As the market’s performance since the financial crisis underscores, taking advantage of big declines to buy stocks can pay off handsomely. Few of us will be lucky enough to time the next big upward move perfectly. What’s key is that the more share prices drop, the greater the future opportunity. So one way to boost your gains is to set thresholds for buying on the dips. You could do so after a decline of 10%, for example. And if stock prices fall another 10%, buy more.
Great post! You touched upon many key points to ensure wealth building. Personally, I follow several of these steps and I believe I share several of the mentioned mindset traits. I was fortunate enough to learn about finance at a young age, so I was able to jump on retirement savings early.
I have a couple friends who have almost done this exclusively as a job. They were basically human guinea pigs, but they made some decent cash at it. Sometimes they would have to be at the medical facility for up to 48 hours, so your schedule may need to be flexible.
My https://youtu.be/HthQWKPLzRo at 25 was $3,000 a month. My first move was to see how I could increase the revenue of the company where I worked so that I could get my income to $6000 a month. I continued looking for new ways to raise my income in increments by following the money (not just what I liked to do) until I was earning in a week what I used to struggle to earn in a year.
It might seem so obvious to you that you don’t actually believe it. You might think that there is a secret that you are missing but there really isn’t. If you study enough success stories you can see the methods that they use.
I’m a big believer in taking advantage of great credit card offers, particularly cash back, travel rewards, and 0% balance transfer offers. In fact, those can be great ways to earn free money and rewards with your everyday spending. But with the exception of balance transfer cards, you should avoid keeping a balance on credit cards. Credit cards should not be used to fund a lifestyle that one cannot afford.
1. We have a resource who can remove all your inaccurate negative information from your credit reports in 30-45 DAYS in most cases! Nobody else on the planet uses this method to legally challenge the bureaus NOT the creditors.
I have practiced the same debt elimination and savings techniques for years, and do so quite aggressively, though more conservatively than one of my best friends. I am 60% there in savings and my only debt is my mortgage payment. My best friend in 23 years reached 130% of his goal to become a millionaire. He began with $3000 and was more aggressive in his investing than I have been. My point is, he made it…retired last year and is living off his retirement, social security and investments to the tune of $150,000 per year. He owns two homes, bought a boat and is traveling and enjoying his life to the fullest. My goal is to follow in his footsteps. All of this takes discipline and sacrifice, but believe me it can be done by anyone, so don’t think this is a bunch of bull…anyone can do it, but you MUST make saving a life time habit. Set short term savings goals and work hard to reach them. Once you reach a short term savings goal, set your next savings goal and continue to work hard to reach it. Then repeat, repeat, etc.
I experienced this back in 2011 when I left a company I started with my brother. It was a horrible time and I thought that because of all the success I’d had, I was entitled to assistance. I waited around hoping for someone to give me some magic career opportunity.
Asking for help wasn’t my forte, but I had to make it happen. Within months I had a lawyer, editor, personal trainer, part-time chef, and other personnel. It cost me a fortune at first, but eventually helped push me into the million-dollar mark. Most people won’t ask for help because their ego is in the way.
We should never obscure the idea that misery, greed, and bad deeds (like good things) are within the capacities of us all, not merely a select few (but only those with incompetent attorneys typically need pay for them, ha ha). At the same time, every top golfer from 1923 was still playing and enjoying life 50 years later. The important lesson is: LIFE PHILOSOPHY AND BEER.
Break bigger goals into more actionable smaller goals. For example, if one of your goals is to have a growing business in a year, start with the goal of fleshing out a business model within the first month.
Uber disrupted the global taxi industry by finding a gap in the market and fulfilled a very real role. Uber removed all the problems associated with taxi services in one fell swoop. They tapped into putting people first by beginning the customer experience through connection of an app to create a personal experience.