How is 2008 Going?

I have been watching some of the business channels the past couple of weeks and it really got me thinking.

What is going on in our country?

Let’s take a look:

• The media is finally debating on if we are in a recession. (It is about time!)

• The government is giving us some free money to boost the economy. (I am confident this will fix everything!)

• Canada’s money is worth more than ours. (Whose laughing now aye?)

• I think we are still at war. (See article on page 6)

• Britney Spears has been having troubles. (See Front Page)

• Nobody is talking about global warming right now. (We never hear about this when it is -4 degrees)

• The Fed cut the rate .75% and the market went haywire. ( CTL-ALT-DLT at the NYSE Please)

• New Home Sales Show Record Drop to 12 year low! (Another -4.7%)

Some analyst are crying doomsday while others are talking about buying opportunities. Who are we supposed to listen to?

Now ask yourself this question: When you put together your real estate investment strategy, or any investment strategy, are you trying to make money or generate wealth? There is a difference and I would like for all of us to really think about it.

Making money can happen in certain climates quickly, as seen in the NASDAQ and Real Estate Booms. It appears that there is not a lot of hesitation for people to jump on the bandwagon when the media, your friends and the nation is jumping all over it. It is easy to do and part of what makes us human.

The thing about booms: Easy Come……..Easy Go!

Creating Wealth is much more difficult. It takes hard work and a lot of time! It is not so easy to invest when everyone is talking about recession, mortgage fallout, foreclosure, doom….doom……doom….

While we now look up to people like Bill Gates, Donald Trump, and Warren Buffett………there was a time when they all faced people that thought they were crazy. They made investments and took risks that nobody else would even consider. They bucked the trends and generated wealth, a lot of wealth!

A book that changed my life was “The Richest Man in Babylon” written by George S. Clason in the 1920’s. It shows that the basics of money and wealth creation have not changed and that there is no secret code. We must pay ourselves first, work very hard, diversify and make sound decisions.

I would like all of you to take a step back and really think about where you have been, where you want to go and what your goals are for 2008.

No matter what happens in the economy, the media or the world…..there is ALWAYS opportunity somewhere.

This entry was posted on Wednesday, January 30th, 2008 at 6:21 am and is filed under Investment Strategies, Real Estate Blog, Real Estate Investing. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.