Self Made Millionaires 11 Worth Imitating Guide To Investment
Every where you turn to people talk of investments, investment strategies, and even investment opportunities. Investment can be short term or long term but when cautiously and rightly made it may bring much blessings to the investor.
Investments are for short term or long term period
Investment on short term basis may be in form of savings like savings account, term deposits or treasury bills. Investment on long term period may be in real estate property, equity, stocks, mutual funds, franchising, online business opportunities and many more.
Investment when done properly can lead to wealth creation. The self made millionaires do invest and make their wealth through investing in many opportunities but allow some investment guides to direct them. Some of these guides as discussed below are worth imitating by anyone who want to be successful.
- You should dream big and work hard to realize your dreams.The self made millionaires dream big and they continue to dream. They make their dreams to be active never allow them to become dormant or sleepy. They work very hard to realize their dreams by setting in motions some goals, strategic moves and by taking actions. Their dreams are accomplished with visions and generous thinking that lead to success.
- You should be a risk takerRisk taking is a crucial factor to profitable investment and wealth creation. It is an offshoot of wealth creation. While they take risk they go for calculated risk that make them increase their net worth. With risk taking, it is easy to identify investment and wealth creation opportunities that required to be acted upon to provide desired results. Risk aversing on the other hand will not allow you to take action on investing opportunities until they sleep by. Investing in share, stocks, equity, mutual investments, real estates and online business opportunities, involve risk taking. The process of buying and selling for profit gains involves risk taking. The process of committing your funds to what seems to be worthwhile investment involves risk taking.
- You should go for multiple streams of passive incomeThe self made millionaires go for multiple streams of passive income to generate their wealth. This may be termed multiple portfolio of incomes generating means. This is done to averse danger of failure and total loss. In case a particular source of investment fail, it is unlikely the others will fail.
- You should give room for surplus by spending less than what you earnWealth created out of passive income streams comes from surplus resulting from savings culture. It has been estimated that 10% to 15% of earned income should be left out for savings.
- You should build network of systemsThe self made millionaires try to create a system of network of people of users around themselves. They build system rather than working for a system. They create systems by effectively creating products or services that meet the needs of people who will always find the products or services solving their problems. The product or service may be in form of a book, or software. For anybody to imitate the self made millionaires, try to build a system rather than working for a system. You can build a system from MLM, by establishing a corporation either meant for providing service like software companies or for production.
- You should practice delay gratificationThe pattern of life of the successful people involves using delay gratification, Just like any other person, the successful people desire many thing, they want to enjoy the best out of life. They go for their immediate needs while they invest for the future by acquiring income generating assets. They use the returns from their assets to buy luxuries like cars of their choice.
- You should avoid buying at impulsePeople who buy at impulse most times end up spending on what they want rather than what they need. To avoid buying at impulse, purchases should be controlled by writing a routine budget of expenses and income and spending should be made by sticking to the budget.
- You should see failure as stepping stone to success.The successful people even when they fail, they never stop working or move forward but they try to learn from the mistakes that led to their failure. In fact, they see failure as a means to build up their confidence level with a further strategic plan that will make them achieve success.
- You should build your success around goals and objectivesIf you want to be successful like the self made millionaires, you should establish goals and objectives. Goals are short term plans while objectives are long term goals that run into more than twelve months or even years ahead of you, You should break your success plans to short term and long term goals. As you achieve the short term goals, you work out chains of short term goals for achieving long term goals of success.
- You should continuously invest in yourselfThis is a crucial factor if you want to be successful self made millionaire. The more knowledge you acquire the more prudent you become in acquiring financial intelligence needed to create wealth. You should read self motivating books and listen to audio cassettes of successful people. You can only give out of what you have. The more you learn from successful people the more productive you will be.
- You should hang around successful peopleThere is a common saying: show me your friend then i will tel you who you are. Successful people hang around others who can impart positively to their life course. You move around successful people to learn their way of doing things, their success secrets and their success habits. You can do this by attending seminars through conferences or webinars organized by them, watch and listen to their video and audio cassettes.
The path to success is a journey to a destination. One of the important path to success is to learn from others who are already successful. Most self made millionaires learn from others and they continue to learn by building wealth of residual knowledge. As you learn and practice out those above mentioned investment guides and tips, you will set yourself on the platform of success. With time and more effort you will turn out to be a self made millionaire who is ready to affect many others positively