98: Responsibility for Success - Baby Boomer's Retiring - Altoona, PA Mayor Matt Pacifico - Chicago
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Motivation - Taking Responsibility for Your Success?
What does success mean to you? It seems a lot of younger people are focused on money or income as their definition of success. As we get older we begin to look more at our impact or the legacy we leave for our family.
Who is Responsible for Your Success?
There is a wave of sentiment in our society that others have control over our situation. Some will blame bad parenting, while others will claim they’re held back by the people in power in our government. The truth is, the only person who is responsible for your success is you. Events will happen which may be hurdles but it’s up to you to see those and overcome them. It’s up to you.
The Three Most Important Elements to Your Success
Each one of these items is dependent on you alone. You lay out the steps, you determine and take the action and ultimately, you must be responsible for your progress towards success. Don’t fall into the trap of blaming others.
You Control Your Reaction
There are times in your life when others will do something which takes control of you. Think about the last time you were cut off in traffic. That person may not even know you were there and they’ve now driven off completely oblivious to what happened. Their day is going to be fine. In fact, they may have their best day ever. But that situation will set you off and change your attitude for the rest of the day.
It’s up to you to determine your reaction to everything that happens in life. You can’t control what others do but you can control your reaction to it all. That is what will keep you on your path to success.
Good Better Best
Every day you’ll be presented with opportunities to focus on an assortment of situations. It’s up to you to put your attention and effort into the areas that are the best. It’s easy to get distracted by the GOOD things and you may even become aware of that and decide to focus on something you know is BETTER. But, massive growth and progress happen when we’re intentional about focusing on the areas and actions we know are the BEST.
Baby Boomers Are Withdrawing Money from the Market
Every day there are about 10,000 Baby Boomers retiring and beginning to withdraw their investments from the financial markets.
RMD’s - Required Minimum Distributions kick in at 70 ½ years old and force Baby Boomers to withdrawal money from their retirement accounts. This is the opposite of what we saw happening in the 80’s as Baby Boomers were beginning to put money into their 401k retirement accounts. This mass influx of money into the market during that time helped the market grow.
Now, with the Baby Boomers being forced to pull money out of the market, many are wondering what will happen to the market. Afterall, it’s easy to make money when the market is growing, demand is high, and values are going up. But now, with money coming out, there’s worry of a decreased demand, and decreased values.
The big question you need to ask is whether you’re invested in a way that prepares you for a market that’s dropping. If you have a large portion of your portfolio in bonds, you may want to take a closer look at those. Remember, bonds move in the opposite of interest rates.
Interview with Altoona, PA Mayor Matt Pacifico
Interview with Multi-Platinum Award winning artists Chicago
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