“Winning isn’t everything, but wanting to win is.”- Vince Lombardi
We go through life without a gameplan but expect to win. Winning is a mentality and it can be learned. Here are six MoneyMind characteristics to winning in all facets of life.
The bigger picture A winner sees the forest and losers see trees; this analogy illustrates that winners are often looking and focussing at the bigger picture. They have a more long term view of their future than an average person. It clearly explains why they can wait for their investments and leverage on time. Time is one abundant resource that everyone has and that everyone can use. P100 invested monthly with an average of 10% interest compounded monthly can turn into millions of Pula over many years. An average person does not have the patience to leverage on time because they are not futuristic. This is often connected to fear of living a shorter life, fear of death, and it just never occurs to them that they may have a long and fruitful life. We are living in universe that exactly gives you what you want; if you want a shorter life you just tell the universe that, it will give you a shorter life but if you really want a great future and many grandchildren you tend to invest in the future. Winners have a vision and look at the longer term.
Failure A salesman best friend is an objection because if you overcome the objection you can then go on to close the sale. Similarly a best friend to a winner is failure because they tend to see this as great lessons that they have gone through. They look at failure as temporary and not permanent and they pursue what they want with vigour and astounding persistence. Overcoming resistance and treading in grounds that have never been treaded before gives them absolute joy and the reason why successful people fail is that they are in the habit of trying new things. So if you don’t try anything you won’t fail but equally you won’t achieve anything. Success expert and author of many motivational books Brian Tracy attribute this to the law of probability. The more and more you try the more likely that you will find success, makes sense doesn’t it? People who label you a failure are the very same people who will hail your success however the winners reaction is indifference to misconstrued societal labels.
Winners surround themselves with other winners The fundamental mentality of losers is that they are better than anyone but winners surround themselves with smart people. They get the smartest accountants, real estate advisors, bankers and financial advisors. They often say if you the smartest guy in the room then you are probably in the wrong room and need to move elsewhere. An entrepreneur will love to see his business filled with people who are winners. Success to winners comes naturally and if you surround yourself with winners then you have time to think about where to set the next shop. This is so because winners are results focussed and people who fail are process focussed.
Ownership Ownership breeds accountability and the biggest mistake that people who are not winners make is to think they are working for someone. Winners always see themselves as leaders of their departments or divisions and consider themselves as presidents of their companies no matter who pays their salary. One of the founding tenets of winners is complete ownership of whatever they are doing. They execute themselves in the same fashion they would if they were owning their companies. In the process they make sacrifices on behalf of others and take great pride in winning and being ahead. Guess what? This prepares them and eventually when they become their own bosses they know exactly what to do. On the other hand people who fail want to learn the right habits if they have direct benefits and more often than not they fail anyway.
Positivity Winners are positive and radiate that positivity to everyone they come into contact with. They have great hopes and aspirations for the future. Because of their positive mental attitude when they meet challenges they tend to look for the silver lining, they look for the opportunity that comes misguided as misfortune. The positivity is in their language and they avoid negative word such as I can’t and always get around to seeing thing on the lighter side. They are great motivators and are always on the move and use their spare time to further their dreams
Self-belief Often this is misconstrued as arrogance but winners believe in themselves. They believe that they were created for a purpose and are very daring and undaunted once they are in the winners track. More often winners who have taken time fighting for their desires when they finally achieve they break down in tears of joy because their self-belief would have finally paid off. The same applies in entrepreneurship, entrepreneurs believe in their vision and ideas and nothing and nobody can stop their beliefs because they have confidence in themselves. Adopt the winners mentality and pursue your dreams
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This century is always looking at improving new super high speed technology to make life easier. On the other hand, beckoning as an emerging fierce reversal force to equally match or dominate this life enhancing super new tech, comes swift human adversaries which seem to have come to make living on earth even more difficult.
The recent discovery of a pandemic, Covid-19, which moves at a pace of unimaginable and unpredictable proportions; locking people inside homes and barring human interactions with its dreaded death threat, is currently being felt.
Member of Parliament for Kanye North, Thapelo Letsholo has cautioned Government against excessive borrowing and poorly managed debt levels.
He was speaking in Parliament on Tuesday delivering Parliament’s Finance Committee report after assessing a motion that sought to raise Government Bond program ceiling to P30 billion, a big jump from the initial P15 Billion.
Government Investment Account (GIA) which forms part of the Pula fund has been significantly drawn down to finance Botswana’s budget deficits since 2008/09 Global financial crises.
The 2009 global economic recession triggered the collapse of financial markets in the United States, sending waves of shock across world economies, eroding business sentiment, and causing financiers of trade to excise heightened caution and hold onto their cash.
The ripple effects of this economic catastrophe were mostly felt by low to middle income resource based economies, amplifying their vulnerability to external shocks. The diamond industry which forms the gist of Botswana’s economic make up collapsed to zero trade levels across the entire value chain.
The Upstream, where Botswana gathers much of its diamond revenue was adversely impacted by muted demand in the Midstream. The situation was exacerbated by zero appetite of polished goods by jewelry manufacturers and retail outlets due to lowered tail end consumer demand.
This resulted in sharp decline of Government revenue, ballooned budget deficits and suspension of some developmental projects. To finance the deficit and some prioritized national development projects, government had to dip into cash balances, foreign reserves and borrow both externally and locally.
Much of drawing was from Government Investment Account as opposed to drawing from foreign reserve component of the Pula Fund; the latter was spared as a fiscal buffer for the worst rainy days.
Consequently this resulted in significant decline in funds held in the Government Investment Account (GIA). The account serves as Government’s main savings depository and fund for national policy objectives.
However as the world emerged from the 2009 recession government revenue graph picked up to pre recession levels before going down again around 2016/17 owing to challenges in the diamond industry.
Due to a number of budget surpluses from 2012/13 financial year the Government Investment Account started expanding back to P30 billion levels before a series of budget deficits in the National Development Plan 11 pushed it back to decline a decline wave.
When the National Development Plan 11 commenced three (3) financial years ago, government announced that the first half of the NDP would run at budget deficits.
This as explained by Minister of Finance in 2017 would be occasioned by decline in diamond revenue mainly due to government forfeiting some of its dividend from Debswana to fund mine expansion projects.
Cumulatively since 2017/18 to 2019/20 financial year the budget deficit totaled to over P16 billion, of which was financed by both external and domestic borrowing and drawing down from government cash balances. Drawing down from government cash balances meant significant withdrawals from the Government Investment Account.
The Government Investment Account (GIA) was established in accordance with Section 35 of the Bank of Botswana Act Cap. 55:01. The Account represents Government’s share of the Botswana‘s foreign exchange reserves, its investment and management strategies are aligned to the Bank of Botswana’s foreign exchange reserves management and investment guidelines.
Government Investment Account, comprises of Pula denominated deposits at the Bank of Botswana and held in the Pula Fund, which is the long-term investment tranche of the foreign exchange reserves.
In June 2017 while answering a question from Bogolo Kenewendo, the then Minister of Finance & Economic Development Kenneth Mathambo told parliament that as of June 30, 2017, the total assets in the Pula Fund was P56.818 billion, of which the balance in the GIA was P30.832 billion.
Kenewendo was still a back bench specially elected Member of Parliament before ascending to cabinet post in 2018. Last week Minister of Finance & Economic Development, Dr Thapelo Matsheka, when presenting a motion to raise government local borrowing ceiling from P15 billion to P30 Billion told parliament that as of December 2019 Government Investment Account amounted to P18.3 billion.
Dr Matsheka further told parliament that prior to financial crisis of 2008/9 the account amounted to P30.5 billion (41 % of GDP) in December of 2008 while as at December 2019 it stood at P18.3 billion (only 9 % of GDP) mirroring a total decline by P11 billion in the entire 11 years.
Back in 2017 Parliament was also told that the Government Investment Account may be drawn-down or added to, in line with actuations in the Government’s expenditure and revenue outturns. “This is intended to provide the Government with appropriate funds to execute its functions and responsibilities effectively and efficiently” said Mathambo, then Minister of Finance.
Acknowledging the need to draw down from GIA no more, current Minister of Finance Dr Matsheka said “It is under this background that it would be advisable to avoid excessive draw down from this account to preserve it as a financial buffer”
He further cautioned “The danger with substantially reduced financial buffers is that when an economic shock occurs or a disaster descends upon us and adversely affects our economy it becomes very difficult for the country to manage such a shock”