2 Ways to Thwart a Time-Wasting, Money-Losing Goal Killer

by Early To Rise (05/31/2008)

Issue #2370

  • WEALTHY: Should you trust market analysts? (Andrew Gordon)
  • HEALTHY: Sculpt your body and burn fat in 45 minutes (Craig Ballantyne)
  • WISE: John Henry Newman on perfection

ALSO IN THIS ISSUE:

  • Are you a victim of this time-wasting, money-losing goal killer? (Bob Cox)
  • Is proper English really necessary? (Don Hauptman)
  • It’s Fun to Know… about the ultimate hometown crowd
  • Add "hoyden" to your vocabulary

== Highly Recommended ==

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Why This Trend Trumps the Tally

By Andrew M. Gordon

What’s wrong with depending on the collective wisdom of the analysts who follow stocks day in and day out? If the majority of analysts say buy, shouldn’t you buy? And when most say sell, shouldn’t you sell (if you already hold the stock)… or at least not buy? If anybody knows whether a stock is good or not, they should, right?

All this makes so much sense. And it would be so easy to do. Which is why I hate to throw the idea to the dogs. But that’s what it fully deserves. And I’ll tell you why.

Analysts are incredibly biased. When they see a cup half-empty, they’re known to shout "buy." Okay, that’s forgivable. But not when they see a cup two-thirds empty. The frightful fact is this. About 40 percent of stocks go down in any given year. And the percentage of stocks that have "sells"? Only five percent. As recently as the 90s, it was two percent.

That means a lot of stocks go down with either a "hold" or "buy" rating.

There’s a way for you to get around all the smoke and mirrors. Look at the trend, not at the tally. Are analysts liking a company more or less? If it’s more, the company is worth a second look. Because as analysts improve their ratings from sell to hold or from hold to buy, they bring more buyers into the fold. And as investors do more buying, the share price goes up. As an investor, that’s what you want to see.

The Reuters financial site shows how analysts have changed their opinion on specific stocks during the past year. You can find this information under "recommendations."

[Ed. Note: Yes, ETR's Investment Director, Andrew Gordon, gives you advice about what to invest in and what to avoid. But he also shows you how to make investment decisions for yourself. Check out Andy's monthly financial advisory service, which uncovers income-generating stocks that promise safety (first and foremost), along with much-higher-than-average profit potential.]

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"A man would do nothing if he waited until he could do it so well that no one could find fault."

John Henry Newman

The Insidious Character Flaw That Could Double the Time It Takes You to Succeed

By Bob Cox

When I retired in the year 2000, I did not accept any consulting work until I had taken time to reflect on my career and how I could have made success come easier. My one complaint was that I felt I had worked too many hours to achieve it.

After considerable thought, I had a revelation: I was a diehard perfectionist and my perfectionism had doubled the time it took me to be successful!

My partners and associates often commented, "Bob, you are a great detail guy. We love your reports. We can always count on you to strive for perfection." I wore those comments like a proud war veteran who had been awarded medals.

The truth is, those "medals" were a millstone around my neck and were slowing me down. It took me years, but I finally realized that perfectionism is a time-wasting, money-losing goal killer.

It is amazing that it took me so long to realize that it’s more productive to "aim for good" and then "aim for better" than trying to be perfect every time.

Is perfectionism keeping you from accomplishing your goals?

Have you ever said anything like:

"I must find the perfect gift for my sister’s wedding."

"This report has to be perfect before I turn it in."

"I have to make sure my presentation is perfect before I meet with this client."

The sad truth is, nothing is perfect. Striving for perfection is foolish - and it’s impossible to reach. So trying to make things perfect can prevent you from ever achieving the things you want to accomplish.

The other nasty thing about perfectionism is that it can stall you - keep you treading water instead of progressing. In other words, if you’re always trying to make your novel perfect, you’ll never get it published.

Keep in mind that you are a work in progress. So, too, are your goals… works in progress. If you never start on them… you can never benefit from the results.

Beating perfectionism is tough work. And sometimes the very thought that you aren’t doing something "perfectly" can stop you in your tracks and stomp on your motivation.

The Slump Buster

If you feel your energy level sliding, or if you are losing your motivation, here’s a simple strategy that will help you get back in the game.

Maintain a list of small, meaningful tasks that need doing - things like replacing a light bulb, writing a letter, or returning a phone call. Take out your list when you feel a slump coming on and take care of one of those tasks. You will be out of your slump by the time you have completed it.

Why? Because you will have "stepped back" to catch your breath. Plus, accomplishing even small tasks is energizing. Results are always good!

Don’t let perfectionism be a trap or hold you back from working toward your goals. If, for example, you have to get a winning sales letter in the mail to achieve one of your business goals, the only thing you can do is take a shot at writing it. Write your letter and test it. Aim for good. Once you receive the test results, you will be ready to aim for better, because you will have more information to work with.

Here’s another "trick" for keeping perfectionism at bay: Apply the 90 percent rule to every task you take on.

Let’s say you have been slaving away at a project. You’ve been putting in long hours, and wearing yourself out. As a result, you are beginning to neglect your other job responsibilities - and even your health. This is a definite sign that you are being a perfectionist. It’s time to put the 90 percent rule to work.

Say to yourself, "Have I achieved 90 percent of what I was aiming for with this project? If not, I will continue to work on it. If so, I move forward."

Now this doesn’t mean that you don’t pour 100 percent of your energy and attention into important tasks. It just means that you stop trying to perfect every tiny detail.

It took me 25 years to learn the 90 percent rule. Do not wait that long to take advantage of this time-saving, money-making, and goal-achieving insider secret.

I stopped striving for perfection because it was too time-consuming and limiting. Had I implemented the 90 percent rule much earlier, I would have completed far more projects a lot quicker.

To this day, keeping my perfectionism under control is hard. However, when I consider "the bigger picture," I know that I have to push to move my goals forward. That’s why, for the past seven years, this has been my rule: 90 percent means good to go!

Don’t waste time and energy striving for perfect. Do the best you can. Then take time later to fine-tune your work. As Michael Masterson always says, "Ready, Fire, Aim."

[Ed. Note: You can change your life and accomplish all your goals with simple strategies like Bob's 90 percent rule. For dozens more ways to achieve your dreams - plus tons of goal-setting tools and motivation to get going - sign up for ETR's Total Success Achievement Program. Learn more here.]

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== Highly Recommended ==

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The Best Workout Schedule

By Craig Ballantyne

What’s the best time to work out? And how should you organize your training? Weights first, then cardio? Or vice versa? Read almost any fitness blog or magazine, and you’ll find a different opinion.

Instead of worrying about the right time and order, you need to find the best exercise program for you - one that you can easily fit into your busy schedule.

I designed my workout system, for instance, to be done in 45 minutes, three times per week. It allows you to do both resistance training and fat-burning interval training in the same session. (And most people can even do this in the comfort of their own homes.)

Here’s how you use this system to build a better body:

  • Start with a total-body warm-up using bodyweight exercises. Do the following bodyweight circuit twice without resting: bodyweight squat, push-ups or kneeling push-ups, plank. (Do two sets of each exercise for 10 repetitions.)
  • Follow the warm-up with resistance-training supersets (pairs of exercises done back to back without resting). In your first superset, do an exercise for your lower body and an upper-body pushing exercise (such as lunges and push-ups). Do this superset three times. Rest a minute between supersets, and do 8-15 repetitions per exercise.

In your second superset, do a lower-body exercise and an upper-body pulling exercise (such as step-ups and dumbbell rows). Again, do the superset three times. Rest a minute between supersets, and do 8-15 repetitions per exercise.

  • Finish with stretching.

A simple yet powerfully effective workout like this will take less than 45 minutes. And you only have to do it three times per week to sculpt your body and burn belly fat.

[Ed. Note: You may be surprised that such a short workout can have noticeable results. But interval and strength training are much more effective than slow, boring cardio. Find out how to burn fat quickly and easily with Craig's Turbulence Training Program.

And to get more recommendations about how to lose weight, stay fit, and eat better, sign up for ETR's natural health e-letter.]

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The Language Perfectionist: A Failure to Communicate?

By Don Hauptman

Some people express skepticism about "proper English" and the legitimacy of any language rules. An objection I often hear is: "What does it matter as long as the other person understands what you mean?"

The answer is that bad usage often fails to communicate, resulting in ambiguity, confusion, or lack of clarity. Consider this true story:

One day, while shopping in an art supply store, I overheard a young woman talking to an employee.

"I want to paint on material," she said.

"What kind of material?" asked the salesman.

The woman was flustered and flummoxed. "You know," she sputtered. "Material!"

I decided to come to the rescue and resolve this misunderstanding. "Excuse me," I interjected. "What I believe the young lady wants to do is paint on fabric."

The customer was visibly relieved. Yes, she acknowledged, that’s what she meant. Finally, her message had been communicated. But wouldn’t it have been better if she had used the right word?

Here are some helpful tips to improve your written and oral communication skills:

  • The goal of writing is to communicate effectively and express ideas with clarity, precision, and coherence. In certain kinds of writing, such as advertising copy, power and persuasiveness can hinge on the choice of the right word.
  • Common sense is always helpful. If something is ambiguous or confusing, it should be revised. Skilled editing and multiple rewrites are sometimes required.
  • Keep your reader in mind. In some types of writing, you can be informal, even slangy. Other situations call for more formality. If you encounter a situation where a word or phrase is "wrong" but the "right" way sounds too stodgy, look for a third alternative. You can almost always find a compromise solution.
  • Read widely, especially good writing. In addition, numerous books, courses, and websites can help you build your vocabulary and write with greater clarity, eloquence, and power.
  • Have a good reference at hand. In a previous ETR column, I recommended three excellent usage guides. Be aware of the most common misuses and how to avoid them.

The proper use of language can’t be dismissed as a quirky obsession of pedants or snobs. It has practical consequences. A series of articles in The Wall Street Journal reported that poor language and speech habits can damage an executive’s career prospects. So does it matter? Yes, it does.

[Ed Note: For more than three decades, Don Hauptman was a direct-response copywriter. He is author of the wordplay books Cruel and Unusual Puns and Acronymania, and is now writing a new book that also blends language and humor.

One of the best ways to improve your speaking is by understanding more about the words you choose. The bigger your vocabulary, the easier it is to choose the most appropriate word for any situation. With ETR's Words to the Wise CD Library, you can add 120 new words to your personal lexicon. Learn more here.]

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It’s Fun to Know: The Ultimate Hometown Crowd

As part of its preparations for the upcoming Summer Olympics, China is training more than 200,000 of its citizens to act as official cheerleaders throughout the games. Mostly retired government employees, the cheerleaders are memorizing routines, chants, and cheering etiquette for unfamiliar sports. Although they will be enthusiastically cheering on Chinese athletes, they have been instructed not to boo competitors from other nations.

(Source: The Washington Post)

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== Highly Recommended ==

How to Get the Heart of 370 Business Magazines in Just 30 Minutes a Month

Did that headline catch your eye?

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"32 Ways to Save Time and Money From the Pages of Good Housekeeping."

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If you are involved in any form of sales, the benefits you’ll receive could be worth hundreds of thousands to you in future earnings. Click to continue…

Word to the Wise: Hoyden

A "hoyden" (HOID’n) - possibly from the Dutch for "heathen" - is a bold, boisterous, high-spirited girl.

Example (as used by Mel Gussow in a New York Times review of Shakespeare’s As You Like It): "She [Joanne Camp as Rosalind] is a graceful hoyden, on the edge between expressing her womanly passion and savoring her own impersonation of a man."

[Ed. Note: Become a more persuasive writer and speaker ... build your self-confidence and intellect ... increase your attractiveness to others ... just by spending 10 VERY enjoyable minutes a day with ETR's new Words to the Wise CD Library.]

 

Copyright ETR, LLC, 2008

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Comments

  1. Harold Mc Swain
    June 1st, 2008| 6:38 am

    Yes, I agree that proper words for the proper ideas are important. I am a preacher and to me it is even more important. My homoletics teacher gave us the following counsel: Stand up, speak up, sit down and shut up. Harold Mc Swain

  2. Harold Mc Swain
    June 1st, 2008| 6:40 am

    Also, I forgot to say I do enjoy your columns. Keep it up. HCM

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