We are in a time when more and more people are fed up with the metro-work-sleep routine. By the way, if you are reading this article, you are probably one of those people.
Break your limiting beliefs
The basis of your success is you! So start by convincing yourself that you are going to be successful. You need to realize that you are capable of doing great things, even if you think the opposite is true because… YOU ARE CAPABLE OF DOING GREAT THINGS. Most successful investors have graduated from major business schools, but when you look around, you find that many have succeeded without this background. How did they do it? Well, they believed in themselves and above all they took action.
Of course, if you’ve always had no confidence in yourself, it’s not something you are going to acquire like that, because you have decided to do so. If this is the case, I can only recommend a course of personal development. Amazon is full of excellent books on the subject and you will also find some great content on the web. If you are already confident in yourself, reinforcing this idea can only help you be successful. Remember this image: if you want to build a 100-story building, you will have to dig deep foundations so that it does not collapse. You are the foundation of your success, the bigger you want to build something, the stronger the foundation will have to be. So develop a winning mind!
Develop your knowledge
I’ll tell you a secret: I trade the stock markets every day and I don’t earn large sums but I understand what I’m doing. However, a few months ago, I was just a computer scientist and above all, I had no idea how trading works . You see what I mean ?
It is never too late to train. There are amounts of books that contain more than enough knowledge to start investing. There are also a number of training courses on the subject that are designed for people who have no prior knowledge in the field. You don’t need to have studied years to buy a building or a share. So take the time to train yourself and acquire the knowledge and gradually you will master the subject.
Identify all the opportunities
An investor is a person who is able to seize good opportunities. Investing is spending money with the aim of making it more profitable than the initial sum. We are talking about return on investment.
However, you can apply this method in everyday life without necessarily spending money. The goal is to train yourself to seize good opportunities, develop the “investor instinct”. Knowing how to give service is a form of investment because it is likely that in return, when you also need it, the person will help you. Another silly example: change lanes at the supermarket when a new cash register opens. You will lose your place in the current one, but there is a good chance that you will save time, especially if you are new to the new fund.
Become an opportunist, spot all kinds of opportunities , even the smallest, to sharpen your investor mind.
Know the difference between a good and a bad investment
You have to know how to differentiate 2 things in which you invest your money. Assets that will earn you money, such as a building to sell or rent, a share, … and liabilities that cost you money, such as a car, a television, …
An asset will bring you in the short, medium or long term more than what you will have spent to have it. It will therefore gradually increase your income. Conversely, a liability will not earn you anything. Take the example of your car or your smartphone: you can never sell it for more than what you bought it. A good investor should therefore try to spend as much of the money as possible on assets that will increase his cash flow. The goal is to create a virtuous circle, where the more money there is due to the assets, the more money we have to invest in the assets, therefore more income, so … I think you have including. So learn to differentiate between assets and liabilities and invest in assets.
Accept failure
The most famous investors like Warren Buffett, Richard Branson, Benjamin Graham,… have already all suffered failures: investments that did not work; promising startups that have not taken off; a fall in the price of real estate in an area that was very coveted before,…
We cannot always be right, and we inevitably suffer more or less major failures. Failure should not be seen as such but as an opportunity to learn. Why did you fail?
Understanding the reasons for your failures will help you avoid making the same mistakes. What will make your success will be your ability not to give up and always get up. There is no better lesson in life than to learn from your mistakes. So get started, don’t be afraid to make mistakes and when you do, take the time to take stock and understand why.