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6 Habits That Will Help Your Personal Finances

Money management is a touchy subject to discuss, as most people can’t account for their spending or earning habits properly. Not everyone fully understands that personal finance management helps to create wealth. Therefore, in this article, I will discuss tips on managing money effectively. 

1. Always have a budget

The first step to proper personal finance management is creating a budget using a scale of preference i.e. a list of the items you need to purchase or debts you need to pay off in order of importance. Creating a budget might seem a little hard, but it helps with keeping track of income and expenses and this is very important to managing funds effectively. 

2. Keep track of your expenses

Expenses refer to the costs spent on items or services. Many people can’t recount how much they spend monthly. Tracking expenses are as easy as; keeping receipts of items bought, going through bank statements and adding up all your credit. This helps to know how to manage your expenses and tracking financial health 

3. Keep track of your income

Total monthly expenses subtracted from total monthly income. If you end up with a negative value, this means you are spending more than you make. Reduce your spending habits until it leaves you with a total value of zero. 

If you end up with a positive value, you are right on track and you are spending less than you make. You can then increase your savings or pay off outstanding debts. Having a clear understanding of your expenses and income is a significant step to managing your money right. 

4. Pay off your debts

Pay off debts with high interest rates first. Keep up with the required payments. Also, commit to paying off your mortgage as soon as you can. 

5. Save for emergencies

Be prepared, just as the boys’ scout motto says. It’s ideal to prepare some money for emergency occurrences. You shouldn’t touch or spend out of your emergency fund. Emergency funds serve a good purpose if you lose your job, your roof leaks, or your car breaks down. I once heard from a financial expert that our emergency funds should at least be able to cover our 6 months expense. 

Save and Invest

Cultivate the habit of putting away a certain amount of money daily, weekly, or monthly. Have a savings target because this usually helps you work towards your goals. And when you hit your savings target? 

Invest. There’s no other way to multiply your money than to invest in properties, invest in the capital market, and invest yourself.

Knowing and cultivating these habits will not only help you manage your money, it will improve your life. 

Would you like a free 30 mins call with me?

I hope you have learned one or two things from this piece. Last, I mentor people to help them create wealth and become financially independent through investing in properties, and the capital market (Forex trading). 

Would you like to get a free 30 mins to get on a call with me to discuss ways to attain financial independence?

Click here. 

Stages to Financial independence and How to Reach it.

It is an irony of life that everyone desires financial independence, but not everyone will attain it. Not because it is an impossibility, but mostly because not everyone will do what it takes to achieve financial abundance. 

Financial independence or financial freedom means different things to different people, yet we can all agree that it means having enough money to pay your living expenses for the rest of your life without having to work full time, and still have enough saved that an emergency won’t be devastating.

Many people achieve financial independence through saving and investing over the years, while others build successful businesses that generate income even while they sleep. There are many ways to reach financial independence, no matter where you are today. 

In this piece, I want us to look at some wealth-generating habits that can help you become financially free, but first, let’s look at the stages of financial independence. 

Stages of Financial independence 

Stage 1: Financially Dependent

This is where most of us start out. At this stage, you are totally depending on another person or a menial job to survive. A financially dependent person has a lot of expenses, but little or no income at all. To leave this stage, the person needs to first get a good job, and then study up on personal finance. 

Stage 2: Financial Novice

Here is the stage where you’ve just started earning, but you still aren’t in control of your expenses, maybe because you’ve been racking up some debt or your expenses still exceed your income.

To leave this stage, you need to be more frugal, avoid debt, reduce your expenses, and seek additional income sources. 

Stage 3: Financially Precarious

This is the stage where you have stopped accumulating debt, your expenses have reduced, and you’re building up your emergency funds. At this point, you are much better financially than you used to be, but you can still progress. To upgrade from here, you need to pay off your debt and build an emergency fund that can cover 6 months of expenses. 

Stage 4: Financially Balanced

In this phase, you experience some financial stability. Your emergency fund would have been well established and in this phase debt management is under control. However, there is still room for improvement here too. So, to turn things up higher, you will need to invest. 

Stage 5: Financial Progress

This phase is much closer to financial independence, it is where you invest. Here, should an emergency or an unfortunate situation like job loss or a crisis like the COVID-19 occur, it would not cause financial ruin because you have investments to ride out a financial storm for multiple months. To step up from here, you need to build a portfolio of passive investment with a focus on investment income.

Stage 6: Financial Independence

Freedom at last. This phase is where your basic living needs and other expenses are covered by cash flow from your investments like rental income, rents, dividends, interest, and so on. At this stage, your investment income is much more than your expenses and now you can buy anything you want, travel anywhere, and upgrade your lifestyle on your own terms–without ever worrying about breaking the bank.

This is the stage that we all should strive to get to, the level of financial abundance where you have a surplus–an abundance of cash flow whereby you can be more philanthropic to causes or events that contribute positively to the lives of others.

There are many ways to reach financial independence, and it’s not just for the wealthy.

Some habits that can make you financially independent.

  1. Avoid debt as much as you can, especially consumer debt. 
  2. Ignore the Joneses (those are the friends and family you love to prove to of your status), ignore them, and focus on building your finances instead.  
  3. Cut down on your expenses, spend less than you earn. 
  4. Learn to budget your finances and always save first. 
  5. Buy assets. 
  6. Invest now and keep investing. 

That said, I hope you have learned one or two things from this piece. Last, I mentor people to help them create wealth and become financially independent through investing in properties, and the capital market (Forex trading). 

Would you like to get a free 30 mins to get on a call with me to discuss ways to attain financial independence?

Click here. 

5 Myths About Forex Trading Demystified.

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Foreign exchange trading (forex trading) is an international market for buying and selling currencies. It is a global decentralized or over-the-counter market conducted electronically between traders through computer networks. 

At $6.6 trillion, the forex market is the largest and most liquid asset market in the world. In fact, it is 25 times larger than all the world’s stock markets. Currencies trade against each other as exchange rate pairs e.g. EUR/USD exchange rate currencies rise and fall because of varying factors in economics, and geopolitics, etc 

If you are new to the forex market and wish to learn the basics of trading, one thing to put in mind is that there are a lot of myths about forex that have risen over the years. Most of these myths arise because of exaggeration by some traders or for misunderstanding of the basic trading principles. 

In this article, I will spell out these popular myths.

  1. It is easy

The largest myth about forex trading is that trading in the forex market is a simple task. Well, this is so true, yet so wrong. Trading currencies successfully can be one of the most challenging moves one can undertake in the FX market. Some traders have made people believe that as soon as you fund your live account, it can make money, but that’s too simplistic. Forex trading involves taking risks and requires a significant amount of time and effort put into practicing and developing strategies.

These risks can, therefore, be reduced by being very careful when entering a stop loss, entering a stop loss too close to the original position means you are likely to be filled with an order only to see the rate resume to its original direction. Besides the volatility in currency pairs, there are the fundamental aspects that can drive a currency up and down, it depends on central bank announcements, major news releases, geopolitical events, etc making exchange rates become more volatile. 

Trading in the forex market is therefore not as easy as they have made it to look. Nevertheless, it can be learned, because most professional traders have spent years learning the skills of trading either through mentoring with another successful trader or by just developing strategies that work for them.

  1. FX trading is like casino gambling

This is yet another misconception about forex trading. Some people believe that trading forex is like gambling, but that is not the case. Gambling involves making blind bets while forex trading involves taking strategic risks. As a forex trader, you can make use of money management practices to trade currencies; using sound technical and fundamental market analysis methods increases the odds of trading successfully in forex. Forex trading involves speculating since we put an amount of capital at risk, but it is more strategic and different from gambling. 

  1. Forex trading requires a lot of money

This is one of the most popular myths about forex trading. Back when forex trading wasn’t available online, the retail traders did not have access to the interbank forex market; this is the wholesale currency arena, where traders from large banking institutions trade amongst one another. Access to this market was not possible unless you have a very high net worth and can trade over $1000000 but ever since introducing online forex trading, anyone could be a forex trader just by having a computer, internet connection, and a modest amount of money to invest. 

  1. Traders should watch their screens all the time

This is another great fallacy about forex trading. I do not expect anyone to watch the forex market all around the clock. This myth was derived because the market trades on a 24-hour basis. Professional traders follow the 24 hour market timing by leaving orders with fellow traders working in different time zones to watch the trades for them. As a retail trader, there is no need to watch the market constantly especially if you use bracket orders, which is why it’s advisable to automate your trade, plan market analysis to identify trading opportunities for you so you need not monitor the market yourself but monitor your system’s alerts. 

  1. Forex trading is a scam

One false belief that has been going around is that forex trading is a scam. As defined at the beginning of this article; forex trading is the buying of one currency and selling another simultaneously. This does not differ from buying a new cloth or shoe at a fashion boutique around you. But some people have tried to take advantage of others who are unsuspecting and ignorant.

Despite being one of the world’s largest financial markets with over $5trillion every year, the forex market has been hit with negative reviews at different times because of dishonest people who involve in Ponzi schemes to make illegal profits and claim to be making high yields by engaging in forex trading. 

This takes us back to the common “forex trading is easy” line. They tell you that will make fast money in a quick time by investing a particular amount with them to help you trade. And that’s how many people get scammed of their hard-earned money. 

There’s just a rule to it; trading in the forex market is difficult and requires a lot of patience, willingness to learn, and mastery and application of logical and trade strategies which I have used since I started trading successfully in 2008. 

Would you like to know more about forex trading? I have an ongoing training called The Forex Money Machine where I help many people make money daily. Book a free 30 minutes call with me if you’re interested. 

The 5 Pillars of Wealth Creation.

When we want to talk about creating wealth and prosperity, we need to know as a matter of prerequisite knowledge that there are five pillars of wealth creation. 

Like moving from one destination to another, wealth creation is a journey. And as you know, when embarking on a journey, you need to be clear on where you are going” 

Below, I briefly explain the five pillars; 

1. Real Estate as a means of wealth creation

Investing in real estate is profitable anywhere in the world. However, to do so in the UK, all you need is a broker to guide you on how to buy a property. If you buy a property in the UK, it takes 8 -12 years for the property to double in value, that’s assuming you buy a property for £200,000; in ten years’, they can value it at £400,000. 

To achieve this, you can learn how to use other people’s money. We refer to it as OPM. Although banks give loans to people to buy properties, sometimes they collect an interest of 10% or 25% leaving the individual with 90% or 75% respectively. 

That said, one of the biggest challenges of buying real estate is fear; fear of increasing interest rates, fear of tenants not paying rent, fear of losing property, etc, but the key to success is looking forward to positivity more than negativity

2. Business ownership as a means of wealth creation

It is easy to start a business, but kindly note that going into business is not just about starting a company, it’s about solving a problem i.e., your business should solve a common problem in the society whether it’s a consulting agency, in real estate, or an educational agency.

The beauty of running a business is that you get to recruit people to work for you, leaving you with more time to create and build capacity to solve more problems. There’s no guarantee that the road will be rosy, so never forget that a failure is an event, so if you fail, try again because if you don’t start on a journey, you can’t go anywhere. 

3. Investment as a means of wealth creation

When we speak of the capital market, we talk about investment in stocks and shares. Taking a cue from Robert Kiyosaki’s rich dad cash-flow quadrant, which shows four categories of financial intelligence; the employed, the self-employed, the business owner, and the investor. 

Being in the investment quadrant means you have your money working for you, you’ve invested your money in companies that understand the art of investing in stock and shares and have a good balance sheet. These companies will pay you dividends regularly. 

4. Sales and marketing as a means of wealth creation

We are in a digital world, so understanding digital marketing is highly critical these days. One’s ability to make money online is a significant advantage.

 An example of a digital marketing company is amazon; one of the biggest companies in the world. And Amazon is ‘just’ an e-commerce/online platform. These days, you can virtually market everything online, from products, events, webinars, courses, etc. 

5. Branding as a means of wealth creation 

This last pillar is a combination of other pillars. Be known for something, make a name for yourself, and get paid for it. For instance, if you are into real estate, brand yourself to a point that you get paid for attending real estate conferences, etc. 

The point here is to brand yourself as an authority in your space. 

Would you like to get a free 30 mins to get on a call with me to discuss any of the pillars of wealth creation and how I can help? 

Click here. 

The Golden Rules of Property Investment.


Property investment involves the purchase, ownership, management, rent, and or sale of real estate for profit. While this definition makes it look so simple, there are certain rules that you should follow.

Buy property from motivated sellers. 

Motivated sellers are people who really need to sell off their properties, probably because they have a problem, this makes them more flexible on the price and terms of sale. They place little priority on getting a tremendous amount of money, but it’s about the speed of certainty of the transaction occurring. Most people set up properties to make profits from it but as time goes on they become motivated because they’ve got a deadline to meet or they are moving to a new location.

Don’t buy to sell. (At least not yet)

Property investment builds capital that provides a constant and reliable income. Never purchase a property intending to sell it. This is because of two reasons. The value of money depreciates while the value of the property appreciates. You could sell your property today and the exchange rate increases, that’s a loss of profit. Selling a property can be costly too, it will saddle you with paying tax gains and agent’s commission.

Location.

Buy properties in an area of strong rental demand. If there’s no one to rent property to, then there’s no point buying. You can check the Internet for the rate of rental demand in a particular area, check the new happenings there, it could be at a higher rate in employment, an extension or situation of new universities, New supermarkets, new hospitals, etc any reason that could cause increased population in the area.

Add value.

You can force an appreciation of value on properties by manufacturing capital growth through renovations. Indulging in the right cosmetic renovations instead of structural renovations can produce more profit than doubles the cost of renovation in a quick time.

Buy a property that gives positive cash flow.

When you take all other costs away; mortgage, insurance, management fees, household fees, security fees, etc, have some profit left for you. If there’s no profit left, it’s a liability, not an asset.

Invest for the long term.

If it’s a place of limited accommodation and an increasing population, this means property prices will go up over the long term, enjoying a monthly cash flow. You could pass it down from generation to generation; if the properties are well structured.

These rules are steps to minimize risks and maximizing returns with property investment. 

4 Reasons to Trade Forex and 3 Reasons You Shouldn’t.

Forex, also called foreign exchange, is a global, decentralized market for trading currencies. In recent years, the forex market has exploded because of changes in technology. These changes in technology allowed individual traders to take part in the FOREX market is without question the largest financial market in the world.

The FOREX market trades over $2 trillion dollars per day is about 10-15 times the daily trading volume of the world’s stock markets combined. But while the financial markets have become accessible to more people, it has become challenging for traders to choose the most suitable one. However, a trader should consider the potential advantages and drawbacks of a financial market before investing. 

To help you fully understand if you want to do this, I have listed below four reasons to invest in forex trading and three reasons you shouldn’t. 

4 Reasons to Trade Forex

1. Time Flexibility

Forex trading business offers convenience in terms of time. Time flexibility is one of the top reasons you can start forex trading business. The forex market remains active 24/7 as it involves global electronic currency exchange. It operates 24 hours each day as currencies of different countries from around the world float in this market. This enables you to enter or exit a trade whenever you want. Therefore, you can start trading whenever you have time. Forex is one of the few businesses that allow you to trade anytime.

2. You can deal with a high-risk environment

As the Forex market can be a volatile market, you must tolerate a certain level of risk. To better protect your trading capital, it’s important to have a sound risk and money management system with rules to follow. For instance, always determine your stop-loss and take-profit levels before entering the market. In this way, you’ll already know how much you’re willing to lose and how much you can expect to earn from your position. We call this your “risk/reward” ratio. 

Another example would be to adapt the size of your positions depending on the current trading conditions and the evolution of your trading capital. All these rules should be part of your trading plan and to be profitable, always stick to your plan!

3. Develop a trading plan and follow your investment method 

Commitment, patience, and dedication are the most important ingredients in trading. Having a trading plan to follow when trading is vital if you want to be successful, but you need to be committed to following it and have the patient to open or close your positions according to your set-ups.

I advise that you develop your investment strategy first, or create a trading system, before investing real money on the FX market–if not, you will not be sure of what you’re doing and that is making money.

A trading plan is a description of your investment method:

Trading style: scalping, day trading, position trading

Currency pairs: majors, minors, exotics

Timeframes: 5 min chart, 15 min chart, 4h chart

Size of your positions

Set-ups to follow to enter/exit the market

Risk and money management rules: risk/reward ratio, stop-loss, and take-profit orders…

4. Take advantage of a growing market with high liquidity, volatility, and leverage

The Forex market has been a fast-growing market over the last 20 years. According to the 2016 Triennial Central Bank Survey of FX and over-the-counter (OTC) Derivatives Markets from the BIS, trading in foreign exchange markets averaged $5.1 trillion per day in April 2016.

This high trading volume increases the liquidity of the market, so it’s easy and fast for an investor to enter a trade and also reduces the risk of potential price manipulation from others. The profitability rate is high if you win your trades. Most people who started forex trading as a part-time business ended up quitting their jobs to focus on forex trading because they have earned good profits than they expected. The key to earning more profit is to invest more. The more you invest, the more profit you are likely to earn. You need to learn forex business and make smart decisions to win trades successfully.

3 Reasons You Shouldn’t Invest in FX

1. You have no extra money

Because the market can be volatile, there is always the risk of losing money when trading a currency pair. Losing trades over a lengthy period of time means that your account balance can drop to zero.

Besides the inherent risk linked to trading, with Forex trading you need to add margin trading and leverage, so you can invest sizeable amounts with little initial capital. So, this high risk means that you need to be sure you do not use money that you need to live on–always trade with money you can afford to lose!

2. You don’t know what you’re doing

Before even considering trading, you need to know the basics of the markets, what influences them, and how trading works. Another important aspect is that you need to have a trading strategy that suits your trading style, with strict money management and risk management rules that govern how you allocate your funds to trades.

If you have no trading experience, and you do not know how markets work and relate to each other, Forex trading might not be the right investment option for you–at least not yet.

3. You are risk-averse

Fast-changing market conditions, high volatility, and leverage can make Forex trading a high-risk activity.

You can make huge returns in the FX market, but these kinds of returns do not come without risks, especially when using leverage. So, if you can’t handle losing every dollar in your account, Forex trading will not fit your targeted risk/reward.

Conclusion

Deciding whether to trade in the Forex market is up to you, but remember that even if you’re one of the smallest actors on the Forex market, you can still profit from it. And one way to be highly successful at it to seek training and mentorship from the right person(s).

I have been training a group of people in my Forex Money Machine masterclass over the last couple of months, and I am glad to see how they are profiting every day. 

Would you like to be a part of these FX money makers? You can click here to book a free 30 mins call with me discuss more in detail. 

Three simple ways to create wealth

Ask anybody if he or she wants to be wealthy, and you will get a nod accompanied by a big YES in a split second. Yet, most people do not know what it takes to create wealth.

Wealth creation is a topic that can drive people to do things they might otherwise never consider.

If you scour the internet right now, you will find thousands of articles on how to create wealth. But from my experience, the books I have read, and the wealthy people I know, I’ve seen that to accumulate wealth over time, you need to do three things:

  1. Make money. Before you can begin to save or invest, you first need to have a sufficient constant source of income that’s sufficient
  1. Save money. Once you have an income that’s enough to cover your basics, develop a proactive savings plan.
  1. Invest money. Once you’ve set aside a monthly savings goal, invest it prudently.

Understanding the 3 Simple Steps to Building Wealth

Make Enough Money

The basic formula for building wealth is to make more money than you spend, then avoid debt, and invest wisely.

When you earn enough money, make sure to save enough, although this will require discipline in budgeting and planning. But this primary method of wealth-building will empower you to take on a bit of risk and make prudent investments.

There are two basic types of income, namely—earned and passive. Earned income comes from what you do for a living,” while passive income proceeds from investments.

Save Enough Money

You make enough money, you live pretty well, but you’re not saving enough. What’s wrong? You’ve probably been exceeding your budget every month. So what do you do to develop a budget or to get your existing budget on track? Try these steps:

  1. Track your spending for at least a month. You may want to use a financial software package to help you do this. Make sure to categorize your expenditures. Sometimes being aware of how much you spend can help you control your spending habits.
  2. Trim the fat. Break down your wants and needs. The need for food, shelter, and clothing are obvious, but also address less apparent needs. For instance, you may realize you’re eating lunch at a restaurant every day. Bringing your lunch to work two or more days a week can help you save money.
  3. Adjust according to your changing needs. As you go along, you probably will find that you’ve over- or under-budgeted a particular item and need to adjust.
  4. Build your cushion. You never really know what’s around the corner. Aim to save around three to six months’ worth of expenses. This prepares you for financial setbacks, such as a job loss or health problem. If keeping this cushion seems daunting, start small.

This doesn’t mean you have to be thrifty all the time, but meeting your savings goals is critical. When you do hit these goals, you should be willing to reward yourself and splurge (an appropriate amount) once in a while. You’ll feel better and be motivated to make more money.

 Invest Money Wisely.

When you’re making enough money and saving enough, stop putting it all in the regular savings account at your bank. It’s wrong!

If you want to create wealth and have a sizable investment portfolio, you have to take on some risk, which means you’ll have to invest in properties, stocks, and businesses. But how do you determine what’s the right level of investment for you?

Begin with an assessment of your situation. Quantify all the elements affecting your financial life, including household income, your time horizon, tax considerations, cash flow or liquidity needs, and any other factors unique to you.

Next, determine the appropriate investment plan for you. Most likely, you will need to meet with an investment coach or a mentor who knows enough to help you. Finally, diversify your investments for multiple streams of income because another may outperform the others.

Taking these considerations into account will not only put you on the right path, but it will also help you grow your income and create wealth.

Would you like to get on a free call with me for 30 minutes to discuss plans to grow your income and invest properties this year?

Click here and get booked now.

 

Reference: Investopedia.

How to copy ‘success’ to become successful

Let me tell you the truth, you need a vision, a plan, and a strategy to be well-positioned for success.

And here is a little secret to add to that: in life, you can copy success!

Believe me, you can. By doing what successful people do, knowing what they know, and acting as they do, you can also become successful.

Highly successful men and women find people to learn from, they do not underestimate the need to have a mentor or a coach in their lives because they understand how critical it is to grow.

Are you doing the same? Have you identified mentors that can help you transform your life, career, or investment for the best in 2020? Don’t waste time, it waits for nobody.

I’m mentoring people to increase their income and capacity for success in the coming year. Would you like me to mentor you? Send me an email or book a free 30 mins call with me now.

https://mentoringmeetingwithmayowa.as…

Taking initiative; the art of seizing opportunities.

Personal initiative is a critical differentiator between highly competent people who take charge of their destiny and those who are not. Having initiative goes hand-in-glove with being successful.

Research conducted found that highly initiative people are said to be better able to find a new one if they ever lose their jobs. They are also said to be more likely to offer more suggestions at work and in relationships.

What does it mean to have initiative? A study by researchers interested in high and low initiative people provides a clue.

“In their research, they offered people training in computer skills, which they also video recorded. Afterward, the scientists went back and watched how the most enterprising people behaved and how this differed from those who lacked initiative. The latter group frequently interacted with the trainer. Specifically, they asked—over and over—whether they were using their new skills correctly. They were not merely interested in feedback; they invested in getting reassurance. 

Rather than taking the reigns of their learning, they demanded a disproportionate amount of the instructor’s attention. By contrast, the folks with the highest initiative were more likely to engage in trial and error, if they could solve their problems, and only asked for feedback once they were truly stuck.”

Taking initiative is about being first. It is a willingness to act.

Three critical elements of taking initiative 

1. Taking Action.

People who are high in taking initiative are willing to act. Recall all those times that you considered speaking with a stranger on an elevator or wish you had spoken up when there was a mistake at work. Folks with initiative do something in those situations—they introduce themselves to strangers or speak up about problems.

2. Self-Starter Attitude.

Importantly, the actions taken by people high in taking initiative are self-motivated. These people don’t wait for permission, or for everything to be clearly explained, or for conditions to be completely safe.

3. Seeing Opportunity.

Critically, one of the reasons that people high in taking initiative are self-starters and are willing to act is that they see opportunity. They see opportunity where others overlook it, or worse, where others see threats. 

Where do you stand with taking initiative?

Are you a play-it-safe type of person, or are you bold? 

Dr. Robert Biswas-Diener created an unscientific checklist to help you gauge how you fare about taking initiative. Give yourself a point for each “yes” answer with the idea that the more points, the more initiative:

       _____ When an emergency happens, I rush to help 

       _____ If I get stuck, I try to solve the problem before asking for help

       _____ If I see a problem, I will speak up and let others know

       _____ I have a history of taking the first step in new social relationships

       _____ I rarely regret missed opportunities

       _____ I volunteer for new duties and opportunities at work

       _____ I like to try new things

       _____ I am on the lookout for an opportunity

How did you fare? 

See, here is something I’d like you to keep in mind – we are all a mixed bag of stepping forward and opting out. 

“There are times when we wish to act but—for one reason or another—can not bring ourselves to do so, that’s called procrastination. There are times when we wish to act but do not muster the will (like wanting to meet a stranger but holding back instead) that’s called being reserved. And there are also actions we take without much thought or intention, these are called habits. Initiative, however, occurs when we take action.”

How to increase your  “Initiative Quotient.”

Dr. Robert asserts that initiative can be learned and if you are interested in increasing your “Initiative Quotient,” he suggested that you consider the following exercises:

  • Be First. People spend a lot of time waiting for other people to take the first step or for conditions to be “just right” before taking action. I recommend making a little private competition out of being first. This might mean being the first to smile and say “good morning” to a stranger you pass on the street. It might be that you are the first to volunteer or the first to offer an idea. To do this effectively, use “be first” as a mantra. When you wake up in the morning, tell yourself that you will look for opportunities to be first in a wide range of ways. See what happens. 

 

  • Be Brave. Understand this simple fact: Being brave does not guarantee success. Some gambles pay off, and others don’t. But choosing to take a risk at least puts you in the game. I am not suggesting taking foolish risks but rather permitting yourself to try even though you aren’t sure how it will all work out. 

If you try these for a week,  you will notice changes in your life. Your confidence will improve; you will seize more opportunities and will be well-positioned to become more successful. 

P.S: I have been coaching people on how to consistently set and achieve their financial goals through investing. Would you like to get a free 30 minutes consultation with me today?

Click here now.

Cheers

 

Sources:

High-Performance Institute Blog: Taking Initiative: A Key to Success is Seizing the Opportunity

Why remortgaging is a good investment strategy

Do you know that around a third of all home loans made in the UK are actually remortgages? Yes, they are. So…

What is remortgaging?

A remortgage is where you take out a new mortgage on a property you already own – either to replace your existing mortgage or to borrow money against your property.

Also known as refinancing in the United States, it is the process of paying off one mortgage with the proceeds from a new mortgage using the same property as security.

In the United Kingdom, the majority of remortgage rates track the Bank of England base rate which has been at a historic low of 0.5% since March 2009. 

A base rate is the interest rate set by the Bank of England for lending to other banks, used as the benchmark for interest rates generally

Now, that we are clear about what remortgaging is, the truth is that it isn’t right for everybody.

Who is it good for?

For instance, remortgaging is good for you if your home’s value has risen high since you took out your mortgage. This may put you in a lower loan-to-value band, and therefore make you eligible for much lower rates. 

Another situation that is good for remortgaging is if you’re worried about interest rates going up. Although you need to fact check your rates so that you do not just put yourself in panic mode. However, if it’s the Bank of England base rate that is predicted to go up, this may affect your mortgage payments directly, depending on the type of mortgage you have. 

Also if your current deal is about to end, remortgaging might be a good investment strategy to get on. Nevertheless, there are some reasons to choose to remortgage.

Remortgaging can help you borrow more.

If your current lender says no to lending you more money or the terms it’s offering aren’t very suitable, remortgaging to a new lender might enable you to raise money cheaply on low rates. Just remember to take all the fees into account to consider if it’s really worth it.

The most commonly accepted reasons to raise money are for home improvements and paying off other debts. However, be prepared for your lender to ask for evidence if you are borrowing a large amount, e.g. builder quotes, or proof that you have paid off the debts.

When you don’t need to remortgage

Stop rolling with the crowd on every strategy you hear is good, instead, make sure to be sure it’s the best for you. In the case of remortgaging, don’t do it if you’re already on a great interest rate because it is possible that you may already have the best deal in town. Again, it gets down to taking the time to cross-check and compare. 

In addition, when your mortgage debt has fallen below a certain amount – say around £50,000 – it may not be worth switching lenders, simply because you are less likely to make a saving if the fees are high. In fact, some lenders won’t even take on mortgages below £25,000.

The smaller your mortgage, the worse the effect of any fees you need to pay. Quite often, in this case, you’ll be better remaining on the higher interest rate.

Also, when your early repayment charge is large.

A large early repayment charge could mean that it’d be utter foolishness to move before the end of the incentive period. Do your calculations right to find out If it would cost too much to free yourself from your current deal. Whatever you discover will help you make the right decisions for your progress.  

Conclusion

Buying a house is awesome, and buying more than with this remortgaging strategy is great. But one thing is critical to achieving this, and that is being creditworthy and getting expert advice. Experts have experience doing these things and they can shorten the learning curve. 

Do you want to know more about remortgaging and how to be creditworthy for success in property investing? Check my calendar here to book a free 30 mins one-on-one call with me now

To your success!