The first time I experienced financial success, I did not write the procedure down. As a result when it came time to rebuild in another industry, I had certain business skills, but didn't have a solid internal procedure. I mean writing the business plan, getting funding, following the business plan to success, because after all the business was successful in the business plan, right?
Well it's a little more to it then that. There is a mindset which cannot be bought, sold or compromised. And for some reason, women seem to miss the turn to this mindset. The first time around for me, my father, took care of the mind set. And the small business was a success. Now that he is gone, I have to do it for myself.
This time, I have taken notes, and it's the sum total of my notes, which I share in this article.
In my daily quest to make ends meet, while investing what little I could, and learning more about the mindset and personality traits of the wealthy. I found that most of 'them' believe themselves to be a cut above normal. I never read about or studied a wealthy individual (self-made) who didn't think highly of himself.
As I studied the different personalities and philosophies, I quickly learned that there is one common trait which almost all wealthy men have, besides buying farm land.
And if I had a child who would listen, I would say to her:
1. Buy the necessities, food and shelter and spend the balance of your disposable income on ANY investment which will give you a return. This includes everything from a $10 web site, to a million dollar apartment complex, to silver or gold.
2. When you have created, a service, product or procedure which will displace an already existing industry, in a cheaper or faster way, you can count on being wealthy, if the industry you are displacing doesn't kidnap you first.
One thing for sure, investing can become habit forming and the worst your habit, the more financially secure you can become. (Also the more money you can lose) Investing your money in the "right" investment goes a long way in determining the outcome. However, when you invest in yourself you have more control over the outcome. This is one of the reasons why the self-employed industry generates more and more millionaires each year.
So think about investing your disposable income on that which will give you something back. The BMW can wait. If you don't already have a passion, look for ways to make something better, or cheaper. But try not to displace another government agency, like email is doing to the US Post Office.
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