Posts Tagged ‘mindset’

Spending Too Much Just To Increase Chances

Wednesday, May 20th, 2009 by Alan Yu

Speaking of the lottery, since the jackpot is $49 million today I saw so many people buying so many tickets. For example, I went to get a haircut today and one of the employees bought about $30 worth of tickets. While it increase your odds of winning I suppose, in these types of situations I think one is enough.

It’s kind of like a business and advertising I’d say. While many people spend advertising money to help acquire customers, some people just assume the more you spend on advertising the more you will increase your chances of getting business. Even for that I would say if you are basing anything purely on chance and luck it is better to not go crazy and just limit yourself.

I know with lottery tickets one person told me if it was meant to happen it will happen and so he limits himself to one ticket if he decides to play the lottery. Cause in those cases there are more odds that you aren’t going to win. If you think about, putting more money in can actually make the chance of you losing more money too.

Same thing in business too. It helps to put that in perspective whenever you decide to put money into something where the return is not really dependent on your effort.

Channeling Disappointment To Opportunity

Saturday, April 25th, 2009 by Alan Yu

Today I attended this law day event here in Vancouver BC where regular citizens participated in a public forum in-front of a lot of key personnel whether it be chief judges, police officers or media figures. There has been a lot of gang violence here recently which contributed to a bigger interest in the subject I suppose.

But one thing that stood out for sure is that there were a ton of people who felt that they got mistreated by the justice system which resulted in extreme financial losses. There was this one lady who I believe talked about how she lost over $600,000 in an ordeal and one guy saying how a 15 minute court time costed like $4500. Business wise, many complain too that they never get to go to court to settle offers as it is too expensive.

As you expect, what was suppose to be a question session sometimes turned into a huge rant. I was just thinking too how there are so many better ways to deal with situations like these. Like in these cases losing a lot of money isn’t something to sneeze at that’s for sure. Especially when you are relying on a third party person to help you in the situation.

Instead of focusing on things that you have no control over, I say you should focus your energy on things that you do have control over. For example, like with these court cases it doesn’t help to yell in-front of the judges implying how corrupt the system is and all that. Instead, if they focus on getting their story across in a documented and factual way to expose something that could in turn generate support and pressure for them to have to take notice.

I guess the two quotes I have heard about turning disappointment into an opportunity is when life gives you lemon make lemonade out of it. As well, if life throws crap at you make fertilizer out of it. It’s a mindset you need if you ever want to survive in a business or self employed setting I’d say. Not to mention life in general.

Dirty Money Will Leave A Mark

Friday, April 3rd, 2009 by Alan Yu

I was reading that story about a dad in the US who robbed a gas station with his daughter witnesses the whole event. He tried to justify it as he had to do it for her since he was recently laid off from his job. He also brought a gun out and all in-front of his own daughter which was outrageous.

The immediate thing that came to my mind was how that was sure an irrational and irresponsible thing to do even if you have no money. At the same time, it made me realize just how true that saying goes in this situation on how you see people’s true colors and personality when they don’t have any money at all.

People often say that you have to have the right mindset in order to create something financially prosperous. I’d say another important factor to help you keep it afterwards depends on your character as that in turn influences the types of actions you will carry out to make or maintain wealth.

Yes, there are a ton of people that get away from doing unethical things. At the same time, I say it is that it is just a matter of time before they will get caught. Like in this case, was that $200+ or whatever this guy stole from the cashier really worth it for a lifetime of shame and trying to hide from it?

Placement Experimentation To Achieve Different Results

Thursday, March 5th, 2009 by Alan Yu

Just recently I noticed that I generated some sales through an online campaign that I was testing out which kind of came as a surprise. It wasn’t a bad commission either considering the effort was minimal. The funny thing was immediately what ran across my mind was that I would try displaying different products to see how those would perform or whether or not the offerings were positioned properly to get the maximum results.

I usually find that it is very important for you to not be afraid in trying different ways on how to display the product/service you are trying sell as it could have a profound impact. Let’s use a traditional store for example. At first it seems like you have good foot traffic except sales seem to be only okay. Now the first reaction from a lot of people would be that they just need more traffic and so they go on a rampage trying to attract more people which should mean more sales.

Instead, the mentality I learned before was that many times people won’t buy it because they don’t even know that it exists. Hence, that means if you change things around aesthetically a bit that can actually create a big difference.

You can take this mindset even when it comes to online ventures too. Example, instead of saying that you are getting no results because of say the lack of traffic, changing the position of say ads or the order that products that are showcased can make a huge difference.

Keeping A Low Income For Fear of Corruption

Monday, February 9th, 2009 by Alan Yu

Very interesting perspective about making money and business today where I was talking to a person who ran a fitness club of sort. Essentially, he does run it as a business and makes a living off it by charging people a monthly membership fee. However, he refuses to earn more than a certain level of revenue through the business as he believes that making it too commercialized will change him for the worst based on what he has seen when it came to others.

I guess I will agree and disagree with that notion. In one end I will agree that making a lot of money or just things involving a lot of money in general can aid in changing people. Example, family members willing to douse each other, longtime friends that end up trying to defraud each other and so forth all in the name of money. That’s the ugly part.

However, I sincerely and honestly never seen a person that I truly feel who has gotten over that money phase mindset where they ended up changing for the worst when they had more money. Essentially, these are the people that went through that “phase” already such as having to go through extreme/genuine hardship financially or witnesses/experiencing first hand how they can make a profound impact on people who are less fortunate.

So in that sense, I wouldn’t say that money can corrupt a person all by itself as it is more like one of those things that just gives the person an extra nudge to walk a path that they were already building themselves too. It’s almost like how some people try to target this one materialistic item to explain how it makes a person violent, like a videogame, when really the person had issues already from a multitude of factors.

Shouldn’t limit yourself because of that in my opinion if you really have the potential to do/earn more. One way to find out though if money would change you a lot is to see if you can last like two months living on some bare essential needs. The point in this? If you constantly whine that you can’t say dine out or have that latest gadget then most likely the money will change you as it will in a sense give you too much “power” that will make you big headed.

However, if you are one that usually just adapts to the situation and sees the positives of it then most likely the money won’t do much to change you as again all the money will be to you is “Okay, I have a bigger bank account”. Don’t limit yourself though I’d say.