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The Top Ten Myths about Investing - #2: You Need Lot’s Of Experience!

February 4th, 2008 by Ian

Many people believe that you have to have a lot of experience to make money through investing.

But the reality of it is that “new” investors can do very well, very quickly. And, people who have been investors for many years can go and lose the lot - sometimes overnight!

The secret to success does not lie in “time”. It lies in gaining the knowledge of what to do, and … actually taking the appropriate actions!

That knowledge can be applied quickly. With the right training, many people have been able to give up their day jobs and live off their investments within 90 to 180 days of starting their training.

For instance, Eloise and Gary Andrews retired only 4 months after they started their training, making over $50,000 per month.

So, what sort of training do you need in order to be able to make money quickly from investing?

Well, you’re probably thinking that you need to know secret stock trading or property investing strategies, or maybe you need access to a secret guru who gives out share tips in exchange for large sums of money.

No, that’s not it!

The most important thing that you need in order to make money through investing is the right attitude!

Yes, 80% of success in investing comes from having the right mindset. The other 20% comes from knowing good strategies and techniques etc.

So, far and away the best thing you can do to become really successful in making money through investing is to get the right mindset - the “millionaire mindset”.

So, what does the millionaire mindset look like?

Well, there are a few things that are important. Having a millionaire mindset means that you:

  • can control your emotions to overcome fear, doubt, frustration or anger
  • respond to life’s events rather than reacting to them
  • have a focused, clear mind
  • let go of what other people think of you
  • keep your energy vibrating at a level that ensures money is attracted to you like a magnet.

So, if you want to make money through investing, focus most of your energy on getting the right mindset and you will be 80% of the way there.

But what about the other 20%?

Well, yes, good strategies and techniques can take you the rest of the way along your journey to wealth.

So, what does a good strategy/technique look like?

The most important thing about it is that you have to enjoy doing it! There is no point in investing in property if you do not like looking at houses - you will do it badly!

Secondly, it needs to fit into YOUR lifestyle. Maybe spending 2 hours trading US Futures every morning before everyone else gets up is the best thing for you, or spending a morning each month reviewing off the plan properties to invest in. It has to match YOUR lifestyle.

It also has to match your risk profile. There is risk involved in everything and everyone views risks of things differently. If you believe that one type of investing is riskier than another, then, for you, that will be true! Pick something that you feel is low risk - and it will be!

Learn from the experts. There are great teachers who can show you what to do. Invest your time in finding out what they teach. They will help you to look at things differently - e.g. buying shares and then “renting them out”.

So, look for these ideas and consider whether they would be right for you.

And, the good news is that there is no shortage of different techniques and strategies that you could do. And, what you will find, is that the more you look for these great techniques and strategies, the more you will find!

One word of warning though … only 4% of people reach retirement age with incomes of over $35,000 and only 1% is a millionaire.

So, … maybe doing things differently to “most people” is a thing to consider? - As Warren Buffett said “We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.” It seems to work for him!

Look out for #3 in the series - You Need To Have A Lot Of Money To Become An Investor

Here’s to your investment success!

Ian

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