If money is your hope for independence you will never have it.
The only real security that a man will have in this world
is a reserve of knowledge, experience, and ability.
Before everything else, getting ready is the secret for success
H. Ford
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The heights by great men reached & kept
were not attained by sudden flight...
But they, while their companions slept,
were toiling upward in the night.
Henry Wadsworth Longfellow
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Wall Street is the only place that people ride to in a Rolls Royce
to get advice from those who take the subway.
Warren Buffet
A banker is a fellow who lends you his umbrella when the sun is shining
and wants it back the minute it begins to rain.
Mark Twain
A banker is someone who charges you high interest
to borrow somebody else's money.
Discontent is the first necessity of progress.
Thomas Edison
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First Things First, Prepare Relentlessly,
Everyone's Accountable... All Of The Time,
Surround Yourself With Great People,
Reflect... Then Decide,
Under promise & Over deliver,
Develop & Communicate Strong Beliefs.
Be Your Own Man,
Loyalty Is The Vital Virtue,
Stand Up To Bullies,
Study, Read & Learn... Independently,
Organize Around Your Purpose,
Bribe Only Those Who Will Stay Bribed.
R.W. Giuliani
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Despite our many shortcomings as human beings,
it is no accident that we persevere and advance in the face of adversity.
It is in our nature.
Creative Destruction
A market economy will incessantly revitalize itself from within by scrapping old & failing businesses,
then reallocating resources to newer, more productive ones.
The great problem inherent in capitalism:
that creative destruction is often, and by a great many,
viewed simply as destruction.
Forcasting is simply a projection of how current imbalances
will ultimately resolve and understanding the exact nature of the relationships between the forces.
Free markets, left to themselves, do not always deliver the optimal good to society,
sometimes the government has to step in.
A. Greenspan
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Every act of creation is first of all an act of destruction.
Picasso
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If things seem under control, you are just not going fast enough.
M. Andretti
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What separates the winners from the losers is how a person reacts to each new twist of fate.
Be better prepared than anyone else.
Build relationships with everyone involved in the deal.
Use your enthusiasm to inspire others.
Be willing to pay a premium for a prime location.
Creative problem solving leads to big profits.
Negotiate directly with the decision makers.
Don't be misled by the aura of legitimacy.
Successful negotiation requires pre-planning.
AVOID THE QUICK DEAL.
Develop an eye for detail.
Motivate people.
Borrow as much as you can for as long as you can.
D.J. Trump
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Triangulate.
Solve the problems that keep the other side in business.
Keep focus on your domestic situation while doing so.
lessons learned from:
W.J. Clinton & G.W. Bush
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Never underestimate the importance of listening.
Look at your situation with a fresh, unbiased eye.
Be yourself & Speak your mind.
Identify key allies early, Back the right horse.
Build alliances, Control the agenda.
Don't be afraid to say "I don't know, but I'll get the answer.
Under promise & over deliver.
Look for openings & Never miss an opportunity.
Set a direction & Master the agenda.
Know when to cut your losses.
Execution & Results are the bottom line.
Maintain flexibility.
Understand the consequences of your values.
Embrace difficult decisions.
Never stop communicating.
Don't get angry, get energized.
Opposition is Opportunity, not a threat.
Don't get involved with people you don't trust.
Use intelligence but don't reveal all.
Gather info. early, apply the information.
Jump in with both feet.
Define & Reinforce the mission.
RUN TOWARD YOUR PROBLEM.
Never do or say anything you don't want to see on the news.
D. Rumsfeld
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Wide diversification is only required when investors do not understand what they are doing.
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Wall Street works hard to make what they do, which is nothing more than buying and holding, appear complex and sophisticated.
No one knows how high or how low a market will go.
No one knows when a market will move.
You can't undo the past and you can't predict the future.
Prices predict the future, not traders.
Losses are a cost of doing business.
If you don't have losses, your not taking risks.
If you don't risk, you won't win.
PRICE must go either up, down or sideways.
No advances in science or technology or radical shifts in perception will alter this fact.
PRICE tells all.
To make money you must live with and accept volatility.
The fact that markets are volatile is not a problem. The problem is you if volatility scares you.
If you can't stand the damn heat, then get the hell out of the kitchen.
The more volatile the market the less you risk,
the less volatile the market, the more you want to risk.
A trend is like a wave and you are the surfer, ride the wave.
Big waves trends make big profits.
Always prepare for drawdowns after strong periods of performance.
Trends become more apparent as you step further away from the chart.
Trendfollowing is simple being on the right side of a move.
No one can predict the bottom of the top of a price run,
its being on the right side when the move is on.
TRADE WITH THE TREND.
Trendfollowers are right for the trend and wrong at each end.
The exact turning point,
the top or bottom can never be known until its over and a matter of record.
If you want to be successful in the market you have to be passionate about your trades.
Winners take responsibility, losers take blame.
If you can't afford to lose, you can't afford to trade.
Your loses should be quantified before ever entering the trade.
Money is only a means of keeping score.
Trust your trade, if you cant trust it, don't trade.
If you have realistic confidence in trend following and yourself,
then temporary setbacks don't matter.
Fearless decision makers have a plan and execute it. They don't look back.
Along the way if something changes, their plan has flexibility built into it so they can adjust.
M. Covel
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The poor & middle class work for money while the wealthy have money work for them.
Most people play it safe to feel secure therefore fear directs their financial decisions not passion.
Be passionate about your financial & business decisions.
The main cause of financial struggle is fear & ignorance,
its this self inflicted fear that keeps you trapped in the rat race and a slave to your job.
Most people in their quest for wealth are trying to build the Empire State Building on a six inch slab.
The rich acquire assets while the middle class acquire liabilities and think they are assets.
The wealthy build their assets first and use the income generated from their assets to buy luxuries.
The middle class buy luxuries with their own sweat, blood and inheritance.
Know the difference between an asset and a liability.
ACQUIRE ASSETS.
The single most important asset we have is our mind.
Learn to earn smarter not work harder.
Financial intelligence is simple having more options.
Today money is increasing exponentially and there are individules who are becomming wealthy from nothing but ideas and agreements.
Invest in your financial intelligence and develope the most important asset you have.
The world is always handing us opportunites but all too often we fail to see them.
Great opportunites are not seen with your eyes, they are discovered with your mind.
Find the opportunity that everyone missed,
see with your mind what others missed with their eyes.
The main reason most people are not financially independent
is because they are terrified of losing.
Winners are not afraid of losing, but losers are.
Failure is a part of the process, people who avoid failure avoid success.
Failure inspires winning.
Be unafraid to lose.
There is always risk, learn to manage that risk instead of avoiding it.
Take calculated risks or you will never move ahead.
It is what you know that is your greatest asset.
It is what you do not know that is your greatest risk.
The greatest reason for lack of financial independence is because most people play it too safe.
The pain or fear of losing money is far greater than the reward of earning money for most.
The main reason that most people struggle financially is because they play not to lose,
they are not playing to win.
Play to win.
R. T. Kiyosaki
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