For all those people who have tried to make money for themselves by investing in a variety of opportunities like investing in the stock market, investing in real estate, selling Avon products, selling vacuum cleaners, and you can name the countless other opportunities,. In each of these situations, if you have fallen short, this note is for you.
If this is your story, I have news for you, you are not alone. There are many of us who have tried to do something to improve our financial situation for us and our families. In doing so, we tried one idea after another and thus far, we don’t have anything significant to show for our efforts and this hurts.
However, I believe there are some points noted in this article, that may help you the next time. You should read further down, to learn about each of them.
There are many of us who have personally taken losses on several opportunities, and that includes me. I can’t name all the different things that I have tried in my quest to make a boatload of money. In each case, I have come up short and it stinks, but that was my learning curve.
To be honest, I have failed so much in the different venues that I thought to myself that success was not in the cards for me. And you do get tired of running into one wall after another and see no upside. You can get so discouraged that you want to throw up your hands and say I quit.
We are all facing that same dilemma, in trying to find that one thing that works best for us. We also know that we must keep up our confidence no matter what. If we can somehow find that (one idea), we can convert that into helping us secure ourselves for the future, we’ll be okay.
Each of us possesses certain skill sets and capabilities. If we learn how to use these talents to make a good living for us and our families that’s our goal. Many of us have failed more than once, but we know that we can’t quit because quitters never make it and that’s not us.
Some have elected to start a franchise, open a chicken and fish joint, become a taxis driver, open a daycare center, become a health care representative, learn how to sell products online, become a boxing sparring person to get our brains pounded out for a living, and etc.
If you find yourselves in this predicament, I’m advising you to get up off the floor and do what I have done, and that is to try again. Falling because you have tried to do something to improve your lifestyle shouldn’t be considered a failure in my book. The people who choose not to better themselves are the ones that we need to stay away from. It’s a good chance that your failure situation is because you have not found that right thing for you.
You have to keep knocking on the door of opportunity until the right person answers. Since you don’t know which door to knock on, you have to be diligent to knock on all of them. At some point, the person you need to meet will answer the door. I have discovered that much of the time our success is based on meeting the right person for you, and not just the person who answers the door. For example, I was once instructed to meet Mr. X for a job opportunity and not Mr. Y, as they both were interviewing people for a job. When I arrived, Mr. X wasn’t available, so I came back another day. On my return visit, Mr. X was there and spoke to him directly and I got the job that I was looking for.
You also need to know that the process of becoming financially comfortable is something that doesn’t take place overnight. You need to keep working at it and don’t give up. As a matter of fact, you have to be willing to do it over and over, until you get it right. This is the upbeat and positive approach, that I took in my life and it worked for me. In my mind, why can’t this strategy work for you, as well?
As we work our way towards building our finances, it will require you to take some risk. I recall when I began to invest, I did have some success at the beginning, but I too fell on my bottom a few times. Did that process hurt me? Hell yes, it did, as no one wants to lose money. But I also learned early that scared money, don’t make any money. If you are too afraid to take chances, finding that opportunity to help you get to the next level will pass you by.
However, in these investing scenarios that I have noted above, you may make a profit or you may sustain a loss. In occurring a loss, you can easily lose a lot of confidence in yourselves, as that happened to me a couple of times. At that point, you have a choice to make, do you go away and not invest again or do you get up off the floor of failure like I did and try again? In the wealth building process, there are no guarantees, you have to be willing to put something on the line, in order to make money.
I recall vividly when I was learning how to invest, and the professional investors explained to me that there was a historical formula that they all used when starting out. And that formula was to use the 100/20 rule. And the rule was, if you approached 100 people about an investment idea, only 20 people will say yes to your proposal. However, in order to get to those 20 people, you may have to call all 100 people, and that takes a lot of time. Most people don’t like doing this process so they fail. This formula is used in the financial community by many of the larger firms of finance, and the empirical data confirms that this formula works.
At the end of the day, this is no new revelation to most people. It’s just a friendly reminder that you have to not give up when the first results are disappointing. There are all sorts of financial information available letting us know that the people who have had the most success have fallen on their faces themselves. Too many of them, they have come up short several times, before the right opportunity came to their doors. And, more importantly, if you should fall trying to invest, you must immediately get back up, otherwise, you will stay down. The people who elect to stay down after they have experienced failure, they will normally stay down. And that is not the temperament you need to show if you want to become financially successful.
It’s also good to know that people who talk about investing but don’t put any money down on what they believe will always be left on the sidelines. They love to talk about what they would do, but when the time comes for them to jump in, they find a reason not to participate. The old adage about investing is that you can’t make money unless you are willing to risk putting some money up. Plus, wealth building is a process of investing wisely, so that your chances of failure is minimal.
However, this is not a call for you to go overboard and begin to invest in something that you have no knowledge of because that isn’t the way prudent investing works. You must first do your homework, or your due diligence, before investing your dollars. It is imperative that you do this analysis upfront to make sure that you are going down the right track. Not every investment opportunity is for everybody. You have to choose the right one for you and it’s that simple.
In the financial community, where I worked for many years, we call this process evaluating your risk tolerance. Everyone has a risk profile even if they don’t know it. A part of life is learning the correct risk and reward process that suits you. This means that you may have to try something that you have a strong hunch on and to listen to others before jumping in. You also may need to take a crack at something just to gain the experience. These are some quick points that were given to me by some successful individuals and in using these guidelines, I have experienced some success.
In closing, I hope that these small little details that I’m sharing with you will work for you. But, in trying to build your financial footprint, there is a good chance that you may fall or experience some setbacks in the beginning. If you do, don’t give up, get up quickly as the next one will be it for you.