Financial Planning, Investments, Women Empowerment, World economy & politics

Stop blaming failures on bad luck. Many people strike it rich by just making one smart career move, investing in the right stocks or even inheriting a family fortune. But for others, it simply comes down to changing their daily habits and routines, adopting a new mindset or implementing small lifestyle changes. Check out the secret life hacks successful people use to build their wealth — and find out how you can do the same.

1. Stop Watching the Clock

If all you ever do is focus on how much you get paid per hour, you’ll be working long hours for the rest of your life. Take a lesson from Tim Ferriss’ “4-Hour Workweek,” and start thinking about how you can get paid for results instead of time. You’ll be motivated to work smarter, not longer.

2. Don’t Shy Away From Self-Promotion

Whether you’re advertising your skills or a business, you need to feel comfortable doing it. Promotion can sometimes feel pushy, but it’s a crucial part of business — especially if you’re trying to establish a customer base. Use social media, local advertising and other marketing methods to get your name out there.

3. Stop Confusing Wealth With the Appearance of Wealth

You don’t need to become a full-fledged minimalist, but it’s time to trim the proverbial fat. Look at your budget, and identify the ways you’re throwing away money on over-priced nonessentials. Spa treatments, expensive restaurants, most retail shopping and unused gym memberships are excesses than can sabotage your financial health.

4. Change Your Playlist

When you’re not working, you should be learning and gaining as much knowledge as you can, whether it’s related to your business or not. Listen to audio books and podcasts while you drive, shower and clean your house. You’ll find that it’s as relaxing as watching a show at the end of the day, but you’ll be getting a brain workout instead of just vegging out.

5. Monetize Your Talents

If you dream of earning $1 billion, start with your talents. If you have a valuable skill, you could create a business around your talents. Whether you’re a skilled programmer with a vision for launching a development company or a fashionista ready to create your own product line, use your interests, passions and abilities to make money.

6. Get a Mentor

James Wilkinson, CEO and president of Pamco Machine Works, Inc. in Rancho Cucamonga, Calif., recommended that you “identify successful people in your industry and reach out for advice.”

“Be bold by asking, writing, emailing or calling them directly,” he said. “Ask them to help you solve a specific problem, give you general advice or become your mentor.”

7. Drink Water

Life’s simplest necessity can actually increase your wealth. If you cut back on sodas, coffee and other costly — and unhealthy — beverages and stick with water instead, you’ll reap the financial benefits. Plus, your brain can become healthier and more efficient.

8. Give More

Don’t make the mistake of thinking that greed equals growth or that your success must come at the expense of others. Help people by volunteering, giving your time, truly listening and being generous. Be happy to share your successes with people. You will create more avenues to success by gaining allies than by making enemies.

9. Stop Wishing — Set Goals Instead

Wealthy people don’t allow their success to hinge on hopes on dreams. They commit to success by working to achieve clearly defined goals. Set some goals for the next week, month, six months and beyond. Define your goals, and outline the smaller steps you should be taking to achieve them. A good calendar system helps.

10. Adapt as You Pursue Goals

While being committed to your project is important, you’ll also need adjust your plan or perhaps even change your end goal, if needed. For example, if you’re developing an app and you start seeing the need to change directions, don’t be afraid to shift focus if it will mean long-term success.

11. Clear Clutter for More Brain Space

A certain amount of messiness is acceptable as part of the “creative mindset,” but at some point clutter becomes a distraction to your work — whether you realize it or not. Clear your primary work area so you have some space for your thoughts. You’ll be surprised by how much more productive you can be in a clean room.

12. Drive Less

Not only will less driving save you money on gas, maintenance and potential accidents, but the exercise of walking and biking can help boost your brainpower by slowing the brain cells’ aging, improving memory and alleviating anxiety.

13. Identify Needs and Invent Solutions

If you ever think to yourself, “I wish there was a product that could…” then start thinking about how to turn those ideas into realities. Chances are, if you identify a need, other people would pay money for a solution to the same problem.

14. Accept Criticism

Don’t be too proud to accept advice and criticism. It doesn’t always feel good to hear critiques, but learning from them and moving forward can feel great. Use criticism to motivate you to further perfect your business model.

15. Ask Questions

Wealthy people are driven by the desire to learn and grow. By asking a lot of questions, you can learn from other people’s mistakes and experiences, gain knowledge about your field and create strong relationships with people.

16. Stop Blaming Failures on Bad LuckIf you want to be able to take credit for your successes, you need to start taking credit for your failures. Success is as much a mindset as it is a status.17. Block Your Time

As helpful as media and social media are for connecting, informing and entertaining, most people find themselves distracted too frequently. Between click-bait titles, cute videos, friends’ updated statuses and online games, it’s a wonder anyone gets any work done at all.

Set up a timer or a block on your computer for the websites that are your biggest time wasters. Create time blocks in your schedule for work and play. Your mind will be clearer, and you’ll have more time to focus on what’s important.

18. Recognize That You Reap What You Sow

Think of your brain as a crop field. If all you ever did was harvest creativity and success, your fields would soon be dry, barren and picked over. Allow yourself time to sow seeds of success by resting, thinking, brainstorming and taking breaks.

19. Put Your Money to Work

You work hard, and your money should, too. Make your money work for you by investing in stocks, mutual funds, CDs, peer-to-peer lending, real estate and other vehicles that can help you build wealth. If you and your money work at the same time, you can earn money even faster.

20. Associate With Other Successful People

Rubbing elbows with successful people is a great way to take steps toward building wealth. By creating relationships with influential people, you can reach a wider customer base. You can also learn about wealth and business from seasoned pros.

This article originally appeared on GoBankingRates.

Investments, Weekly Market Outlook

Gold’s on the ropes. Bullion broke below $1,200 an ounce on Monday after losing more than $100 in less than a month as Federal Reserve policy makers land punch after punch by talking up the prospects for a U.S. interest rate rise, reinvigorating the dollar.

Bullion for immediate delivery fell as much as 1 percent to $1,199.80 an ounce, the lowest level since Feb. 17, and traded at $1,207.14 at 10:39 a.m. in New York, according to Bloomberg generic pricing. With many traders in Britain and the U.S. away from their desks for holidays, prices that peaked at a 15-month high of $1,303.82 on May 2 are down for the ninth straight day, equaling the worst daily losing run on record, Bloomberg data show.

The precious metal declined after Fed Chair Janet Yellen affirmed in comments on Friday what a procession of her officials said earlier last week: that evidence of strength in the U.S. economy meant tighter policy can now be considered. UBS Group AG warned on Thursday that gold is “going to roll over” as the Fed hikes rates twice before the end of the year. Holdings in exchange-traded products ended last week slightly lower after expanding for four straight weeks.

“The key risk for me now is not whether they will hike once, but actually whether they will hike twice: as a house, we believe they will hike twice in September and December,” Wayne Gordon, executive director for commodities and foreign exchange at UBS Wealth Management, said in an interview in Singapore on Monday. “For me, it’s all about the data that’s coming in.”

The drop has cut bullion’s gain in 2016 to 14 percent from more than 20 percent at the start of the month as Fed officials fleshed out the case for higher borrowing costs. Before Yellen’s remarks, officials including the presidents of the bank’s regional arms in San Francisco, Boston and Philadelphia all spoke in support of higher rates.

Bets on a rate hike have risen to 34 percent for June and the odds are more than even for an increase in July, after data on Friday showed U.S. growth picked up more than previously estimated in the first quarter. The dollar spot index climbed as much as 0.3 percent on Monday to the highest since March.

Producers Fall

Hedge funds took a breather from gold before Yellen’s comments on Friday. The net-long position in futures and options fell 26 percent to 169,491 contracts in the week to May 24, according to U.S. Commodity Futures Trading Commission data released three days later.

Higher borrowing costs damp the appeal of non-interest bearing assets like bullion and strengthen the dollar, making commodities more expensive in other currencies. Among U.S. data due this week, traders will scrutinize non-farm payrolls for this month, which are due for release on Friday.

Canada’s two biggest gold producers by market value were among decliners in Toronto trading. Barrick Gold Corp. and Goldcorp Inc. lost more than 0.5 percent as the 21-member S&P/TSX Composite gold index slipped 0.3 percent en route to its first monthly drop since November.

  • Holdings in gold-backed exchange-traded funds fell 2.04 metric tons to 1,842.9 tons on Friday.
  • Silver lost 1.5 percent, platinum slid 0.6 percent and palladium added 0.3 percent.