For many, the recession has hit hard on many fronts: employment, housing market, and investments. This is all thanks to those beloved US banks we keep hearing about. In the last decade, we’ve undergone about 2-3 recessions and we’re still working on recovering. The great divide between the have’s and the have-not’s is continuing and will continue for many years to come. How do we protect ourselves? How do we take back the control that has been unfairly inflicted on us by those who had so much power? We educate ourselves and we do so from those who have made it through the last decade despite the economic turbulence experienced globally.
This is my disclaimer: I’m in no way a financial expert and if you decide to do anything based on information in this article, it will be at your own risk. What I’m disclosing here is what works for me. It may or may not work for you. I must also insist that you educate yourself and do your homework before taking any steps. Once again, this article is about what worked for me; what worked for me may not necessarily work for you.
What prevented me from losing more than I had and claiming bankruptcy? It was easy! I knew when to get out and when to watch from the sidelines. I knew when to switch from volatile investments to investments with guaranteed returns. The only way I could have gained any knowledge was through education. I read books by Robert Allen, Robert Kiyosaki, Donald Trump, and T. Harv Eker. There are SO many books and audio programs out there and a lot of it is FREE!!! Some of the books I read are: Rich Dad Poor Dad, Cashflow Quadrant: Rich Dad’s Guide to Financial Freedom, Rich Dad’s Retire Young, Retire Rich, Secrets of the Millionaire Mind, Speedwealth, Multiple Streams of Passive Income, and Why We Want You to Be Rich.
Aside from reading books, I also attended a few seminars. The two I HIGHLY recommend (and are available in Vancouver at least twice a year) are: Fast Track to Cash Flow and the Millionaire Mind Intensive. Here’s the kicker: both are absolutely free — no strings attached!!! These two courses changed my life in so many ways.
The first course, Fast Track to Cash Flow, focuses on Robert Kiyosaki’s books and how to become financially free (that means making money without having to go to work) in 5 years or less. Aside from learning about how to use the housing market to your advantage in ANY situation, you get to network with like-minded people. Two heads are better than one and synergy leads to success. The 2-day course starts in Vancouver on March 16th. You can register simply by clicking here.
The Millionaire Mind Intensive helps you overcome the psychological barriers that have prevented you from reaching your true potential. In this course, you will learn principles and tools that you can apply to all areas of your life from the financial aspect to the relational aspect. I first took this course in 2004 and am still using many of the tools I learned back in 2004. These tools have helped me improve my financial situation by over 10 times and have helped me improve the relationships I have with my family and friends. This 3-day course comes to Vancouver on March 1st so get your seats now before it sells out.
Some experienced investors religiously abide by the principle of Diversify. Others state that “diversify” = DIEversify. As with most things, I combined the two views: I diversified by switching from risky investments to low-risk investments and diversified in the area of these low-risk investments. Risky investments include the stock market, commodities market, and the currencies market. Lower-risk investments are usually considered as term deposits, GICs, mutual funds, precious gems and metals, and real estate. It’s really up to you how you want to get your first $1M. All investors will agree on one thing though: your first million is the hardest to acquire. Once you get that first million, the next million will be much easier to get.
My final words are: never stop growing. By “growing”, I mean learning, experiencing, and trying new things. If you have any questions about any of the information on this article, feel free to email me and I will be happy to provide any information I can. Don’t forget to buy those mutual funds before you file your taxes! This year’s mutual fund purchase deadline for Canadians is February 28th!
Good luck and see you at the top!
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