STEP 2: How to PLAN for the coming BUST in the B-B-B Cycle
Written on the 20 October 2016 by James CagneyYou should have read the last article Part 2: How to PLAN for the BUST in the coming B-B-B Cycle" by now. If you have not then it is important for you to do so because to set out a strategy you need to have done in the first step in the process:
1) Where are you NOW: Click >>> STEP 1 to access this article
Part 2 - Where do you want to GOMost people I talk to tell me they have dreams and goals. However, I find that very few people have an effective procedure for goal setting. Now I know you may have heard about goal setting many times before but knowing without doing is of no benefit to you. Goal setting takes time and effort but the results will be enormous. Goals need to be:
Written: it's no good if these are in your head. We need to look at and review our goals daily. It is so easy to forget them during a busy day. Read your goals out loud. This will make them more real to you and saying them and hearing them is far more effective than just reading them.
Specific: no use having goals that are airy-fairy. I speak to people on a daily basis about their goals in life. Very few of people are specific enough. For example. Many say that they want to travel but they rarely tell me where they want to travel to.
Deadline: we need a deadline set for reaching these goals, otherwise they are tomorrow, next week, next month, next year and forever. It does not matter if you have to extend a date later on as you work towards your goal. Extending deadlines will make you conscious that you need to keep at it. Persistence and determination arising from setting goals and setting deadlines for their achievement.
Affirmations: these are positive statements designed to encourage you to achieve your goals. We often unconsciously focus on what we don't want rather than focus on what we do want. When things don't go to plan we make excuses to ourselves about why we can't achieve the goal and we harbour these negative thoughts in our minds. By reading your affirmations out loud every day and getting them into your subconscious mind then they are at hand when we have set-backs. Positive thoughts will spring to mind and get you through the period of negativity.
Visualizations: "a picture paints a thousand word"' is an expression which applies here. Keep visual clues pasted on your working areas to remind you continually of your goals. Albert Einstein said 'Imagination is more powerful than knowledge'. In other words you need to have a picture of achieving / enjoying the goal in your mind before you can realize your goal. This is an important technique which I cover in my eBook "The Streetwise Guide to becoming Rich". It is definitely worth reading and will show you how to use these powerful techniques to develop the mindset of the wealthy. You can access this FREE eBook by clicking >>> SWG.
Paul J. Meyer said "Whatever you vividly imagine, ardently desire, sincerely believe and enthusiastically act upon must inevitably come to pass". This is what the above will help you accomplish. You must ACT upon this information. All the knowledge we acquire is of little benefit unless we use it and act upon it.
James and his associates can arrange meetings in the comfort of your own home to complete a financial assessment of your current financial situation and assist you to clarify your goals for the future. This is done FREE of charge and James is so confident that we can help you he offers a $1000 cash payment if he can't. Please see this offer below and you are welcome to contact us for your complimentary Financial Assessment. If we are not able to visit you in the near future because you are in a regional area or we are not visiting your area in the foreseeable future we can complete an assessment over the phone at a time convenient to you. Call James today on 0416 137 645 or click >>> CONTACT and put us to the test.
The Superannuation Association of Australia states that if you retired today you will need an annual income of $59,000 to have a modest retirement. If you are in retirement for 20 years it means you have to have close to $1,800,000 in Super and disposable assets. Most people never think about this let alone take action. We have the classic Aussie philosophy that "She'll be right mate". Well sadly it won't be "right" unless you take action now.
Some mistakenly believe they will get the pension. We believe it is part of our "Entitlement" for paying income tax. Well think again. The pension will not be there for Gen Xs, Gen Ys and the Millenniums because the Baby Boomers will bleed the coffers dry. Neither will there be Medicare, in its current form, for these generations. It will cost a fortune to keep the Baby Boomers alive as we live longer and longer. The nursing homes are increasingly celebrating more 100 year birthdays every day. Many people say to me they don't want to live to 90 years old. Well that is exactly how you feel until you reach 89 years and 364 days old. Then you want to live longer because we are scared of the unknown. Even the Baby Boomers who have assets will lose out as the government will ravenously devour these funds to pay for these expenses.
Pensioners were taken aback this week with the announcement that many of them were going to be affected by the changes in the Pension. The changes to the age pension which took place on the 1st January 2015 and was inspired by the Henry Tax Review. This will save the government $162 million over four years and effect over 300 000 pensioners. Why are we surprised? The government has plans to reduce the amount they pay on pensions even more. In the past your "principal place of residency has not been included in the asset test for pensioners. There has been grumbling in the media that some pensioners have a homes in capital cities valued in excess of $1 million and they should not get the full pension. The government is sure to seize on this opportunity and include a cap on the value of the principal place of residence to reduce pensioners payout. Watch this space. If you want to find out how the government will do this click >>> THE CON .
Other people tell me they will just have to keep on working until they drop. That may not be an option for you either. In fact 65% of people under the age of 67 who receive the paltry pension the government hands out right now have to do so for medical reasons. Most of us will not be able to work after 65 years because we are viewed as past our prime and ready for the shelf. For most people their dreams for retirement will become a nightmare. Don't let this happen to you.
I recently wrote an article comparing our financial situation to "You Pty Ltd" . Compare your life to that of a company and we have to have a strategy to make a profit during our working lives. If we don't we have to declare bankruptcy. I was conservative in this article stating that you needed $1 million dollars in Super and Assets for your retirement. I did not want to scare people so they end up feeling depressed and start thinking along the lines of the popular song from Doris Day "Que Sera Sera, what ever will be will be the future's not ours to see Que Sera Sera". How ridiculous - the future is for us to see if you will only take notice of the current financial situation and work towards your own destiny. The financial situation in the world right now is heading headlong towards a major credit crises. If you want to read more about the hopeless financial situation we are heading towards click >>> FINANCIAL CRISIS .
Therefore it is of the utmost importance that you take care of your own financial situation (You Pty Ltd) and not expect the government, your company, your family or anyone else to take care of you.
Contact James right away.
This is not financial advice. You should not act solely on the basis of the material contained in this Property Update for your investment strategies. Changes in government and legislation occur frequently and without prior notice and financial markets are unpredictable.
This information was written and compiled by James Cagney. The opinions expressed herein do not necessarily represent the views and opinions of his associates including
Author: James Cagney