Jun 11, 2018
If you want to become a better
investor, this week’s show is for you.
Today I’m going to chat with you
about two important topics that will be relevant whether you’re a
beginning investor or a seasoned pro.
Firstly, I’ll talk about the 7
habits of highly effective investors.
I’ll look at the 7 habits of
highly effective people and explain how these approaches to success
also relate to investing.
Then, I’ll go through an
exercise of deciding what I would teach my 21-year-old self if I
could go back in time with the knowledge I have now.
You may want to try the same
exercises. Chances are, the lessons you would teach are some of the
same lessons you should focus on today.
7 Habits of Highly Effective Investors
proactive. You can choose
to take control or be controlled. You’re where you are because of
all the things you’ve chosen to do and all the things you’ve chosen
not to do.
with the end in mind. By
focusing on your desired outcome, you’ll lead yourself toward those
goals. Set long-term goals, make a written plan, and devise a
strategy to get there.
first things first. You
need to learn how to prioritize actions. Take a step-by-step
approach. Keep the big picture in mind, and don’t be afraid to say
no when an opportunity doesn’t fit in with your plan.
win-win. There is more to
be gained from cooperation than competition. Learn how to be happy
with what you have while you pursue what you want.
seek to understand, then be understood. Really listen when someone is speaking,
instead of just formulating a reply. Avoid confirmation bias. Be
skeptical of your preconceptions.
Creative cooperation allows us to uncover new solutions. Surround
yourself with consultants and mentors that will lift you up, not
drag you down.
the saw. Your greatest
asset is yourself, so you need to look after your mind, body, and
spirit, and maintain a healthy balance. Don’t be afraid to spend or
invest money on your education and learn from your victories and
mistakes and those of others.
21 Lessons I Would Teach My
- Learn from your
mistakes. Mistakes are inevitable. Learn from them and keep
- Love change.
Change happens for a reason, so learn to be ok with it.
- Say “no” more
often. You don’t have to say yes to everything someone asks you to
- Focus on becoming
good at one thing. Successful people specialize.
- Tell people how
you feel. Never underestimate the power of a good compliment. Don’t
be afraid to be honest, and to apologize when
- Don’t worry so
much. Most of what we worry about never happens.
- Be honest with
yourself and with others. Honesty gives you peace of mind, and
- Remain curious
and keep learning. Ask lots of questions. Invest in yourself by
investing in your education. Continued personal development is the
key to success.
- Get good mentors
early in life. Don’t be shy about doing this. We all need to learn
from somebody. Why not learn from the best?
- Be grateful. No
matter how much money you have, you won’t be wealthy unless you’re
grateful and enjoy life.
- Love yourself.
You can’t be fulfilled until you’re happy in your own
- Don’t compare
your Chapter 1 with someone else’s Chapter 20. Everyone has their
own problems. Concentrate on being a better person today than you
- Help others
become successful. When you find yourself in a position to help
others, bring them up to where you are.
- Enjoy the
journey. If you don’t enjoy the journey, you won’t enjoy the
- Stop making
excuses. Don’t be a victim or blame others.
- Take risks. Don’t
be reckless, but don’t let your fears stop you from taking
- Choose your
friends wisely. The people you surround yourself with will rub off
on you. You’re more likely to be successful if your friends are
like-minded and motivated.
- No one owes you
anything. If you want something, work for it.
- Think long-term.
You need to think 10, 20 ,30 years in advance. Great things take
- The 80-20 rule.
The people who work the hardest aren’t necessarily the most
successful. You can work little and be smart about it and get what
- Make investing a
priority. Invest time in learning how money works, how it’s made,
and how it grows.
Links and Resources:
Rich Habits Poor
Some of our favourite quotes from the show:
“You’ve got to become the pilot
of your life, not the passenger.” --Michael Yardney
“Learn how to be happy with what
you have while you pursue what you want.” --Michael Yardney
“I’ve made more by saying “no”
to things than by saying yes to all those perceived investment and
business opportunities that have been put in front of me.”
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