Most Wannabe Investors Lack This Basic Ability
A while back I spent a week helping a fantastic group of Wealth Builders take action and change their financial reality for the better through learning and implementing.
This truth really hit me…
The hardest part about investing is the learning, rapidly followed by the implementation.
If we are all really honest with ourselves we know...
- “Wanting” to be wealthy is easy.
- “Wanting” to be a successful investor is easy.
- “Wanting” financial freedom is easy.
Everyone "wants" something.
“Wanting” is easy.
But not everyone has the fortitude to dig in and really learn how to get what they want – and the tenacity to implement what they learn.
Learning and implementing are the only way we get the life we want.
Nobody popped out the womb as a great investor!
- Investing is a learned skill.
- Creating real, sustainable wealth is a learned skill.
Every good investor got there by learning.
But most people are too lazy to really learn. Then implement. Then learn and adjust. Then implement. And learn some more.
It's work. It's a grind.
It’s uncomfortable feeling
incompetent and uninformed.
Studying and practising until we become competent is not everyone's cup of tea (or coffee).
And that's the primary reason so few people become financially free and enjoy a wealthy life lived on their terms.
The capacity and self direction to learn and grow is what sets a select few apart from the masses who stay stuck in their familiar suffering – wanting things to be different, changing nothing.
Even Warren Buffett spends more time learning than he actually does investing.
He holes up in his office with stacks of books and financial statements. Buffett puts in the time, he studies – and then he's ready to make smart decisions that build on what he has learned.
So here is some practical advice if you think you want to become a successful investor and create your own freedom...
➤ Build a solid foundation of knowledge
Start on weekends or in the evenings. Read and take investing courses. Watch the masterclasses I run. Do it week after week with whatever spare time you have. Don't let yourself get distracted by all the “urgent” stuff that sucks your time away.
Learn and learn and learn. Implement and learn. One step after another. Step by step you will create your freedom.
You won't start out ready to be successful.
You’ll feel incompetent. You’ll make some mistakes.
Getting it all right is not the point when you start.
The point is to get good at LEARNING and expanding your mind and your skill set.
The more you do it, the better you’ll get at it.
The more you immerse yourself, the more comfortable you’ll feel in the world of investing and asset-generated income.
This is the best and fastest way I know to get to where you want to be.
It's not magic, but it is the way.
❝ Your wealth can only grow in direct proportion
to your capacity to make, hold and expand it ❞
You must expand you first, then you’ll be able to invest and expand your wealth.
And most importantly, when other wannabees are outsourcing their financial wellbeing to an advisor or listening to people selling “get-rich-quick” schemes promising huge returns for nothing, you are becoming a well-oiled wealth-creation machine, learning and growing and gaining confidence in yourself.
Having a solid base of competency and confidence – knowing how to invest and how to get your money working – is an incredibly valuable internal asset to have. It’s when you realise it's up to you to make your own future that freedom starts to happen.
Remember – nobody cares about you as much as you do.
Maybe none of this applies to you because you’re already a successful investor. Or you still think it’s all too hard and scary to do… so you’ve given all your money to someone else to manage (good luck with that). Either way, it’s worth remembering that investing skills are learned… and that there is always more to learn.
I hope this little pep talk has encouraged you to be a lifelong learner.
P.S. Continue the wealthy conversation on our Facebook Group – share your best learnings and insights and see what others are saying about their wealth-building journeys.