Now that you have a good job an making some money, it is crucial to start and maintain good habits to build your wealth. All successful people have successful habits to get them to where they want to go in life. Dreaming is believing and you must in vision where you want to be in the next 5 or 10 years. Most successful people always have a vison and plan how they are going to get there. However, being successful is not always easy. It takes a lot of discipline and hard work to stay focus on your goals. Small wins can give you the motivation to succeed. I tell my kids, that life, is like a roller coaster, you will have your ups and downs. Remember it is the journey that makes life interesting and fun. How you react to the bad days determines your success. I also tell them, that you must love yourself and feel comfortable in your own skin. Self-esteem plays a big role in how one sees their surroundings. It important to have confidence in what you are doing so that you can feel good about the decision that you are making every day.
Another important trait is to have a positive attitude every day. With a good self-esteem comes positive attitude. A positive attitude and strong will to win, can lead to anything. I also tell my kids do not let anybody steal your dreams and always go after what you want and never look back. People are always so jealous of successful people and will do anything to bring you down. Always stay focus on your goals because some day you might be able to help out the complainers. So, if you have bad habits it is time to act, without action or effort you will go nowhere. Change only happens when you decide to make the change.
Let us discuss the traits that will make you successful in building a business. These traits are hard work and discipline, developing a routine, reading, knowing how to adapt, making smart decisions, and empathy.
The first habit we are going to start with is hard work. This is done by discipline and time-management. Most millionaires start with a good routine in the morning and a good breakfast. Some millionaires put in 120-hour work week. At first, I worked extremely hard to get ahead and now.
Staying in contact with people that can help guide you and influence your success is important. Most successful people usually get up early in the morning to either exercise or mediate. Having a routine helps organizes the day so you can get things accomplished. This usually starts with a plan. Most successful people have a timeline, to accomplish their goals and a plan on how to acquire their success.
However, this does not come easy, one must put in the effort in solving the problem or learn a solution to overcome objectives. This is done by reading on the topics that they are trying to learn and by finding answers on how to resolve a problem before acquiring an asset. For example, if you want to buy a stock, without an advisor. What do you do? Most people just do the minimum research necessary. Sometimes they just ask a friend what they think about the stock. A true investor would spend hours researching the stock. First by going to company’s website, then looking at the financial statements, and lastly going to some creditable stock research companies for further input about the stock. Here are some creditable websites that can help when researching a stock.
Motley Fool – https://www.fool.com
Seeking Alpha – https://seekomgalpha.com
The Street – https://thestreet.com
Street Authority – http://streetauthority.com
Stock Splits – http://www.stocksplits.net
Guru Focus – https://gurufocus.com
Trading Markets – https://tradingmarkets.com
Stockpickr – https://stockpickr.com
TradeStops – https://tradestops/com
Please remember on these sites the analyst has their own opinion and are not always right.
With any investment decision, comes effort to see the project through. Stay strong and do your research.
When growing your portfolio, if things do not go right or go your way, you must learn to adaptable and be flexible when making the necessary corrections to fix the problem. Learning how to overcome problems and finding other solutions is also a strong trait that will get you ahead in life. For example, let us say you bought a house as a flip. You thought you made a good buy but later found out that the house has 80% mold in the house. After finding out how much the repair would be and crunching the numbers you realize that you cannot make a profit on the house. What do you do? There are two options – repair the house, which includes fixing the mold problem and taking a loss or selling the house as is and disclosing that there is a mold issue in the house, and also taking a loss. Which one of these decisions makes the most since to you?
For me I would sell the house, as is, because you do not know what other problems you are going to run into when putting the house in a good selling condition. Knowing how to evaluate and make the right decisions in life or investing will definitely determine your success in life. So be smart about it and do your homework when choosing the right investment for you. Sometimes your gut plays a key role as well. As the old saying goes. If it is too good to be true it probably is.
Most successful people always want to learn. They are always trying to learn something new every day. This is can be accomplished by reading, gathering information through different media channels or by listening to your friend or gathering advice from a mentor. Warren Buffett spends five to six hours a day reading, Bill Gates reads about fifty books a year, Elon Musk grow up reading two books a day, and Jeff Bezos spends about three hours a day reading. It looks to me, that reading is crucial in getting ahead in life. Successful people in some way are always trying to grow mentally, physically, or spiritually.
Most people also learn by learning from their mistakes or the mistakes of others. The only way to grow is to learn by doing. If you make a mistake you cannot let that get you down. Learn from the mistake and move on. Never give up because you made a mistake. The reason it is so important to seek out a mentor is to acquire advice and learn from their mistakes that they made along the way.
Lastly, let us talk about empathy. Remember, the money you have is only a tool to help yourself and others. Do not be greedy. Make sure that you always give to charitable organizations and always give your staff and employees the benefit of the doubt. If they are performing well, do not be greed, pay them what they deserve, especially if they are growing your business.
We are all human and we should take care of each other. If you have wealth, taking care of others is a responsibility and so you must have empathy. Your general wellbeing accounts on it. Meaning you will feel better about yourself if you help others out instead of only think about yourself or how much money you can generate by walking over them. Please consider this when building your wealth.
Look hard to see if you have these traits to succeed. If not, you will need to consider changing your habits and really self-evaluate yourself. You will need to reexamine your thinking process to be successful. A clear vision on where you want to go is the key to succeeding.
For more information on what it takes to build a business you can go to www.DiverseInvesting.com or purchase The Road Map to Investing on Amazon.
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