Sunday, November 20, 2022
Money Moxie - A Blog About Self-Leadership & Money: Money Moxie - 5 Mistakes Mutual Fund Investors Are...
Money Moxie - A Blog About Self-Leadership & Money: Money Moxie - 5 Mistakes Mutual Fund Investors Are...: Over the last five years the investment industry has seen some drastic changes. Some are good, and will go go a long way to enhance the inv...
Money Moxie - 5 Mistakes Mutual Fund Investors Are Making In Search Of Low Management Fees
Over the last five years the investment industry has seen some drastic changes. Some are good, and will go go a long way to enhance the investor experience, creating more transparency and professionalism among advisors and while raising the standards on how advisors practice their craft. Others are well intended, but whenever an industry goes through such dramatic changes over a short period of time there are definitely fall outs. The mutual fund industry is no exception. We have now gone from the era when some investors had no idea how their advisor got paid or how the expenses for running a mutual fund operates to a complete obsession with fees. Not that there are not mounds of printed material given and/or mailed to investors. Heck, some people do not even bother to open their mail. People are busy and stressed with life in modern day economy and they do avoid giving attention to a lot of things, especially reading financial information.
The behemoth of the mutual fund industry was built on embedded fees and it worked so well over the years that the Canadian mutual fund industry is now well over the trillion dollar mark. People who would be totally left out of the financial markets have been able to invest and create a different future for themselves and their families. Now, with long term meaning until the next hot thing comes around, discount brokerages and day trading, exchange traded funds (ETF's), not to mention that everybody's neighbour or kid is a trading or market expert, things have changed. Now we have the new kid on the block - Crypto - getting a lot of attention. I have my own opinions on "crypto" which will be another post. What hasn't changed though is investor behavioural psychology and that is why I feel that there should have been much more effort put into investor education and financial literacy before rolling out some of the changes. The current situation is kind of reminding me of the multi-level marking buy term and invest the difference era of the life insurance industry. It didn't work out so well for a lot of people who ended up with dud policies and they didn't get rich in the twenty years they were supposed to so that they wouldn't need the life insurance. There were lots of "pie in the sky" marketing and so many people got fooled all because sales people told vulnerable people they were being ripped off by owning permanent life insurance. So here we are at another juncture in the financial services industry that will impact millions of people in the years to come.
The behemoth of the mutual fund industry was built on embedded fees and it worked so well over the years that the Canadian mutual fund industry is now well over the trillion dollar mark. People who would be totally left out of the financial markets have been able to invest and create a different future for themselves and their families. Now, with long term meaning until the next hot thing comes around, discount brokerages and day trading, exchange traded funds (ETF's), not to mention that everybody's neighbour or kid is a trading or market expert, things have changed. Now we have the new kid on the block - Crypto - getting a lot of attention. I have my own opinions on "crypto" which will be another post. What hasn't changed though is investor behavioural psychology and that is why I feel that there should have been much more effort put into investor education and financial literacy before rolling out some of the changes. The current situation is kind of reminding me of the multi-level marking buy term and invest the difference era of the life insurance industry. It didn't work out so well for a lot of people who ended up with dud policies and they didn't get rich in the twenty years they were supposed to so that they wouldn't need the life insurance. There were lots of "pie in the sky" marketing and so many people got fooled all because sales people told vulnerable people they were being ripped off by owning permanent life insurance. So here we are at another juncture in the financial services industry that will impact millions of people in the years to come.
The only thing that's constant is change so I believe when the dust settles everything and everyone will find their new normal. In the mean time here are five mistakes I see investors making in pursuit of low management fees.
Mistake #1 - Dumping a well managed fund with proven track record with good returns for a do-it-yourself option even though they do not have the knowledge, time, experience to "do it yourself". They hear the argument from friends, or from a competitor who wants their business and of course the competitor shows them a fund with 20 or 30 basis points lower management fee without properly comparing investments and they jump.
Mistake #2 - Not taking income tax into consideration when deciding to move non-registered investments. So is triggering a $30,000, $50,000 or even a $100,000 capital gains to save 20 beeps of management fee worth it? This tax issue is huge because depending on age and financial situation having additional taxable income could throw off qualification for many benefits and programs. But tell me who likes paying an extra $10,000, $15,000 or $25,000 in income tax?
Mistake #3 - Not finding out the cost of fees (deferred sales charges, transfer out fees) before making the decision to move an account. Sometimes a few months would make a difference. Sometimes the change can be made in stages but because the homework is not done, the costs of moving the funds erodes or even wipe out completely any gain or potential gain by paying a lower management fee. In many cased the client wind up in a much worse situation.
Mistake #4 - Lower management fee does not automatically mean higher returns.
Mistake #5 - Chasing returns. If you are chasing returns, chances are good that you are chasing last years returns. Returns are always in the rear view mirror, so having a plan and knowing your risk level and selecting investments that align with your comfort level and your money philosophy is more important than chasing returns in the long run.
Mistake #1 - Dumping a well managed fund with proven track record with good returns for a do-it-yourself option even though they do not have the knowledge, time, experience to "do it yourself". They hear the argument from friends, or from a competitor who wants their business and of course the competitor shows them a fund with 20 or 30 basis points lower management fee without properly comparing investments and they jump.
Mistake #2 - Not taking income tax into consideration when deciding to move non-registered investments. So is triggering a $30,000, $50,000 or even a $100,000 capital gains to save 20 beeps of management fee worth it? This tax issue is huge because depending on age and financial situation having additional taxable income could throw off qualification for many benefits and programs. But tell me who likes paying an extra $10,000, $15,000 or $25,000 in income tax?
Mistake #3 - Not finding out the cost of fees (deferred sales charges, transfer out fees) before making the decision to move an account. Sometimes a few months would make a difference. Sometimes the change can be made in stages but because the homework is not done, the costs of moving the funds erodes or even wipe out completely any gain or potential gain by paying a lower management fee. In many cased the client wind up in a much worse situation.
Mistake #4 - Lower management fee does not automatically mean higher returns.
Mistake #5 - Chasing returns. If you are chasing returns, chances are good that you are chasing last years returns. Returns are always in the rear view mirror, so having a plan and knowing your risk level and selecting investments that align with your comfort level and your money philosophy is more important than chasing returns in the long run.
Want to know more? get in touch.
Beverley
Investment Fund Advisor & Life and Health Insurance Advisor
Desjardins Financial Security Investments Inc.
Desjardins Financial Security Independent Network
Ontario Central Region (OCR), GTA West Branch
5070 Dixie Road
Mississauga, On L4W 1C9
T. (905) 276-9456, Ext 4414
E. beverley.allen@dfsin.ca
November 21, 2022
Friday, January 3, 2020
The Law Of Survival: Adaptability
Change is hard. Change is inevitable and in modern economies change is constant. Sometimes change happens quickly - blink and your life changes. As with nature, so it is with humans, on broader societal level like after the "9/11" terror attack on the United States or recent hurricane that decimated many of the islands that make up The Bahamas. In the case of the terror attacks life as we knew it changed forever - for everybody on the planet. On a personal basis life could be just humming along and wham, out of nowhere something happens - sudden illness, death of a loved one, a breakdown in a significant relationship, and everything changes. As the saying goes, life must go on, so we recalibrate and carry on.
No doubt that people who are more adaptable recover faster and do better over all. No where is there more evident of this than in the modern day workforce. Take for instance a lady I know who worked part-time as a cashier at a popular discount grocery chain. She had resigned herself to a very ordinary life as a low wage income earner, then her employer shut down. She then saw an opportunity to change her life - in mid-life! She went back to school, retooled herself to work in a sector of the economy that was growing in demand and from then on life took off. She worked two jobs, became a homeowner, made it into the "middle class" and the *"20% club". She retired with a company pension and personal retirement savings.
One of my favourite life changing stories is of another lady who was made redundant in the hospital cutbacks of the Mike Harris era in Ontario. This lady, a wonderful Christian woman, was divorced and raised her four children in one of the troubled subsidized housing complexes in Toronto. The layoff was a gift! Although not far from retirement, she took her severance pay and purchased a lovely two-family home in the suburbs. She continued to work in the same position in the health care sector and worked well past the normal retirement age. She also graduated to the middle class, and into the *"20% club". Now retired for many years, income from the rental suite in her home, on top of her employer and government pensions, affords her a comfortable retirement and she will have a legacy to leave for her children and grandchildren.
Contrast these two stories of resilience with others in similar situations who took their lay-off as an opportunity to "take it easy", then found it too difficult to get back in the workforce and life goes downhill from there. I know many of those stories as well. Because of this, I would say adaptability is the key to survival, financially, socially and psychologically.
Over the last four decades my industry - the financial services industry - has gone through major transformation as well. With the so called four pillars - insurance - investments - banking and real estate coming down, how financial services are delivered and by whom has gone through major evolution. A new round of evolution started around ten years ago and the changes are picking up speed. With the average age of advisors in Canada being over 55 years old, many advisors unable or unwilling to adapt have left the industry or opted for early retirement. Others see opportunities for personal and professional growth. I am one of those who see opportunities to grow and redefine myself so that I can continue to add value to the people I serve.
I am excited for the future!
Beverley
Investment Fund Advisor & Life and Health Insurance Advisor
* The "20% club" I refer to is the statistics on net worth of Canadians - 80% have investable assets under $50,000.
No doubt that people who are more adaptable recover faster and do better over all. No where is there more evident of this than in the modern day workforce. Take for instance a lady I know who worked part-time as a cashier at a popular discount grocery chain. She had resigned herself to a very ordinary life as a low wage income earner, then her employer shut down. She then saw an opportunity to change her life - in mid-life! She went back to school, retooled herself to work in a sector of the economy that was growing in demand and from then on life took off. She worked two jobs, became a homeowner, made it into the "middle class" and the *"20% club". She retired with a company pension and personal retirement savings.
One of my favourite life changing stories is of another lady who was made redundant in the hospital cutbacks of the Mike Harris era in Ontario. This lady, a wonderful Christian woman, was divorced and raised her four children in one of the troubled subsidized housing complexes in Toronto. The layoff was a gift! Although not far from retirement, she took her severance pay and purchased a lovely two-family home in the suburbs. She continued to work in the same position in the health care sector and worked well past the normal retirement age. She also graduated to the middle class, and into the *"20% club". Now retired for many years, income from the rental suite in her home, on top of her employer and government pensions, affords her a comfortable retirement and she will have a legacy to leave for her children and grandchildren.
Contrast these two stories of resilience with others in similar situations who took their lay-off as an opportunity to "take it easy", then found it too difficult to get back in the workforce and life goes downhill from there. I know many of those stories as well. Because of this, I would say adaptability is the key to survival, financially, socially and psychologically.
Over the last four decades my industry - the financial services industry - has gone through major transformation as well. With the so called four pillars - insurance - investments - banking and real estate coming down, how financial services are delivered and by whom has gone through major evolution. A new round of evolution started around ten years ago and the changes are picking up speed. With the average age of advisors in Canada being over 55 years old, many advisors unable or unwilling to adapt have left the industry or opted for early retirement. Others see opportunities for personal and professional growth. I am one of those who see opportunities to grow and redefine myself so that I can continue to add value to the people I serve.
I am excited for the future!
Beverley
Investment Fund Advisor & Life and Health Insurance Advisor
Desjardins Financial Security Investments Inc.
Desjardins Financial Security Independent Network
Ontario Central Region (OCR), GTA West Branch
5070 Dixie Road
Mississauga, On L4W 1C9
T. (905) 276-9456, Ext 4414
E. beverley.allen@dfsin.ca
* The "20% club" I refer to is the statistics on net worth of Canadians - 80% have investable assets under $50,000.
Wednesday, November 6, 2019
Self-Leadership & Money: The Top 5 Lies I Used To Myself
Self-Leadership & Money: The Top 5 Lies I Used To Myself: Spoiler alert, spoiler alert! I used to lie to myself a lot. We all lie to ourselves but of course we don't do it intentionally except o...
The Top 5 Lies I Used To Myself
Spoiler alert, spoiler alert! I used to lie to myself a lot. We all lie to ourselves but of course we don't do it intentionally except on the occasions when we are having a pity party. It all happens unconsciously in the subconscious mind after repeated reinforcement fed by believing thoughts we did not "hold up to the light of day" and examine if they are true or not. We lie to ourselves and yet we demand absolute truth from those around us because we are honest upstanding human being citizens. Imagine that? No wonder there is such a tremendous lack of compassion in our world.
Intellectual knowledge of this phenom wont change a thing though. I considered and prided myself as one of those honest, upstanding human beings and so it was intentional focused effort to get through one of the most difficult periods on my earthly sojourn that lead me to the work of Byron Katie @ByronKatie, TheWork.com lead me to this awareness. It is close to twenty years now. During one of our sessions my coach put on a tape of a talk by Byron Katie; prior to that I never heard of her but that was life changing for me. In the tape Ms. Katie relayed the dramatic story that a mistrusting young wife told herself about her husband every time he's late getting home followed by her punch line "just because you have a thought doesn't mean you have to believe it". That session definitely ignited in me the habitual practice of reflection and self-examination. Here are the top 5 lies I told myself, in no particular order of frequency or intensity.
#1. No one was there for me - lie, lie, lie! Perhaps some people who I expected or wanted to be there for me during my difficulties were not there. They did not show up in any way, as a matter of fact some ran for the hills, however God placed some very awesome people in my life at every step of my journey. When I shifted my focus to being grateful and thankful for those who showed up my hurts vanished as I was no longer a victim of circumstances and more help, more opportunities and more appreciation showed up as well.
#2. I raised my children by myself - this could not be more false! Many single and divorced parents tell themselves this lie. Every single step of the way there we incredible people in my life. While there were no biological grandparents around and certainly not the closeness of uncles, aunts and cousins I grew up with, every place lived I met and lived and worshiped among terrific people. Even now when I visit my old neighbourhood in Heart Lake Village, Brampton Ontario I instinctively say to myself "this was a great place to raise my children, I could not have picked a better place to live - I could still live here".
#3. Life is hard - yes it is hard if that is what I tell myself. My grandparents' lives were hard, and in some cases brutal! I remember hearing stories from my maternal grandfather, Granville, affectionately called Pupa, about living in Cuba and working on the Panama Canal. He returned home a sick man and remained sickly for the remainder of his life. My parents' lives were hard, they mostly farmed on challenging terrain, they had eight children to feed but my life hard - no way. I had challenges and difficult situations to overcome but I cannot honestly say my life has been hard.
#4. I don't need anybody, I can do life all by myself . What a big fat lie, ouch! Some, if not all of these lies we tell ourselves come from a place of hurt. I do appreciate all my teachers who have helped me on this journey into spiritual awakening. I am grateful for all of them - the ones who write books, have talks and TV shows, the ones who I can call and reason with, all giants in their own way.
#5. I am not important. Yes I am! If I was not important I would not have been born, hello!! We are all important just as we are because we are all in service of something bigger than ourselves. The fact that there are over 7 BILLION people on earth and every one has a unique finger print is the dead give away - you think? My journey to this realization has astounded and fascinated me the most so far.
My dear friend, I truly hope that this will inspire you to examine your thoughts today. Make your own list and as my friend and former coach Pat Williamson would say "bring out the garden sheers and start snipping the stories". Suffering ends when we cut the stories and change our perspective on past events.
There is light at the end of the tunnel.
Beverley
Investment Fund Advisor & Life and Health Insurance Advisor
#Desire #Faith #Courage #GrowthMindset #PersonalGrowth #ChangeExperience
Intellectual knowledge of this phenom wont change a thing though. I considered and prided myself as one of those honest, upstanding human beings and so it was intentional focused effort to get through one of the most difficult periods on my earthly sojourn that lead me to the work of Byron Katie @ByronKatie, TheWork.com lead me to this awareness. It is close to twenty years now. During one of our sessions my coach put on a tape of a talk by Byron Katie; prior to that I never heard of her but that was life changing for me. In the tape Ms. Katie relayed the dramatic story that a mistrusting young wife told herself about her husband every time he's late getting home followed by her punch line "just because you have a thought doesn't mean you have to believe it". That session definitely ignited in me the habitual practice of reflection and self-examination. Here are the top 5 lies I told myself, in no particular order of frequency or intensity.
#1. No one was there for me - lie, lie, lie! Perhaps some people who I expected or wanted to be there for me during my difficulties were not there. They did not show up in any way, as a matter of fact some ran for the hills, however God placed some very awesome people in my life at every step of my journey. When I shifted my focus to being grateful and thankful for those who showed up my hurts vanished as I was no longer a victim of circumstances and more help, more opportunities and more appreciation showed up as well.
#2. I raised my children by myself - this could not be more false! Many single and divorced parents tell themselves this lie. Every single step of the way there we incredible people in my life. While there were no biological grandparents around and certainly not the closeness of uncles, aunts and cousins I grew up with, every place lived I met and lived and worshiped among terrific people. Even now when I visit my old neighbourhood in Heart Lake Village, Brampton Ontario I instinctively say to myself "this was a great place to raise my children, I could not have picked a better place to live - I could still live here".
#3. Life is hard - yes it is hard if that is what I tell myself. My grandparents' lives were hard, and in some cases brutal! I remember hearing stories from my maternal grandfather, Granville, affectionately called Pupa, about living in Cuba and working on the Panama Canal. He returned home a sick man and remained sickly for the remainder of his life. My parents' lives were hard, they mostly farmed on challenging terrain, they had eight children to feed but my life hard - no way. I had challenges and difficult situations to overcome but I cannot honestly say my life has been hard.
#4. I don't need anybody, I can do life all by myself . What a big fat lie, ouch! Some, if not all of these lies we tell ourselves come from a place of hurt. I do appreciate all my teachers who have helped me on this journey into spiritual awakening. I am grateful for all of them - the ones who write books, have talks and TV shows, the ones who I can call and reason with, all giants in their own way.
#5. I am not important. Yes I am! If I was not important I would not have been born, hello!! We are all important just as we are because we are all in service of something bigger than ourselves. The fact that there are over 7 BILLION people on earth and every one has a unique finger print is the dead give away - you think? My journey to this realization has astounded and fascinated me the most so far.
My dear friend, I truly hope that this will inspire you to examine your thoughts today. Make your own list and as my friend and former coach Pat Williamson would say "bring out the garden sheers and start snipping the stories". Suffering ends when we cut the stories and change our perspective on past events.
There is light at the end of the tunnel.
Beverley
Investment Fund Advisor & Life and Health Insurance Advisor
Desjardins Financial Security Investments Inc.
Desjardins Financial Security Independent Network
Ontario Central Region (OCR), GTA West Branch
5070 Dixie Road
Mississauga, On L4W 1C9
T. (905) 276-9456, Ext 4414
E. beverley.allen@dfsin.ca
#Desire #Faith #Courage #GrowthMindset #PersonalGrowth #ChangeExperience
Sunday, March 10, 2019
Money Moxie: The Power Of Intention
I'm still pumped after completing the Think & Grow Rich Mastermind book study at the end of January. I am also majorly stoked about what studying this book did for Paul Martinelli and so many others; and to see how energized he still is about using the book to help others rise to their purpose. More than twenty thousand enthusiastic people from around the world participated in the book study with Paul and Roddy - is that not amazing?
Well, Hill promised that "the secret" is revealed at least once in every chapter and also that every reader would get insights and inspirations and I have gotten them, some I will be sharing with you my fans. This is the fourth time I read the book, and my second Master Mind study; each time around I have gotten more out of it. Now, my biggest revelation to date is the fact that even though the book came out of a study - research which lasted more than twenty years, the whole premise of it is based on spiritual laws! As I participated in the study in 2018 and now in 2019 I cannot help but conclude that Napoleon Hill was way ahead of his time. The way he condensed twenty plus years of research into this book of thirteen principles that are so effective and have stood the test of time is a testament to that. Spiritual laws are infallible, they work for anyone and everyone who apply them with INTENTION.
According to Deepak Chopra, author of The Seven Spiritual Laws Of Success, intention and desire are intertwined, they drive each other. He said that attention energizes while intention transforms and intention is the real power behind desire. This clicked for me. Looking back at the things that worked well for me and those that didn't, I now understand better than I ever have.
So then, how do we tap into this incredible power? I believe that we need to honestly assess ourselves. We need to search our hearts to find our true desires. When we do this we will find that some of the things that we thought we wanted are not that important to us after all. Some things and situations that we spent a lot of time on may not even make our short list. This exercise will be very valuable because after we eliminate the time wasters, we will now have the time and the focus to act on our true desires.
Here are three other steps that all the leading authority figures whose books I have read or listened to have stated as important to harnessing the power of intention.
1) Make a list of of your desires. Read the list every morning after waking up and before going to sleep at night, and also during quite times. Carry the list with you at all times so you have it available.
2) Surrender the list (to God), trusting that he got this! Trust also that he knows what you do not, so time and timing are in his control. Detach yourself from the outcome while happily doing the actions that will take you in the direction of your dreams.
3) Stay true to yourself, be established in your faith; do not be influenced by the opinion of others. Only share your desires with those who have similar desires and support you.
Investment Fund Advisor & Life and Health Insurance Advisor
E. beverley.allen@dfsin.ca
Well, Hill promised that "the secret" is revealed at least once in every chapter and also that every reader would get insights and inspirations and I have gotten them, some I will be sharing with you my fans. This is the fourth time I read the book, and my second Master Mind study; each time around I have gotten more out of it. Now, my biggest revelation to date is the fact that even though the book came out of a study - research which lasted more than twenty years, the whole premise of it is based on spiritual laws! As I participated in the study in 2018 and now in 2019 I cannot help but conclude that Napoleon Hill was way ahead of his time. The way he condensed twenty plus years of research into this book of thirteen principles that are so effective and have stood the test of time is a testament to that. Spiritual laws are infallible, they work for anyone and everyone who apply them with INTENTION.
According to Deepak Chopra, author of The Seven Spiritual Laws Of Success, intention and desire are intertwined, they drive each other. He said that attention energizes while intention transforms and intention is the real power behind desire. This clicked for me. Looking back at the things that worked well for me and those that didn't, I now understand better than I ever have.
So then, how do we tap into this incredible power? I believe that we need to honestly assess ourselves. We need to search our hearts to find our true desires. When we do this we will find that some of the things that we thought we wanted are not that important to us after all. Some things and situations that we spent a lot of time on may not even make our short list. This exercise will be very valuable because after we eliminate the time wasters, we will now have the time and the focus to act on our true desires.
Here are three other steps that all the leading authority figures whose books I have read or listened to have stated as important to harnessing the power of intention.
1) Make a list of of your desires. Read the list every morning after waking up and before going to sleep at night, and also during quite times. Carry the list with you at all times so you have it available.
2) Surrender the list (to God), trusting that he got this! Trust also that he knows what you do not, so time and timing are in his control. Detach yourself from the outcome while happily doing the actions that will take you in the direction of your dreams.
3) Stay true to yourself, be established in your faith; do not be influenced by the opinion of others. Only share your desires with those who have similar desires and support you.
I can also recommend John C. Maxwell's book, Intentional Living which I read in 2017; it was instructional and informative just like all of John's other books. Whatever you desire I wish you much success.
If you live in Ontario and you desire financial security for your family, please feel free to contact me, I would love to hear from you. If not, contact a reputable advisor in your jurisdiction.
Beverley
Investment Fund Advisor & Life and Health Insurance Advisor
Desjardins Financial Security Investments Inc.
Desjardins Financial Security Independent Network
Ontario Central Region (OCR), GTA West Branch
5070 Dixie Road
Mississauga, On L4W 1C9
T. (905) 276-9456, Ext 4414E. beverley.allen@dfsin.ca
#MoneyTalk #MoneyTalkwithBevAllen #TheValueOfSoundAdvice #MoneyMoxie #MoneyMindset #RetirementReadiness #FinancialNeedsAnalysis #FinancialPlan #FinancialSecurity
#coaching #investments #mentoring #persistence #howto #planning
Friday, February 1, 2019
Money Moxie - Why We Need A Plan & An Advisor-Coach-Mentor
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| TAGR Companion Text |
For the past sixteen days I have been doing this study with Paul Martinelli and Roddy Galbraith. Oh my, are they ever great teachers mentors! The depth and breadth of their knowledge and their ability to inspire is amazing. I have decided, like Paul, I will study the book for the rest of my life.
As Paul reiterated in his teaching video, the book is "Think & Grow Rich, not think and get rich", so intentional persistent application of the principles contained in the book is required. Napoleon Hill also made sure to stress that the application of the principles will not work if done in a hap hazard way. Without a strong desire, a written plan and persistent action towards attaining your financial desires, they are are just wishes.
Something else that hit me recently during the study on Persistence - Hill said only 2 out of every 100 people have a definite goal and a definite plan for its attainment, thus having the awareness of how to transmute desire into it's monetary equivalent. The other 98% has to be taught/coached! Today, over 80 years after the book was first published still only 1% of the population controls more than 80% of the world's wealth. 80% of the population in USA and Canada have investable assets of $50,000 or less. That means in spite of the progress made over the last 100 years, in terms of wealth and financial security, there is much work that needs to be done!
The final chapter in the book is the Epilogue - How to Outwit the Six Ghosts of Fear. In this chapter Hill instructed readers to take an inventory of themselves and find out how many of the "Ghosts" of fear are standing in their way before they can put the any portion of the thirteen steps of the philosophy into use successfully, as the mind has to first be prepared to receive it. And how do we prepare the mind? "It begins with study, analysis, and understanding of the three enemies which you will have to clear out - indecision, doubt and fear." In other words, we need to be aware of what is holding us back and address it before we can move forward.
Four out of the six fears cited by Napoleon Hill involve our financial welbeing that can be helped by working with advisors, coaches and mentors. Here are the six fears as listed in the book:
As Paul reiterated in his teaching video, the book is "Think & Grow Rich, not think and get rich", so intentional persistent application of the principles contained in the book is required. Napoleon Hill also made sure to stress that the application of the principles will not work if done in a hap hazard way. Without a strong desire, a written plan and persistent action towards attaining your financial desires, they are are just wishes.
Something else that hit me recently during the study on Persistence - Hill said only 2 out of every 100 people have a definite goal and a definite plan for its attainment, thus having the awareness of how to transmute desire into it's monetary equivalent. The other 98% has to be taught/coached! Today, over 80 years after the book was first published still only 1% of the population controls more than 80% of the world's wealth. 80% of the population in USA and Canada have investable assets of $50,000 or less. That means in spite of the progress made over the last 100 years, in terms of wealth and financial security, there is much work that needs to be done!
The final chapter in the book is the Epilogue - How to Outwit the Six Ghosts of Fear. In this chapter Hill instructed readers to take an inventory of themselves and find out how many of the "Ghosts" of fear are standing in their way before they can put the any portion of the thirteen steps of the philosophy into use successfully, as the mind has to first be prepared to receive it. And how do we prepare the mind? "It begins with study, analysis, and understanding of the three enemies which you will have to clear out - indecision, doubt and fear." In other words, we need to be aware of what is holding us back and address it before we can move forward.
Four out of the six fears cited by Napoleon Hill involve our financial welbeing that can be helped by working with advisors, coaches and mentors. Here are the six fears as listed in the book:
Poverty
Criticism
Ill Health
Lost Love
Old age
Death
Interestingly, research shows that advised households accumulate over 2.7 times the assets non-advised households over a 15 year period.* The longer the period, the greater the impact. So even though Think & Grow Rich was published almost 80 years before the study, the philosophy of the book is more relevant and more needed than ever.
Need help? Call or send me an email.
BEVERLEY ALLEN, FLMI
Investment Fund Advisor & Life and Health Insurance Advisor
E. beverley.allen@dfsin.ca
*Study, The Value of Advice, published in 2012 by the Investment Fund Institute Of Canada (IFIC).
Need help? Call or send me an email.
BEVERLEY ALLEN, FLMI
Beverley
Investment Fund Advisor & Life and Health Insurance Advisor
Desjardins Financial Security Investments Inc.
Desjardins Financial Security Independent Network
Ontario Central Region (OCR), GTA West Branch
5070 Dixie Road
Mississauga, On L4W 1C9
T. (905) 276-9456, Ext 4414E. beverley.allen@dfsin.ca
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