Wednesday, August 9, 2017
The Most Important Investment You Will Ever Own
This week has been dedicated to all things investing and saving. The reason I dedicated a whole week to investing is very simple: Investing confuses most people. The job of your financial advisor is to clear the air when it comes to investments. Take something that confuses you and break it down into something you can understand. Most people don’t have the time or the inclination to study and master investing. To be honest, mastering investing isn’t that important. You may be asking yourself, “How is it not important, that goes against everything the experts have always said.” Let me clarify. Amongst everything you are doing in regards to personal finance, investing is just one of the tools you will use to gain financial freedom. Many people think there is some secret weapon in regards to getting rich. They think that they can make some super smart move and it’ll solve all their problems and financial freedom will be theirs. What if I told you the best investment you can make is in yourself? What if I told you that the most valuable thing you own and most priceless investment you will ever have is you? Most people think it is their home, or their BitCoins, or even their car. This post will aim to show you why you, and the way you go about life, are the most important investments you will ever own.
Your Work Ethic Will Determine Your Wealth
It is virtually impossible to make something out of nothing. What I mean by that is you cannot become wealthy by not working and more specifically, working hard. The adage work smarter, not harder doesn’t ring true. You should work smart AND work hard. Working smarter will allow your hard work to pay off. An investment in hard work will pay off in many ways. Those who work harder usually make more money. Making more money translates into hopefully saving more money. Saving more money allows for a comfortable retirement. Striving to get that promotion will pay off more than any stock pick. How you determine your worth is through hard work and that will benefit you greatly in the end.
When it Rains, it Pours: My Money Karma Theory – Budget Boss
Your Mentality will determine wins and losses
Complacency can destroy you. This is especially true at a young age. Having a mentality to always strive for more will translate into a better life overall. Defeatist attitudes hurt everything including your pocketbook. How you approach life usually translates into how you approach investing as well. Often time’s people, who have an impulsive mentality, lose when investing. They buy when they should be selling and sell when they should be buying. Having a long-term strategy is a winning strategy. Defeatism and impulsivity are temporary symptoms that can turn into a permanent way of life. Compulsion is short-term thinking as well. You need to think long-term and that involves always striving for more. Long-term thinking never involves complacency, defeatism or impulsiveness. Instead be vigorous, ambitious and patient.
Prioritizing Your Spending – Budget Boss
Your Health is More Important than any Investment
This one seems fairly straightforward. People always talk about good health as a blessing or bad health as bad luck. While both of those are true, many others have realized that health is something that can be tilted in your favor. Obviously exercising and eating right will help, but protection is just as vital if not more important. The devastation of illness or injury will hurt your earning potential and halt any investment program. Taking the time to be healthy and then protect that health will pay off greatly in the end. This point ties right into the mentality portion of this post. Having a long-term strategy includes forethought which is the name of the game when protecting your health. Using insurance to protect your health will allow your investments to grow even when you are sick or hurt.
In order to be a successful investor, you have to think like an investor. Successful investors make sure they invest in tangible objects. Things like a home, a job, and your health are the best investments you can own. They are essentially extensions of yourself and your capabilities. Making sure you are investing in your own personal work ethic is huge. It will dictate your future far more than investment returns. Staying positive and patient will pay off as well. Making snap decisions will hurt you greatly in the long run. Taking the time and effort to invest in your health is probably the most important thing you can do. Abundance is the key and that doesn’t come from one lucky stock pick. Abundance in wealth, health, and positivity will take you everywhere you want to go. The good thing is that it is something you can work on and isn’t all about luck. Personally, I would rather add to an investment that will always pay off, me and my abilities. You should too.
“I think the number one safe haven where people put their money is to invest in yourself first.” – Hill Harper
Email – joe@budgetboss.ca
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