Wealth Building - Part 1 - Keys to Investor Success and Wealth Building
"SUCCESS IS EVOLUTIONAL" - Get Educated It stands to reason that the more knowledge you obtain on investing the more successful you'll likely become and it is the first of three criteria needed to build wealth.
I'm talking about devouring books, articles & audios (anything on the subject you can find) and then actually applying what you learn.
Knowledge alone will not make you wealthy.
Taking appropriate actions based on your knowledge will.
My suggestion to new investors is to learn as much as they can on the topic of success.
Read what successful people did to become wealthy, especially those successful people in your chosen area of interest.
Find out what they did wrong so that you don't repeat their mistakes and find out what worked for them so you can implement those actions.
Understand that dedicated focus is very important for success, but first learn all you can about wealth building & success in general.
I can tell you that with all the different ways there are to make money it will be difficult for new investors to concentrate on just one or two.
New investors may be tempted to try several different investment opportunities at the same time.
But if they have neglected to develop an understanding of how to invest, they may be setting themselves up for failure.
Let's take real estate investing as an example.
You can become exceedingly wealthy investing in today's real estate market but where do you start? Do you start by doing short sales or are wholesaling, lease options and "subject too" deals more profitable? Do you concentrate on tax lien investing or buying properties out of bankruptcy? Do you jump into commercial properties like apartment buildings, mobile home parks, office buildings, self storage properties or senior living facilities or are you more inclined to want to earn passive income with triple net leases or hard money lending? If real estate is your chosen arena for investing my suggestion is to learn about all of the investing methods that I just mentioned and, when you find one that fits your investment criteria, become an expert at that type of investing and then watch how fast your wealth grows.
Once you've mastered one type of investment then you can begin to master a second, a third, and so on.
Education is a fundamental ingredient to an investor's success.
I'm talking about devouring books, articles & audios (anything on the subject you can find) and then actually applying what you learn.
Knowledge alone will not make you wealthy.
Taking appropriate actions based on your knowledge will.
My suggestion to new investors is to learn as much as they can on the topic of success.
Read what successful people did to become wealthy, especially those successful people in your chosen area of interest.
Find out what they did wrong so that you don't repeat their mistakes and find out what worked for them so you can implement those actions.
Understand that dedicated focus is very important for success, but first learn all you can about wealth building & success in general.
I can tell you that with all the different ways there are to make money it will be difficult for new investors to concentrate on just one or two.
New investors may be tempted to try several different investment opportunities at the same time.
But if they have neglected to develop an understanding of how to invest, they may be setting themselves up for failure.
Let's take real estate investing as an example.
You can become exceedingly wealthy investing in today's real estate market but where do you start? Do you start by doing short sales or are wholesaling, lease options and "subject too" deals more profitable? Do you concentrate on tax lien investing or buying properties out of bankruptcy? Do you jump into commercial properties like apartment buildings, mobile home parks, office buildings, self storage properties or senior living facilities or are you more inclined to want to earn passive income with triple net leases or hard money lending? If real estate is your chosen arena for investing my suggestion is to learn about all of the investing methods that I just mentioned and, when you find one that fits your investment criteria, become an expert at that type of investing and then watch how fast your wealth grows.
Once you've mastered one type of investment then you can begin to master a second, a third, and so on.
Education is a fundamental ingredient to an investor's success.
Source...