Posts Tagged ‘creating opportunities’

You can profit a lot from reading people´s opinions as long as you know how to read them effectively.  Investment opinion articles and personal finance articles are very common nowadays.

However, opinions can be helpful or misleading so it is important to determine whether you agree or not with them by using these top 12 tips and some critical thinking.

1. Set Your Expectations

You will never find a no-risk guaranteed high-return investment written in an opinion article – so don´t look for one or believe it if someone tells you it is one.

2. Don´t Miss The Boat

Wait, isn´t it the other way around? If you read about it in the papers you have ALREADY missed the boat?  A tricky one this. If you are investing on that one piece of news (i.e. Google profits soar 50%) then you have already missed the boat (professional traders would have traded on that news earlier). However if the opinion talks more about long term initiatives or the future then you may not have missed the boat.  Remember, Rome wasn´t built in a day and you are looking for nuggets of news that gives insight into how things may be in the future.

3. Know Your Source

Always ask two questions: what have they got to gain from writing this article? and; why should they be considered an expert on the subject?   Weigh up the negatives and decide whether it is a reliable source.  Read marketing materials with caution.  Any post of the internet should be regarded suspiciously as you don´t know their expertise level.  Even newspaper articles should be read with some scepticism as they are written to sell papers so sometimes their opinions are exaggerated.

4. Understand What Is Being Said

If there are some words, concepts or acronyms you don´t understand then it is either a badly written piece or it is not meant for your readership. That being said the more you read the more you will understand so keep picking up investment opinion articles as the good ones will explain new concepts and ideas to you in a way you will understand.

5. Does It Make Sense?

Does their reasoning sound reasonable?  You may understand it, but now you need to take it one step further and decide whether their opinion makes sense. Try and follow their reasoning and decide whether you agree or.  Cut through any waffle and get to the reasoning and then ask yourself “does that sound realistic?”

6. Play Devil´s Advocate

Come up with reasons and an explanation for a counter-argument.  Which argument do you think is stronger, the article or the counter-argument?

7. Demand & Supply Rules

The most fundamental economic concept needs to be considered every time you read an investment opinion piece – simple as that.   What is the demand for such investment? Why might the demand increase in the future? Are we still going to need this in the future? Secondly, how much supply is there? What are its competitors?  What are it´s competitive advantages? Why might supply for this product or a substitute product increase/decrease in the future?

8. Take Out The Emotion

Yours, theirs, or anyone else´s you ask.  Emotions don´t help us make good investment decisions.  If it is an emotional subject then you have to recognise this and decide how this might add bias to people´s opinions.

9. Formulate Your Opinion

Try and take away from the article your opinion about the subject which you can support with reasons. Or, if you don´t have an opinion, try and formulate some questions you would like to answer in order to form an opinion.

10. Always Get A Second, Third, Fourth Opinion

Never decide outright on just one opinion. Look into the subject further.  Internet searches, additional newspaper articles, opinion of a trusted financially-savvy source.  Obtain additional opinions and reasoning following these top tips.

11. Discuss further

Discussion will enhance your understanding of the subject.  Many people like to discuss these topics, either in forums, internet groups, interested friends, family friends, financial coaches.  You can discuss a subject generally or specifically. Try and get the other person´s view before you give your own.  Gauge people´s responses but always “know the source”.

12. Awareness, plans, results – possible next steps

Increasing your awareness about investments and personal finance unlocks the door to possible new ideas and opportunities.  If you find something that looks interesting then look into ways you can gain more understanding or expertise.  A financial coach can help you simplify saving, investments and your personal finance options in order to help you develop a plan based on your personalised goals and objectives.   It is a way to grow your savings and understanding at the same time.

Happy reading!

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Networking is an important way to create opportunities, generate ideas and meet beneficial business relationships.   Therefore the more successful we are at networking the greater possibilities we have at enhancing our careers.   However business networking can seem daunting and be quite stressful.  It doesn´t need to be; here are 8 things you must know about successful business networking.

1. Everyone is there for the same reason and everyone is thinking the same as you.

The purpose of attending a networking event is to seek new relationships and opportunities. Everyone wants to meet each other therefore you can take the initiative to introduce yourself knowing you are helping them out.

2. Don´t aim too high; set realistic goals.

Don´t walk into a room hoping to sell your service or product to everyone you meet.  It won´t happen.  Instead aim to create mutually beneficial business relationships.  Relationships are built over time so a simple networking aim could be to meet some interesting people and arrange coffee dates with those where there could be a possible business relationship.  Focus on small steps not your end goal.

3. Do your homework before you arrive.

Think about the types of people you would like to meet and try and find these types while networking.  See if there is an event guest list available to highlight any people you want  meet before you arrive.  Practice a short concise description of your business which is interesting and thought-provoking.  Prepare some interesting material to discuss; be up on your current affairs (specifically related to the event).  If you come across knowledgeable and interesting you will have better success at with your new introductions.

4. Get started as soon as you arrive.

We typically worry a lot about that first approach sentence, but once you have started the nerves  reduce.  Try and seek open groups or individuals to approach.  A couple with open body language, perhaps occasionally looking away from the other (a sign that their conversation is winding up), or larger groups are probably your best bet.   Two simple introduction techniques.

1. Politely ask – Do you mind if I listen in? / Do you mind if I join you?

2. Or, start with – “Hello I am Edward”

Typical response – “Hello I am Bob”

You are in! – “What do you do Bob?”

5. Show interest in the other side and be courteous.

Show genuine interest in their story or business.  It is polite and you may learn something useful.  Don´t monopolise the conversation or act disinterested looking over their shoulder. We all know what we think of those types of people so don´t be one yourself.  If it appears there isn´t really a suitable fit for a relationship prepare the appropriate finish to the conversation.

6. End with an appropriate finish; obtain contact details if you are going to follow up.

Be polite.  If you think there could be a beneficial relationship then say that.  “It has been good talking to you, I have found what you do very interesting.  Would you mind if I called you next week to have a coffee?”  If you have had a good short introduction few people will say no.  If you receive a positive response keep going to set a day to call, asking them their preference. If you would like to finish with an introduction where you don´t really see a mutually beneficial relationship being formed then the easiest way out is to be very polite.  Tell them you have enjoyed speaking to them.  You can even go a step further and offer them help.  Ask: “What type of contacts are you looking for tonight? Are there any specific professions you are looking to connect with?”.  If they tell you one then reply: “Ok well if I come across any I will be sure to let you know.” Thereby you are making it a successful short introduction for them as you are helping them network.

7. Make sure you follow up.

It is about building relationships so you must do what you said you would do.  If you get contact details use them. Even if it is just a short thank you note it is a way of continuing a relationship.  To help with your follow up write any notes, i.e. hobbies, partner´s name, etc. that could be used in later correspondence.  Everyone loves it when you remember something about them that most people would have forgotten.

8. Evaluate yourself.

You will do another networking event so evaluate what techniques or questions were successful and which were not.  Remember the successful ones and use them the next time.  This will mean you will only get more and more successful at business networking.

Networking is an art, it is something you can study for and done rightly can reap you great rewards. Please feel free to add any other helpful networking advice to help us all improve.  Remember take the time to invest in yourself because it is the best investment we can make.