Hello All,
For those of you working on making better financial decisions, you might find this of some interest. The posting is taken from Thomas Stanley’s The Millionaire Mind. The author, Thomas J. Stanley is a business professor and a keen observer of millionaires. His work is usually pretty good because unlike a lot of personal finance literature, Stanley bases his conclusions on scientific study.
In The Millionaire Mind, he analyzes a sample of millionaires and discusses how they keep themselves positive and focused on dealing with money. Its an important topic because when you get involved with more challenging personal finance tasks, like paying off a big wad of debt or doing hard core investment management, it can be difficult to know what factors are most important in the management and decision making process.
According to Stanley from the most the least common, here are the top things millionaires due to eliminate worry:
ELBOW GREASE
* Hard Work
PLANNING
* Planning
* Being Well Organized to Deal With Big Issues
* Preparation
* Focusing on Key Issues
DECISIVENESS
* Being Decisive
* Taking Immediate Action to Solve Problems
* Outworking, Outthinking and Outtoughing the Competition
THE POWER OF POSITIVE THINKING
* Visualizing Success
* Defeating the Fear by Attacking It
* Countering Negative Thoughts With Positive Ones
* Reading About People Who Had Courage
MIND CONTROL
* Never Dwelling On Past Mistakes
* Never Allowing Fears to Control Ones Mind
Of these, hard work, preparation and focusing on key issues are the most important factors that millionaires reported when asked how they dealt with worry and fear. Again, this is important because part of, being successful financially has a great deal to do with how you handle your emotions and how you make decisions.
Best,
James
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