Of course, you have the option of just staying in the beginner’s class and potting the close, stationary targets over and over. If you do that, though, you miss the rewards progression inevitably brings. Same with investing.
If you step up and make the time to develop your investing skill, your rewards will go up. Most people who do well in investing are those who understand this is their own future, nobody cares about it as much as they do, and therefore they make the time to get better. Those are the people who end up in good places (like my neighbor Jim).
4. Pulling the trigger for the first time is intimidating
This was the first time our host’s 7th-grade son had a shotgun in his hands, and it took him more than an hour to get over the intimidation of the unknown especially when the unknown is loud. We took a dinner break (always a good suggestion) and not long after that, little Gareth was firing away like a veteran, doing better than I was.
With investing, the first move can be intimidating. The key is to just pull the trigger, and don’t expect the first shot to be perfect. The key to success is repetition, and the sooner you take the first shot, the sooner you become a veteran.
5. Aim ahead of the target
When you shoot at a moving target and you aim at where it is, you’ll miss, because by the time the shot gets there, the target has moved on. You quickly learn to anticipate where the target is heading and aim just ahead of where it is.
Managing your money is the same: you have to anticipate where things are going and act not on your current circumstances but on where they are moving toward. This is especially true of debt: based on your current job, taking on a payment of $500 a month may look like a no-brainer. But when you get laid off before the loan is paid off, you miss and pay dearly. Much better to save the money and buy cash.
How about you? When’s the last time you learned something new, whether it be seeing how a different part of the country lives, or a new way to look at your money?
Not all new things are good but you never know what good things you may be passing up simply because you’re not looking.
- Student loan recipients on 'strike'... 86
- Does it really matter if you grew up... 8
- Obama calls for payday loan regulations... 5
- Michelle Singletary: Short-term loans... 4
- Renovation Solutions: How to survive a... 2
- Dave Ramsey says: Paying kids for good... 2
- Political polarization is a driving... 1