John D. Rockefeller. Cornelius Vanderbilt. Sam Walton. Bill Gates. John Hancock. Jeff Bezos. Warren Buffett. Ross Perot. All Multi-Billionaires in their time.
Now and throughout history, many Americans have had Investment success. Some began with little and went on to build great fortunes. How did they do it? What were their secrets if they had any?
In “4 Secrets of Investment Success — Tips to Gain Wealth,” Michael Lewis gives us some insight. He asks the question, “If there are no secrets to wealth-building, what do successful wealth-builders have in common?” Do they have personal attributes or common traits that point to the secrets of their success? He has identified four important traits shared by all wealthy people.
- Action
If you’re waiting to win the lottery, looking for a shortcut or hoping for good fortune, you’re wasting your time. You won’t achieve your financial goals. However, if you want to build your wealth, you take action. You do this by gaining new experience, expanding your capabilities and pursuing new challenges.
See: 4 Finance Goals You Need In 2020.
- Discipline
“Spending and saving habits are developed early and persist throughout your life. Developing the discipline to control your spending and consistently save is critical if you want to achieve financial independence one day,” writes Lewis.
For investment success, maintain a living standard that trails the growth in your income. “The daily choices we make determine whether we have excess capital to save and invest. Most Americans choose to consume, rather than save, unable to distinguish between needs and wants.”
Wealth builders put off buying luxuries so as to maximize their funds available for investment. “As Dave Ramsey, noted stock market adviser and author, stated, ‘It’s learning to live on less than you make, so you can give money back and have money to invest. You can’t win until you do this.’”
Ideas to help you to a better financial place.
- Knowledge
“Investing requires a series of choices in an ever-changing milieu of consequences. Each choice has an element of risk that all or a portion of the investment will be lost, will return less than expected, or will return less than other investments that might have otherwise been chosen.”
George Soros, billionaire and international hedge fund founder said, “I’m only rich because I know when I’m wrong…I basically have survived by recognizing my mistakes.”
See related article HERE.
- Persistence
People often assume that if the market is up, it was a straight line up. Instead, investors know whether up or down, it is never a smooth ride. There are highs and lows that test your patience, making you wonder if you’ll fulfill your ambitions or lose it all.
Ross Perot said, “Most people give up just when they’re about to achieve success. They quit on the one-yard line. They give up at the last minute of the game one foot from winning a touchdown.”
With persistence, you need to look at any failure and recommit to success. Examine the disaster and learn from the experience. Realize you can win and lose or win and learn.
Building Your Wealth
Using the four traits of wealthy people, you can build your own wealth. Just because spending and saving habits are learned early in life, doesn’t mean you can’t take action now and limit your spending. With the savings, you can start to invest. Persistence in saving and investing will help you build your wealth. Take action to learn the different investment options available to you.
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