You try something, it doesn’t work, and maybe people even criticize you. In a growth mindset, you look for what you’ve learned. – Carol Dweck

Growth Mindset is a set of beliefs and behaviors that adapts to challenging situations; it sees failure as a chance for learning and creativity; and it knows that growth is possible when it comes to talent, abilities and intelligence.

My dad encouraged us to fail. Growing up, he would ask us what we failed at that week. If we didn’t have something, he would be disappointed. It changed my mindset at an early age that failure is not the outcome, failure is not trying. Don’t be afraid to fail. — Sara Blakely

If you fail, you do not lose. You only lose when you quit or do not try.

Carol Dweck states that “In a growth mindset, people believe that their most basic abilities can be developed through dedication and hard work—brains and talent are just the starting point. This view creates a love of learning and a resilience that is essential for great accomplishment[.

When things do not go your way, remember that every challenge — every adversity — contains within it the seeds of opportunity and growth. ― Roy T. Bennett

Successful people are able to persist through all of the doubt, pain and failures that come with following their goals and dreams due to their Mindset. To be successful, people must have and vigorously embrace the concept of a Growth Mindset, a mindset that sees challenges as opportunities for learning, growth and expansion.

History has demonstrated that the most notable winners usually encountered heart-breaking obstacles before they triumphed. They won because they refused to become discouraged by their defeats. — B.C. Forbes

Growth Mindset is about attitudes towards seeking challenges, learning from failures and set-backs, and the ability to progress and achieve. Essentially, the concept is that if you believe your talents can be developed, you have more of a ‘growth mindset’ and will tend to achieve more.

Financial Mindset – behaviors and beliefs about how you earn, spend, save and invest money.

Financial Independence means Never have to work again to live your life.

Secrets to Financial Independent, according to Tony Robbins, are…

• Spend less than you make, and invest the difference.
• You want to put your money to work for you.
• Re-invest your returns so you can earn compound interest on it
• Never get financially independent by work alone.
• Only reason to invest is for income, not assets
• Three Financial Buckets: Security | Growth | Dream

While still in the workforce enduring my typical 7:30 a.m. to 5:30 p.m. professional career, a respected colleague shared a nugget of advice that became the bedrock of my life, he said…”you should never run from something; instead, you should run to something”. The advice became a mantra used to guide my professional and personal life.

The same advice is relevant when considering retirement:

You shouldn’t just retire from something, but to something

Retirement can be a confusing, even a stressful time, as retirees create a new way of life for themselves. Thus, it becomes imperative that retirees know what they want to do with themselves and their lives. No one can provide the answer and there is not a secret formula or recipe to a happy and fulfilling retirement.

Furthermore, it is surprising how many retirees don’t have a clue who they are or what they want to do.

Experts say that creating a new schedule helps. There is an transition period to understand and a new retiree must devote time to determine a new routine and daily schedule. Without some sort of regularity in a retiree’s day, it will be easy for a retiree to waste away their day and more importantly not do the things that make them happy.

Experts advise retirees should spend the first three to six months without any firm commitments and instead make a list of activities and goals they would like to achieve in retirement. After doing the things they enjoy like playing golf, writing blog posts, meeting friends for lunch or coffee, trading stock options, working out almost every day, traveling, reconnecting with friends working in the yard and volunteering, retirees might fine that they have created a new routine for their days.

Bottom-line, it is imperative for retirees to figure out how to spend their time in retirement. It behooves them to live with a schedule that makes them productive, fulfilled and happy.

The Anatomy of a Market Correction – An infographic by the team at Fisher Investments

http://mindsetonline.com/ — Growth Mindset people think mistakes are my friend…I love a challenge…I struggle with (insert) and have not yet succeeded.

Life is about the contributions you make and knowing when you look back, you went for it.

Carol Dweck, Ph.D

Mindsets are beliefs—beliefs about yourself and your most basic qualities. Think about your intelligence, your talents, your personality. Are these qualities simply fixed traits, carved in stone and that’s that? Or are they things you can cultivate throughout your life?

People with a fixed mindset believe that their traits are just givens. They have a certain amount of brains and talent and nothing can change that. If they have a lot, they’re all set, but if they don’t… So people in this mindset worry about their traits and how adequate they are. They have something to prove to themselves and others.

People with a growth mindset, on the other hand, see their qualities as things that can be developed through their dedication and effort. Sure they’re happy if they’re brainy or talented, but that’s just the starting point. They understand that no one has ever accomplished great things—not Mozart, Darwin, or Michael Jordan—without years of passionate practice and learning.

https://www.cnbc.com/2aa7f086-f082-4839-9555-9b0959188502

Use this simple formula to retire with $1 million in 20 years

Wealth manager: Use this simple formula to retire with $1 million in 20 years from CNBC.

“If you’re in your 20s or 30s right now, chances are, you don’t want to work until you’re 65 or 70,” says self-made millionaire David Bach.

These have been stormy days…U.S. and global equity markets are in turmoil because of factors related to U.S. – China trade tensions. The current market sell-off has punished U.S. equity stocks driving them to levels well below recent highs and has driven many domestic stocks to 52-week records low prices.

Although most observers continue to forecast that a trade deal will be reached between the two trading partners and two largest global economies since successfully negotiating a trade agreement would be in each nation’s best long-term political and economic interest. However, in the short term, global equity markets are in a tizzy due to the break down in trade talks and the tit-for-tat increase in trade tariffs that went into effect over the weekend effecting Chinese imported goods into the U.S., and China’s announced retaliation to increase tariffs of U.S. goods coming into China.

Currently, neither the U.S. nor China wants to appear weak and to give into the demands of the other. Additionally, the U.S. has accused China of backtracking on prior negotiated and agreed to key trade commitments. In a recent NYTimes article, they reported that POTUS is betting on the strength of the U.S. economy to withstand the impact of the escalating trade tensions and increasing tariffs.

Let’s not overlook the fact that China with respect to global trade has been a serial bad actor for many decades. In fact, the Chinese coerce foreign companies wanting to provide goods and services in China to partner with and transfer intellectual property to a domestic Chinese company; they run roughshod over WTO rules by erecting barriers and rules to create a non-level playing field for foreign companies to provide financial and other services inside their economy; and, they encourage their business and governmental organizations to acquire western intellectual property through cyber theft and commercial espionage. Since stepping onto the global stage for trade, they have ignored world trading rules and acted ruthlessly in their own best interest.

Given current global trade turmoil, how should the long-term investor react to short-term market selloff and volatility.

Most financial analyst look at the strong fundamentals in the U.S. economy citing growing first quarter GDP, robust job numbers, and low inflation. Their belief is the economy can weather the current trade tensions in the short term. Although, they agree that there will be headwinds to the economy both domestically and globally if this trade tiff drags on for an extended period of time. Thus, given the strong economy and even stronger belief that there will be a trade deal sometime in the future, long term investors should stick to their long-term financial plan, tune out the over excited financial entertainment media pundits and take the opportunity while stocks are on sale to buy low.

“I’ve wrestled with alligators. I’ve tussled with a whale. I done handcuffed lightning, and throw thunder in jail. You know I’m bad. Just last week, I murdered a rock, injured a stone, hospitalized a brick. I’m so mean, I make medicine sick.” — Muhammad Ali

“I am the greatest, I said that even before I knew”. — Muhammad Ali

To achieve financial freedom, it’s imperative to develop an aversion to the word “can’t”, that you can’t achieve financial freedom,…instead, it is imperative to believe that “…you can do whatever you want in life”. Individuals, who want to have a Financial Growth Mindset, must believe they can and be willing to work hard and smart, and become financially literate.

It is hard and takes effort to reach one’s goals of financial freedom and literacy. It takes never giving up to do apparently amazing things in spite of seemingly gigantic odds. But, if an individual really put effort into something, they can accomplish more than they ever thought was possible.

To put in that kind of effort, to persevere even when times are rough, an individual must first believe that success is possible. This belief that success is possible is the magic of mindset. It is the scientifically-proven phenomenon that believing in something actually makes it more likely to be true.

A large amount of research has been conducted showing that believing in one’s continued ability to learn, grow and improve in any endeavor, including financially, really does make it more likely that an individual will succeed.

Want to live a happier, a more fulfilled life? Change your mindset to one of continued financial growth, learning, and improvement.

There once was a brash young heavy weight boxer from Louisville, Kentucky, who had the ultimate Growth Mindset and proclaimed it loudly to the world, “I’m the Greatest of All Time”. The result, three time world heavy weight boxing champion Muhammad Ali would over a boxing career transcend the sport and become a legend.

apple.news/A-GJEr2UMTrm0_rriI_Knlw

The first step to becoming financially independent starts with the mind. Before starting your debt free plan, be real with yourself about money.

Why do you want to be debt free?

What does financial independence mean to you?

What will you be able to accomplish once you are debt free?

What would you do with your life?

How will this journey impact you, your family and generations to come?

Thought-provoking questions can reshape years of negative thoughts, intentions, and bad habits with money.

Before I started my debt free journey, I allowed myself to dig deep into the plans that I had for my future. I wrote down goals (several times), dreamt about the future, practice gratitude and got excited about the result. With my new plan in place, I felt determined and even more disciplined to see the journey through.

Challenge and Interest go hand-in-hand in the Growth Mindset. Think – this is challenging and fun. It is about learning something over time. The point…”who cares if you cannot yet do it now…you will do it in the future.” Think and believe… I cannot do it yet… and becoming is more important than being.

The two most dangerous words in people’s vocabulary are “I can’t”. Never say “I cant” and instead, say “I presently struggle with…”.

The two most powerful words are… “I am”. Must be careful were we place our identity.