June 18, 2008

Not All Credit Cards are Created Equal... Achieve Any Goal in
Half the Time... How to Make More When Customers Spend
Less... How to Think Even Bigger... and More.

** Not All Credit Cards are Created Equal
By Adrian Newman, Founder of e-Wealth Daily

Many people have a love/hate relationship with credit cards. They love the access to someone else's money and the ability to charge a purchase and not pay for it for a month or less. But, they hate the late payment charges, skyrocketing interest and other fees tacked on to cash advances.

You and I both already know the credit card horror stories. The ones where people became reckless with their spending and ended up in a cycle of increasing payments and growing debt.

Being smart with a credit card is a lesson that should be taught in all high schools; however, since we can't go back and change our education, it's important to learn all we can about how our credit cards work.

One important thing to know is that you can improve your credit rating by using your credit card, sometimes even if you carry a balance.

When your credit score is calculated, not only are your payments considered, but this number is also affected by how much available credit you have at your disposal. So, if you have a credit card with a $5,000 limit but are carrying a balance of $4,000, and even if you're paying the minimum amount on time, you're still going to see your credit score drop.

The solution here is to request a higher credit limit, without giving in to the temptation of increasing your balance. Of course, paying down your balance helps, but that may not always be an option.

The next thing to do is to weigh your rewards points against the interest you're paying. Many, many cards offer rewards, but these cards often come with much higher interest rates. If you don't carry a balance on your card, then you can simply pick and choose which rewards work best for you. However, carrying a balance means interest charges will begin to add up. While it may take thousands of points to earn that reward you want, you'll find that switching to a reward-free card with a lower interest rate could put more money in your pocket. And that money could be worth much more than your rewards points.

** Achieve Any Goal in Half the Time
By Doug D'Anna, the "Hundred-Million-Dollar Man"

We all have goals -- the key to reaching them is maintaining a strong sense of focus. How can you stay focused on your goals while trying to achieve them through hard times and adversity?

The answer is simple: stay focused!

As you already know, with any long-term goal, it's tough to stay focused. However, simply follow these tips and suggestions, and you could easily achieve your goals in half the time.

1) Write Down Your Goals
Think in terms of time -- what are your weekly, your monthly, and your annual goals? Itemize them in a list. Think of your goals on a daily basis and cross them off your list once you have completed them. Return to your list of goals from time to time.

2) Share Your Goals with Others
Tell people about your goals. Sharing your goals is a powerful motivator. I know that I like to share my goals with my family and friends because that puts them out there. This makes them feel more real to me. This also makes me want to fulfill them -- to keep my word to myself and prove to others that I can get them done.

3) Visualize Your Achievements
Go ahead; sit back in your favorite chair and picture yourself achieving your goals. Picture how satisfying it will be and how you will celebrate your accomplishment. This will motivate you to get moving.

4) Plan Ahead
Again, this goes back to writing down things for yourself in order to achieve them. If you write down a plan of action, you will be more likely to achieve your goals. Set time limits for yourself, but make sure you leave some flexibility in your plan as well. If you set reasonable deadlines for when you want to accomplish your goals, you will be more likely to get to the end of the path.

5) Limit Any Distractions
Life is chaotic; there's no doubt about it. But you can really improve your chances of accomplishing your goals if you cut out some of the distractions from your day-to-day life. This can be as simple as taking an hour for yourself every day and working on your action plan, or training your family to do more things for themselves. Get a planner, write down your tasks for the day, and stick to them. This will help you deflect any potential distractions that could keep you from meeting
your goals.

6) Reward Yourself for Getting Things Done
Once you start accomplishing your goals -- regardless of how big or small they are -- go ahead and take some time to celebrate. Enjoying your accomplishments is why you set out to achieve them. By celebrating your accomplished goals, you will motivate yourself toward achieving the next ones on your list. It will also help you stay focused and positive. After all, if you can achieve one goal, who is to say that you can't achieve every single one on your list?

7) Enjoy Every Step of the Way
Life would be easy if success was instantaneous, but it's not. It's a step-by-step process that takes time. By learning to enjoy each step, you will automatically move along faster toward accomplishing your goals. No longer will your feet feel like weights moving forward, but they'll continue to feel lighter with every step -- and you'll move much faster than you could ever imagine. Remember: Half the fun of getting what you want is enjoying the ride. Don't forget it. 

** How to Make More When Customers Spend Less
By John Hurd, Chief Wealth Researcher

A national poll is reporting that people are spending less each month and don't plan to start spending more in the near future.

News like this may strike fear into the hearts of a few entrepreneurs. When the average consumer starts to pinch pennies, some businesses are going to suffer. However, for those with a little business savvy, or guidance from someone who has it, there may not be too much to worry about.

You see, although consumers may be lowering the amount they intend to spend, they are still going to be out there buying items they need, and some they absolutely want to have.

It all depends on what these items are and exactly how the individuals have decided to cut their own personal spending. Some people may cut out their morning coffee and donut to save a few bucks, while others may opt for the 40-inch HDTV instead of the mammoth 50-inch model and save themselves a few hundred dollars.

When it comes to your own business pursuits, take stock of how your customers are cutting back and weigh the possible consequences this may result in.

What you want to evaluate is the perceived value of your products or service to determine how much your customers may cut back in spending with you.

If you are targeting a specific niche that has few options, it is possible that their spending may not change. This is because a niche product has a high perceived value, since it is difficult to substitute for a less expensive or completely alternative option.

On the flip side, if you are offering something where there is a lot of competition and a multitude of alternatives, you may want to consider focusing your effort on giving your customers very good reasons to continue doing business with you.

Whether it is by having a special sale or making a unique offer, it's better to take a small cut from your sales over losing them completely.

One final point for today: Just because people are saying they intend to spend less money, it doesn't mean that is what is going to happen. Needs can change, and other influences could see that spending goes up. The important thing to remember is that you want to be as aware of potential changes as you can be. When you're aware, you're also able to prepare. So have an action plan you can use anytime you see a change, such as this one, coming your way.

If you want to make it big, you have to think big first. The most successful and wealthy people throughout history were almost all overachievers who experienced results equal to their imaginations. The thing is, the only thing that may be separating their success from your potential success is their ability to think big. Thinking big could be the first step to achieving the success you desire.

Your goals don't always have to appear practical through someone else's eyes. If your friends think your dreams are out of reach, that's their problem; let them continue to exist in the same, mundane status-quo existence that they're used to. The fact is that dreamers are the ones who invent things and introduce new, revolutionary ideas and concepts that benefit everyone. They improve on life as we know it and have the ability to jumpstart progress in current thoughts and traditions. Regardless of what people around them say, people who think big accomplish things because they dare to take the leap into the unknown.

The big-thinkers of the world know they are capable of accomplishing great things and are able to achieve greatness. They are resourceful and goal-oriented, and know how to recognize and seize opportunity even if it isn't clearly presented.

It isn't difficult for you to adopt the same mentality, creating larger than life goals or aspirations; all you have to do is turn your dreams into reality. After all, most things can be done, and your dreams don't just appear out of nowhere. They all have a foundation that was caused by something that exists, prompting you to make the statement, "Imagine this was like that!" The chances are that if you've thought it, making it happen could be quite realistic.

When you maintain focus and set incremental goals, anything is possible; you just have to believe in yourself and your ideas. There is a good chance that the foundation for your idea has already been laid, and all you have to do is build on it. Simply look around for inspiration, take in all the amazing things that surround you, and realize that there is little that can't be done.