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Wealth Building Strategies

The Most Important Lesson I Learned in My 30 Years in Business

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Posted by Eamonn Percy - The Percy Group

on Wednesday, 29 March 2017 06:55

"Reader, I wish thee Health, Wealth, Happiness, And may kind Heaven thy Year's Industry bless."

                                                                                                                                                 - Ben Franklin

Courage-to-challenge-the-climb-of-the-cliff 1920x1200I originally thought it would be an easy task to write this week's article since I only had to come up with one thing; the single most important lesson I learned in my 30 years in business. However, I soon learned how hard a task that really was, as there are so many important lessons I have learned during my own journey.

I know that persistence, the unwavering dedication to a task, is critical in achieving anything of note. Character development is key to building the traits necessary to persevere.  Education, both formal and informal, is absolutely paramount in building a foundation from which all other skills can be developed. Communications, which is the one most important skill that helped me build a great career in business.  All of those are worthy candidates for the most important lesson learned.

However, none of them can come close to what I believe is the single most important lesson I learned; that is the importance of making COURAGE in making decisions and taking actions. If I am 100% truthful with myself, the only times I really massively excelled in my career was when I ventured far outside my comfort zone. It was the time I was most frightened, anixous and filled with fear about the outcome of a venture, but pressed ahead against the obstacles anyways. For instance, I quit a high paying job as a young manager one time when newly married with a child along the way, only to get recruited within one week to a much, much better position.  I turned down the recruiters first offer, even though I had given up our apartment and was living in my inlaws basement suite, only to get a much better offer. Another time, I took my first executive job with 50% of the salary paid in shares wondering if I would make it, only to have the shares accelerate significantly in value. Most times I pushed the envelope of my personal appetite for fear, I seem to come out ahead. Not always, but more often than not. It was courage that made the difference.

While business has many known and proven rules, it is the bold action-taking the separates the winners from the losers, or from the mere survivors. Taking bold action requires faith in yourself that you will overcome any difficulty, that you are bigger than your problems, that you have powers beyond the natural, and finally, that if you do fail temporarily, you will come back stronger than every. Courage is not being reckless since it still requires planning, risk mitigation and the application of proven business principles. However, there comes a time when all the planning is done, the risks are mitigated and you know the principles are sound, the only thing left to do is act. The bolder the action the bigger the courage required!

Step out of your comfort zone and start taking the action necessary today to make a bigger difference in your life. Seize opportunities around you, don't hold back and wait for circumstances to be just right. Focus on whatever resources you have in front of you now and build the type of life, business and wealth you know you can build and would be proud to accomplish.


By Eamonn Percy http://www.percygroup.ca



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Wealth Building Strategies

9 Ways To Build Wealth Fast (That Your Financial Advisor Might Not Tell You)

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Posted by Forbes

on Friday, 24 March 2017 06:35

build-wealth-fast-1940x1293"It gives me goosebumps just thinking about it. The power of compound interest is absolutely astounding."

Okay, so how do you build wealth fast? Let’s take a look.

Drop Your Living Expenses Like Crazy

I know, this isn’t very exciting, but this is the definition of wealth. As Todd Tresidder of FinancialMentor.com says, “Great wealth builders focus on both saving money and earning more.”

What Todd is pointing to here is the gap between your expenses and your income. Expenses should always be lower than your income. The larger that gap, the more wealth you can accumulate.

Let’s face it, you can’t invest unless you have money to invest. If you’re currently living beyond your means and have no additional money to put to work for you, you’ll never build wealth.

1. Save on Vehicles

I was very fortunate that I learned this lesson when I was still in college. This led to me driving a 1998 Chevy Lumina that was completely paid for because I inherited it from my deceased grandmother.

Not having a car payment allowed me to invest into myself, my Roth IRA, and my 401(k).

According to Jason Fogelson for Forbes: "The biggest mistake a car buyer can make, especially in the age of the Internet, is to buy a car without doing research first. Some buyers are so eager to get through the car-buying process that they don’t take the time to find out everything they can about vehicle reliability, pricing and financing."

I agree. But let's focus on the financing part for a minute. Car loans come with ridiculous interest rates that nobody should have to pay for to obtain transportation. Car loans can easily be one of the highest-cost debts of many American households.

Too many people view the car payment as "normal." Sure, it's normal, but "normal" won't help you produce wealth, my friend. Instead, consider doing what I did and drive a car that you own outright. It'll be easier on your pocketbook over the long-term – I promise.

2. Save on Shelter

....continue reading HERE

 

....related:

How Much Money You Should Have Saved at Every Age



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Wealth Building Strategies

Build and Live Your Personal Brand Reputation

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Posted by Eamonn Percy - The Percy Group

on Tuesday, 21 March 2017 12:26

Screen Shot 2017-03-21 at 12.03.43 PM"The way to gain a good reputation is to endeavor to be what you desire to appear." - Socrates
 

How often have we held certain feelings toward someone without really understanding why? Those feelings or perceptions are the brand reputation you associate with that person, and result from all of your interactions with them over time. They can be feelings of love, trust, integrity and hard work, or of deceit, mistrust and pain. Whatever they are, we unconsciously are creating our brand every moment of the day through the little things we think, say and do.
 
These little daily thoughts, words and actions build our self-image, which ultimately manifests itself as outward actions. Over time, people reflect these actions back upon us, reinforcing our self-image and personal brand. Product brands are skillfully crafted to project a certain image in the marketplace, for the sole purpose of creating enduring value. Keep these same goals in mind when creating your personal brand.
 
A great personal brand can significantly leverage your efforts and magnify your accomplishments, as people will have a higher level of certainty in you by trusting your brand; therefore, this enables you to accomplish more in less time and with less effort. Your brand will precede you, enabling others to confidently recommend you or your services, knowing that you will not only deliver, but your strong brand will enhance them as well. Finally, a strong personal brand is a great way of reinforcing our own behaviors, as it provides a reference point against which we can benchmark our actions throughout the day.
 
Here’s how to build and maintain a superior personal brand:
 
Make a Short List of the Character Traits that You Feel Are Most Important in Your Personal Brand. Write them down and read them daily. Remind yourself why they are important and seek to live those traits in all of your interactions.
 
Seek the Right Environment. Keep the company of people who will reinforce your personal brand and enable you to focus on your strengths, thereby making it easier to live your brand promise.
 
Invest in Your Personal Brand. Make a commitment to personal development, educational advancement and top-quality infrastructure for the home and office, and then invest strategically in those areas. This will give you a lifetime return on your hard-earned personal brand.
 
Recall that a Reputation Takes a Lifetime to Build and Only a Moment to Lose. Try to avoid those situations that can destroy your personal brand, particularly in this age of instant and mass communication, social media and digital sharing.
 
Reputation is truly your own and can be the single biggest factor that contributes to success in health, wealth and family. Why? Because your reputation is what determines how others both perceive you and decide to work with you, before any actual interaction with you. It is the great invisible lever that can leave you on the ground or lift you to great heights.

By Eamonn Percy



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Wealth Building Strategies

Now That Everyone's Been Pushed into Risky Assets...

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Posted by Of Two Minds

on Monday, 20 March 2017 07:53

global-assets1-17If we had to summarize what's happened in eight years of "recovery," we could start with this: everyone's been pushed into risky assets while being told risk has been transformed from something to avoid (by buying risk-off assets) to something you chase to score essentially guaranteed gains (by buying risk-on assets).

The successful strategy for eight years has been buy the dips because risk-on assets always recover and hit new highs: housing, stocks, bonds, bat guano futures--you name it.

Those who bought the dip in hot housing markets have seen spectacular gains since 2011. Those who bought every dip in the stock market have been richly rewarded, and those buying bonds expecting declining yields have until recently logged reliable gains.

The only asset class that's lower than it was in 2011 is the classic risk-off asset: precious metals.

Investors who avoided risk-on assets--stocks, bonds, REITs (real estate investment trusts) and housing in hot markets--have been clubbed, while those who piled on the leverage to buy every dip have been richly rewarded.

....continue reading HERE



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Wealth Building Strategies

Is recent Stock Market Rally Real or a Blow-off Top?​​​​​​

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Posted by Chris Vermeulen & John Winston: Modest Money

on Wednesday, 15 March 2017 07:24

Is-Recent-Stock-Market-Rally-Real-or-a-Blow-off-Top

The U.S. stock market remains in a full-blown bull market with President Trump re-energizing the base.  The U.S. stock market has temporarily become overbought and is likely due for a pause before the next new impulse wave up resumes.

My research indicates…

This Bull Market is not over. After this, it will move much higher!

spxtmtf

Courtesy of  TMTF service

The chart, displayed below, is an overbought/oversold indicator which when it pushes above +100 or below -100, respectively, the indicator will hit its’ extreme point.  The market then respond to it which indicates a change in the market’s trend.



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