Recently, I was reading an article in Quora about the “become wealthy in short time”. I was wondering how many quoran’s are following this kind of an article? And to my surprise, there were many! When I started digging deeper to find more about this (off course, some googling :)) around 28% of the articles relate to this kind of topic, MONEY!.
I am sure the below steps that I shall enumerate, most of the Poor to Middle Class people know about it in one form or the other. But, they lack in is the discipline and “Priority Hijack” of mental state. Which on the later stage, they blame on the
Luck and the un-seeable
If you are reading this post and are eager to know the steps, here it is:
- Ideas don’t matter. Execution does: Many people get annoyed about a friend implementing
their ideain business, forgetting that ideas are worthless. Everybody has million dollar ideas
- Income matters - but not as much as spending habits for wealth
- Investment returns matter - but not as much as how long you invest for and how much you contribute
- Time in the market -beats timing the market
- Nobody can get 25% consistently - Many -people get 30% one year, but even Buffett
onlygets 20% a year. So you can’t expect to get 25% a year!
- Everybody can get rich investing - if they are long-term orientated
- Beating the market has gotten harder - even for the pros. You can’t
out researchthe market
- Past success doesn’t always predict the future - don’t be complacent
- Predictions are almost impossible - there are too may unknown unknowns and known unknowns for the short-term. Longer-term, companies, the cream of the crop, get more profitable over time.
- Take the media with a pinch of salt - they exist to sensationalize. As Peter Lunch says, never get scared;