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The Power of Momentum

momentum.jpgBigg success is life on your own terms. As we’ve discussed before, the “terms” in our definition of bigg success means several things. One of the ways we can look at “terms” is in time frames.

Sometimes when we think about life on our own terms, it’s hard to see how to achieve something that bigg. Want to know how we respond to that?

We say, “Don’t try!”

Before you click away, give us just a second to explain. What we mean is …

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Don’t try for the bigg goal all at once. Break it up into little actions. Give yourself a due date for completing each action. Suddenly that bigg goal isn’t so bigg at all. You advance toward it action by action. Those little actions are milestones. You can think of the period of time between due dates for your milestones as terms.

Vision to Victory

We introduced this subject last time when we talked about how to ramp up your savings, but we left out something really important. You must have a clear vision of bigg success in your mind. What exactly does life on your own terms look like?

Then, as you map out the actions required to get there, it’s crucial that each action build upon the previous action. “Success breeds success,” as the saying goes.

So when you succeed with one action, you’re more likely to succeed with the next. It’s all about momentum.

Momentum is a precious thing

Once you get momentum, you want to do everything you can to keep it because it works both ways. We think of an interview with an excited football player whose team had just won a bigg game. He described their victory by saying:

“We had the momodum, but then we lost the momodum. Fortunately, we were able to get the momodum back!”

He may have been too excited to get the word “momentum” right, but he certainly understood what it was all about. It’s something we see all the time in sports.

It doesn’t just happen on the playing field. We think it’s particularly important to understand this right now. Things haven’t been going the way a lot of people would like lately. We just have to work all the harder to get the momentum (or should we say “momodum”) back.

Life may throw you something unexpected. That’s part of the price of bigg success. That’s okay. You know you can do it. You know you will win. In those moments when things don’t go your way, don’t get discouraged. Overcome your fear. And charge back.

Get momentum working for you again because success does breed success. Build a cumulative advantage to turn success into bigg success.

Build success into bigg success

You do that by staying hungry. We’ve said before that bigg goal-getters are usually happy, but never content. That’s one of the secrets to building on your success.

Another secret is to understand the fine line between confidence and cockiness. Stay humble, but be proud of what you’ve accomplished.

Perhaps most important, stay focused to gain a cumulative advantage. Make sure your milestones work together so you get where you want to be as fast as you can get there. Then focus exclusively on reaching your next milestone.

If you’ve done everything you can today to get to that next milestone, then you are living your life on your own terms right now. You may not have reached your destination, but you’re well on your way to bigg success!

How do you stay focused on what you need to accomplish today?

Share that with us by leaving a comment below, calling us at 877.988.BIGG or sending us an e-mail at bigginfo@biggsuccess.com.

Thanks so much for spending your time with us today!

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Next time, we’ll talk about when your definition of success changes. Please join us!

Until then, here’s to your bigg success!

 

Direct link to The Bigg Success Show audio file:
http://media.libsyn.com/media/biggsuccess/00372-041409.mp3

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The Power of Defining Your Terms

life on your own termsLast time, we discussed a new paradigm for thinking about our lives: you are the entrepreneur in charge of running a very important enterprise – your life.

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Terms can inspire action

Our definition of bigg success – life on your own terms – explicitly recognizes that “terms” are important. Not just words, but words that matter. Words that empower us.

A single term can cut through the complexity of a subject and make it simple to understand. And therein lies the power of terms.

To create understanding and, from that understanding, actions to achieve bigg success.

Life on your own terms. What are those terms for you?

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georgeOne of the terms we use here at Bigg Success is goal-getter. I love that word. It combines go-getter with goal-getting. So it’s a powerful word to me that implies movement toward what I want to achieve.

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Terms can limit us

Like many things, terms can also work against us. They can limit what we achieve.

We can define ourselves too small. We can view our businesses too tightly. We may see our careers too narrowly.

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marylynnFor example, I defined myself for years as a radio DJ. That’s what I was and that’s what I was known as. But when I started using the term “broadcaster”, I could see a bigger picture and new possibilities. I am now a “broadcaster” who happens to use the internet as my medium.

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With terms, we can also magnify our shortcomings and minimize our strengths. It’s so easy to do.

Your terms are unique

Notice that we define bigg success as life on your own terms.

Your terms are not my terms. They are uniquely yours.

Your terms have the power to inspire you to bigg success.

To lift you up when you’re down.

To push you even higher when you’re up.

Terms as time frames

There’s another meaning to the “terms” of life on your own terms. We think of school terms – a semester, for instance.

It’s valuable to think about “terms” in terms of time. In other words, as phases. To achieve the bigg success we dream of, we will set our goals in time frames.

For example, say you want to be the best attorney in your area. That’s your end goal.

In the first term, your goal may be to complete your undergraduate degree.

Term 2 – get your law degree. Term 3 – pass the bar. And so on.

You break up your long-term goal into terms – time frames – to make sure you stay on track to reach bigg success. 

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Would you like more tips and tools to live your life on your own terms?
Subscribe to the Bigg Success Weekly – it’s FREE!

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The terms of the deal

See how rich a single term can be? But we’re not through yet!

There are two primary factors in any deal – the price and the terms. There’s a basic negotiating principle:

You get to pick the price or the terms, but not both.

If you ever get to pick both, you better get a great deal!

Do you see the implication of that principle to bigg success? If you set the terms, bigg success sets the price.

The higher the level of success you seek, the higher the price will be. You must be willing to pay that price or you can’t – you won’t – be able to live your life on your own terms.

There’s a story about an amateur golfer who approached a famous golfer. We believe it was Tom Watson. The story goes something like this …

The amateur said, “I’d give anything to drive a golf ball the way you do.”

Tom Watson said, “No, you wouldn’t.”

The amateur said, “Yes, I would.”

After several more rounds of this, the pro decided to let the amateur in on his secret.

Tom Watson finally said, “I learned to drive the ball the way I do by going to the range every morning and driving a bucket of balls. When that bucket was empty, I drove another one. And another one.”

The pro continued, “I drove balls until I could feel blisters forming on my hands. And do you know what I did then? I kept driving balls. Before long, my hands were bleeding. So I drove another bucket of balls. Day after day, week after week, I drove balls in spite of the pain. Eventually, my hands were full of callouses. That’s how I learned to drive the golf ball the way I do.”

So if you want to drive golf balls like a pro, there’s your price. You set the terms, but then you must pay the price to reach bigg success.

It’s worth it because it’s what you want. By the way, there is also a price to pay for not living your life on your own terms. We think that price is higher!

Share your terms

So what are your terms? What does life on your own terms mean to you?

And what terms inspire you?

You can share that with us by leaving a comment below, calling us at 877.988.BIGG or sending us an e-mail at bigginfo@biggsuccess.com.

We want to highlight the members of our community and their stories. In those stories, in our terms, is information and inspiration for all of us. So we all reach bigg success even faster!

Thanks so much for reading our post today.

Join us next time as we continue diving deeper into life on your own terms. We’ll talk about five very special terms – the five elements of bigg success.

Until then, here’s to your bigg success! 

 

Direct link to The Bigg Success Show audio file:
http://media.libsyn.com/media/biggsuccess/00358-032509.mp3

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When It Comes to Investing, Time is on Your Side

time_money On Tuesdays, we usually talk about time issues – time management, productivity and getting things done. But today, with the volatility of the stock market, we thought we’d take a look at how time affects your investments.

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It took many years to create a portfolio of value. It’s been frustrating to see that value fall so quickly. But we’re reminded of a Gordon Gekko quote from the movie Wall Street:

“Don’t get emotional about stocks. It clouds the judgment.”       

Yet that’s exactly what we tend to do. We get emotional and do the opposite of what we should do. We should buy low and sell high. We buy high on exuberance and sell low in a panic.

The smart money does just the opposite. It buys low in the panic and sells high on exuberance.

A look back at the Dow

We ran some calculations to see if there is a benefit to buying and holding for a period of time. We specifically looked at the Dow Jones Industrial Average because it’s the basket of stocks with the longest history.

Going all the way back to 1896, we assumed we bought the Dow on the last day of every year right before the close. We looked at every period up to December 31, 2007. Then we looked at holding periods of:

  • 1 year
  • 2 years
  • 3 years
  • 5 years
  • 10 years

We looked at two specific things for each holding period: our return and our chance of losing money.

Risk and return results

We found that the longer we held the Dow stocks, the better our return with one exception – the average 3-year return was lower than the average 2-year return.

Even more interesting, we found that the longer we held, the less likely we were to lose money:

  • In one year increments, we had a one in three chance of losing money.
  • Over five year time frames, we had a one in four chance of a decline in the value.
  • Of the ten year periods, we only lost money in one out of five cases.

Then we looked a little deeper – to the size of the volatility. The range of highs and lows went down over time, so the downside was as follows:

  • About 14% for the 1-year increments
  • About 2.75% if we invest over 5-years
  • 0.55% for the 10-year ranges

So based on these historical numbers, the longer you hold your portfolio, the less likely you are to lose money and, if you do, the less you are likely to lose.

Just remember – the past doesn’t necessarily predict the future. However, it’s not unreasonable to use it as a guide.

Beyond the Dow

You’ll most likely invest in a bigger basket than the Dow. You’ll also probably want to invest in more than just U.S. stocks. You’ll also almost certainly invest in bonds and other assets. As a general rule, the more diversified you are, the more likely longer time periods will work in your favor – even beyond what we’ve shown here.

You, CIO

Here’s something we can’t possibly emphasize enough – no one will look after your money like you will. You are the Chief Investment Officer for you and your family. So it’s important to understand investing basics.

DIY doesn’t work

Having said that, do-it-yourself investing doesn’t work well for most of us. So plan to outsource and inspect. Your most critical decision, then, is the hiring decision. You’re not trying to figure out specific stocks to buy, how to allocate your assets among stocks, and those kinds of decisions.

Turning to professionals

With full knowledge of investing basics, you’re ready to work with a certified financial planner to help you plan your retirement portfolio. You’re also ready to invest in mutual funds with proven managers.

Time is money in the bank

As we saw with the Dow, time is money in your account. So keep investing – month after month or paycheck after paycheck. In times like these, you’ll get a sweet deal. The smart money is getting it too! You’re buying low so you can sell high later.

That puts time on your side!

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