Tips For Smart Investing To Build Wealth
Focus is one of the biggest characteristics of a wealthy person. To affluent people, their time and goals are valuable resources, so they won’t waste them on activities that aren’t in alignment.
Studies indicate that wealthy people generally don’t dwell on past negative events (or anything negative, for that matter) but, rather, they concentrate on what they learned–and how it can be turned into a positive. They focus on healthy habits, financial fitness, personal development, family and friends, because they know that those things enhance their career and wealth goals.
So, if you’re not wealthy yet, where should you begin? Start with finding the right mentors, advisors and experts to help you reach your goals.
Tim Reilly of Hilton Capital Management offers this advice on finding the right financial advisor, “Search for someone who is always going to do the right thing when
it comes to customer service. Someone who offers sound, disciplined advice that is
influenced by investor needs, not driven by commission or fees.”
Hilton Capital Management is a privately-held investment firm. Founded in 2001 the firm manages roughly $1.6 billion in balanced and equity strategies.“It’s equally to important to find someone that is well versed in all aspects of financial
planning—investments, insurance, estate planning, etc. A good advisor needs to be familiar with the markets and understand the variety of products and markets that could offer responsible returns,” Reilly explained.
Most wealthy people would agree that you become the five people you spend the most time with, so you should choose wisely when it comes to friends, mentors and advisors.
What Is Meant By Focus
“Worry is like paying a debt you don’t owe.” American author Mark Twain is famous for that quote, and it underscores what is probably the biggest difference among wealthy and less wealthy people:
Wealthy people focus on reaching their goals to earn, and keep, money. While they, of course, also realize the importance of saving, they don’t waste their time and energy on what they see as minutia, such as clipping coupons or being concerned about modest gains.
You may do this to to avoid the pain of poverty, but it won’t inspire you as much as a focused financial goal will. In other words, focus on goals you DO want to achieve, rather than focusing on perceived lack.
Questions To Ask Yourself
Is Your Focus Misplaced?
It’s time to get real about where you’re at. Are you focused on the right things?
How Do You Spend Your Time?
There’s a phrase in the business world: swapping time for money.
If you have a job, as many of us do, you’re likely putting a great deal of time towards making your employer wealthy. Your salary is your compensation for that contribution.
Do not be under the illusion that your boss is responsible for making you wealthy. You need to spend time working for your own financial success, whatever that looks like to you.
Celebrate Your Belongings
We’re not talking about just hoarding the latest gadgets or “status symbols” that will make you happy in the short-term, but will not do anything for your happiness the next time you use it.
Were talking about setting priorities and keeping a budget so you just don’t spend indiscriminately.
Before you buy an item, ask yourself: Will I celebrate this purchase in the future, or regret it? Unless it will make you happy the next time you use it, you probably don’t need to buy it today.
When it comes to achieving financial wealth and a life of abundance, it often comes down to your habits. Pay attention to what you’re doing and who you’re spending time with on a regular basis, and you’ll likely be able to predict the outcome.
If you’re unhappy with where you’re at, try making changes to your daily habits, what you focus on and who you spend time with. What do you have to lose?