I started several businesses that I love. When you are inspired and eager to go to work each day, your enthusiasm can be felt by all. Passion and enthusiasm are essential to a lucrative business; they lead you to more sales, better service, increased efficiency, and dynamic productivity…all attributes of a great business!
I diversify my investments; but not in the ‘traditional sense’. I do not subscribe to the philosophy that diversification means having a mutual fund portfolio of a certain balance of stocks and/or bonds…that is NOT diversification. I diversify by investing in totally unrelated markets…not just the US and International stock markets. There are many types of profitable markets that you wont hear about through your financial advisor; and they aren’t listed on your 401(k). Some examples with a limited barrier to entry might include: currencies, commodities, options, trusts, pipelines, or real estate. Some more specialized examples might include: tax liens, import/export investments, coupons, and investment animals (and no, I’m not talking about going to the horse track…more along the lines of owning the horse. See my article on how to profit in the reptile breeding business listed below). Think of anything that has a market…there is an investment related to it!
I leverage my investments. This means that you use less of something to control more of something (see my article on how to think like a millionaire listed below). I use less of my money to control more of Other Peoples Money (known as OPM). With my investments I use the principles of leverage when I am buying and selling real estate, options, stocks on margin, and futures. With my businesses I am using the principle of leverage when I am using other peoples money and time (OPM and OPT) to my benefit. By leveraging correctly you have are able to grow faster and sustain an advantage over any competition.
I set goals. I continually develop aggressive but realistic and attainable goals for all of the different facets of my life. I record them. Then I sacrifice to attain them.
I read. I commit over an hour a day to productive reading. I read everything: articles, prospectuses, contracts, studies, financials, and proposals just to name a few. I try to gain an understanding of the subject that I am reading about, and then I attempt to act on that understanding. Most people learn and grow this way: mental comprehension followed by action.