4 Ways to Make the Unpredictable Work FOR You

Posted: 10 Mar 2011 04:00 AM PST

Most people don't enjoy facing unpredictable circumstances, especially when it comes to their professional careers or anything that might have a potential impact on their finances. While there are those who like risky investments, play the lottery, gamble, etc., it is probably safe to say that the majority of us are not excited about playing around with our finances, taking risks, and facing the unpredictable.

Photo: burningkarma

However, there are ways in which unpredictable situations and circumstances can work for you, rather than against you. In using the new formula called CreAction, which is really about acting rather than thinking your way through a problem, there are ways in which you can guide yourself to make these situations less daunting. Below are some ways that you can make the unpredictable work for you!

1) See everything (including problems) as an asset. Leverage all situations, including obstacles and uncertainties, to work FOR you. This can easily be done by looking at how the problem or issue you are facing can be incorporated into your current financial planning. Since these types of situations are unavoidable, the only way to make these uncertainties or obstacles work for you is to work with them. More often than not, they can be turned into advantages.

2) Find opportunities where others are too scared to move. Turn others' fear to your advantage. Starting a business in a down economy or buying real estate or stocks while the market has gone bust can be difficult things to stomach. However, when you proceed with caution (but nonetheless proceed), you can take an opportunity when your competition is decreased, and potentially thrive. Take advantage of cheaper labor, rent, and other resources to start your business, and with the right research and knowledge, your stock investment can deliver once the recession ends. Clearly, this is something people do, when you look at the fact that entrepreneurial activity rose to a 14-year high in 2009. (Kauffman Foundation, 2010)

3) Let unpredictability sharpen your analytical skills. In the formula of Act-Learn-Repeat, your analytical skills are the “learn” step. As entrepreneurs, we focus on acting, for the majority of the time to get us to our goal, but at each step along the way, it is important to analyze what your next step will be. Stop frequently to analyze performance and see what is working and what is not. Then proceed from there with your next step.

4) Diversify your efforts. When you are dealing with a stock portfolio or separate business lines, facing the unpredictable means that you probably want to have eggs in many baskets. Diversify your investments by looking at higher risk and lower risk investments — as well as short-term vs. long-term investments. Diversification can help make sure your one failure does not mean complete failure. Make sure you are reasonable and realistic about the outcome.

To learn more about how to act like an entrepreneur, as well as to find out more about how to use a new entrepreneurial formula called CreAction to work for your goals, please go to www.actiontrumpseverything.com for a free copy of the Action Trumps Everything online book.

Dollar Matters: Frugal Ideas

Posted: 09 Mar 2011 09:19 AM PST

When it comes to financial freedom, one of the best things you can do is consider adding a little frugality to your life. The latest offering from ING Direct, the THRiVE Chequing Account is a perfect example. Launching today, this account features free ABM access, as well as a number of other fee-free features (including a sort of overdraft protection of up to $250 — free if you pay back the funds within 30 days). With the end of free chequing drawing near, banking without fees is a frugal move. And here are a few more frugal ideas from around the PF blogosphere:

10 Ways to Combat Escalating Food Prices

Everything Finance Blog has some great ideas for reducing your exposure to rising food prices. Great ways to keep food from becoming unaffordable.

7 Ways to Use Your Freezer to Save at the Grocery Store

Mom’s Plan offers a great way to save money on food by making use of your freezer. We don’t normally think of freezing milk, but apparently it can be done.

How to Save Money on Groceries

Being Frugal has some solid suggestions for saving money on groceries, including cooking from scratch.

Calculating the Best Balance Transfer Rates

At My Dollar Plan, you can learn more about balance transfers, and how to save money when you make them. Includes great ideas on the cheapest balance transfer cards.

How to Buy a Good Mattress for Cheap

My Two Dollars has some great tips for buying a cheap mattress. And it’s a good mattress! Sleep better for less.

Negotiate All Your Travel: The Ultimate Guide

Want to travel more frugally? Wise Bread offers a helpful guide on negotiating travel expenses. A great companion for the wanderer.

A Life Of Their Own: Top 5 Cars That Were Built to Last

Bible Money Matters features a great post on cars that are likely to last a long time. Helpful ideas for those who want to save money on cars in the long run.

5 Tips for Saving When Gas Prices Soar

Suddenly Frugal knows that you are probably feeling the pinch from skyrocketing gas prices. Here are some tips for saving money on gas.

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