Thursday, April 10, 2008

Can you be a millionaire?

Every once in a while someone becomes an instant millionaire by getting lucky. They might inherit a bunch of dough, create a product instantly wins popularity contests, or hit the lotto. For most of us though, becoming a millionaire is hard work. It takes time, discipline and some patience.

But for those who are determined to retire young and retire rich, it can be done. And becoming a millionaire does not require a high income. While that helps, building wealth is ultimately the ability to manage your money properly.

Here are some tips to get you started today:

1. Reduce consumption and increase investments.
2. Create and stick to a budget.
3. Increase your financial IQ.
4. Make contributions into investment vehicles on a consistent basis.
5. Start a part-time business to increase income and take advantage of tax write-offs.
6. Surround yourself with like-minded people who believe and support your goals.
7. Find great CPAs and other trusted financial advisers.
8. Set short-term and long-term goals.
9. Make a commitment to become a millionaire.
10. Start now. Time is your friend when it comes to investing.

Making your first million is the hardest, but it will never come if you don’t take action. Continue to increase your financial literacy by subscribing and visiting financial websites, but don’t get stuck in “analysis paralysis” mode. While the information on these websites and magazines can be very valuable, the prescription to making money is actually very simple. It’s just a matter of knowing the fundamentals and how to apply them.

Tuesday, April 8, 2008

How To Deal With Your Persistent Fears?

Everybody deals with anxiety and depression, however some people have a hard time in managing it. As a result, here is a brief list of techniques that a person can use to help manage their most persistent fears and every day anxieties.

When facing a current or upcoming task that overwhelms you with a lot of anxiety, the first thing you can do is to divide the task into a series of smaller steps. Completing these smaller tasks one at a time will make the stress more manageable and increases your chances of success.

Sometimes we get stressed out when everything happens all at once. When this happens, a person should take a deep breath and try to find something to do for a few minutes to get their mind off of the problem. A person could get some fresh air, listen to some music, or do an activity that will give them a fresh perspective on things.

A person should visualize a red stop sign in their mind when they encounter a fear provoking thought. When the negative thought comes, a person should think of a red stop sign that serves as a reminder to stop focusing on that thought and to think of something else. A person can then try to think of something positive to replace the negative thought.

Another technique that is very helpful is to have a small notebook of positive statements that makes you feel good. Whenever you come across an affirmation that makes you feel good, write it down in a small notebook that you can carry around with you in your pocket. Whenever you feel depressed or frustrated, open up your small notebook and read those statements. This will help to manage your negative thinking.

Learn to take it one day at a time. Instead of worrying about how you will get through the rest of the week, try to focus on today. Each day can provide us with different opportunities to learn new things and that includes learning how to deal with your problems. You never know when the answers you are looking for will come to your doorstep. We may be ninety-nine percent correct in predicting the future, but all it takes is for that one percent to make a world of difference.

Take advantage of the help that is available around you. If possible, talk to a professional who can help you manage your depression and anxieties. They will be able to provide you with additional advice and insights on how to deal with your current problem. By talking to a professional, a person will be helping themselves in the long run because they will become better able to deal with their problems in the future. Remember that it never hurts to ask for help.

Dealing with our persistent fears is not easy. Remember that all you can do is to do your best each day, hope for the best, and take things in stride. Patience, persistence, education, and being committed in trying to solve your problem will go along way in fixing