How to Stop Being Lazy and Start Being Successful

By Grant Cardone

All week, I’ve been talking about the concept of “Lazy.” As I stated in a recent Huffington Post article, “lazy” is an entitlement concept accepted by the middle class that’s crushing America's greatness and spreading like a contagion. Lazy is the 'new' adopted “right” of people, supposedly earned because a person worked five days and therefore must take the weekend off. This concept of entitlement runs across workers, management and executives across the country…" to read the rest of my article on Huffington Post, click HERE.

How do you counteract this disease of “Lazy?” First, it’s time to WAKE UP! Laziness and lack of action are ethical issues for me. It’s not right or acceptable for me or anyone I know to be lazy. No one is born to sprint or run a marathon any more than some people are more to take more actions than others.

You must readily take action and not just that, unbelievable amounts of action. Whether it’s by way of getting others to take action for them, getting attention for their products or ideas, or just grinding it out day and night, the successful have been consistently taking high levels of action – before anyone knew of their names – that’s how they became successful!

Stop talking about a “plan” for action but instead, assume that your future achievements rely on investing your time and energy in actions that may not pay off today but when taken consistently and persistently over time will produce unlimited success.
Stop being lazy and start being successful.

Stop being lazy and start being successful.

4 Misleading Pieces of Personal Finance Advice

David Ning, On Wednesday September 21, 2011, 9:41 am EDT
There are a few pieces of seemingly fail-proof advice that personal finance experts like to give when they are asked about important habits you should develop to retire well, but blindly following them can still get you in trouble. Here's why retirement isn't a sure lock even if you follow these pieces of advice to the letter.

Don't buy a latte every day. Coined by author David Bach, the "latte factor" quite simply points you to the fact that investing $5 a day for 40 years will earn you close to $1 million if you manage to get a return of 10 percent. Yet not drinking coffee doesn't mean you will become a millionaire automatically. If you can't hang on through the ups and downs of the market (even for decades at a time), you will never get the average annual return of the market. If you don't buy a latte but instead buy other things, you won't even save that $5 a day. And if you stop contributing once you feel like you are quite rich even before you become a millionaire, it's much harder to get there.

Live below your means. One of the most important habits to develop in order to retire well is living below your means, but it's not enough to merely live below your means if you want to retire well. To come up with the monthly savings you need to deposit into that retirement stash, you need to go above and beyond. I mean, having $1 left over on every paycheck is living below your means, but you can clearly see that you won't ever get ahead.

Stick to your asset allocation and diversify. Asset allocation and diversification work their magic over time because you are forced to buy low and sell high. However, you need to be careful because you can be very diversified with the recommended asset allocation for your age and still miss the boat. For example, a person who is young can own a ton of individual stocks and still fit the asset allocation recommendation, but if all of the individual stocks are duds, he will never get ahead.

Don't keep up with the Joneses. One of the fastest ways to deplete your future retirement savings is by keeping up with the Joneses, but merely ignoring those around you isn't enough to rack up enough savings to retire comfortably. How about actually keeping up with the Joneses, but just the ones who work hard to make money and diligently save? When you hang out with people who are motivated to save for their own future, you will be encouraged and the good vibes will rub off on you.

It's hard to find the discipline to save for retirement, but when everybody you know is doing it, you will, too.

David Ning runs MoneyNing, a personal finance site aimed at helping others change their habits for a better financial future. He suggests that everyone to sign up for an online savings account to get more out of our hard earned money.

Source:
http://ca.finance.yahoo.com/news/4-Misleading-Pieces-of-usnews-4007154657.html?x=0&mod=pf-sp14c

Live within your means!

How to calculate what you can really afford

You've found the perfect sofa for your living room. You need a sofa, right? A person has to sit somewhere. But can you afford the new sofa? For many people, 'afford' means having room on the credit card. Unfortunately, there is a big difference between having the means to pay for something and being able to truly afford it.

In today's consumerist society, living within one's means can seem like a quaint, old-fashioned notion, like paying cash for everything. However, knowing your financial limits and living within them remains the primary secret to attaining wealth and financial security.

You can probably justify any purchase to yourself — if you really want it. By denying the limits of your income and expenses however, you can quickly find yourself in serious financial trouble, on the basis of just a few too many purchases that you erroneously thought you could afford.

Your TDS ratio

There is a simple way to calculate what you can afford - or how much you have available to spend — on a monthly basis. It's called the Total Debt Service ratio or TDS, as those in the financial-know like to say.

The rule of thumb for TDS is that all your monthly debt payments should be less than 40 per cent of your gross monthly income. This 40 per cent should include your housing costs (rent or mortgage payments), your car payments (leases or loans) and all the other credit payments you make each month - including credit cards (yes, those too!), lines of credit, student loans and other personal loans.

If you can keep your debt payments within 40 per cent of your income, then the remaining 60 per cent can be allotted to 'discretionary' spending — such as groceries, clothing, entertainment, transportation costs and your shopping habit.

Here is how to calculate your TDS ratio in three easy steps, so you can see how you're currently faring; either do it personally or with your spouse to determine a household figure. S

Step one: your salary income

Check your pay statements to determine your gross monthly salary. This means what you earn in total each month, before deductions such as taxes and CPP are taken off. If you are calculating your household TDS, rather than just your own, then add your hubby's gross monthly salary as well.

Step two: add any other income

Now add any income that you receive on a regular, monthly basis. Maybe it's child support payments, investment income or cash from a part-time job. (Maybe trust fund payments or royalties from the songs you wrote for Beyoncé? Don't we all wish!)

Step three: multiply by 0.40

Take your total income (step 1 + step 2) and multiply the total by 0.40. Voila! The result is your total debt service ratio — the maximum amount you can afford to spend on your monthly debts and expenses.

The upper limit

Suppose, for example, your TDS calculates to $1800. If you find you are actually spending less on your housing, loan payments and expenses - say $1500 a month - then congratulations frugal girl! Technically, you are living within your means. Just remember, that TDS calculation represents your upper limit. On the other hand, if you are actually spending more than your TDS figure on monthly debt obligations, then your ability to afford the rest of your life probably feels severely constrained. Try to re-negotiate loan payments and make it a priority to pay down those debts and get your TDS back in line.

The other 60 per cent

The less you spend within your TDS ratio, the more disposable income you will have to enjoy each month. If your expenses and monthly obligations keep you at the 40 per cent limit, then you still have 60 per cent of your income for the business of daily living. By outlining a simple monthly budget of how much of that money has to go toward gas money, subway fare, groceries and other essentials, you can quickly estimate how much you have left each month to spend on fun stuff — like shopping (and SAVING, of course).

Your bottom line

Living within your means starts with knowing your means. With a credit card in hand, it's so tempting to make purchases and tell yourself you can afford it by cutting back in other areas. The trouble is, that kind of impulse spending often leads you to dipping into money that is earmarked for paying bills — and your finances quickly get messy. Know your limits and live well!

Article taken from the Golden Girl Finance website.

http://www.goldengirlfinance.ca/monday/2011/07/25/how-to-live-within-your-means

GoldenGirlFinance.ca is a free personal finance and education site for women. Nothing contained herein is intended to provide personalized financial, legal or tax advice. Before implementing any financial strategy, you should obtain information and advice from your financial, legal and/or tax advisers who are fully aware of your individual circumstances.