The hot topic on everyone’s mind right now, including radio, television and print media is how to cope with the current recession. A lot of the analysts and talking heads are recommending that businesses and investors pull back, reduce their expenditures, create a budget and save their money.
This is the worst advice possible in recessionary times, or any other time, for that matter. Think about what you are doing when you reduce, budget and save. You are very effectively limiting your opportunities for success. All of these actions are very inward and will only serve to further slow your progress.
The fact is that more wealth is created during a recession or depression than any other time. Why? Simply because everything is on sale! Remember the old adage, “Buy low and sell high?” Well, now is the time to buy. Now is the time to invest. Now is the time to build your business bigger and more profitably. Stop listening to those who are, in fact, major contributors to this economic downturn (and could we stop calling it a downturn and refer to it properly? We are in a depression, so let’s just recognize it for what it is.).
Of course, the $64 million question is what to do instead of reducing, budgeting and saving and how to do it.
Think about the natural result of developing, implementing and following through on a plan. Since the first step of any good plan is to set the goal we are trying to achieve, the natural result is to achieve the goal. If instead, you focus on reducing and budgeting, the result will be a reduction of your wealth. The second step to a good strategy is to plan the celebration you are going to have when you reach your goal.
What a change in focus and energy! We change our entire world from a feeling of fear and despair to one of hope and possibility. And remember that whatever you focus on is what you will get.
So how do you create your strategy? Once you have your goal and celebration clearly written, you simply work backwards to where you are today. Of course, that presumes that you know where you are today. Do you? Do you know your current cash flow and net worth? Do you know the value of your business and investments? Do you have good financial records? If not, now is the time to get this part of your financial house in order.
It’s very simple to create a strategy once you have a clear picture of your goals and your present situation. It’s simply a matter of filling in the gap. And filling in the gap starts with your financial education. You have to learn how to accomplish your goal. You can do this with self-study courses or you can work with a good Strategic Wealth Coach. Whatever your preferred method of learning, understand that your education is the best investment you can make. Of course, you know that or you wouldn’t be investing your time in reading this article.
The biggest key to your success? Take action now! Stop listening to all of those naysayers and take advantage of this wonderful financial market. And don’t believe those who say that you need money in order to make money. Most of the wealth in this world was created with an idea, not with money.
Remember that with the right knowledge and a good strategy, your financial freedom is closer than you think. And now is the best time in 60 years to reach your dreams. This opportunity won’t come around again in our lifetime so take advantage and start planning now to celebrate your success.
Tom Wheelwright is the founder, CEO and creative force behind ProVision Wealth Strategists, a full-service CPA and wealth strategy firm headquartered in Tempe, Arizona. ProVision coaches investors and business owners all over the world to financial freedom, creating vast amounts of wealth and business success for its clients. For more information, please visit http://www.ProVisionWealth.com .
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