The James Dicks Blog

I think you just might agree with me when I say that there has never been a more important period in our life’s history that requires a distinct positive approach to everything we do. It just might be the key to success in our professional lives today. For those of you in management and leadership roles, you’ve studied the benefits of a positive disposition versus dwelling in the negative. If you display a positive approach to others when “bad things” happen, you are more likely to come to a successful conclusion in any problem you may face.

It’s not easy but it is necessary, even expected, of today’s business leader. Your confidence will be observed by those around you and will become quite contagious. If the team moves in a positive direction, the entire organization will have a better chance of succeeding. That’s important in today’s challenging business environment.

In corporate America today, there is a desperate need to do more with less. The stress of trying to create a positive cash flow when sales are down might force you to develop an approach that has never been tried before. Don’t say it can’t be done – try it. You may be surprised at how innovative thinking suddenly develops when a positive attitude is created.

Another personality trait attained when you’re in a positive mental zone is confidence. Without the will and desire to accomplish even the smallest task, there’s really no point in getting up in the morning. Your optimistic approach to the job at hand will take you to the next level of accomplishment. Part of building a respectable level of confidence is developing and attaining a set of goals that you set out for yourself and your organization. Accomplish each goal, step by step, and your confidence will flourish. You’ll start believing you can do whatever you set your mind and heart to do.

Oh, and one other thing – love what you do. That’s extremely important because once you find that your life’s work is actually something you enjoy doing, you’ll want to do it more often. You’ll want to make sure it’s done competently and those around you will also start feeling the same way. It’s often been said that if you love what you do, you’ll never work another day in your life.

But many of us are trapped in positions and in companies that we don’t enjoy because of the current shape of the economy. What can you do if you find yourself in that situation? Maybe it’s time to get out and start searching for that one thing that you are passionate about. Time to start enjoying the day from sunrise to sunset. Let your passion drive you forward and find what it is that will create a solid, confident, and positive attitude within you. It’s in you right now; you just need to do some soul searching to find it.

Your attitude and the way you think are entirely under your personal control. A positive attitude will help you lead your team to victory. So, when you think about it, your future success, even your very health is something that you can control if you literally put your mind to it. Think positively.

JamesDicks General business, Congress, credit, crisis, economy, education, financial growth, forex, goals, government, james dicks, leadership, stock market, success

I know it’s been tough the past couple of years and you’ve probably experienced some financial losses along the way, which could include a loss of equity in your home (or the loss of your home through foreclosure), your investments have probably taken a beating, and your 401(k) is no longer a viable option for your retirement future. If you were saving for your children’s education, that may have been put on hold, at least for the foreseeable future. Vacations? Forget about it….at least for now.

Remember, you may be down but you’re certainly not out by a long shot. Time to start the rebuilding process and the sooner the better. The faster you start, the more time you’ll have to put away the cash, the assets, the peace of mind before you really need it. But what to do first?
You might look back and try to remember where you started when you first left home or when you first got married. Chances are you began by putting away what you could in a bank savings account. That is probably a good place to start now.

Recently an economist said that average U.S. household wealth is down almost 20 percent from its pre-recessionary financial crest three years ago. There has been no reduction of U.S. household wealth in the last 50 years that has even come close to touching this loss. Many of those who supposedly know (government officials, economists and the like) are starting to believe that the “Great Recession” has probably seen its worse and investors are beginning to get restless about standing on the sidelines. But, many more are not yet interested in getting back in yet. There are fears that they might run into a second phase of this recession period and take another big hit. And others are getting nervous about the possibility of losing out on something big when things do begin to look clearer economically.

So what should we do? The answer to that question is very personal – it’s your money and that means its entirely your decision. But let me just throw out a few facts that may help you make some very important decisions.

Many people I talk to are ready to jump back into stocks. The negative or positive activity experienced by the stock market is normally guided by the strength or the weakness of the U.S. economy. When our economy begins to expand and the chances of inflation are relatively slim, the stock markets tend to thrive. Today, I don’t think we know the answer to either of those questions because growth and inflationary questions remain persistent today.

I don’t know about you, but I’ve been hearing lots of advertisements about investing in commodities these days, specifically gold. During periods of inflationary pressure, the commodity sector has been where many people go to find a financial refuge. Although gold has been showing some considerable strength, it has also shown itself to be rather stagnant over the last few months – not gain or losing much in the process. The Fed has stated this year that if inflation begins to show itself while our national economy continues to be on the mend, they will pull back some of the liquidity they’ve put out there in order to slow it down. This will indeed have a great impact on commodity pricing.

So where to go? Back to that savings account at the bank that hardly pays anything as far as interest is concerned. Or maybe its time to remain on the sidelines and get involved in CD’s or other interest rate vehicles. While these types of investments aren’t very lucrative, you can be sure of one thing…you’re probably not going to lose in the process either.

Are you in a mood to take a chance or are you in preservation mode right now? Remember the old adage – “You pay your money and you take your chances.” But the chances we are experiencing today are not like anything this generation has ever seen. Getting back in or staying on the sidelines is a decision that each one of us must make independently and not by the flipping of a coin. Get educated and make sure the decision you ultimately make is one you can personally live whether your investments go up or whether they go down.

JamesDicks General business, Congress, credit cards, crisis, economy, education, expenses, FICO, financial growth, financial responsibility, forex, government, investing, james dicks, job, premieretrade, saving money, stock market, success, unemployed

Almost immediately following our New Year’s celebrations, we begin to see the advertising of various tax preparers hit the media on TV, radio, newspapers, magazines; even that guy standing on the corner dressed as the Statue of Liberty and waving you in to complete your taxes. This year is no exception; tax preparation is big business in the United States. Having someone else complete your taxes may cost you a few dollars but it does eliminate almost all of the stress and aggravation that goes along with the annual filing process. You’ll probably rest a bit easier too knowing that a tax “expert” will more than likely be able to do a better job and probably save you considerably more money than if you did it yourself.

I think you’ll agree that filing your taxes is probably the most important personal and/or professional administrative function that you are tasked to complete each year. It’s very important that the finished product is as accurate and as honest as possible, so keep this in mind when selecting the person you’ll be trusting with your annual tax return. There is absolutely no guarantee that the tax professional you ultimately select will do everything he/she can to save you as much money as possible. So you need to follow a definite process when considering the choice of a preparer.

First, your tax expert will be handling your most personal financial information. You should be able to develop an open relationship relatively quickly where you feel comfortable asking and answering important financial questions. You should feel secure enough to ask the preparer how much he/she personally paid in taxes last year. If the answer is anything but virtually nothing, you will want to be cautious of this particular person. If this kind of candid discussion bothers you, at least ask for some solid references of satisfied clients. Another way to locate a skilled tax preparer is to just ask your friends and family; especially those you know make a considerable income. I’m certain they will be more than happy to recommend someone who has served them well in the past. Never lose sight of the actual reason you decided to use a professional tax preparer in the first place; to legally obtain a greater tax savings than you could on your own. The keyword there is legally.

When I talk to others around the country about their personal financial issues, I seem to end up disappointing them because I consistently come down against the use of any and all illegal tactics that might be used to reduce someone’s tax burden. In fact, I surprise most people because I normally take it one step further by avoiding even the use of what are commonly referred to as tax “loopholes,” the use of which are not, technically, illegal. The only type of tax reduction plans I support are those that use completely legal tax strategies. These strategies are primarily focused on maximizing the use of all available deductions which a U.S. taxpayer can use. Flat-out tax cheating, which normally comes in the form of absolute tax evasion or the claiming of false deductions, in addition to being wrong, is illegal, and will probably send you to jail, give you the opportunity to pay huge fines – or both.

So, I believe the use of permissible tax reduction strategies is the only way to go. There are many of them to take advantage of and they range from standard deductions for which nearly all taxpayers can qualify, to deductions for which small business owners can qualify. Discuss these deductable areas with your tax preparer and develop a solid tax plan that will legally qualify you to use these deductions. You must take the time to learn which deductions are potentially available to you and maintain the required records for every deduction so you can support their use should you be challenged by the IRS. If you do it correctly, you will soon see just how valuable the use of these eligible deductions can be. When it relates to your taxes, always take the “high road” and always be completely honest. Believe me, the effort is worth it.

JamesDicks General Congress, economy, expenses, financial growth, investing, james dicks, success, taxes,  financial growth,  financial responsibility,  forex,  goals

It was on the 11th hour, of the 11th day, during the 11th month of 1918 when peace was finally declared in “the war to end all wars.”  It was pronounced as Armistice Day.  In 1938, Armistice Day was enacted as an official American holiday but eventually, after World War II, citizens felt that the veterans of all wars should be recognized, not just those of World War I.  So, in 1954 Congress changed the name from Armistice Day to Veterans Day and today the anniversary celebrates all U.S. military veterans with parades and ceremonies from coast-to-coast.

While we honor the nation’s military heroes who died during wartime on Memorial Day, Veterans Day is set aside to honor those gallant men and women who fought for our nation and survived the horrors of war only to return home with a variety of scars, both physically and mentally.  Today, Veterans Day is also poignant because our nation is at war in foreign lands that threaten our sons and daughters.  These young men and women are actively fighting for the national freedom of not only our nation but of nations who are depending on us for their very survival.

Today and every day, think of these extraordinary people who are deployed in “harm’s way” on the battlefields of Iraq or Afghanistan, or stationed at military installations around the world, far away from the one’s they love.  Think of our military men and women on Thanksgiving or during the holidays; each one of them must face the day away from the warmth and love of their own family and depend on their military brothers and sisters for support.  They do so because they feel a deep obligation to all of us to maintain the freedoms that their parents and grandparents defended during their own military tours of duty.  Whether they experienced battle at Verdun during World War I, Iwo Jima or the Battle of the Bulge at Ardennes in World War II, Pork Chop Hill in Korea, Khe Sanh in Vietnam, the Battle of Fallujah in Iraq or The Battle for Mazar-i Sharif in Afghanistan; veterans have laid their precious time and their very lives on the line in defense of freedom around the world.  They are to be honored, not just today but every day.

While not so much a custom today as it was in the past, you just might see people selling poppies in front of grocery stores and retails centers on Veterans Day.  It has always been traditional to sell poppies because these simple flowers grew over the grave sites on the Western Front in Europe after World War I and they soon became a symbol associated with Veterans. 

During the 1920’s, people began selling paper poppies made to look llike the rell poppy which financially helped ex-servicemen and their families.  Today, these donations help build housing for seniors and support groups such as Meals-on-Wheels.  People also buy them to show their support for our military members and their families.  So, if you see someone selling them on Veterans Day, help out if you can and wear your poppy proudly. 

If you are a military veteran, I thank you for your service.  If you should meet one of our military heroes on the street, take an extra moment to shake their hand and tell them they are appreciated for their sacrifices and the sacrifices of their families in the defense of freedom.  Observe Veterans Day with the proper perspective this year; proud of our military vets and proud of our unique nation; a nation that our military has kept free since its founding so many years ago.

Thank you to all our Veterans!

JamesDicks General Afghanistan, armistice day, Congress, Iraq, Korea, military, Veterans Day, Vietnam, war, World War I, World War II

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. 

JamesDicks General business, Congress, credit, crisis, economy, education, expenses, government, housing, investing, james dicks, job, market crash, money, personal finance, premieretrade, refinancing, saving money, stimulus, stock market,  financial growth,  financial responsibility,  forex,  goals