation, crystallizing losses along the way if markets are in an extended downturn.
If you are close retirement and you are looking for safe way of investing if you are too old to learn about the intricacies of investment because the better way of investing is learning it, then invest in government bond and others. This seems to be safest if you want to take the easy pathway to building your retirement plan
The Federal Government has an investment scheme which is very secure. If you are keen to know more about just which are the best safe investments, you should have a look at the Government Treasuries. There are three types of treasuries, all of which are similar aside from the length of the term. Treasury Bills have a term length of one year or less, Notes are offered from one to ten years and Bonds for ten years and longer. The Government will use the money that you pay for these treasuries for investment and, in return, will guarantee you a fixed rate of interest.
Any schemes that carry the guarantee of the Federal Government are going to be the best safe investments. Although you may find that you are not getting a very high interest rate with this type of investment plan, as least you will know that you will have a safe and secured return on your hard earned money. In 2008, Lagos State Government issued bond with fixed interest rate. This is one investment you should be looking for if you don’t want to learn about trading and investing on your own.
At least if the Government does not guarantee absolute security you are looking with your money, you are still very sure and secure that it will yield little return. Other form of safe investment include: Certificates of Deposit (CDs)
Banks and credit Unions offer Certificates of Deposit for terms usually from 90-Days to 5-years. As long as the CD is offered by bank or insured credit union, your principal is guaranteed by the federal government. Because, they carry no risk (as noted above), certificates of deposit is an attractive and very safe investment. The interest from CDs is fully taxable. Most CDs are fixed for the term you select, but there are banks that offer callable CDs and even CDs linked to different market indices. Certificates of deposit generally offer yields that are better than Treasuries and Bonds, but you may want to do a tax analysis to see what the Tax Equivalent Yield is. In Nigeria, most banks issued CDs. You can approach your banker for better clarification. Don’t limit yourself to only one bank.
Treasury Bill
T-Bills are offered with a term length of 1-year or less. T-Notes are offered with a term length of 1-year to 10-years. Finally, T-Bonds are offered with term lengths greater than 10-years. We will collectively call these Treasuries. Treasuries are issued by the Federal Government and you are basically loaning them your funds for which they guarantee to pay you a certain interest rate. You will always get your principal back at maturity. Treasuries can also be purchased in large denominations. Their safety and ease comes with a relatively low rate of return. They can also be bought and sold in the secondary market. Treasuries are a safe investment, but as with any of these fixed income investments, they do carry the risk that interest rates and or inflation will rise during the term, thus eroding their spending power.
Every human has four endowments- self awareness, conscience, independent will and creative imagination. These give us the ultimate human freedom... The power to choose, to respond, to change says Steven Covey. You have the power to financial freedom over financial security through what you choose to do and respond in your environment.
See you next week
Subscribe to:
Posts (Atom)