By Daniel Finley
On the afternoon of March 29, 1999 I arrived at the Detroit airport on my route home to Minneapolis when I glanced up at CNN on the television screen and realized that I was watching history in the making. It was the first time that the Dow Jones Industrial had closed above 10,000 points! As the closing bell rang, pandemonium set in, champagne was uncorked and the media began announcing the event using verbs such as "soared, topped and scaled".
By February 9, 2010, over a decade later, the Dow Jones Industrial Average had closed below this milestone mark 28 times! Each time the media announced closing pullbacks with verbs such as "dropped, plummeted, plunged and crashed".
So, what was the major difference between the Dow closing above or below this magic milestone marker?
The difference was the media's perspective of the day's events. Granted the media is in the business of selling papers and/or increasing their program ratings. Besides, who can blame them for using words to invoke short-term positive or negative emotions in the minds of investors as it is part of their job to create attention grabbing coverage. However, over time the media's view points on day-to-day volatility can also have long-term effects on investors as well as on their financial advisors. It all depends on whether you buy into the "verb of the day" or you don't.
Some may view each pullback as an obstacle which causes them to lose money in the midst of uncertainty, while others view each pullback as an opportunity to purchase select securities at basement bottom prices. In either case, it is purely a matter of perspective.
The way we view the glass as being half empty or half full extends far beyond our views of how the market closes. In fact, the way we look at everything from the big picture view of our business to the minute details of our day affects the way we feel and the way that we subsequently act.
The tricky part about priorities is that we sometimes stumble in setting them appropriately and consistently. Our interpretations of why we stumble can either serve to positively reinforce our conviction(s) or negatively obliterate our resolve. We should always turn our mistakes into opportunities for learning which is what putting your troubles into perspective is really all about.
And, that is exactly why keeping your perspective is so important...
People that have learned to hone their perspective, turning it into a resource for getting through hard times and self-improvement, are far more likely to end up well-positioned when the going gets good again.
How do you view what you do in your business? Are your immediate thoughts about challenges or solutions? Are you satisfied with your perspective?
Here are some solutions for increasing your power of perspective:
Check In with Your Mental State of Mind
Often times when one is faced with a new challenge negative thoughts occur. When this happens, simply "check in" with your own state of mind by asking yourself, "Why am I feeling this way about this new challenge?" The reason to do this is so that you instantly become aware of any negative thoughts and can interrupt the pattern before it spirals out of control.
Look for the Opportunity within the Obstacle
Changing your mental state of mind from negative to positive can simply occur when you ask yourself "what is the number one opportunity that could come of this situation?" This is important because it offers the turning point in increasing your power of positive perspective.
Act on the Opportunity
Taking action with a new opportunity does not mean that you should drop everything and be reactive. Instead, it means to prioritize the tasks necessary to find success with any new opportunity and take care of them at a predetermined time (i.e. during client servicing hours) so that you can continue working on what you were when the opportunity arose.
Assess the Opportunity
Assess any opportunity by asking yourself, "What is great about it? Did I help someone? Did this reinforce my business relationship with a client?" Questions such as these will force you to look for the positive outcomes of seizing opportunities out of obstacles.
To gain control of your day and your business you need to take control of your thoughts, emotions and actions. By doing so you will soon realize that you are on your way to accomplishing your goals, supporting and strengthening your power of perspective along the journey.
By February 9, 2010, over a decade later, the Dow Jones Industrial Average had closed below this milestone mark 28 times! Each time the media announced closing pullbacks with verbs such as "dropped, plummeted, plunged and crashed".
So, what was the major difference between the Dow closing above or below this magic milestone marker?
The difference was the media's perspective of the day's events. Granted the media is in the business of selling papers and/or increasing their program ratings. Besides, who can blame them for using words to invoke short-term positive or negative emotions in the minds of investors as it is part of their job to create attention grabbing coverage. However, over time the media's view points on day-to-day volatility can also have long-term effects on investors as well as on their financial advisors. It all depends on whether you buy into the "verb of the day" or you don't.
Some may view each pullback as an obstacle which causes them to lose money in the midst of uncertainty, while others view each pullback as an opportunity to purchase select securities at basement bottom prices. In either case, it is purely a matter of perspective.
The way we view the glass as being half empty or half full extends far beyond our views of how the market closes. In fact, the way we look at everything from the big picture view of our business to the minute details of our day affects the way we feel and the way that we subsequently act.
The tricky part about priorities is that we sometimes stumble in setting them appropriately and consistently. Our interpretations of why we stumble can either serve to positively reinforce our conviction(s) or negatively obliterate our resolve. We should always turn our mistakes into opportunities for learning which is what putting your troubles into perspective is really all about.
And, that is exactly why keeping your perspective is so important...
People that have learned to hone their perspective, turning it into a resource for getting through hard times and self-improvement, are far more likely to end up well-positioned when the going gets good again.
How do you view what you do in your business? Are your immediate thoughts about challenges or solutions? Are you satisfied with your perspective?
Here are some solutions for increasing your power of perspective:
Check In with Your Mental State of Mind
Often times when one is faced with a new challenge negative thoughts occur. When this happens, simply "check in" with your own state of mind by asking yourself, "Why am I feeling this way about this new challenge?" The reason to do this is so that you instantly become aware of any negative thoughts and can interrupt the pattern before it spirals out of control.
Look for the Opportunity within the Obstacle
Changing your mental state of mind from negative to positive can simply occur when you ask yourself "what is the number one opportunity that could come of this situation?" This is important because it offers the turning point in increasing your power of positive perspective.
Act on the Opportunity
Taking action with a new opportunity does not mean that you should drop everything and be reactive. Instead, it means to prioritize the tasks necessary to find success with any new opportunity and take care of them at a predetermined time (i.e. during client servicing hours) so that you can continue working on what you were when the opportunity arose.
Assess the Opportunity
Assess any opportunity by asking yourself, "What is great about it? Did I help someone? Did this reinforce my business relationship with a client?" Questions such as these will force you to look for the positive outcomes of seizing opportunities out of obstacles.
To gain control of your day and your business you need to take control of your thoughts, emotions and actions. By doing so you will soon realize that you are on your way to accomplishing your goals, supporting and strengthening your power of perspective along the journey.
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