What is the key to successful investing? It’s time to think broadly and use diversification in your investment portfolio. Especially in a season of economic uncertainty, it may be time to think about a breadth of investments instead of focusing on depth.
Many would say the key to successful investing is to have a financial strategy. Although, after years of research, interviews, and even some trial and error…I have found that the right strategy is just 20% of the equation. The other 80% is your mindset.
With the right mindset, you can set your goals and create the life you want!
Are the decisions you’re making today helping you reach your life goals?
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Now, let’s look at what we discussed in this episode:
- The key to successful investing is having the right mindset
- Get over the fear of failure
- Be specific about your desired outcome
- Set clear, actionable goals
- Take action on your goals
Here’s a breakdown of how this episode unfolds…
Peter describes how 80% of successful investing depends on your mindset. Compared to Olympians striving for gold, who have a mindset that they can continually improve, do better, and win. In real estate investing, your mindset is premium. Many hedge-fund investors or financial managers have coaches who help them overcome their own limiting beliefs to achieve the next level. With the right mindset, you can set your goals and create the life you want!
Breaking off the fear of failure comes from being willing to learn from your mistakes. The fear of failure or losing money can keep you feeling stuck. The phrase “you are either growing or dying” carries a lot of truth in the natural and all areas of your life. Peter suggests that if you are not facing the fear of failure, you may live stagnantly and not permit yourself to grow. After all, failure is a stepping stone to success. So, fail quickly!
Secure your intentions by writing down your life goals and plan! Be specific in your desired outcome; what do you want your ideal life to look like, and how would you prefer to spend your time? Think down the road, years to come. It’s not about giving up medicine, it’s about living in that place where you don’t have to practice, but you do so because you enjoy it.
Set clear, actionable goals and break them down. Be specific, reasonable, and stretch yourself to the edge of comfort. Goals should also have a time limit and be measurable.
Take action on your goals. In taking the first step, there will always be a level of risk. Even in investing, with all the knowledge and resources available to you, you have to decide to take your first step to get where you want to be! Not taking the first step actually has a truer cost. What is the cost of inaction?
Those who chose to take action shifted the trajectory of their life. They say that the key to their success started with how they thought about themselves as an entrepreneur and an investor. When their mindset changed, it gave them momentum to become who they really wanted to be, living the life they choose to live. So, what is holding you back?
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