The 7 Secrets of Financial Success : How to Apply Time-Tested Principles to Create, Manage, and Build Personal Wealth (Revised Ed.)

Two million people have taken the first steps to lifelong financial independence and security by attending the Successful Money Management Seminar Series. Now, the founders of that series have created a practical, easy-to-read guide to the basic principles of personal money, management, insurance, and investments. Their seven time-tested secrets of personal finance apply to everyone, regardless of age, income, or asset level. Each chapter of The Seven Secrets of Financial Success is linked to the next, moving readers step by step up the "Success Triangle"-a road map to building a secure lifestyle and a peace of mind by retirement. "Financial Success in Action" case studies make the information and advice pertinent and practical. Full-color illustrations and photographs illustrate key concepts. Worksheets assist readers in applying the Seven Secrets to their own situations. The Seven Secrets of Financial Success will educate readers on the foundations of financial fitness, help them think and plan like financial winners, define personal financial goals and develop a financial strategy to achieve them. They'll discover: why right now is the best time to begin financial planning; how to assess the components that affect financial success and overcome the obstacles to accumulating wealth; practical guidelines to building a successful, diversified portfolio with clear, concise explanations of the many available investment options; helpful secrets on estate planning, funding college costs, tips for the self-employed, and choosing the right financial advisors.

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Trading the Plan: Build Wealth, Manage Money, and Control Risk (Wiley Finance)

Trading

The Plan is a powerful instrument to help you achieve control over your financial destiny. It equips you with the tools you need to maximize your profits, control your risks, and, perhaps most importantly, develop a money management program that will limit your losses. In the course of reading this remarkable book, you'll grow to regard author Robert Deel as a trusted advisor who gives you tough, straightforward advice and helps you implement the changes you need to make. And, unlike the "one-size-fits-all" approach of other advisors, Deel shows you how to tailor a strategy that fits your specific needs, goals, and risk tolerance.

Drawing on years of experience as an investment advisor, Deel has packed this book with both detailed practical advice and hard-won wisdom about how trading, investing, and human nature really work. Emphasizing the danger of unchecked losses, he makes the case that a strong money management program is absolutely essential to acquiring and keeping wealth. He examines the many faces of risk and thoroughly explores the key money management questions:

• How much of total available capital should you risk?
• How much do you risk in any one trade?
• How much leverage should you use?
• How can you project losses and preserve your capital?

To help you establish your own money management system, Deel provides a simple but powerful formula â??the Direction Discipline Risk Leverage equation â??which examines your trading ability and helps you control risks.

In his invaluable "15 Rules of Investology," based on 40 years of trading results by professional and private investors, Deel offers trading and investing guidelines that will spare the reader wealth-draining losses and many sleepless nights. Here is concise, practical information on how to use fundamental and technical analyses to select and screen trades, determine market trends and trading cycles, categorize different types of stocks, and select the computer equipment you need to trade successfully.

In a brilliant summary of all the key features of the trading plan, Deel walks you through the entire trading and investing process from beginning to end. This "Anatomy of a Trade" illustrates all the important decision points in an actual trade and offers a hands-on application of the trading plan to a working example.

For all futures, stock, and options traders, Trading the Plan is an essential field guide for acquiring â??and keeping â??profits.

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Why Can't I Manage Money?

I think I am managing my money right but I am not. What's going on? What is keeping me from doing the right things like saving, having money left over at the end of the month and paying off debt? Are these a brief summation of what you are feeling? Don't worry you are normal. You may be feeling bewildered because no one is telling you what you are up against. Let me give you the short version of your biggest problem. It is well chronicled and it is you. More specifically it is your psychological makeup. You are hardwired to make the mistakes that you are making and marketers are taking full advantage of your vulnerabilities.

Your vulnerability is that humans evolved to survive. Despite what utopian ideals we may have the number one reason that humans survive is that we procreate really well. We are driven to make and have babies at a rate that makes us competitive with bunnies. We think as rationally as Wapiti in rutting season. It is 98% of our mind but it is not in our conscious mind. It is in our unconscious mind and it rules our behavior. And you know this is true. I know what you are thinking right now.

A guy named Sigmund Freud identified this over 100 years ago and called it the "Id". What's this got to do with money? Well, money operates very rationally. If you have a budget surplus every month you will be able to save or pay off debts. Then you will accumulate assets that will increase in value and give you more income. The rational cycle continues until you are rich. Another example is that Compound interest has the rule of 72. So how do folks who are rich do it? Well, they hook up the small part of their brain that is rational and connect it to the rational characteristics of money.

It is really hard to do when you are young and the hormones that fuel your drive to procreate are flowing like rivers through your veins. What makes you even more vulnerable is that marketers hire psychologists to find what triggers the unconscious mind to make decisions that are not rational. A current example is that the roof design on some cars has the same curve as that of a young woman's hips. You look at that car and the excitement you feel is welled up from your subliminal drive to procreate.

You don't even need marketers to get you to part with your money. My 17 year old daughter and her team mates were fundraising in front of a local liquor store. I was assigned the job of sitting in the parking lot to make sure everything stayed safe. I could not believe what I saw. Young guys got out of their cars, took one look at these athletic young girls and instinctively reached for their wallets before they even got within 10 yards of the fundraisers. Both Males and Females are hardwired similarly in that both are hard wired for procreation. It is different in how but it is the same.

The next question is how do I get a grip on how to manage my money rationally? Hopefully you were trained about these things by your parents. In Freud speak this is the Ego. From this source there is a full range of quality and lack of quality for training. However, even the best training is not enough to keep down the power of the procreation drive. When you know better but you do it anyways there are 106 different ways that your brain is hardwired to allow you to see your irrational behavior as a reasonable alternative. These are called cognitive biases. This article is supposed to be the skinny on this stuff so research this phenomenon. You will be introduced to a wide variety of everyday lies that you have told and have heard told to you.

Eventually the rational mind starts to take over behavior. Psychiatrists and counselors are trained to expect to see this phenomenon identified by Freud as the Superego. It develops slowly and starts to flourish enough to dominate behavior between the ages of 35 and 45. You older folks take a look around and you know this makes sense. For younger readers, watch yourself and/or your friends go through the trials and tribulations until your capacity to be sane and rational overpowers your desire to procreate with anything that looks good.

In the meantime try to find some personal financial coaching to minimize the damage. Try and make the connection between your rational brain and the rational machinations of money.

Personal Financial Coaching is required to address the epidemic of irrational behaviors in financial decision making. This occurs at what can be described as the individual, the personal or micro level. This also occurs at the corporate, the government and the international or macro level. Personal financial coaching implies that there are actions to be taken to prevent injuries and promote financial health such as saving. The goal is to train retail users to manage their money sanely and rationally without bias and to teach vendors how to communicate how to use their products to manage money sanely and rationally. The result of Personal Financial Therapy is Financial Literacy.

Firm Helps Families Tap Intangible Assets

For wealthy families, keeping stories and traditions alive is more than a matter of collective pride. It can also serve as a bridge across generations to safeguard values and fortunes alike.

This is especially true for large families that lack a central rallying point–a business, say, or a commitment to philanthropy. They can easily drift apart, their assets disintegrating. At the very least, they can be hard for wealth managers to advise and retain, according to Carolyn Friend, co-principal of the Chicago-based consultancy Inheriting Wisdom.

That is why she and Jamie Weiner, her co-principal and husband, work with ultra-wealthy families and their advisers to come up with legacy plans rooted in family traditions.

Friend is a clinical psychologist with more than 20 years of experience, but says, “What we do isn’t just about psychology.” Their work starts by helping families appreciate the value of their histories and traditions, and is designed to end with a comprehensive plan for preserving what’s truly important.

“Most conversations about legacies are 99% about assets; the tangibles,” says Friend. “But the family’s real power comes from the intangibles–and most families don’t even have conversations about that.”

Weiner gives an example, from his own family, of a life lesson that was nearly lost. A few years ago, he came across documents that put his paternal grandfather in a new and inspiring light: He was a self-made department-store tycoon in Dresden, Germany, before the Nazis took almost all he had because he was a Jew. After a series of adventures, including a run-in with the SS, he found refuge in Britain. There he slowly rebuilt his fortune in real estate.

Sharing stories like this within a family can help instill common values. First-person accounts of success and failure, shared at family gatherings or one-on-one with relatives of different generations, can also help create and reinforce a legacy.

“It opens the door to communication,” says Weiner. And with proper facilitation, he adds, this openness can be turned to discussions around the pivotal question, “What is wisdom?”

From there, families can develop and communicate messages calculated to unite rather than alienate. To break the habit of elevating those most involved with making or preserving money, for example, family members can agree that genuine effort–to whatever end–is a positive value. “Families can agree that hard work is what made them wealthy in the first place, so they can agree on the wisdom of working hard,” says Friend.

Friend and Weiner also urge families to redefine their values periodically to keep from getting stuck in the past or excluding mavericks who may become leaders.

In what Weiner calls “a successful work in progress,” he tells of a family that’s being led by a former black sheep to a radical new definition of its legacy–from one based solely on business to one that blends money-making with philanthropy.

Inheriting Wisdom was established in 2004. To date, it has worked with about 800 individuals from families worth between $20 million and $450 million.

Thomas Coyle is a special writer with Dow Jones Newswires who covers the wealth-management industry.

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