EIGHTY PER CENT OF SUCCESS IS SHOWING UP

When you’re sure you’re on the right road to success
you don’t have to plan your journey too far ahead.
Don’t burden yourself with doubts and fears
as to the obstacles that may bar your progress.

You don’t need to know all your answers in advance.
Just have a clear idea of the goal you want to reach.
You can only take one step at a time.

Once you muster up the courage to begin,
you’ll find the courage to succeed.
It’s the job you never start that always takes the longest to finish.

You’ll get what you want if you go after it.

Copyright 2008 www.yourdailymotivation.com
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THE HIGHWAY TO SUCCESS IS A TOLL ROAD

You must give up something to get whatever you want in life.
The greater the value, the greater the sacrifice that will be required.
Everything you want has a price.

You pay a price if you want to make things better,
and you pay a price for just leaving things as they are.

Nothing worthwhile will come easily to you.
Work, continuous work and hard work,
is the only way to accomplish the results that last.

You’ll find no success at bargain basement prices.

Copyright 2008 www.yourdailymotivation.com
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LIFE RESPONDS TO YOUR OUTLOOK

The dreams you choose to believe in come to be.
When you feel in your innermost being
that you will achieve what you set out to do,
you open the way for miracles.

Choose to believe something good can happen.
Expecting it to happen energizes your goal
and actually gives it momentum.
What you expect to happen, happens.

If you expect to succeed, you’ll succeed.

Copyright 2008 www.yourdailymotivation.com
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Calling Ralph Nader

In 1965 Ralph Nader wrote “Unsafe At Any Speed”, a book that called attention to a variety of safety problems with American made cars. He was particularly critical of the Chevrolet Corvair. His book was largely based on data from over 100 lawsuits that were pending against General Motors (GM) at that time. Rather than taking the high road and pulling the Corvair off the market for a while (showing concern for their customers’ safety), GM tried to destroy Ralph Nader instead. They hired private detectives, tapped Nader’s phones, investigated his past, and even hired prostitutes in an effort to trap him. Their efforts failed. But GM was a powerful force in the corporate world and had considerable influence within the mainstream media. Press coverage was not favorable for Nader early on. However, public opinion was overwhelmingly on his side. Given the high profile nature of the situation, elected officials were suddenly very concerned about the increasing number of traffic fatalities. They eventually established the National Highway Traffic Safety Administration. Automobile safety finally became the responsibility of the automakers, not the consumers. Consumer advocacy scored a rare victory.

Financial services firms (banks, mortgage companies, brokers, insurance companies) are constantly being sued by their customers. Throughout the industry there are undeniable problems with conflicts of interest. For example in the banking business, customers are routinely lured into borrowing too much money. The pattern of predatory lending is so obvious and the number of lawsuits is so large that even at age 74 Ralph Nader could probably reform this industry fairly easily.

Mr. Nader, if you happen to read this article, would you mind starting with the big banks? The guys in conservative looking suits have wrecked the credit markets with their asset-backed securities, sub-prime lending, and hedge funds. They say a fish rots from the head down. While Alan Greenspan was the Fed Chairman, he was completely in favor of both adjustable rate mortgages and easy credit; “Easy Al” some people called him. Let’s review the damage caused by our best and brightest on Wall Street.

Interest only mortgages and adjustable rate mortgages (ARM’s) have a history going back to at least the 1920’s. After periods of wild-eyed speculation in the real estate market, property values typically drop back down to some degree. When that happens, highly leveraged borrowers find it difficult to refinance their adjustable rate loans. This is nothing new; it’s common knowledge in the industry. In recent years banks have been aggressively selling these dangerous ARM loans, often requiring very little down payment. Loan originators made a lot of money providing the financing for the most recent cycle of boom and bust in real estate. Now prices are dropping and (once again) borrowers are struggling to refinance. Homeowners in some regions of the country are being foreclosed on in huge numbers. Some borrowers understood the risks involved with interest only and ARM mortgages, and some didn’t. Loan originators and the big banks were fully aware of the dangers.

The percentage of homes in foreclosure is outrageously high right now. There’s no way to quantify the misery that has been inflicted on families all across the country. The Federal Reserve recently awoke from its slumber and started pushing interest rates down, trying to make it easier for victimized borrowers to refinance. Since the drop in real estate values is the more significant part of the problem, the rate reductions aren’t actually helping borrowers that much. But the lower rates may be providing at least some relief for the Wall Street crowd. Some of the largest financial firms in the world are facing billions of dollars in losses as a result of the massive wave of foreclosures. Once again, their irresponsible lending practices have created a crisis.

Since the Roger Clemens entourage is no longer in Washington, that might leave an opening for Ralph Nader to organize a Congressional hearing of his own. It’s time to uncork a vintage Ralph Nader hard-hitting, jaw-dropping, come-to-Jesus press conference. He needs to drop the big one on an entire industry that has been betraying its customers for a very long time. So far, I have not heard a single elected official call for industry reform. I recommend that we not hold our breath in anticipation of that happening. These are huge, powerful, and influential companies.

But Mr. Nader if you’re listening, we could really use your help one more time. And while you are in front of the microphone, why don’t you explain to your fellow Americans how big banks have specifically targeted people with low incomes and poor credit ratings. This may be one of the most disturbing forms of predatory lending that should be brought under control.

Selling mortgages to people with bad credit was such a successful moneymaker, banks decided to use the same strategy in their credit card divisions. They flooded mailboxes all across the nation with irresistible offers. They again targeted people with low income and bad credit. Lots of our friends and neighbors are now up to their eyeballs in credit card debt. I’m sure that bank CEO’s were smugly patting themselves on the back for being so brilliant. I’d love to see Ralph Nader give a couple of those CEO’s a tour of a federal prison.

Because of the thousands of credit cards that were issued to people with bad credit, the banks are now writing off staggering amounts of bad debt from that side of their business. It was reported that American Express wrote off $1.5 billion in bad debt last quarter (4th quarter 2007), which represented a mind boggling 18% of their credit card revenues.

You don’t have to be Ralph Nader to guess how bank executives plan to recover their losses. They are in the process of dramatically increasing the interest charges on their credit cards, even for customers who have never made a late payment. After a long period of easy credit, many families are now heavily in debt. In addition, inflation is out of control, and the economy is slowing down. Apparently, the big banks have decided this would be an excellent time to increase the interest charges on their credit cards. With consumers in a weakened condition, the banks are moving in to lay claim to an even larger percentage of their customers’ take home pay. Considering that 40% of American households carry unpaid balances on their credit cards, the impact of these rate increases will be enormous.

We have an unusual economic situation right now. Commodities prices are through the roof, putting inflationary pressure on consumers. The weak dollar is contributing to that problem. As the Fed lowers interest rates, they may be dragging the dollar down even further, allowing inflation to worsen. In a nutshell, the predatory and reckless lending practices on Wall Street have set off a chain of events that are costing American families dearly, as they are forced to pay more for everything from gasoline, to milk, to flour. The credit markets are in disarray, which is affecting investor confidence in the stock market as well. If you are contributing to a retirement plan, you can thank the Fed and Wall Street CEO’s when you review the losses on your next statement. Stock indexes are getting hammered.

If you carry balances on your credit cards, Wall Street is holding you hostage. You are being used, and something needs to be done about it. We can’t wait for Mr. Nader to grab his sword and slay this dragon. And unfortunately, business schools and law schools aren’t producing Ralph Naders any more. We’re on our own. We will have to defend ourselves individually, and this will require that we start thinking about money and credit in a different way. It is time to stop allowing Wall Street to take our hard earned money.

I am here to help HPOPS members deal with these types of issues. Let me know when you are ready to sit down and talk.

Richard Gable, CFP
© HPOPS In-House Financial Planner
rgable@hpops.org
ph. 713-869-8734
Printed with permission from Mr. Gable.

YOU ALWAYS HAVE A CHANCE

You have the power to do things you never dreamed possible.
This power becomes available to you
as soon as you change your beliefs.
If you did all the things you’re capable of doing,
you would literally amaze yourself.

You know what you are today,
but not what you may become tomorrow.
Look at things as you want them to be,
and then make those things happen.
You don’t know what you can do until you try.

You can do anything you wish to do,
have anything you wish to have,
be anything you wish to be.

Never say never.

Copyright 2008 www.yourdailymotivation.com
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IF AT FIRST YOU DON’T SUCCEED, TRY, TRY AGAIN

You’re not finished when you’re defeated,
you’re only finished when you quit.
The most important quality essential to success is perseverance.
It overcomes almost everything, even nature.

Winning isn’t everything, but wanting to is.
Success is connected with continuous action.
It’s largely a matter of hanging on after others have let go.

You can have a fresh start any time you choose,
for your “failure” is not in the falling down, but in the staying down.
It’s not over until it’s over.

If you’ve got the courage to stick it out, you can win.

Copyright 2008 www.yourdailymotivation.com
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NEVER SAY NEVER

There is no such thing as no chance.
Don’t think about the things you can’t do.
Think about the things you can do.

No matter what the level of your ability is,
you have more potential than you can ever develop in a lifetime.

You have powers you never dreamed of.
You can do things you never thought you could do.
There are no limitations to what you can do
except the limitations of your own mind.

Your range of available choices right now is limitless.
Look at things as they can be.

Copyright 2008 www.yourdailymotivation.com
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YOU CLIMB A MOUNTAIN ONE STEP AT A TIME

Everyone who got where they arehad to begin where they were.
Your opportunity for success is right in front of you.

To attain success or to reach your goal, don’t worry about
having all the answers in advance.
You just need to have a clear idea
of your goal and move toward it.

Don’t procrastinate when faced with a difficult problem.
Break your problems into parts and handle one part at a time.

Develop a tendency toward action.
You can make something happen today.
Break your big plan for success into small steps
and take the first step right away.

Success starts with a first step.

Copyright 2008 www.yourdailymotivation.com
Reproduce freely but maintain Copyright notice.

SUCCESS IS CLOSER THAN YOU THINK

Every situation, properly perceived, becomes an opportunity.
But you have to act on them if you’re going to be successful.

Distant pastures always look greener than those close at hand,
but real opportunities are right where you are.
You must simply take advantage of them when they appear.
You can start where you are at any time.

Success is all around you.
It’s not in your environment,
it’s not in luck or chance,
or in the help of others.
Success is in yourself alone.

You don’t need more strength
or more ability or greater opportunity.
What you need is to use what you have.
Learn to seize good fortune,
for it is always around you.

You must go to success,
it doesn’t come to you.
Open your own doors to opportunity.

Copyright 2008 www.yourdailymotivation.com
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THERE IS ALWAYS ANOTHER CHOICE

You don’t have to buy from anyone.
You don’t have to work at any particular job.
You don’t have to participate in any given relationship.
You can choose.

You alone steer the course you choose in the direction
of where you want to be today,
tomorrow or in any distant time to come.
You hold the tiller.

You can decide to alter the course of your life at any time.
No one can ever take that away from you.
You can decide what you want and go after it.
It’s always your next move.

Copyright 2008 www.maxsteingart.com
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Was Today’s Daily Motivational Mess