The James Dicks Blog

I practice what I preach and I preach diversification.  The answer to keeping your financial head above water in this unpredictable market is all about diversification.  That doesn’t mean to spread your investment opportunities simply over a number of stocks or within a few commercial sectors.  It means to broaden your investment opportunities over a wide variety of investment vehicles.  What you ultimately invest in is entirely up to you but you must always be sure that you are involved in a number of investment mediums.

For instance, while a certain amount of your portfolio will, no doubt, be invested in the equity market, you should also be involved in other areas of opportunity like commodities, options, bonds, real estate, and you should also consider the Forex (foreign exchange) market.  The Forex offers you another method of diversifying your investment strategy to protect your financial future.  I advise you to consider the potential benefits of the Forex and invite you to learn all you can about this unique method of investing.  One way to learn is to get a copy of my best selling book, Forex Made Easy…6 Ways to Trade the Dollar.  I wrote the book to be very investor-friendly and it will help you understand the Forex market and how to trade it.  It’s actually very simple and that’s why I like it so much.  The way I trade the currency markets only involves the U.S. dollar against six other major world currencies. That’s it!  Not 40,000 or more stocks or mutual funds…just six currencies!  I like that kind of simplicity.

Plus, if you are considering investing in the stock markets, you might want to consider issues that offer dividends with yields that exceed the 2.5% mark.  That’s probably much better than yield you can get at your local bank.  Check out companies that are showing brisk growth in such industries like the financial, energy or consumer sectors. Just do your homework and you’ll find something that will fit the mold and desired direction of your portfolio.

Determine what types of investments make you most comfortable and which investments make you uneasy.  If you have trouble sleeping at night because you’re worried about your investments then you shouldn’t be there.  Educate yourself daily through various media sources available to you; books, magazines, the Internet, television and radio.  Go to workshops and perhaps consider taking a class at the local college.  Always practice trading on paper before you invest any of your hard earned dollars in anything you are not familiar with. 

Listen, these are some extremely volatile days.  It seems like the financial markets have tried to maintain some kind of balance but recently this hasn’t been all that successful on a global basis.  Political rhetoric, deep concerns about the world’s economy, the growing federal budget deficit, and the daily fears of terrorism around the world has taken its toll on all of us over the past couple of years but now is the time to rebuild.  You should always keep in mind that no matter what the Dow is doing, no matter how the NASDAQ is trading, there are always investment opportunities that are increasing in value.  Just remember to always practice the one method of cutting the odds of losing your valuable investment dollars.  Assure that your portfolio is as diversified as possible. 

When it comes to making something happen in business, or in life for that matter, taking a calculated and creative risk is necessary to get to the next level.  While this might sound frightening, it is a part of entrepreneurship that must become second nature if you are ever expecting to achieve any semblance of success.  Entrepreneurs must put their time, their ideas, and sometimes, their very reputation on line to realize success in something they believe.  

Anything you do in this life requires some risk.  There are very few things that offer us a 100 percent guarantee and a certain amount of risk will normally be required and inevitable.  There are methods of limiting the effects of potential volatile decisions but the time always seems to come when we must make a choice; decide to move in one particular direction and hope for the best.  If things cave in, as they sometimes do, just regroup and take responsibility for your mistakes and select a new course of action.  Then, once you’re satisfied with your new position, cast off again and try to make big things happen.  That’s part of the spirit of an entrepreneur.  There are times when your personal courage will set the pace of who you are and determine whether your company will progress forward. 

Especially in today’s business world, there is a danger of becoming too complacent when we stay in our personal comfort zones.  I took a risk when I decided to join the U.S. Marine Corps and that ‘risk’ helped to create the person I am today.  I have found that generally top-notch performers and those who excel are relentless risk takers.  Those who take the risk always see the possibilities that others can’t even begin to imagine.  I constantly strive to take the road less traveled and pull away from the crowd. 

Although risk can create energy and bring you to a much higher level of accomplishment, there’s more to it than that.  There’s the satisfaction that the risks that we take will create rewards for those we serve.  I hope that the decisions I’ve made over the years and the corporate directions my company has taken have helped to improve the financial lives of our customers and our employees.  Important financial improvements that will help to send their kids to college or might help a family discover a method of creating a successful and needed cash flow. 

We have no idea what kind of rewards we will enjoy by taking that first step into the unknown; by looking risk in the face and moving forward with head held high.  But one thing I do know; there will be no rewards unless we’re willing to take the risk.  So, plan on leaving your comfort zone today.  No matter what your profession, commit yourself to success, enjoy the passion you possess for your job and get ready to reap the rewards that taking a risk can bring.

The ability to really enjoy your life doesn’t take an infinite amount of money but it does take a desire to develop a list of goals and the capacity to apply your personal drive to guide your daily existence.  There are many people we use as role models.  I prefer to look at several people and take a little expertise from each.  I have definitely learned how to apply some of these important ethical values from my relatives and some from people I’ve become acquainted with through my business or personal life.  

What you do in your professional life helps pay the bills but you should also allow it to feed your spirit.  The key thing I’ve learned over the years is to push myself.  It’s very important to make an effort to achieve the unimaginable and solve problems that are more complex than you ever expected you could successfully complete.  That adage has served me well and has seriously helped me to recognize the balance of my life and put it into the proper perspective every day.  What about you?  Have you chosen what it is you’d like to accomplish in your life?  There’s no time like the present to come to some conclusions. 

All of us can accomplish our innermost desires if we first define our dreams and then go after them aggressively.  Ultimately it’s entirely up to each one of us to shape and develop a constructive pattern for our life.  There’s no right or wrong; there’s no black or white.  Occasionally you should try not focus so much on your abilities or on your resume.  Instead, center more on your passions.  Determine what it is you really love to do.  If you don’t have the knowledge you need to reach your objective, make it a major priority to begin filling the cracks and learn.  It’s all about education.   

There are plenty of different avenues to explore to get the information you need to succeed.  Call your local college or find out what training or educational opportunities your company offers.  Access to learning has never been easier.  Most of us actively use the Internet and that’s a great place to start.  You can actually sign up for online courses that you can accomplish at your own speed – right from your home.  The more you learn the easier it will be for you to adapt to new situations and increase your personal level of confidence.  During this rough economic period, lots of people are going back to class to earn an advanced degree or to take vocational courses to actually change careers.   

There’s no time like right now to start the process.  I know that making changes in your life can be very scary to some, but use the adrenalin to actively pursue the things your really want out of life.  Don’t be timid, don’t waste time.  Just do it.  Actively seek out others who share your passions and don’t lose sight of the dream.  But always remember; be thankful for what you already have in life.  Count your blessings daily and enjoy every moment of the ride.  There’s no place like the present to begin to experience a great deal of pleasure in your life’s journey, both on and off the job.

You’ve probably heard about how to make the most of your time through proper time management your entire professional career.  I ran head first into a project the other day that suddenly made me realize that appropriate time management techniques didn’t just help me get through my busy day – but it also helped others.  If I could effectively answer requests on time or ahead of schedule, those requesting the information would also be able to better handle their time more efficiently.

I know, most of us just think we’re much too busy these days and if we had more time in the day we could handle all of our tasks more easily and on time.  But you know, we all have the same amount of time; and some are very good at managing our daily 24 hours while others are just pitiful.

It’s a common error of many new managers to believe they can accomplish the job more efficiently on their own.  I learned a long time ago that it is much more important to train others in the organization in a specific task and then delegate.  It will do wonders for your peace of mind and for the successful completion of the task. Plus, training and delegation is important to develop a solid team spirit within the organization. 

So, where do you start? I guess the first step is accepting the fact that you could do much better when handling your time.  Don’t waste a moment during the day.  Start by;

-         Getting back to basics and write up your daily, weekly and monthly “to do” lists.  Knowing what you have to do and prioritizing the tasks is half the battle.

-         Set a deadline for each task

-         Determine which projects will you delegate and which you will do yourself

-         Make a list of the individuals who can help you complete each task…who is the right person for the job?

-         Schedule the work to be done, assign it to the person(s) involved and then move on to the next project. 

Remember, corporate management is always looking for the professional employees who can handle the job in the eight hours allotted each day.  If your deadlines are constantly being pushed forward to a later date, then how effective are you perceived to be by the corporate elite…also known as your boss.  It’s understandable that in these volatile times, as we approach 10 percent unemployment, people would want to “look” busy for obvious reasons.  But better than being busy is being productive…being creative….being efficient.  The proper management of your time (and the time of your subordinates) will help you and your company locate a path to success. 

In today’s challenging business environment, we are all being asked to accomplish more with less – fewer dollars, and, at times, fewer people.  That’s why the proper management of your time has never been more important. And remember, just because YOU think you are too busy doesn’t necessarily mean you actually are too busy.

You have a choice of how you accomplish your daily schedule but before you even start, prioritize, delegate, schedule and make it happen.  There will be some things that just didn’t seem to be important yesterday that will move to the top of the list today.  And others will disappear completely or get pushed to the back of the priority list.  Today’s daily calendar must be fluid and changeable.  We all must be prepared to turn 180 degrees at a moment’s notice, if the situation calls for it; just keep your eyes and your mind opened to the changing situation and adjust, when necessary.

Take control of your time, starting today.  Your personal level of “busy-ness” will affect your professional life and the professional lives of those around you who you are tasked to support. Remember, what you do (or don’t do) affects others. Begin taking on a creative approach to getting your job done.  Your proper approach to time management has never been more important.

I think by now it is safe to say that almost all of us owe someone for something out there. Thus we should all have a goal of living debt free or as close to it as possible. There is one thing that can really make a difference when it comes to your creditors. This works for both business owners and in your personal life.

The easiest thing to do is not to answer your phone or ignore the attempts of the bill collector/creditor to contact you. It surely can work some of the time and it temporarily makes it easier not to have to worry about the problem at the present time. I don’t think any of us like talking to a collector because most of the bill collectors can be rude and obnoxious.

What is funny is that when you actually do talk with the creditor you feel much more at ease and relived (most of the time). The ultimate reason for this is simple, the anxiety of putting this person off only builds and you know at some point you will have to deal with them and the problem and it only adds to their anxiety on the other side.

The best thing to do when you owe someone money and you are having a difficult time is to simply give them a call. Let them know your situation, let them know that you are having a tough time and that you don’t have any money right now. Tell them when you might be getting some money, or even if you can send them something; $50, $10 anything. You will find this communication goes along way in developing trust.

Here is one better; put on your calendar for every Monday to give each person you owe a call. Beat them to the punch so to speak. I can assure you that they will be surprised, and there isn’t much more they can tell you that you haven’t already heard. Even if you are just telling them that you still don’t have any money nothing has changed but you just wanted to keep them updated. They will be actually just as relived as you are for the call.

Try to make a plan that gets them paid off, work that plan and they will work with you. Even if the plan to pay them off takes longer than you think it should, at least you are making an effort to take care of your creditors.

I was speaking with a guy the other day that used to work for Ford Motor Credit Company. He was telling me how they used to hate calling people every month that would blow them off, hang up on them and just avoid their calls. Ninety days later they would finally get a call from the debtor and the funny thing is he was telling me all they had to do is give them a call and Ford would have done everything they can to work something out. He said they usually would require one payment and then give them a 90 day extension. All they had to do is communicate with them.

So, here’s a simple strategy for the day. Communicate with your creditors and it’s a win-win for everyone involved.

Happy Trading,

James Dicks