What Every Woman Needs To Know About Her Money

“The lion’s share of wealth, two-thirds of wealth in the United States, is going to end up in the hands of women by the year 2030.” Jean Chatzky

The women that Jean Chatzky, New York Times Bestselling Author and financial editor at the NBC TODAY Show, has talked with “share a lack of confidence” regarding managing and investing their money. “Whether we’ve got one hundred, one hundred thousand, or one million dollars, we don’t always feel equipped to manage it, even when we’re doing exactly the right things,” she explained.

In order to create a better world, Chatzky suggests women should, “…use this power that’s coming our way to improve not just our lives, but the lives of the people that we love and care about, and the causes that  we believe in. We really do have an opportunity through giving and investing to create the world we want.”

Women…”have an opportunity through giving and investing to create the world we want.” Jean Chatzky

Chatzky offers 15 tips to help you get a handle on your finances and to create the financial future you want for yourself.  A future that aligns with your goals, values and purpose in life.

1. Talk openly about money

Chatzky explains, “We gather groups of women who don’t make a habit of talking about money with the specific purpose of talking about money…and it’s really freeing.” One open ended question she asks is, “What do you want your money to do for you?”.

2. Track your spending to see what you really value

Do you want a clear picture of your spending? More so, do you want to uncover whether or not what you say are priorities are aligned with your expenditures?

3. Determine what your ideal life actually costs

“What do you want from your life?” This is a question Chatzky believe you need to consider so that you can determine what your ideal life actually costs. Write down what you want and next to each item, list the price to do or have it.

4. Use money as a resource to buy you more time

Money is a tool which creates freedom of time and choice. Chatzy shares, “The most important thing to realize is the opportunity that you’re wasting. Money we can get more of. Time, you absolutely can’t get more of…But by moving around some of our money, we can restructure our time in a way that feels much better, much more fulfilling, and much less stressful. We are so stressed, and using our money to swap for a little bit of extra time is one great way to reduce some of that stress.”

5. Identify your money scripts

“We all have stories around money which became ingrained as children. In some cases we mimic them, in others we rebel against them. In order to know where you’re going with your financial future, it’s helpful to identify the scripts that are overtly or subliminally impacting your views and habits around money,” advises Chatzky.

6. Find financial harmony in your primary relationship

Chatzy suggests, “Listening is the key to success within a relationship. You have to understand why your partner needs what they need as much as they need to understand what you need.”

7. Don’t let money injure your friendships

“Listen and read between the lines. We know an awful lot about our friends’ financial situations, even if they tell us not one thing. We see how they spend. We see how they manage. We know if they’re stressed financially. We just have to be a little bit empathetic and open-minded about the fact that they may not have the same choices or priorities that we have. And that doesn’t mean that we can’t be great friends,” shares Chatzky.

8. Teach your kids early

It can feel scary to talk to your kids about money, especially if you feel tentative about your own financial skills. Fortunately, it doesn’t have to be challenging: “Kids have to have money in order to learn to manage money.”

9. Get paid what you deserve

To charge or get paid what you deserve, “First, you must know what you deserve and once you know what that number is, you have to ask for it:

10. Negotiating won’t hurt your outcomes

The person on the other side of the table, they are waiting for you to negotiate, according to Chatzky. They’re not going to punish you for negotiating. You may not get the money. But asking is not going to hurt you.

11. To be or not to be (an entrepreneur)

30% of US businesses are women-owned, and that number is rising steadily.

12. Spend on others

Studies show that when you do for others, you’re guaranteed to feel happier. This includes when you spend on others. “There’s no sense in feeling guilty for spending money that’s not sabotaging our financial life”, says Chatzky.

13. Talk with aging parents

“If you haven’t had a conversation with your parents before you’ve hit age forty or they hit age seventy, it’s time”, she comments

14. Have a little fun with your money

Chatzky comes from a judgment-free zone when it comes to how you spend your money. But, “know how much it costs” since you earned that money and yours to do with as you want.

15. Consider your legacy

“You have to think about what’s important to you. That’s where a lot of us fall down when it comes to charitable giving”, Chatzky says.

Building wealth

If you want to build wealth, you need only do four things, according to Chatzky:

  1. Make a decent living.
  2. Spend less than you make.
  3. Invest the money you donʼt spend.
  4. Protect the financial world you build so that a disaster doesnʼt take it all away from you.

Building wealth sounds easy, so why is it so hard, particularly for women?  “Because women according to Chatzky, “make excuses”. We tell ourselves that we’re “just not good with money,” or that our husbands “like taking care of the finances.”

In short, “what successful women want from their money are: independence, security, choices, a better world, and–oh yes–way less stress, not just for themselves but for their kids, partners, parents, and friends.”

To read more: https://www.vunela.com/jean-chatzky-on-the-top-15-things-every-woman-needs-to-know-about-her-money/


References:

  1. https://www.vunela.com/jean-chatzky-on-the-top-15-things-every-woman-needs-to-know-about-her-money/
  2. https://www.jeanchatzky.com/books/

GET YOUR “MINDSET RIGHT”

“Change your thinking, change your life.” Frank Sonnenberg

If you want to be successful – in both your personal and financial life – you must have the right mindset. Essentially, your mindset represents the way you approach the world and what you believe to be true.  When it comes to success, your mindset is the most important predictor of your future success in personal finance and life. Everything in life begins with your mindset, thoughts, attitude and habits.  

Think of mindset as a set of attitudes, beliefs or ideas each person possesses. These attitudes, positive or negative, may come from your environment, home life and your personal experiences, or they might have been learned while at school. No matter their source, what you do to foster a positive growth mindset really does matter.

A growth mindset helps foster more positive thinking and a belief that intelligence can change, develop and grow. It is the belief that people can learn from their mistakes and that the brain is like a plant, always ready to soak up new information and knowledge. A student with a growth mindset might say: “I’m not going to give up,” “I’m going to keep trying,” or “I can do this.”

“Whether you think you can, or you think you can’t – you’re right.” Henry Ford

Success and financial security begins with your mindset. If you are determined to do something, and believe that you can achieve it, then you will find ways to succeed. Your determination to develop good financial habits and manage your money better are key to realizing your financial goals and achieving financial security.

Anyone can make a budget and have a financial plan to save for the future, spend less, and invest for the long term. But that is only 10% of the financial equation. The other 90% is how you think, how you behave and what you believe about money.

Your mindset is key to creating the life you desire and deserve. Your beliefs drive your habits and emotions, and in turn, these determine your behavior. If you believe you can, you will. You must believe that, “You are good enough. You are smart enough. You have unique and valuable gifts to offer the world and people notice and respect you for it.”

Studies have shown that allowing stress to overtake you can often have lasting negative effects on more than your mindset. Your health can be affected, your careers can be affected, and your entire lives can be affected!

David Bach, author of the best-selling book, The Latte Factor: Why You Don’t Have to Be Rich to Live Rich, says. “I’m super positive about things [long-term], but I think people need to be preparing themselves for volatility and rockiness.”

But there’s a silver lining to the downturn, Bach says: “Recessions create millionaires.”

If you believe that there is never ending potential to learn new things and grow in your talents, not only will you put yourself in new situations that could help you grow, you will embrace them with eagerness.  Negative feedback is more fuel for growth, not something to be dreaded.

Or, according to Carol Dweck, a professor at Stanford and the author of Mindset, a classic work on motivation and “growth mindset”: “People with a growth mindset believe that a person’s true potential is unknown (and unknowable); that it’s impossible to foresee what can be accomplished with years of passion, toll, and training… Why waste time proving over and over how great you are, when you could be getting better?  Why hide deficiencies instead of overcoming them?  Why look for friends or partners who will just shore up your self-esteem instead of ones who will challenge you to grow?  And why seek out the tried and true instead of experiences that will stretch you?”


References:

  1. https://www.dollarbreak.com/wealth-creation-mindset/
  2. https://justmind.org/mindset-matters-most/

No. 1 Secret to Success, Wealth and Happiness in Life

Aside

“Kindness and generosity are the keys to happiness and prosperity.”Wahei Takeda, president and founder of Takeda Confectionery Co.

Wahei Takeda, president and founder of Takeda Confectionery Co., was considered a truly happy man, and lived by example a life that demonstrated to others what it really meant to live a successful and meaningful life. Often called the “Warren Buffet of Japan”, Takeda was one of the country’s most successful and well-known investors.

The key to a happy and abundant life

Takeda’s philosophy of “maro,” which in Japanese means ‘a sincere heart’, “inner contentment and gratitude are the keys to a happy and abundant life”.

The secret to a happy life isn’t an abundance of wealth, since rarely does anyone says they have too much, or just enough. “Winning a $20 million lottery ticket won’t make you happier,” said Dr. Sanjiv Chopra, a professor of medicine at Harvard Medical School. “Research has shown that after one year, lottery winners go back to their baseline. Some are even less happy.”

Chopra explains the four things that have been scientifically linked to happiness:

1. Relationship with Friends and family

Developing a close bond with people we trust and confide in is essential to our overall well-being. “Choose your friends wisely and celebrate everything small and good with them,” Chopra says.

Researchers have also warned that “loneliness and social isolation can be as damaging to health as smoking 15 cigarettes a day,” whereas friendships can “reduce the risk of mortality or developing certain diseases and can speed recovery in those who fall ill.”

2. Forgiveness

“The ability to forgive frees you from the burdens of hate and other unhealthy emotions that can negatively impact your happiness quotient,” says Chopra.

He cites Nelson Mandela as a hero who truly mastered the art of forgiveness. In 1990, when the legendary freedom fighter emerged from his 27 years of prison, he was asked whether he had any resentment toward his captors.

“I have no bitterness, I have no resentment. Resentment is like drinking poison and then hoping it will kill your enemies,” Mandela responded.

“Resentment is like drinking poison and then hoping it will kill your enemies.”  Nelson Mandela

3. Giving

Chopra says that getting involved with charities and donating money to help others is one of the most fulfilling ways to spend your time and money.  Researchers have suggested that people who volunteer experience greater happiness, higher self-esteem and a lower mortality rate.

A study from the University of Chicago and Northwestern University found that giving, rather than receiving, leads to long-term happiness. In one experiment, 96 participants were given $5 every day for five days — with the option to either spend it on themselves or on others.

“Everyone started off with similar levels of self-reported happiness,” the researchers wrote. “Those who spent money on themselves reported a steady decline in happiness over the five-day period. But happiness didn’t seem to fade for those who gave their money to someone else.”

4. Gratitude

Gratitude is not only the greatest of virtues, but the parent of all the others.” Roman Orator Marcus Tullius Cicero once

“There’s a wonderful anonymous quote that goes, ‘If you don’t know the language of gratitude, you’ll never be on speaking terms with happiness,’” Chopra says.

Practicing gratitude can be as simple as saying “I’m grateful” at least once a day. In fact, one study from the American Psychological Association found that doing so can help people savor positive experiences, cope with stressful circumstances and strengthen relationships. It will also measurably improve your own overall satisfaction and happiness in your relationships and life.

“Happiness flows not from physical or external conditions, such as bodily pleasures or wealth and power, but from living a life that’s right for your soul, your deepest good.” Socrates

“Taking time to think about what you’re grateful for makes you more aware of the positive things in your life,” says Chopra. As a result, “it makes you less biased by the fewer negative things in your life.”

In a money-obsessed capitalist society, the simplest way to reach a state of happiness, contentment and abundant life is to express gratitude and give to others, instead of always wanting or asking for more. Bottomline, “gratitude is a key to wealth, health, and happiness”.


References:

  1. https://www.cnbc.com/2021/01/25/warren-buffett-of-japan-secret-to-success-happiness-and-wealth-in-life.html
  2. https://www.cnbc.com/2019/05/31/harvard-professor-says-winning-20-million-lottery-wont-make-you-happy-but-heres-what-will.html?updated
  3. https://www.cnbc.com/2019/01/24/saying-this-powerful-phrase-is-the-science-backed-secret-to-a-happy-relationship.html?__source=iosappshare%7Ccom.microsoft.msedge.EMMXShareExtension

 

Habits for a more Abundant Life

Two most important:

  • Read at least thirty minutes everyday
  • Know and pursue a goal your passionate about

Intelligence, talent and charm are great, but more often than not these aren’t what separate the wealthiest among us from the poorest.

Instead, the differences are in our daily habits.

Do you realize that these subconscious, second-nature activities make up 40 percent of our waking hours? That means that two out of every five minutes, all day and every day, we operate on autopilot.

It’s true: Habits are neural pathways stored in the basal ganglia, a golf ball-size mass of tissue right in the center of our brains, in the limbic system.

This neural fast lane is meant to save the brain energy: When a habit is formed and stored in this region, the parts of the brain involved in deeper decision-making cease to fully participate in the activity. However, we all know there are good habits and bad habits.

5 habits

We know that habits can either help or hurt your success in life. Bad habits can fester and grow into a lifestyle that takes you away from the things you want to do—and good habits can help you create a life that’s full of action and accomplishment.

If you were to look at someone you respect, someone who’s successful, you would see that they spend each day doing the things that help them accomplish their biggest goals. This isn’t to say they’re perfect—because no one is—but despite the things that are not perfect in their lives, they continue to make moves that have a positive impact. And it starts with their daily habits.

Now, while we can all study successful habits, it’s meaningless if we don’t implement that knowledge. So, according to Kimanzi Constable, here are five daily habits you can adopt to create the life you truly want to live:

1. Plan out your day the night before.

It’s easy to get off track when you don’t have a plan. Without planning what your day will look like, you wake up not knowing what you want to do or accomplish. Spend a little time the night before giving yourself clear goals for the next day. Life rarely works out as planned, but with a plan, you can adjust without losing momentum.

2. Read books and novels to get inspired.

Reading is an essential element in success—books contain so much knowledge. Forming a daily reading habit will expand your knowledge, allow you to learn more about your profession and help you on your journey to success.

3. Make your health and fitness a priority.

What you eat and how much you exercise affects every area of your life. Successful people use their exercise as a time to reset and reinvigorate. And they make smart food choices that will give them the energy they need to accomplish everything on their daily to-do list.

4. Don’t get distracted by what other people are doing.

Other people’s journeys to success can be inspiring; you can learn so much—about their mistakes, their victories, what to do, what not to do. But if you start comparing your progress to theirs, instead of using their stories as inspiration, you can lose focus and fail to keep your eyes on your own mountain top. Realize your journey is unique and can’t be compared. So don’t get stuck in the comparison trap—stay focused on your why.

5. Live each day as if it were the last.

Life is busy, it’s chaotic, and so you tend to want to focus on the future—we all do it, worry about what’s next. But while planning is important, so is living—being fully present.

Life is short, and there’s no guarantee as to when it will end. Successful people live each day as if it were their last and make the most out of each moment—and so should you.

When you look at a big goal, it’s common to get frustrated at the enormity of what you’re trying to accomplish. If you wake up each day determined to spend it forming good habits, you give yourself a better chance at success. So use these five habits as a starting place to build whatever a successful life means to you.


Read more:

  1. https://www.success.com/16-rich-habits/
  2. https://www.moneycrashers.com/productive-habits-wealthy-successful-people/

Becoming Ageless: The Four Secrets to Looking and Feeling Younger Than Ever

Don’t try to overhaul your life overnight. Instead, focus on making one small change at a time. Over time, those small changes will add up to big transformation. Don’t give up!”

A reporter once asked Albert Einstein what’s man’s greatest invention was, and the scientist, after a long pause, simply replied: “Compound interest.”

Compounding—the idea of something gaining value exponentially into the future through better decisions made in the present—is one of the greatest lessons any human being can ever learn.

In Becoming Ageless, “it is never too late to reverse how you look and feel, and to develop the mindset of how you do it. Day in and day out, if you want to live longer and live better, you need a clear and basic understanding that the outcome of your journey is the sum of its steps.”

There are no guarantees with your physical or emotional health, just as there are no guarantees with your wealth. But, you can stack the odds in your favor by making sacrifices today that are worth the gains in the long term.

And with the principles explained in Becoming Ageless, you’ll be living longer—and with greater clarity of thought, mobility, and freedom from pain. Ultimately, you can take the tactical insights about daily living and the strategic insight into the larger quest to live longer and better. After all, you can be living proof that if you’re willing to consistently and incrementally implement small changes—while keeping your eye on the larger goal at all times—you’ll boost your chances of living longer and living happier than you ever imagined.

You can have the mind, body, and spirit of someone half your age, and add more years to your life. Or, you can have people stare in disbelief when they discover how old you really are. You can become…ageless?  You can. It’s possible.

Becoming Ageless: The Four Secrets to Looking and Feeling Younger Than Ever is the result of years of research into the science of longevity. It is about looking and feeling eternal. It has worked, and it will work for you. On this effective plan, you’ll:

  • Lose stubborn belly fat and watch the pounds melt away.
  • Enjoy amazing meals, workouts, and a sense of community.
  • Look and feel noticeabley younger—for life!
  • The strategies contained inside Becoming Ageless, you’ll discover:
    • An easy and effective program for everyone that will help you flatten your gut and become healthier than you ever thought possible.
    • Delicious, healthy, and easy-to-make recipes including hearty breakfasts, easy-to-make lunches, filling dinners, and even desserts.
    • A full workout plan that will sculpt your body and help you prevent back pain and sleep better.
    • A holistic mind/body approach that really works. Look and feel better than ever without deprivation dieting, counting calories—or ever feeling hungry!

    Becoming Ageless: The Four Secrets to Looking and Feeling Younger Than Ever, explains exactly what it takes to be fit and healthy at any age with all the research to support it.

    The three most interesting things Zelnick learned about keeping the mind and body young.

    1. Try the less-is-more approach.

    When it comes to staying youthful and increasing longevity, deliberately plodding along can actually be more effective than going all out. A 2015 study looked at more than 1,000 runners and found that those who jogged slowly had lower mortality rates than those who ran faster. “I was a terrible runner, so a few years ago I worked with a coach,” says Zelnick. Even though they suggested brisk, one-hour sessions, Zelnick insisted on 45-minute jogs. “That was just at the brink of what I could live with before saying, ‘I hate this so much, I’ll never do it again,’” he says. “Taking it slow and steady was my strategy.”

    2. Stay adventurous.

    Research from the University of Texas at Dallas found that trying new, cognitively demanding activities improves memory function in older adulthood. “It’s just not true that we lose the ability to learn or improve our performance after the age of 25,” says Zelnick. “I picked up skiing in my 30s, cycling in my 40s, boxing in my 50s, and I’m picking up gymnastics and squash now.” Not only is it possible to learn new skills as you age, but doing so can keep your body and brain young.

    3. Accept the learning process.

    Study upon study shows the importance of grit in predicting success, and Zelnick believes it also keeps you young. You probably won’t pull off a world-class performance the first, even the 10th time you try something. “Don’t be afraid of failure or slow progress,” he says. “There are days when I play squash and I do really badly. And yes, I might get frustrated with myself but then I realize, you know what? I showed up, I did the best I could, I’ll do better the next time—or I won’t. But I’m still going to keep going.”

    With Becoming Ageless, you’ll feel fitter, sharper, and more energized than ever before—with the body of someone half your age! Boost your metabolism and enjoy all-day energy. Feel younger for life. All you have to do is follow the four secrets in the book.

    – Ageless Secret #1 You’ll Indulge in Delicious Foods 
    It’s true: You can eat to be younger. Most people associate eating for health or weight loss with a “diet”—It’s important to break that association. Diets fail. Instead, focus on “Forever Fuel.” It doesn’t mean you can’t eat your favorite foods; you’re just getting the best versions of them. On the Becoming Ageless plan, enjoy the following and lose 20+ pounds:

    • Unlimited Foods—Lean Protein, Salads, and Vegetables—eat as much as you want. bison, light tuna, chicken, eggs, grass-fed beef.
    • Limited Foods—Some fruits and dried fruits, nuts, and cheese—in moderation.
    • Highly restricted foods—no processed foods, fried foods, or added sugars. Processed foods account for 70% of the calories that Americans take in. They don’t just make you fat; they age you. Research has linked ultraprocessed foods to a higher risk for obesity, heart disease, and cancer. Intriguing new work even suggests that they may actually encourage overeating, possibly because their particular mashup of ingredients disrupts the hormones that control hunger, or it scrambles the gut-brain signals that tell us how much to eat.
    • Commit yourself to eating sensibly and eating yourself healthy.

    The book is packed with a ton of easy-to-make recipes that will help you get your best body ever. It’s true—even with a busy schedule, you can cook, because they’re that simple. And if you cook just three meals a week, you’ll live a decade longer, studies show.

    – Ageless Secret #2: You’ll Unlock Your Inner Strength
    Fitness is the foundation for so much success in many individuals lives—it improved their moods, shrunk their belly, got them out with colleagues (which led to promotions) and you don’t have to run an ultra-marathon or climb Mt. Everest. Just commit and be consistent. Get moving a little every day.

    Work out every morning and some evenings. Some moves take just minutes to do. Here’s a few ways to do it right:

    • Start slow—incorporate regular walks or body weight exercises to feel the burn.
    • Workout when you’re working—like with a stressball or a hand grip strengthener
    • Incorporate a complete exercise plan for building muscle. Use it and you’ll avoid back pain and get injured less.

    – Ageless Secret #3: You’ll Bulletproof Your Body
    You can’t feel younger if you’re sick all the time.  You want to turn your body into a disease-fighting machine. That’s why you should include:

    • Preventative measures—a complete checklist of all the tests you need, and when you should have them.
    • A guide to better sleep, so you can have a more peaceful rest.
    • Cover mental health too…favorite tip to boost confidence is to ditch the scale. Measure success by what you see in the mirror and how you look and feel. If you like what you see, what the scale reads isn’t important. That was a game-changer. Little changes mean big results.

    – Ageless Secret #4: You’ll Discover a Deeper Connection
    People who focus solely on the body and not the mind are shortchanging themselves. For lasting success, it’s essential to construct a support system that will hold you accountable—and provide incentives for you to succeed. Consider texting a friend after every workout, and revel in the virtual high-five; better yet, join a workout class. You’ll strengthen bonds with friends and loved ones and elevate your mood and productivity.

    It’s a benefit in embracing my spiritual side. For quiet reflection, personally integrate morning prayer. It’s life-changing, and feeds into personal success on every level. To help you focus, meditate, do yoga, and find a community that supports your new lifestyle.

    By following the pillars in Becoming Ageless, you’ll be happier and healthier; stave off disease; enhance your spiritual connections; and lose fat from where it matters most. That’s something you want at any age. It works.

    Start by asking yourself an important question: “What do I want?” That answer will drive every decision you make. It will also make the how easier to pinpoint and, eventually, accomplish. Here are a few answers to that question: You May want to . . .

    • Live as long and healthily as possible while being cogent and mobile.
    • Be fit and strong.
    • Perform my job at my highest level.
    • Have warm and meaningful relationships with my family and friends.
    • Push my limits both mentally and physically.
    • Look good in and out of clothes.
    • Feel youthful, happy, satisfied, and as stress-free as possible.
    • Be spiritually connected.
    • Help others achieve their goals.

    You don’t want is to be limited or defined by your age. Yet sometimes, we forget that, while there’s no stopping the passage of time, we can control how well we age. Because the notion that you’ll get too old to run marathons, too weak for century rides, too fragile to ski or snowboard, or too fatigued to keep up with your grandchildren at a park is just plain wrong.

    It doesn’t matter if you’re a millennial or a centenarian: Right now, you have all the resources you need to make changes to obtain or reclaim the life you want. That’s if you know what you want. So think about what you want. Be honest and don’t edit your thoughts. Contemplate it for a week if you need to. Then write down five to 10 goals. Write them right now.

    About the Author

    Strauss Zelnick is founder of the private equity firm Zelnick Media Capital and president and CEO of Take-Two Interactive, the company behind blockbuster video games such as Grand Theft Auto and NBA2K.

    “Live your truth!”


    Focus and Mindset

    “Anything is possible if you have the mindset and the will and desire to do it and put the time in.” Roger Clemens

    Financial mindset consists of a predetermined set of beliefs, thoughts, habits and behaviors an individual has about saving by paying yourself first, investing for the long-term and accumulating wealth for financial well-being.

    Every person has a set of beliefs, thoughts, habits and behaviors about money and personal finance. Even if they can’t express what their thoughts and mindset are, they still exist subconsciously. By observing your own financial outcomes, you can begin to better understand your financial mindset, behaviors and habits.

    Without a positive financial mindset, it is difficult to develop the good financial habits and behaviors that will be necessary to lead to an improved financial outcome and well-being.

    A positive financial mindset means knowing that if you just hang in there long enough, things will work out financially with the correct financial habits and behaviors. Even if you partake in one positive action each day, your confidence and belief will grow, along with your wallet.

    Focus and Thoughts

    “If you’re trying to achieve, there will be roadblocks. I’ve had them; everybody has had them. But obstacles don’t have to stop you. If you run into a wall, don’t turn around and give up. Figure out how to climb it, go through it, or work around it.” Michael Jordan

    Mindset is basically about your thoughts and a harbinger of what you focus on in the short and long term.

    When you focus a thing, be it positive or negative, your mind has a tendency to heighten your attention on that thought. As a result, by focusing on one thing, such as the fear and uncertainty caused by the COVID-19 pandemic, you have a tendency to miss other things good and positive happening around you. Essentially, your focus becomes the filter in which you observe your world.

    Focus on opportunities

    “No matter how dark things seem to be or actually are, raise your sights and see the possibilities, always see them, for they’re always there.” Norman Vincent Peale

    This too will pass is a common refrain worth remembering in trying times like these created by the pandemic. History and good old common sense tells us that crises always come to an end and this COVID-19 will be no different.

    We can control our thoughts, mindset and where we focus our attention. Thus, it behooves us to focus our thoughts on those things we can control and to think about what we need to do now, in the short term, to survive the current storm and prepare our paths for future opportunities and better days.

    It’s about doing things now, in the downtime, in order to be prepared and prime to operate in the uptime. It is about laying the groundwork for tomorrow’s long-term financial success during today’s challenging times.

    By focusing on the negative and on things outside our control, we can miss the other things and opportunities happening around us.

    Positive Attitude

    “Our attitude toward life determines life’s attitude towards us.” John N. Mitchell

    Nothing is going to change in your life unless you change a negative attitude and mindset. And, you can change your life almost immediately if you can change your attitude and mindset. Many have said that, “A bad attitude is like a flat tire. If you don’t change it, you’ll never go anywhere.”

    Furthermore, John N. Mitchell said it best when he said that, “Our attitude toward life determines life’s attitude towards us.” We’ve all heard about the power of our attitude, and that it’s our attitude can determine the altitude of your success in life.


    References:

    1. https://www.verywellmind.com/what-is-a-mindset-2795025
    2. https://www.cnbc.com/2020/04/30/why-you-should-create-a-daily-money-mindfulness-practice.html
    3. https://graciousquotes.com/norman-vincent-peale/

    Mindset and the Power of Our

    “We are what we think. All that we are arises with our thoughts. With our thoughts, we make our world.” Gautama Buddha

    Your mind is very powerful. The way you think and believe about yourself turns into your reality. If you draw inaccurate conclusions about who you are and what you’re capable of doing, you’ll limit your potential.

    Link Between Thoughts, Beliefs, Feelings and Behavior

    Each one of us has the power to create a reality of our choosing through our thoughts. What you think about and focus on directly influences how you feel and how you behave, according to Amy Morin, a psychotherapist and the international bestselling author of 13 Things Mentally Strong People Don’t Do. For example, if you think you’re a failure, you’ll feel like a failure. Then, you’ll act like a failure, which reinforces your belief that you must be a failure.

    https://twitter.com/iamjallal/status/1297345759885443072?s=21

    Once you draw a conclusion about yourself, you’re likely to do two things;

    • Look for evidence that reinforces your belief and
    • Discount anything that runs contrary to your belief.

    It might not be your lack of talent or lack of skills that are holding you back. Instead, it might be your beliefs that keep you from performing at your peak.

    Creating a more positive outlook can lead to better outcomes in your personal life and professional career. And, harboring optimistic thoughts  can lead to productive behavior, which increases your chances of a successful outcome.

    Change your thoughts, beliefs and behaviors

    The good news is that you can change how you think with deliberate practice and effort. You can alter your perception and change your life for the better.

    According to Morin, you can alter your perception and change your life by challenging your thoughts and beliefs:

    • Look for evidence to the contrary. Acknowledge exceptions to the rule will remind you that your belief isn’t always true.
    • Challenge your beliefs. Perform behavioral experiments that test how true your beliefs really are. If you think you’re not good enough, do something that helps you to feel worthy. Step outside of your comfort zone, force yourself to do something that feels a little uncomfortable.

    With deliberate practice and effort, you can train your brain to think differently and eliminate those self-limiting thoughts and beliefs.

    Deep breathing is incredibly beneficial in finding inner peace.

    • Breathe in and out deeply for one minute
    • Hold your breath for four seconds
    • Breathe out

    This simple technique will bring about inner peace. Try it out for yourself and see the results.


    References:

    1. https://www.forbes.com/sites/amymorin/2016/06/15/this-is-how-your-thoughts-become-your-reality/?sh=1dd1728528a0
    2. https://www.shift.is/2019/07/proof-that-our-thoughts-create-reality/

    Psychosocial Health

    It’s important that you choose to be happy, healthy and at peace!

    Health is defined as the overall mental, emotional and physical state of a person; the absence of disease and ailment. On the other hand, wellness or well-being refers to the state of being in optimal mental and physical health.

    But wellness is more than optimal mental, emotional and physical health. It’s about living a life in harmony, full of personal responsibility and taking proactive steps for one’s entire well-being. Thus, a person living life very well controls risk factors that can harm them. Risk factors are different types of actions or conditions that increase a person’s chances for illness or injury.

    Psychosocial (mental, emotional, social, and spiritual) health and wellness

    “The secret of a better and more successful life is to cast out those old dead unhealthy thoughts.” Dr. Norman Vincent Peale

    Psychosocial health includes four important components of well-being. It means being mentally, emotionally, socially, and spiritually sound which fortunately is no longer lost on traditional modern medicine. There’s plenty of proof that a healthy mind, content heart and grateful attitude are just as important for the prevention of diseases and therapeutic treatment. Therefore, this concept of psychosocial health, a state of mental, emotional, social, and spiritual well-being, deserves much attention and additional research.

    Basic Traits of Psychosocial Health

    “The greatest revolution of our generation is the discovery that human beings, by changing the inner attitudes of their minds, can change the outer aspects of their lives.” William James

    Individuals who are deemed to be psychosocially healthy aren’t completely devoid of problems. Actually, it’s not the quantity or quality of a problem, which makes someone sound in this respect. It’s the way people view themselves and how they view and response to stressful situations that sets psychosocially healthy people apart from those who are not. Here are just a few traits shared by these robust individuals. They:

    • Like themselves
    • Accept their mistakes
    • Take care of themselves
    • Have empathy for others
    • Control their anger, hate, tension, and anxiety
    • Are optimistic
    • Can work alone and with others equally well

    Mental Health

    “To make your mind healthy, you must feed it nourishing, wholesome thoughts.” Dr. Norman Vincent Peale

    The thinking portion of psychosocial health is known as mental health. Your beliefs and values in life, as well as how you relate to others and respond to situations in your life, are a reflection of mental health, which overlaps with the other aspect of health.

    When something happens to you that you don’t like and you respond in a positive manner by accepting your mistake and looking forward to its correction, then that’s good. But if you show up late for work regularly, get fired, and then blame anyone but yourself, then that may be an indicator of less than ideal mental and emotional health.

    Emotional Health

    The feeling part of psychosocial health is called emotional health. This includes things like anger, love, hate, and happiness. Oftentimes, emotional and mental health overlap a great deal in some situations. Going back to our example of getting fired from work because you came in late multiple time, if you feel a bit down, but still have high hopes for the future, that’s a positive thing. But if you lash out in a blinding rage against your boss, sulk when you go home, and avoid everyone thereafter, then that may point to improper emotional health.

    Furthermore, it’s not unexpected even for an emotionally healthy person to experience some sadness and grief after getting fired; that by itself isn’t conclusive of poor emotional health. Everyone, even the most optimistic people, have their ups and downs. But an emotionally healthy person is one that responds to a situation in a manner that is controllable, in proportion, and with understanding.

    Emotional intelligence is an ability to understand and manage your emotions and those of others. It can be broken up into five main parts:

    • Know your emotions: Are you able to quickly recognize your feelings?
    • Manage your emotions: Can you express those feelings appropriately? Are you able to cope with them well?
    • Motivate yourself: The more you can do this independently in order to achieve more in your life, the higher your emotional intelligence.
    • Recognize the emotions of others: The more you can empathize with others, the better.
    • Handle your relationships: The better you are at navigating conflict in life and building a good social network, the higher your emotional intelligence.

    Social Health

    Having healthy relationships is a good way to also introduce social health, the ability to create and maintain healthy relationships with others. I’m sure you can already appreciate how much this is related to the concepts we went over in emotional health. Everything here is related because they are all part of the one overarching concept – psychosocial health.

    Social health goes beyond having appropriate emotional health and intelligence. A person with good social health:

    • Recognizes the importance of social engagement. We’re pack animals after all! We’re not supposed to live alone!
    • A person with good social health is able to support their friends in a time of need and ask for their help when they need it themselves.
    • They aren’t biased, prejudiced, racist, or sexist.
    • Listens to others well, expresses their feelings just as well, and acts in a responsible manner around others.

    An example of a person with good social health is someone who has close friends. They enjoy listening to and feels close enough to share important feelings with. The contrast is a curmudgeon who is bad-tempered and discourages close personal relationships.

    Spiritual Health

    When you enhance your spirituality, you form a relationship built on inner peace, love, faith and security.

    Spiritual health is about having “something more” in your life. In practical terms, we’re talking about getting to know yourself—getting to know what you’re feeling, what you’re thinking, what you’re intending, what your fears are, and what your loves are, according to Gary Zukav author of Seat of the Soul.

    Relationships can transform into a spiritual connection and partnership. If we use our relationships with ourselves, others and God (or an entity that is transcendent) to make us wiser, kinder, peaceful, grateful and more compassionate, we can actually change how the relationships work for us. We can have and enjoy the relationships and lives we’ve always dreamed of.

    Higher levels of spirituality have also been linked to increased compassion, strengthened relationships, and improved self-esteem. “Our findings show that spirituality is significantly associated with better mental health and well-being and may add to an individual’s overall wisdom,” explains Dilip Jeste, senior associate dean for the Center of Healthy Aging and a professor of psychiatry and neuroscience at the UC San Diego School of Medicine. “Spirituality does not require religious faith but is characterized by humility and ever-present connectedness to oneself or to others or to an entity that is transcendent, such as Mother Nature or God or the soul. It helps reduce stress in many people and allows them to be more at peace, happier, and healthier.”


    References:

    1. https://study.com/academy/lesson/what-is-psychosocial-health-definition-components-traits.html
    2. https://www.oprah.com/oprahshow/forging-a-spiritual-relationship/all
    3. https://www.psychologytoday.com/us/blog/the-athletes-way/202010/how-spirituality-wisdom-and-mental-health-are-intertwined
    4. https://www.forbes.com/sites/amymorin/2016/06/15/this-is-how-your-thoughts-become-your-reality/?sh=1dd1728528a0

    Background:

    Physical wellness: This means we exercise, eat well, practice safe sex, don’t do any dangerous activities like jumping off of buildings, and so on. Physical fitness increases physical wellness. By being physically fit and well, you are better able to take care of yourself and others, especially in a time of need. You are also better able to prevent illness and disease.

    Intellectual wellness: Critical thinking, being curious, and always learning new things. Developing intellectual wellness is critical not only to help a person grow in school and do better at work, but it actually prevents the onset of disease. It’s been shown that people who regularly learn new things and challenge their mind can stave off many mental health problems.

    Emotional wellness: Being confident, having a solid self-esteem, building trust, and being able to understand another’s feelings. A person who is emotionally well is aware of their feelings and is able to properly cope with them. Emotional wellness also implies a person can deal well with stressful situations.

    Social wellness: Having good communication skills, the ability to establish good and healthy long-term relationships, and having good relationships with family and friends. Interpersonal relationships are very important in order to maintain a good emotional and physical state of being. We are, of course, ‘pack animals,’ so to speak, that depend on one another to survive and live well.

    Spiritual wellness: The path to a spiritual wellness and relationship depends upon you because how you relate to yourself determines how spiritual you are toward others, according to Deepak Chopra. Developing compassion, forgiveness, being caring, having a sense of purpose and meaning in life. Spiritual wellness doesn’t automatically imply the need for religion in a person’s life. But, it does imply a personal relationship with God or committing to something higher. This personal relationship or commitment to something higher can be developed and found through things like nature, meditation, volunteer work, and family.

    Mahatma Gandhi:

    1. You must be the change you wish to see in the world.
    2. Happiness is when what you think, what you say, and what you do are in harmony.
    3. Live as if you were to die tomorrow. Learn as if you were to live forever.
    4. Keep your thoughts positive because your thoughts become your words. Keep your words positive because your words become your behavior. Keep your behavior positive because your behavior becomes your habits. Keep your habits positive because your habits become your values. Keep your values positive because your values become your destiny.

    References:

    1. https://www.chopra.com/articles/how-to-have-a-true-spiritual-relationship

    A Powerful Attribute for Success: Mindset

    Act in spite of fear!
     

    Failure is a necessary evil on the road to success.

    Your mindset is probably holding you back from creating the abundant life you dream and desire. Your mindset is your collection of thoughts and beliefs that shape your thought and habits.  And your thoughts and habits affect how you think, what you feel, and what you do.  Your mindset impacts how you make sense of the world, and how you make sense of yourself.

    The 2% Mindset’.

    “Adapting a growth mindset means recognizing that success is not about avoiding failures, but rather about embracing them, taking on challenges, and not giving up.” James Clear.

    With a 2% or growth mindset, people believe that their most basic abilities and skills can be developed through dedication, deliberate practice, effort and hard work. This view of mindset creates a love of learning, growing and a resilience that is essential for success.

    “To live is the rarest thing in the world. Most people exist, that is all.” Oscar Wilde

    It’s postulated that only 2% of the population go for their dreams with confidence and excitement. They make a conscious decision to live “outside the box”.  They have the confidence to live a life of adventure and are willing to go for their dreams….the bigger the better. 

    Only 2% of the population choose happiness and fulfillment. Only 2% of the population get the most out of life by exploring new things and embracing the unknown. Only 2% of the population live life without limits and act in spite of fear. In other words, only 2% of the population live a life beyond their comfort zone.

    To achieve this mindset, you must actively change your way of thinking. You must act in spite of the fear. Rather than fear the unknown these 2% embrace the unknown.  Change is something to be embraced, as well, and they seek it with gusto.  The 2% have been able to embody an abundance mindset, not merely as a concept but as a way of being.  A life of contentment and fulfillment is their ultimate prize.

    The remaining 98% of the population

    The majority of the people (98%) in this world make a conscious decision to live in a comfort zone of their own making. They remain in their comfort zone and are content with just getting by. This zone is a place that is easy, routine, and secure.  It is easy to be like everyone else as it helps keep fear at bay.

    98% of the population live their lives playing it safe, doing the right things and save themselves for some future event that never happens. 98% of the population enjoy being like everyone else and simply let life push them into submission because they have no guts. Deep down inside they are fearful and terrified of taking risks and end up settling for less. They really want to succeed, but the fear of losing is greater than the excitement of succeeding. 98% of the population will look back one day and know that deep down inside they didn’t go for it.

    “Success occurs when your dreams get bigger than your excuses.” Anonymous

    Fear, a powerful teacher.

    The fear of failure is preventing you from realizing your true potential. It stops you from going for your dreams, be that public speaking, or maybe starting your own business. Most people wished that they had honored even a half of their dreams and had died knowing that it was due to choices they had made, or not made. But, “you need to fail, learn how to fail and condition yourself to fail” in order to find success, according to Tim Ferris.

    Where there is uncertainty and fear, it’s easy to stay in your comfort zone and not face the unknowns. You experience resistance. Resistance is fueled by fear. And you feel fear because you don’t know what you don’t know and so you make up stories.

    It’s important to embrace the unknown; find out how truly exiting and reinvigorating it can be. Live without limits, and enjoy exploring new things.

    Regrets of the dying:

    “Remembering that I’ll be dead soon is the most important tool I’ve ever encountered to help me make the big choices in life. All fear of embarrassment or failure — these things just fall away in the face of death, leaving only what is truly important.” Steve Jobs

    Bonnie Ware, an Australian palliative nurse, counseled the dying in their last days and recorded their most common regrets. In her book The Top Five Regrets of the Dying – A Life Transformed by the Dearly Departing, she shared the top five regrets of the dying:

    1. I wish I’d had the courage to live a life true to myself, not the life others expected of me.
    2. I wish I hadn’t worked so hard.
    3. I wish I’d had the courage to express my feelings.
    4. I wish I had stayed in touch with my friends.
    5. I wish that I had allowed myself to be happier.

    Take these five wishes of the dying to heart and avoid living a life full of regrets and unrealized dreams. Mark Twin said it best: “Twenty years from now you will be more disappointed by the things you didn’t do than by the ones you did. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream.”

    “Health brings a freedom very few realise, until they no longer have it.” Bonnie Ware


    References:

    1. http://sourcesofinsight.com/what-is-mindset/
    2. http://www.amazon.com/exec/obidos/ASIN/B000FCKPHG/thbosh-20/
    3. https://www.cnbc.com/2017/08/07/how-overcoming-the-fear-of-failure-helped-steve-jobs-and-bill-gates.html?__source=iosappshare%7Ccom.apple.UIKit.activity.Message
    4. https://www.inc.com/tom-popomaronis/only-2-percent-of-world-embraces-these-11-risky-mindsets-heres-why-everyone-else-doesnt-but-should.html
    5. https://bronnieware.com/blog/regrets-of-the-dying/
    6. https://substanceeducation.com/2015/05/23/a-2-mindset/

    Owning a Successful Business Is the Single Best Way to Accumulate Wealth

    Successful investing for the long term and accumulating wealth are about owning a portion of a successful business. It is the single best way to accumulate wealth.

    It is extremely difficult for individuals to accumulate wealth by earning income and slugging their way through a 9 to 5 job. It’s very hard to get truly wealthy by renting out your time. Bottomline…you can only work so many hours. 

    Even high earners like corporate executives, doctors and lawyers don’t typically earn millions of dollars a year. Instead, the path to amassing vast fortunes is paved by owning assets like stocks of a successful business and allowing the assets to to appreciate in value and work for you.

    The single greatest wealth-building secret on the planet and the path to amassing vast fortunes is paved by owning a successful business through investing for the long term in stocks. Controlling vast sums of stock market wealth is a common thread among the world’s wealthy.

    That doesn’t mean you have to create and build the next Tesla, Amazon or Walmart. You can “piggyback” on billionaire CEOs like Bezos by buying shares of their companies on the stock market.  This is the playbook many wealthy folks follow.

    Recent data from investment bank Goldman Sachs shows the wealthiest 1% of US households own more than half the stocks in America. At the end of 2019, they controlled $21 trillion in stock market wealth.

    Over long term, ownership of companies through stocks have outperformed bonds and most other asset classes. This makes sense when you think about it. Stocks are riskier than bonds, so you expect to earn a higher return on capital. 

    When you save for the future by paying yourself first and invest for the long term your capital in a successful business, you accumulate assets that earn money while you sleep. For example, by owning Amazon shares, every time the stock soars, your net worth increases.

    When Amazon crushes earnings, you win, too. Think of it as a second income that often brings in more than your main job.


    References:

    1. https://www.forbes.com/sites/stephenmcbride1/2020/08/19/why-owning-stocks-is-the-single-best-way-to-get-rich/#6ede923248ec