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 Did You Decide on Your Current Type of Investing?
I find that the responses I get put people into 3 groups.
Group #1: They Don’t Do Any Investing
This group doesn’t know what to do so they don’t do anything. While it means they likely won’t lose any money on investments, it also means they will have to earn a whole lot of money for a very long time to ever reach their wealth goals.
Group #2: They Follow the DWEED Process
The DWEED process is the “Do What Everybody Else Does” process. This group bases their investing on a recommendation from a friend, colleague advertisement, book or some other similar source. I find that the people who fall into this group are often brilliant at their careers, but they just haven’t figured out how to leverage their talents to make them wildly successful in their investing. Usually, the people in this group are the ones who are scared to death of the current global economy. To me, it makes sense that they are scared because they have no strategy. And, because they invested based on what every one else was doing, they don’t have the knowledge about their investment to know how to decrease their risk.
Group #3: They Hand It Over
This group hands everything over for someone else to do their investing. This group wants success in their investing but really doesn’t want any part of it.
Now, it is not bad to have a team around you to do the work. In fact, it’s fantastic to build a wealth team!
But there is a huge difference between handing everything over with no further involvement versus understanding the type of investing being done and letting the systems manage the team members so less involvement is required. I find that many people in this group grow dissatisfied with the results they get and look for something else to help them reach their goals.
Here is the Answer I Never Hear
My type of investing is based on what I like to do!
The good news is that all of these groups have the potential to be wildly successful at investing. The key is finding the type of investing that best matches what they like to do. When I share this concept, I find that people understand it. But, they don’t know how to implement it. How do you find an investment that complements what you like to do?
More good news – it can be quite simple to do.