Tuesday, March 13, 2012

How to Get Rich - Never Stop Learning

Would you like to know everything there is to know about investing and the world of finance?

Of course you would. We all would. But in reality, you will never know everything there is to know.

The reason, of course, is that in the world of investing, things are constantly changing. What worked last year, last month or even last week, may not work this week.

You therefore, must be constantly updating your knowledge with new trends and ideas. In essence, to become truly wealthy, you must never stop learning.

 Open Your Mind

A person who is open minded about new ideas and concepts will usually do much better than the person who thinks they know everything. The mister know it alls of the world, aside from being very boring to talk to, do not usually do as well as the open minded individuals. The reason being they are not open to new ideas and concepts. They become trapped in their own delusion that they know best.

No one person can possibly know everything there is to know about anything. Think about it. If they did, especially in the investment world, they would own everything.

Create a Learning Attitude

The way to open your mind is to develop a learning attitude. Be humble and never accept things as they are. Always challenge what you have done in the past and look for ways to improve.

Learn from your past mistakes in order to not repeat them in the future. We all make mistakes and you have to accept that as part of the learning curve.

Anticipate the Future

Just like no one can possibly know everything, no one can possibly know the future. However, we can develop ways to anticipate the future by studying the past. Many things move in cycles and history has a tendency to repeat itself. By forecasting what you think should happen given the past trends, you can very often be positioned to do very well in selected investments. Be there before the crowd so to speak.

The more experience you get at something, the better you will become at anticipating the future cycles that have not yet happened.

Above all else, no matter how well you are doing, never start thinking that you know it all and there is nothing left to learn. If you do, you will soon be proven wrong. It is only a matter of time.

As always, I welcome your comments and suggestions for future topics.

1 comment:

Wealth Tips said...

Indeed, I agree with you! Once you remove the limits of time, you will watch your income and freedom increase substantially. It is then that you will taste the sweetness of success.