Latest topics
Canadian Conference with Guest Eric Clark 07/25/2011
Canadian Conference with Guest Eric Clark 07/25/2011
Replay
760 569 7699 Pin:195352#
Presenter: Eric Clark
"KEYS to Wealth for Canadians!”
5 key words you must understand
5 key mistakes to avoid at all costs
5 key questions to ask your advisors
Keys to Wealth for Canadians
What follows are a few ideas that might help you become better at making important decisions in the weeks and months ahead. Play with this commentary, take what you find useful and discard the rest.
To understand the value of each part it would be best if you listened to the recorded version of the July 25 ReValueCanada conference call:
5 Key Words You Must Understand!
A commonly used word may have two or more meanings; it might bring you into a shared understanding with another person or drive you apart. Wherever possible, make sure it works for you.
1. WIN - One dictionary definition is: - to acquire something as a result of a contest or conflict, a bet or other endeavour.
This implies that for every winner there is at least one loser. The phrase WIn-Win became popular a few years ago to imply a victory that was not won at someone else's expense. When engaging a financial advisor you will need to inquire about how this might be possible when you are supplying the money.
2. THEY - This little pronoun refers to someone who is usually not directly involved, sometimes called a third party. If you are having a conversation with someone and he or she makes such references, it might refer to government or bureaucrats. If this is used too often it can make you feel like you have little control over the situation. It may also be a way for the one speaking to attempt to share responsibility for their actions, with parties who are not accountable to you, in the event of a poor outcome. This could be a red flag.
3. PRIVACY -This is often confused with secrecy. This practice is unfortunately common in families where information is discovered that causes a rift amongst it members who may feel insulted or betrayed. Privacy can engender trust and respect in family or business groups.
4. INFLATION - This word has many meanings - it is calculated in various ways. There are very few popular books on the subject and it affects everyone of us profoundly. Any advisor should have something to say as to how we might reduce its effect on our personal efforts to build wealth.
5. RISK - Here is one word that is loaded with meaning that includes emotional content too. It's true meaning is simply .the likelihood of something changing for better or worse'. It needs to be assessed according to many personal factors that each of us may present.
5 Key Mistakes to Avoid at All Cost
1. The Lifestyle Audit - good records, timely tax reporting and payment along with good advice are your best defence. Is your current lifestyle supported by your reported income?
2. Confusing gambling with investing - one is maximum risk and the other can be managed risk.
3. Not understanding TCO or Total Cost of Ownership when you make a major purchase may lead you to focussing on gross gain rather than net gain in investments or in business.
4. Letting opinions trump the facts when making a decision - we need both but we tend to rely too much on opinions because they appear cheaper and easier to harvest than facts.
5. A wise man once said that most of our problems derive from thinking when we should feel, and feeling when we should think. This is a tricky matter throughout life and is amplified when making financial decisions.
5 Key Questions to Ask Your Advisors
This is particularly relevant when you are looking to engage a new advisor. Some of the focus here is on the non-technical aspects - the human qualities that make for a good relationship. If the person has a problem with this type of inquiry, it may suggest that a top-down attitude is most likely. You can decide if you want a more respectful dialogue - more like you would have with a teacher or a coach.
Intro conversation
How did you decide to work in this field, with this company? Is it going well for you?
1. What do you do yourself to achieve wealth, security, time freedom, etc.?
2. Describe what you might do for someone like myself - planning, products, referral?
3. How are you compensated for your work? Is it performance-based?
4. Who do you consult when you are unsure about something?
5. Do you do multi-generational advising?
Thank You To Revalue.us
katt- Elite Member
- Posts : 450
Join date : 2011-07-02
Permissions in this forum:
You cannot reply to topics in this forum
Yesterday at 11:16 am by kenlej
» Phony Tony sez: Full Steam Ahead!
Sat Apr 13, 2024 11:51 am by Mission1st
» Dave Schmidt - Zim Notes for Purchase (NOT PHYSICAL NOTES)
Sat Apr 13, 2024 11:45 am by Mission1st
» Russia aren't taking any prisoners
Fri Apr 05, 2024 6:48 pm by kenlej
» Deadly stampede could affect Iraq’s World Cup hopes 1/19/23
Wed Mar 27, 2024 6:02 am by Ditartyn
» ZIGPLACE
Wed Mar 20, 2024 6:29 am by Zig
» CBD Vape Cartridges
Thu Mar 07, 2024 2:10 pm by Arendac
» Classic Tony is back
Tue Mar 05, 2024 2:53 pm by Mission1st
» THE MUSINGS OF A MADMAN
Mon Mar 04, 2024 11:40 am by Arendac
» Minister of Transport: We do not have authority over any airport in Iraq
Mon Mar 04, 2024 11:40 am by Verina
» Did Okie Die?
Mon Mar 04, 2024 11:34 am by Arendac
» Hello all, I’m new
Wed Jan 31, 2024 8:46 pm by Jonny_5
» The Renfrows: Prophets for Profits, Happy Anniversary!
Wed Jan 31, 2024 6:46 pm by Mission1st
» What Happens when Cancer is treated with Cannabis? VIDEO
Wed Jan 31, 2024 8:58 am by MadisonParrish
» An Awesome talk between Tucker and Russell Brand
Wed Jan 31, 2024 12:16 am by kenlej
» Trafficking in children
Mon Jan 29, 2024 7:43 pm by kenlej
» The second American Revolution has begun, God Bless Texas
Mon Jan 29, 2024 6:13 pm by kenlej
» The Global Currency Reset Evolution Event Will Begin With Gold, Zimbabwe ZWR Old Bank Notes
Sun Jan 28, 2024 3:28 pm by Mission1st
» Tucker talking Canada
Wed Jan 24, 2024 6:50 pm by kenlej
» Almost to the end The goodguys are winning
Mon Jan 22, 2024 9:03 pm by kenlej