T. Harv Eker: The Three Keys to a Thriving Personal Economy

We’re in the midst of the worst global economic
downturn in decades. Do you see a problem or an
opportunity? If you had a millionaire mind, you’d
say, “Neither! I see a million opportunities!”

Contrary to popular belief, there are still tons of opportunities
to be found, so long as you’re looking in the right
places. Business opportunities abound, but you may have
to change your mindset in order to achieve success. The
key to prosperity
is how you choose
to approach and
react to the current

Even for the most
optimistic among
us, it’s hard not to
lose hope when the
media tells us that
we’re in a depression. Where is the motivation to succeed,
much less to excel? Why, all of a sudden, does the target of
becoming wealthy seem to be completely out of reach for
the average person?

The truth is, it’s not. In any economy, good or bad,
there are people who make money and people who
lose money. This dynamic doesn’t just disappear when
things get a little tough. The real question is, which
economy is struggling—the general economy or your
personal economy?

Think about it: You have your own views on life, your
own belief systems, standards and results. You look at
things differently than anyone else—why wouldn’t you
have an equally unique economy? Everyone has his or her
own economy.

There are three elements to be aware of to ensure
that your personal economy does well, regardless
of how the majority fares: mindset, cash flow and
streamlined business.

Set yourself up for success by creating a mindset that
focuses on opportunities instead of problems. What you
focus on expands, so if you want to have more opportunities,
focus on opportunities. Don’t get hung up on obstacles,
barriers or all the bad news you see in the media.

Change your thinking and look at things from the
other side: As stock prices decline and property values
plummet, everything is on sale. If you bought stocks or
real estate two or three years ago, you almost certainly
paid a premium. Today, everything, from real estate to
the stock market, is on sale, and these are sales you don’t
want to miss.

When this current economic meltdown began, Warren
Buffett, one of the richest men in the world, said, “This is
the day I’ve been waiting for the last 10 years.”

are three elements to be aware of to ensure that your personal economy does well, regardless of how the majority fares: mindset,
cash flow and streamlined business"

The law of duality states that what goes up must
come down. Eventually, what is on sale now will rise
and prices will go back up, which makes today’s climate
a great place to invest for the future. A lot of people are
losing money right now because everything they sell is at
a loss. But look at the flipside: If a seller is taking a loss, the
buyer is getting a discount.

Warren Buffett has also been quoted saying that when everyone
is greedy, you should be fearful, and when everyone is fearful, you
should be greedy. True to his word, while so many others are frozen
with fear, he’s taken $10 billion and put it into just two companies:
Goldman Sachs and General Electric. I’m not telling you to rush out
and do the same, but I will tell you that that’s how someone with a
millionaire mind operates.

Now let’s look at cash fl ow. If you are looking at investing, you
fi rst need to arm yourself with a sound understanding of investment
principles and strategies. Avoid going strictly for asset appreciation,
and look instead at creating positive cash flow. Interested in stocks?
Find ones offering the prospect of excellent dividends. Considering
real estate? Look at commercial options, such as buying part of a
plaza or small retail mall with strong tenants who serve necessities.

When investing in real estate for cash fl ow, whether the value of
the real estate goes up or down has little effect, because the goal isn’t
to sell it, at least not in the short term. It doesn’t matter if the property
appreciates $1 or $5 million or if it goes down $3 million. If the tenants
pay their rent, that all-important revenue comes in
every month.

We’ve looked at mindset and investments—now
let’s talk streamlined business. It’s never a bad idea
start your own business—as long as you do your
homework, follow your heart and commit yourself 100 percent
to the challenge. Be mindful of the kind of business you’re operating.
If your market includes high net worth individuals and you have an
expensive product, you’ll probably be OK. Most of the people I know
who have a high net worth aren’t overly affected by this downturn; in
fact, they’re the ones buying what everyone else is selling.

Another relatively safe type of business is one that caters to
people’s needs. Remember that your business is competing with
people’s disposable income. As people have less disposable income
and lose confidence, they quite naturally focus on necessities, not
luxuries. For example, people still need to eat, but they might not go
out to restaurants as often as they did a couple of years ago.

Take this as an opportunity to set your business up to be failproof.
Be flexible—trim the fat off your business and make it run in a
way that will allow you not only to survive, but to perform well even
if revenue decreases.

The most important thing is to stay positive—focus on increasing
your sales, and, if worse comes to worst, you will have set yourself
up to survive. If, for example, your revenue decreases by 40 percent,
then you will need to cut your expenses by 40 percent or more,
if possible. The result is that your business will
become more efficient, more viable and more
sustainable in the long run.

Success is all about attitude, knowledge and
the willingness to learn and grow. Set yourself
up to prosper by taking an objective look at your
business, your investments and your mindset, and
make the changes that are necessary for you. Look
for opportunities, and get involved with people
who are doing well; model these people and make
it a point to study their thought processes and
habits. Think rich! If you change your mindset
and build one that supports your success, your
personal economy won’t have a choice: It will have
to thrive.

T. Harv Eker is an author, success
trainer, and founder and president of
Peak Potentials Training. His books
include the No. 1 New York Times
Secrets of the Millionaire
Mind, and his international bestseller,
SpeedWealth. Eker also offers
the Millionaire Mind Intensive, a
three-day seminar that helps people
take control of their minds and nurture
self-empowering thoughts.


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