Wednesday, November 07, 2007

The seven yes and no of making money

Making money — whether it be through investing in the stock market, managing your own business, or real estate — isn’t just about doing the math and coming out on top with a little luck. For better or worse, success is often determined by you and you alone.
Looking at some of the successful millionaires in the world, the money they possess may blind you or the notoriety the public bestows upon them distracts your judgment. But at second glance, there are certain factors that have contributed to their success and popularity. With almost every successful person, there are common habits that add to their wealth or catapult them into the spotlight. The good news is — you don’t have to be a millionaire to follow the same path and develop successful habits of your own.

1. Be realistic.
Realism is the fine line that you walk between optimism and negativity. A successful individual is a realist, which means that he’s never going to shoot himself in the foot by being negative, but he’s not going to take risks based on groundless conclusions.
Consider Bill Gates. When he left Harvard to follow his vision at Microsoft, he took a huge risk.
Sorry, I really cannot agree. I fail to understand what risks he took. He was smart enough to understand about the power of mass market, but I would bet he himself didn’t expect such a big success…

2.Seize the day.
The best ideas in the world are useless if they’re not put into action. But action can be a double-edged sword because action for the sake of action can easily become reckless.
The mindset that separates the men from the boys in this field is being uncomfortable with inaction. In other words, a successful individual will never sit around waiting for something to happen. He may not invest any money in a given year, but he’ll always be looking and exploring. That’s what made Warren Buffett such a success. His specialty is buying undervalued companies.
Yes, luck is something you must be ready to grab and sometimes to anticipate.
It’s the usual being at the right place the right time and being able to understand it.
Some people see the right time in any time and some never see it.
The guy who makes money knows when the right time is (or is lucky enough to guess).

3.Have a master plan.
Successful moneymakers may not have every detail of their future mapped out, but they do have some sense in their minds of the steps they’re going to take in life. Somewhere, they’re programming.
I think exactly the opposite.
You have a plan, but you must be able to adapt the plan to the situation.
Being flexible is very often the secret. Being stubborn is very often the road to failure.

4. Capitalize on your passion/knowledge.
If you don’t love it, it’s nearly impossible to get others to love it. By focusing on something that you’re enthusiastic about, you’ll give yourself extra resources that can’t be quantified.
Right and wrong.
Usually the successful people are not the ones who do what they like, but they like what they do..

5. Have outer confidence.
Confidence is the fundamental key to almost anything in life, whether you’re running a business, selling a product, or trying to finance your idea. If you don’t project confidence, you won’t get very far. But it’s more than just being confident that matters. Confidence allows you to surround yourself with quality people, who will push you and who you can in turn push to greater and greater heights. In other words, confidence is the building block that allows you to make the whole greater than the sum of its parts.
You cannot dream being successful in plumbing if you are not a plumber.

6. Check your feelings at the door.
It’s nothing personal; it’s just business. Those are words to live by, but too many individuals fail because they take it personally. A friend might tell you that your idea stinks; rather than get defensive, find out why he thinks your idea stinks. And never let the criticism get you down. The more success you have, the more criticism will be thrown in your direction.
That’s right. In business you do not have friends or enemies, you have partners,

7.Feel entitled to your moneybags.
Do you feel positive about money? Do you think there is not enough to go around, or that you should feel ashamed and guilty if you have more than someone else? If you believe millionaires are scrambling to gobble more of the pie at the expense of others, you’re not thinking like one.
If you feel negative about money, or you don’t feel entitled to it, you have a lot of what is called “poverty thinking” and that will defeat the other traits that enable the millionaire to achieve. Remember: Self-made millionaires feel justified and worthy in their use of money.
Very often you become a millionaire not because you love money, but because you love power.
And the power of money is the real freedom.
Freedom from materialistic things like hunger or uncertainty of your future.
The problem is that very often you get involved in it.
Making money is a never ending process, the more you make and the more you want to make.
So that what should make your life a Heaven, makes it hell.
Money for money’s sake. The worst that can happen to you.

Ririan Project


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