April 9, 2011

Winds of Change

Economic Vision

Since I began Economic Vision, I've been privileged to assist people find hope  in their future and more peace in their everyday lives. In working with them several things have become apparent

Firstly that there had never seemed to be any structure to the gaining of your own economic vision.
I remember being asked once if I had learned more about history  and geography than managing money in school.
Funny thing is there are only two things that come to mind.

The first was a bank book that we made a deposit into each week, the second was being taught what a cheque was and how to fill it out.
Are your memories of school similar?
Education does not ensure financial success
A school principal recently said to me, 

"I went to school, then college and back to school, I haven't had the time to learn about money."
"It's impossible to save!" 

The sad truth is that Economic Vision could almost almost be a contradiction.
Yet there are "Seven Keys of Financial Success".
Over the past twenty years I have been privileged to meet with some highly successful people, not all were well educated, yet each had a firm grasp on where they were going and how to best utilise the money they had.
It was in a conversation with the owner of a large Melbourne based logistics company that the term economic vision was first  used.
His philosophy is to do whatever you do well and associate with successful people.  Financial success is an attitude of setting goals, identifying how to get them and have a means of measuring your progress.
You can do that too..
            "I don't have the time money or knowledge to even start"
It all starts with the seed of an idea that things can be better, then being open minded to knowledge and opportunities.
What is financial success
Planning is the first step to success
There is an Australian short story called "You Can't Miss It"
In the story the author tells of a traveller going to visit friends in the country and being given directions with the reassurance "you can't miss it." They end up at a dead end which has a sign that says "you can't miss  it."
Too often the economic information we are given by the ill informed well intentioned can be just as confusing and lead into another dead end road.
Not a good way to be where you want to be in life.

Having a clear picture of what you want to achieve can save a lot of worry and frustration as in following your plan it is possible to see how changes can impact on your progress.
Setting written objectives.

More importantly that they know where they are going and unlike our luggage we will arrive at our planned destination.
If all that seems a little too simplistic ask yourself this...
Where do I want to be in five years time?

How much will I be earning?

Do I know if I will be better or worse off?
There are many unseen things that affect the answer, such as changing tax rates, cost of living, interest rates job security and goverment policy.
There are many ways we can cushion ourselves from these.
It is therefore important we look at our total situation when planning for the future.
Insanity, after all, has sometimes been defined as 

        "doing the same thing and expecting a different outcome"
Yet so many look at the future and think that doing what they are doing will provide for the future.

The good news is that even with all the change the old financial success principals still work.
The "Seven Keys Of Financial Success" seminar is designed to create a new perspective of the success principals.
What is financial success?
One morning during my military service I woke early and remember running through some investment returns in my mind.

It was based on setting aside ten per cent of my then income and receiving a modest interest on it.
The results of thsi excercise over a twenty year period was quite staggering.
In the early 1980s the average Australian family had savings of $3,000. at the turn of the century the average net position was $10,000 of debt. In an interval of only 20 short years.
Financial success has been defined in various ways. Probably one of the best is that you have a "passive" income that exceeds your expediture.
(A passive income is indepenant of your further involvement for example a royalty income)
In even simpler terms financial success is not having to worry about money. Interestingly enough financially successful people are not focussed on money.
Financial success will also mean different things depending one your age.

One thing is for certain though, failing to plan is as sure as planning to fail.

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