How to Turn Your Investing into Something You Like to Do |
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| By Tom Wheelwright |
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| keywords: investing favorite building focus success interaction leverage wealth enjoy goals | ||||
| The secret to determining the type of investing that is
right for you is to find the type of investing that best
matches what you like to do. What Do You Like to Do? It may seem odd to dive deep into self-analysis when picking your type of investing, but it is the foundation of the concept of turning your investing into something you like to do. Make a list of the activities you love to do. These may be your favorite hobbies, your favorite household duties or the tasks you really enjoying doing at the office. Your list should reflect the things that you get excited about. These are the things you can do for hours and feel even more energized as you are doing them. For example, here is my list: I get excited about activities that give me the freedom to be impulsive I really enjoy meeting people and interacting with people I get energized when things happen quickly What Does Your List Tell You About Your Type of Investing? Now, make a list of the types of investing you are considering. For example, my list is: Investing in a start-up business Investing in rental real estate Investing in the stock market You may notice that my list is very broad. I'm not specific on the type of business or the type of real estate or the type of stock market instrument. Money can be made in any type of asset and what works for one person will not work for another. This is why I start with broad categories of investing - it is not so much the specific investment itself but how the investment complements what I like to do. At this point I can keep it broad. Once I pick my broad category, I can narrow my selection down, knowing that the majority of the specific investments in that category will complement what I like to do. Narrowing Down Your Choices - For me, I can immediately take the stock market investing off my list. Why? Because, typically, stock market investing is done in front of a computer screen, and requires little to no live interaction with other people. For me, the lack of live interaction would drain my energy making it very difficult to focus on (and be successful in) my investing. Now my list is narrowed down to 2 broad categories: start-up business and rental real estate. Both give me the freedom to be impulsive - I love to negotiate and make deals - these opportunities arise on a daily basis in start-up businesses and rental real estate. Both types also involve a high level of interaction with people and things can happen very quickly. At this point, I need to add more criteria that I want in my investing. Adding further criteria will help highlight which category of investing is the one for me. The additional criteria I use may include how much time I want to spend, the percentage of return I want, or the ability to use or not use leverage (debt). Once I have my broad category selected, my next task is to narrow my focus to the specific type of investment in that category. This means finding the specific type that matches what I like to do and my additional criteria. I may need to add more criteria to help make my final decision, but as I go through this process, I always keep in mind my list of what I like to do. Turn Your Investing into an Activity You Like to Do - When you turn your investing into something you like to do, your success rate goes up - not just in terms of achieving your wealth goals, but also in terms of how quickly you achieve your wealth goals. The choice of investment is a very important decision. After all, you will be spending years devoting yourself to this specific type of investing. How to Identify Investments that Work for You Having a proven system to identify your investments can have you working towards your wealth goals faster than you thought possible. Remember, we are most successful doing something we enjoy! |
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| keywords: investing favorite building focus success interaction leverage wealth enjoy goals | ||||
| Article Source: http://interpret.zar.vg | ||||
| About The Author It may seem odd to dive deep into self-analysis when picking your type of investing, but it is the foundation of the concept of turning your investing into something you like to do. www.Provisionwealth.com |
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