Tag Archives: Mindset

37 Earl Nightingale Quotes That Will Empower You to Soar High | Inc.com

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Earl Nightingale had a passion and mission to improve the lives of other people. In his view, he concluded:

“We become what we think about”

This fact, “we become what we think about”, is the Secret Power of Mindset. We are currently and will continue to be what we think about. Essentially, he advised that we are in control of our thoughts.

Additionally, he stated that we are creatures of habit. We tend to follow, either consciously or sub-consciously, the picture or script in our minds created by our past environment, our parents, our communities and the region from which we come. For better or for worst.

Instead, we must start imagining our lives the way we want it. We must create a picture in our mind and think about that picture of our future self steadfastly all day long. We must believe it.

Once we do, we will start making different choices in line with our picture…our self-image. We will take small steps in the right direction.

“People with goals succeed because they know where they are going”

He advised that goals are the destinations or effects of our thoughts, that is what we have been thinking and always think about is what we become. Here are 6 steps Earl Nightingale recommended that will help us achieve our goals:

  1. Give yourself a definite goal.
  2. Quit running yourself down.
  3. Stop thinking of all the reasons you cannot be successful and instead, think of all the reasons why you can.
  4. Trace your attitudes back through your childhood and try to discover where you first got the idea you couldn’t be successful – if that’s the way you’ve been thinking.
  5. Change the attitude you have of yourself by writing out the description of the person you’d like to be.
  6. Act the part of the successful person you have decided to become.

“Success is the progressive realization of a worthy ideal.”

If a man is working toward a pre-determined goal and knows where he’s going, that man is a success. If he’s not doing that, he’s a failure. Success is the progressive realization of a worthy ideal.

When you have an attitude of altitude, and when you are grateful for what you have, your chances to have a meaningful and successful life are greater. Start where you are now to develop this mindset. You have the potential to do many things, even those things you may think are impossible. Broaden your vision and keep moving forward–the sky truly is the limit.

Earl Nightingale was a motivational speaker and writer. He firmly believed the key to success can be found in these six simple words: We become what we think about. And, he encouraged us to:

“Learn to enjoy every minute of your life. Be happy now. Don’t wait for something outside of yourself to make you happy in the future. Think how really precious is the time you have to spend, whether it’s at work or with your family. Every minute should be enjoyed and savored.” – Earl Nightingale

— For Earl Nightingale’s Quotes, read on www.inc.com/peter-economy/37-earl-nightingale-quotes-that-will-empower-you-to-soar-high.html

References:

  1. http://www.asamanthinketh.net/files/EN_Greatest_Discover_eBook.pdf
  2. http://wordpress.nightingale.com/articles/is-your-personal-corporation-growing/

“William James said: “The greatest discovery of my generation is that human beings can alter their lives by altering their attitudes of mind. We need only in cold blood act as if the thing in question were real, and it will become infallibly real by growing into such a connection with our life that it will become real. It will become so knit with habit and emotion that our interests in it will be those which characterize belief.” He also said,”If you only care enough for a result, you will almost certainly attain it. If you wish to be rich, you will be rich. If you wish to be learned, you will be learned. If you wish to be good, you will be good – only you must, then, really wish these things, and wish them exclusively, and not wish at the same time a hundred other incompatible things just as strongly.” ― Earl Nightingale

Personal Finance: 4 Ways to Save Money and Improve Your Money Management Skills | Brian Tracy

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“Believe you’re the person you must become…”

Virtually every single person in America who is financially independent started off with nothing. But they acquired good personal finance habits, learned how to save money, and improve their money management skills, eventually becoming some of the most successful people in their communities. And anything that anyone else has done, you can probably do as well.

Save Money By Using A Long Time Perspective

To save money and become financially independent you must begin living on less than you earn even if you are deeply in debt. One of the most important guarantors of your personal finance success is called “Long time perspective.”

Take the long view.

Develop a long term attitude toward yourself and your financial future and begin thinking in terms of where you want to be in five and ten years. This long-time perspective will have an inordinate impact on your personal finance habits and money management skills in the present, and will help you save money over the years.

The starting point of financial independence is described in George Klasson’s book, The Richest Man in Babylon, as “Pay yourself first.” He says that, “A part of all you earn is yours to keep.” If you just save 10% of your gross earnings every single paycheck over the course of your working lifetime, you will become financially independent and gain personal finance success. In fact, if you saved $100 per month from the time you started work at age 20 until the time you retired at age 65, and this $100 per month earned 10% per annum return, compounded, you would be worth more than $1,100,000 when you retired, in addition to social security pensions and everything else. Major take-away from The Richest Man in Babylon are – pay yourself first, live within your means, invest your money wisely, and prepare for the future.

— Read on www.briantracy.com/blog/financial-success/personal-finance-money-management-tips-save-money/

Goals are Key

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“When you define your goals, you give your brain something new to look for and focus on. It’s as if you’re giving your mind a new set of eyes from which to see all the people, circumstances, conversations, resources, ideas, and creativity surrounding you.” Darren Hardy, author of Compound Effect

With goals, investors can create a realistic plan for achieving their investing objectives within a certain time frame. Since one of the biggest mistakes investors make is confusing investing with stock picking or trading. Ask many people how their money is invested and they might quickly jump to tell you the latest hot stock they’ve purchased and the investment thesis that explains why they think it’s going to take off.

Without an investment plan, what is the goal? Probably just to make some quick, easy money, which neuroscience has shown makes us feel good. Unfortunately, behavioral economics tells us that acting on such impulses tends not to end well. To be true to the term, investing must start with a specific goal corresponding to a set time horizon. The goal itself could be anything: buying a new car in two years; purchasing your first home in five years; or retiring in 40 years. What’s most important is to have the goal be the focus of your approach.

Once you’ve identified a goal, an investment plan can take shape. How much savings can you devote to it? How much time do you have? How realistic is the goal given the first two questions and the amount of risk you feel comfortable taking? If you choose to work with a Financial Advisor, he or she can help you find answers to these questions, and take you a long way to devising a strategy to help achieve that goal. 

Know your time horizon

How long do you plan to hold a stock and what purpose will it serve in your portfolio? Your trade time frame depends on your trading strategy. Generally speaking, traders fit into one of three categories:

  • Single-session traders are very active and are looking to gain from small price variations over very short periods of time.
  • Swing traders target trades that can be completed in a few days to a few weeks.
  • Position traders seek larger gains and recognize that it often takes longer than a few weeks to achieve them
  • Determine your entry strategy  Look for entry signals—for instance, divergences from trend lines and support levels—to help you place your trades. The signals you employ and the orders you use to make good on them hinge on your trading style and preferences.

Plan your exit

When it comes to an exit strategy, plan for two types of trades: those that go in your favor and those that don’t. You might be tempted to let favorable trades run, but don’t ignore opportunities to take some profits.

For example, when a trade is going your way, you could consider selling part of your position at your initial target price to make gains, while letting a portion run.

To prepare for when a trade moves against you, you can set sell stop orders underneath a stock’s support area, and if it breaks below that range, you can choose to sell.

Determine your position size

Trading is risky. A good trade plan will establish ground rules for how much you are willing to risk on any single trade. Say, for example, you don’t want to risk losing more than 2–3% of your account on a single trade, you could consider exercising portion control, or sizing positions to fit your budget.

Review your trade performance

Are you making or losing money with your trades? And importantly, do you understand why?

First, examine your trading history by calculating your theoretical “trade expectancy”—your average gain (or loss) per trade. To do this, figure out the percentage of your trades that have been profitable vs. unprofitable. This is known as your win/loss ratio. Next, compute your average gain for profitable trades and average loss for unprofitable trades. Then, subtract you average loss from your average gain to get your trade expectancy.

Profitable trades

A positive trade expectancy indicates that, overall, your trading was profitable. If your trade expectancy is negative, it’s probably time to review your exit criteria for trades.

The final step is to look at your individual trades and try to identify trends. Technical traders can review moving averages, for example, and see whether some were more profitable than others when used for setting stop orders (e.g., 20-day vs. 50-day).

Sticking to it

Even with a solid trade plan, emotions can knock you off course. This is particularly true when a trade has gone your way. Being on the winning side of a single trade is easy; it’s cultivating a continuum of winning trades that matters. Creating a trade plan is the first step in helping you think about the next trade.

Source:

  1. Lee Bohl, 5 Steps for a Smart Trade Plan, Fidelity Insights, November 21, 2019
    https://www.schwab.com/resource-center/insights/content/5-steps-smart-trade-plan?cmp=em-QYD
  2. www.morganstanley.com/articles/having-goal-key-to-investing

Many Americans are feeling these 3 big financial stresses – MarketWatch

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If you look only at the nation’s low, 3.7% unemployment rate, it would be easy to assume that the economy’s humming and that Americans are feeling great about their finances. But after reviewing five recent notable surveys, I believe many people are actually feeling three big financial pain points now.

Overall, according to the Bank of America Workplace Benefits Report of 996 retirement-plan participants, just 55% of employees rate their financial wellness as good or excellent, down from 61% a year ago. “That’s something to keep a close eye on,” says Lisa Margeson, head of Retirement Client Experience and Communications at Bank of America.

— Read on www.marketwatch.com/story/many-americans-are-feeling-these-3-big-financial-stresses-2019-10-02

Financial Advisors: Here’s How Market Volatility Impacts Investor Psychology

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Humans either think that they’re in charge of what happens in their life, or they believe that life happens to them. Those who believe they’re in control of their life and its outcomes have an internal locus of control.

Having an internal locus of control tend to be associated with higher wealth, and because these people are more likely to take responsibility for the outcomes in their life. Additionally, the top one-percenters are also more likely to believe in their own abilities to solve problems and achieve goals, make better investment decisions and react more calmly when volatility strikes.

Having an external locus, however, is associated with self-destructive financial behaviors.

Financial advisors can help clients move to a more centered approach by asking thoughtful questions about past financial decisions, and can assist in determining where a client’s locus of control lies.

— Read on finance.yahoo.com/news/how-to-advise-your-clients-when-volatility-strikes-163641016.html