Best Pay Profits

We all understand that a complete economic turnaround is still months away. But despite this economic climate there are women who thrive. What do they know that others don’t? Could it be they understand they don’t have to be helpless victims of outside forces?

Six figure women have specific traits that help them thrive during times like these. Like the phrase, “When the going gets tough, the tough get going”, these women understand what it takes and how to make it happen.

Here’s 7 Traits To Possess:

1. Money is OK: Financially successful women expect to be well compensated for their work. While money may not be their only or even their main driving force, they want to make and feel good about making money. On the other hand, under earners often underestimate their worth or work for free. Rather than feeling positive about making money they may look down on people with money and believe in the myth of noble poverty.

2. Be Gutsy: To succeed financially you need to step beyond your comfort zone. I’m not suggesting becoming a wild risk taker; however the financially successful woman acknowledged the need to take some risks and tolerate the discomfort that comes with going beyond her comfort zone. For example, asking for a raise, negotiating your salary, or raising your fees may produce fear and discomfort. The woman who thrives understands that fear is just an emotion and takes the step anyway.

3. Try, Try Again: People who are successful understand they need to have the ability to bounce back from their mistakes and failures. And, although none of us like to make mistakes, the women who thrive financially understand it’s part of the process. They are willing to tolerate the discomfort of failure to start again and achieve their financial goals.

The decision to file for either a business or personal bankruptcy is difficult enough. While you may have prepared yourself for the short-term and long-term financial consequences for the decision, most likely the emotional consequences have yet to be addressed. Each person is different and for some the emotional reactions are less than others but for the most part, each walks through the different stages although not necessarily in any particular order. By being aware of the emotional stages to the bankruptcy and learning to cope effectively you can begin to heal from the storm of bankruptcy.

Shock – Is this really happening? This is the most immediate reaction to the reality of filing for bankruptcy and usually lasts for a couple of weeks. It is similar to a deer caught in the headlights of an oncoming car; you feel paralyzed, overwhelmed, and insecure about the decision you made. Worse, some your past decisions are what contributed to this moment so you are reluctant to trust even yourself to make the simplest of decisions in the moment. Shock fades as the reality of your situation sets in and some minor decisions are able to be made.

Guilt – What have I done? Recalling past mistakes over and over for the point of learning from them is useful but when the recalling turns into beating yourself up, it becomes destructive. Feelings of guilt over poor decisions in the past seem to flood your thinking and can be too much to handle at times. Being aware of your mistakes and learning from them is different from agonizing over them. What is done is already done, now is not the time to beat yourself up over the past, rather begin to look forward to the new possibilities.

With many headwinds threatening to send the US back into a recession, many smart investors are focusing their portfolios on only the income generating stocks and commodities (especially precious metals) that still have room to run.

Many astute economists now admit that the hangover from the financial crisis is still playing out and while many people are panicking and losing money there are many areas of growth out there at the moment. Investors just need to look past all the doom and gloom that is out there and being written in the papers and economic journals.

The 7 best ways to protect yourself from the coming economic troubles include:-

1) Focus your efforts on High quality businesses and stocks that have A-Type balance sheets and strong yields.

2) Stocks that only provide reliable dividends and have a proven track record in a weak economic environment.

3) Choosing stocks and bonds that show low debt to equities ratios and high liquid asset ratios currently. This is really companies with good balance sheets and no heavy debts lingering from the financial crisis.

4) Choosing the hard assets such as oil and gas royalties, and similar real estate investments with a long term focus on various income streams.

5) Choosing sectors and companies that have high variable costs, and low risk entries such as utilities, consumers staples and especially health care services.

6) Choosing areas such as high growth potential in the Alternative / Clean energy sectors. Or also sectors that are not heavily reliant on bullish equities markets and volatile market swings.

7) Choosing education or a fund manager that can look after your money safely. If you are busy, it is better to pay for someone to manage your money.