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Monday, December 21, 2009

Financial Planning And How To Be Smart In Spending

A financial psychologist once said that to make smart decisions regarding your money, you need to let the logical side of your brain rather than the emotional one to dominate. Avoid being emotionally attached to your investments. There are people who would cling to certain stocks because they inherited from their parents and their parents used to love them or because they work for the company and selling would be disloyal.

Before purchasing something evaluate whether the product or service is worth that price in enjoyment considering how you will use it and if you can get the same quality for less. Beware of retaliatory spending; do not ever go on a shopping spree because you are stressed, or you have had a fight with your partner or an argument with your boss. No matter how better you think it will make you feel, it will damage your financial health.

It is wise not to cling on to debt. For instance, there are people with money in their savings account earning less than two percent, and have debt in their credit cards that are being charged more than fourteen percent. It is good to save for a rainy day, but if you have more than enough savings you can pay your debt and save on huge debt card interests. Then rebuild the savings, not the debt. For emergency purposes; you still have the credit cards (now with zero balances), and you can tap them in.

If you make a mistake in your investments, do not go the way you anticipated or stay in denial; losses do not go away just because you did not look at them. Asses where you are and figure out what to do instead of waiting for things to get worse.

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Achievement - Power And Ability Of A Positive Mind

“Attitude is everything!” This statement carries so much truth that if every one took time to think about it and make necessary adjustment in life, then our lives would change for the better. Many times in our quest for self improvement, we have concentrated on changing and improving many things but our attitude.

Attitude is a person’s frame of mind. It is the mindset that a person has that helps him to develop a world view. Attitude is expressed by how we respond to issues. One person once said, “Life is not what happens to you but how you respond to issues”. Two individuals may encounter a similar negative situation but how they will each respond will determine the outcome.

One of the main attitudes we need to embrace is cultivating a positive mindset or attitude. As you read through history you encounter ordinary individuals who did extra ordinary things. Moses in the Bible was known to stammer in his speech but he became the deliverer. Abraham Lincoln on the other hand educated himself; he had no formal education but became the most acclaimed president in the history of the United States.

Mother Teresa, a simple nun in Calcutta also became an icon through her acts of mercy and philanthropy. The list could go on and on. What characterized these people was a positive mindset, they all believed in possibilities and they responded decisively for the good of humanity.

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