21st Century Academy

The global economy is in a recession. Yet, for someone who is dedicated to increasing his or her wealth, “recession” is just another word for “opportunity.” According to the minutes from the Reserve Bank of Australia’s recent meeting, interest rates are likely to keep on falling throughout the upcoming months. It’s a buyer’s market out there right now. It is the perfect time for enterprising and bold individuals to make as many long-term investments as they can. Enterprising individuals should take advantage of low interest rates to make investments they wouldn’t have been able to make otherwise–for example, buying property.

Federal Reserve Anticipates Slow Economy For Short Term

Just this month, the RBA expressed low confidence in the ability of its existing rate cuts to invigorate the economy in the short-term. Even the Government’s recent stimulus package is unlikely to stimulate the economy until the latter part of 2009. Analysts predict that interest rates will decrease by as much as 75 points this upcoming month. As of February’s meeting, Australia’s cash rate is already a staggeringly small number: 3.25%, the lowest that rate has ever been in 45 years.

The RBA’s predictions for Australia’s economy are as modest as the interest rates that it has set are low: a growth of just .25% is predicted for the second quarter of 2009. Other analysts think that even this number is too high, predicting a contraction of the economy.

Don’t Follow the Herd

When it comes to successful investing, one of the most important rules to keep in mind is not to follow the herd. In a recession, it helps to go against trends and spend if you can afford it. Take advantage of the actions of the Federal Reserve. Take out large loans. Take some educated and calculated risks when interest rates are low, so you are much more likely to yield a profit.

Learn Your Whole Life

A wealthy person is generally a smart person. Wisdom doesn’t have to peak at a specific age and then decline. The brain is a muscle so the more you work it, the stronger it gets. The smarter you are, the wealthier you’ll be because remember… wealth is about more than just money.

It stands to reason then, that you should never ever stop learning. Learn how to make money, learn how to have fun and learn how to continually challenge yourself.

How do you become a life long learner?

* Read often
* Learn something new (a language, to play an instrument, to do a new craft)
* Do crossword puzzles
* Take a course
* Decide to micromanage your finances so you can increase your net worth

Reading inspires. Whether it’s the newspaper, how-to or self-help books or fiction, daily reading is good for your brain.

Learning something new keeps your brain young. Learning new skills continuously and working your brain will stimulate cell growth whereas complacency creates nothing. Even the act of doing a crossword puzzle keeps the brain sharp and can invigorate you to take action in your life.

As you learn to do new things, and as you grow your finances, you’ll increase your overall wealth. Learning is fun and knowledge = power.

Become Financially Educated

In today’s post we will look at some of the ways that you can become financially educated in order to take advantage of wealth creation opportunities as they present themselves. Investing in your own education is perhaps the wisest investment of all.

In this day and age there are an abundance of  ways to further your financial literacy. Perhaps one of the best and by far the cheapest, is heading to your local library and reading some of the best financial books ever written. Often I am asked by people who have little or no money and this is the first place that I mention to them. It was the humble library where I began to get myself financially educated and what I learnt there helped get me to where I am today.

The introduction and ease of access to the Internet has made it even easier to access great financial information and websites that offer some wonderful financial tools and resources. There is a flip side to the Internet, and that is there is some dubious and unaccountable information out there that may be harmful to your financial education.

Finding a mentor who is successful in their given investing field is an excellent way in which to learn and further your education. They will advise you of potential pitfalls in the way and will most certainly try to give you the best advice they can.

Wealth Coaching is very popular these days and rightly so. Even the top sports stars in the world still have their own coach. Wealth Creation is no different and the top investors out there all have proven wealth coaches. A good wealth coach will work with you and unleash the investor within, while making you be accountable to yourself when making investment decisions.

Homestudy programs present perhaps the best and most cost effective way in which to further your financial education, as you get access to some of the most successful investors and wealth creators on the planet and can watch the DVD’s at your own leisure. I did the 21st Century Academy Homestudy a couple of years ago, and it was this one program that made all the difference to my financial education.

It doesn’t matter where you further your financial education, it is just important that you keep learning as much as you can. After you learn it is just as important that you take action and go out and practice what you have learnt.