I’ve been noticing a lot of women I’ve talked to lately are feeling pretty discouraged and downright negative about the economy. The news is bad, bad, bad. Last week at the two conferences I attended I heard lots of fear around money. I heard statements like…I’m afraid I’ll…
run out of money
not have enough
lose it all
never get out of debt
spend it all
never be rich
That’s what fear does…it makes you go into survival mode and tricks you into thinking that the worst will happen. If you fall into the trap of believing the worst, you will actually MAKE it happen.
A lot of fear also came up last week because of volatility in the gold and silver market. The ‘banksters’ at the Chicago Mercantile Exchange increased gold margins by 21% and silver margins by 16%.
That means the regulators raised the equity requirements for speculators who borrowed to invest in gold and silver, causing them to have to sell gold/silver contracts and put in more money as a down payment. There was huge volatility in the price per ounce and some people who weren’t looking at the big picture were afraid they made a mistake, or it won’t go up again, or that they should have known somehow.
Are you feeling fearful about the economy? Or like you’ve been given a great buying opportunity?
I’ve been talking about waiting to buy gold and silver on the dips and between now and the end of October, I think you’ll have an amazing opportunity that will serve you if you are investing for the long-term (3 to 5 years) and have been looking for a good time to buy.
The cycles look like the middle to end of October may produce a good bottom and they could move higher from there. You might look at SGOL, PHYS, and PSLV as potential candidates to nibble at over the next few weeks.
Building wealth has a lot to do with how you think. You have to be a little creative to be a good investor because you have to think opposite of the crowd. As Warren Buffett says, “You need to be greedy when others are fearful and fearful when others are greedy.”
Buying low is about being greedy when others are fearful. Check in with yourself. Is fear coming up? What are you fearing? Can you tell? Most of the time our thoughts and fears around money are subconscious, so we don’t realize them in our conscious mind. If you are able to identify them in your conscious mind, that’s a gift because then you can work on changing your belief. If you can’t identify them, that’s ok. We can work on that over time. But…
I want you to have a new reality about money. Right now.
First, there is far more potential to build wealth than you currently believe. It’s just not going to be made in the same places it has been in the last 20 years. You must consider new opportunities for wealth building and stop looking to the old places (stocks and real estate) to recover.
Second, you can become wealthy if you value money and seek how to build wealth. If you don’t value money, you won’t ever have any. You must value it, treat it as if it’s important to you (because it is), and invest your time to understand, not fear it. That will serve you well and be money well spent.
It’s time you became wealthy. Your wealth begins in YOUR MIND. That is the foundation of all wealth. You can be a good steward of money if you want to be. There’s no better time than now to make that commitment.