Archive for the ‘Financial Planning’ Category

Where did they start?

Wednesday, September 14th, 2011

We forget, don’t we?  And often it is the basics we forget!  And then surprisingly,  just when we need it most, we are reminded.

At least, that is what happened to me yesterday.

To be honest, I feel the economic pressure.  Too many of my shortterm insurance clients lost the financial battle and I battle to replace the lost income.  I feel depressed for my clients and I feel very despondent about myself working very hard just to keep my position.  In fact, yesterday morning I felt very sorry for myself.  Not a good place to be.

And then I got an email that reminded me that Bill Gates and Warren Buffett and Richard Branson (the last two definitely on my hero list) did not start out with a lot of money.  In fact, almost no billionaire did.  So I did not really relate to those guys, they are too far removed from me.

But I can relate to a couple of other guys that I know.  In fact, I know one or two who had to start fresh on the wrong side of zero.  I am far from that.  But once again, I also had to start from scratch, or almost scratch, before, and look where I am now.  And I am working on it.  I am learning. Tomorrow I attend a wealth seminar.  There are positives!

And that is when I told myself I should not allow the negative news and negativity surrounding me get to me.  I must just keep on doing what I am doing.  I get impatient, because I have not achieved my goals for 2011.  But I am still doing a lot better than the clients who lost their businesses!  I feel depressed, because I will not be financially free when I planned to be.  But, what the hell, I enjoy what I am doing!  I enjoy servicing my shortterm insurance clients.  And they appreciate it.  I love teaching people about property investments (I hope they appreciate it, too).  Why would I get depressed if I have to wait a year or two longer to be able to say:  I have reached my goal!  Its not as if I planned to stop working!

And, although I will not expand my property portfolio this year, I still have it and it is still working.

And I share this with you, in the hope that, if you also feel despondent and like throwing in the towel, like I did yesterday morning, this post will have the same effect on you as the reminder:  almost all billionaires started with nothing.  And the road to the top is never level or downhill.

Focus on the big picture and the positives! Have a very good day.

Building Credibility

Tuesday, September 13th, 2011

I wrote about this before, a long time ago.

One of the problems we have is to kwow if we can trust somebody when we do business.  That is why referrals are so powerful – it is a way of leveraging.  The salesperson leverage your trust in him together with the trust a 3rd party has in you.

But it is not always referal business.  Then how do you build credibility?  How do you build trust?

I also wrote about the estate agent who greeted me (handshake and all):  “Hi, I am divorced.”  Many years later I still wonder if it was her name.  Or perhaps she tried to gain a sale by creating sympathy?  I could never figure that one out.  But, divorce might be the reason why you are forced to be an estate agent, but it is not a reason for me to trust you as an estate agent.

Another one that I often hear, is “I worked for the bank.”  This is not such an easy one.  Perhaps we should ask:  “What did you do at the bank?”  “Oh, I was a cleaner.”  Now does that qualify you to give me investment advice?  But a bond originator who tells me she was the head of the bond department at her branch.  That is something else.  An ex-branch manager who wants to teach me about forex?  Forget it!

Everybody who wants to sell you something wants to build trust and credibility.  Every one will have a way of doing it.  Try to recognise what it is and see if it is indeed relevant to what he or she is trying to sell you.

Long time readers might know that I was a minister of religion.  It is totally irrelevant for what I am doing now (selling fire insurance of a different kind :-) ).  When I was in the ministry, I never used my title, you can’t believe how people change when they discover the minister in their midst!  A few years ago, I work in association with a guy who always introduced me as ”Dominie”.  I kept asking him to stop.  Then one day I realised he was leveraging off my previous occupation to establish his own credibility.  Credibility by association.  That was the end of it.  We never worked together again.