26/11/2015
Consinder the following to become financially indepedent. (from enterpreneurs.com)
Nearly 90 percent of lottery winners
go through their winnings in five years or less,
leaving them back in the same situation they
were in before they won.
Millionaires know that there are no shortcuts
to success. There’s only hard work executed
relentlessly in pursuit of a goal.
I know that, in my case, I wouldn’t be where I
am today if I hadn’t been willing to work hard.
I didn’t have a mentor when I started trading
stocks in high school. It was up to me to put in
the hours needed to become successful.
There were plenty of times I would have
rather gone out with friends or played video
games -- anything but sit in front of the
computer and study stock charts for another
hour.
But I did it. I put in the work upfront because
I knew the results would be worth it, they’ve
paid off. I’m living my dream lifestyle because
I wasn’t afraid to work hard.
Related: Sure, Work Hard, But Also Create
Your Own Luck
2. Millionaires are focused.
That said, it isn’t just about working hard. You
have to be working hard on the right thing.
Have you ever known somebody who’s
constantly jumping from one “million dollar
idea” to another? We all want to be rich, but
the people who can’t choose one path to focus
on simply aren’t going to achieve it. It’s the
people who dedicate themselves to a single
pursuit that come out on top, whether that
one path is penny stock trading, company
building or something else.
3. Millionaires are careful about risk.
I happen to think that penny stock trading
represents one of the best opportunities to
build generational wealth. The barriers to
entry are low and, if you follow the rules I’ve
learned, your risk is relatively low.
But whatever wealth-building approach you
take, you’ve got to keep your risk in check. It’s
not that you shouldn’t take risks, but the risks
you take should be calculated. One of the
tools we use in trading is the “risk-reward
ratio” -- basically, how much risk you’re willing
to take on for how much potential reward.
You can apply this line of thinking to just
about anything in your life. If there’s more
risk than there is reward, stay away. But if
there’s more potential for reward than there
is risk of loss, you may be looking at a great
opportunity you should take.
Related: Too Fast, Too Careful: The Struggle
to Find Your Growth Sweet Spot
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4. Millionaires are generous.
Take a lesson from generous billionaires Bill
Gates, Warren Buffett, Carl Icahn and Ken
Langore. Giving money can feel just as good
(if not better) than earning it.
I’ve recently started my own charitable
foundation in order to give back $2 million to
my community, and I have to tell you, it feels
amazing. I wish I hadn’t waited so long to get
started, but I’m looking forward to making up
for lost time.
5. Millionaires never stop learning.
This is such a big one. Millionaires love to
learn because they’re always looking for ways
to expand their skill sets and get ahead in
their fields. They read books, watch
documentaries, study educational materials
and talk to others who can give them more
information. Millionaires know that
knowledge is power, and they stop at nothing
to get it.
No matter what your net worth is right now,
you can put this tip into practice today. If
you’re learning to trade penny stocks, you can
watch videos, read SEC statements, study
stock charts or learn from others in industry
chat rooms. You can do all of these things for
free, but the value of what you learn will be
worth so much more in the long run.
Which of these habits could you add to your
life? Commit today to making at least one
change that puts you on the path to becoming a millionaire.