As I mentioned yesterday, jobs remain a key worry for me, and from this morning's data, the recent hiring wave saw recently appears to have come to a halt the last month. Throw in weak car sales data from many of the auto manufacturers this afternoon and the stage was set for a sell-off. The news comes as economists debate whether the Federal Reserve will elect to have another round of quantitative easing (printing money) to keep us from falling into another recession.
We'll keep subscribers posted to any further changes (additions or removals) we feel will be necessary regarding our Best Dividend Stocks List . In the meantime, we published up our year-to-date performance of our various watchlists this morning. Be sure to long on to Dividend.com Premium to see which stocks are shining and which ones continue to lag in 2011.
Looking at today's action, good earnings news from Phillips-Van Heusen ( PVH ) failed to prop up other areas of the market. Wall Street downgrades for shares of T.Rowe Price ( TROW ), Tiffany & Co. ( TIF ), H.J. Heinz ( HNZ ), and Canadian Imperial Bank ( CM ) added fuel to the selling as well. Financials remain big underperformers, with Wells Fargo ( WFC ) and JP Morgan ( JPM ) leading the sector lower in today's trading.
Enough of the negative news for now, so let's continue our ongoing series on what makes successful people.
1. Successful people use a budget to give them complete clarity on where their money will go, while others see a budget as restricting their ability to buy things.
Coming up with a monthly budget is an important step in ensuring your financial security. There are some great online tools out there, such as Mint.com and Bundle.com, that can help you automate your budgeting stats online rather than having to manually record them with pen and paper. The best rule of thumb when it comes to figuring out how much you can afford to spend each month is knowing what your average monthly income is. If you work on commission, you may want to use a lower-end month total to give you some breathing room so you don't misjudge your budget numbers. You can also work on prioritizing your expenses to first account for the main fixed costs (rent, mortgage, food, insurance, etc.) before any extra spending you sometimes make (clothes, dinner, movies, etc.). This makes a ton of sense, and I think also will teach you some self-discipline. Lastly, successful individuals always try to pay themselves each month by putting money away in a tax-advantaged retirement account, such as an IRA. Of course, I always recommend high-quality dividend stocks as the best investment vehicle for these accounts! Lots of times you hear the idea of setting up a budget as tedious and boring, but this is simply an excuse to avoid accountability to oneself. We all know people that are looking to assign blame everywhere else instead of looking in the mirror.
2. Successful people prefer getting rich before getting comfortable, while others prefer being complacent.
This goes back to being will to sacrifice to get to the next level. I remember selling my home to get extra capital for when I embarked on my stock trading career. It wasn't the easiest decision to make, but the family was small enough at the time to be able to deal with what many considered to be a step backwards. It was something I knew I needed to do to give me enough of a cushion to pursue what was my dream at the time. Fast forward to a few years back and I utilized a home equity loan to help me put together enough capital to purchase the Dividend.com domain name we use for our business today. It was yet another sacrifice that many questioned at the time, but I knew that I had something special I was going to do, but money was necessary to make it happen. The challenge to become better with each experience is what drives me today and what I hope can inspire many that read my posts to go for their dreams. Whether you choose to be an entrepreneur or work your way up the company ladder, just keep pushing until you get there. You don't ever want to look back at your life and see it was full of missed opportunities. The world is full of people watching the clock to see when it is time to go home from work. Let your ambitions for financial freedom drive you to learn new skills and open up possibilities that currently don't exist for you professionally. Pay your dues today and you'll reap the dividends later in life.
Thanks for reading, and I'll see you tomorrow! P.S. Please pass this e-mail on to someone you think can use some financial motivation as well as being kept in the financial news loop that could affect them. Thanks again!
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