Your attitude as an investor
To be a successful investor, you should also ask yourself questions about your attitude. Even if they are simple questions, they have been developed in such a way that you have to think about them and maybe even have to discuss your answers with the people you trust. My rich father asked me exactly the same questions that required an examination of my conscience and that helped me find answers. You could say that I had my personal answers to my investing questions and I just had to get them out. What distinguishes the 90/10 investor from everyone else?
One of the most important aspects of the 90/10 investor's special attitude. My rich father often said, "If you want to be rich, you just have to find out what everyone else is doing and then do the opposite." You will find that the biggest difference between the 10% of the investors, the 90% of the Earn money, and the 90% who earn only 10% do not lie in the investment objects, but in their way of thinking. For example:
- Most investors say: "Take no risk." The rich investor takes risks.
- Most investors say: "Diversify." The rich investor focuses.
- The average investor tries to keep debts low. The rich investor increases the debt in his favor.
- The average investor tries to cut costs. Rich investors know how to increase costs to get rich themselves.
- The average investor has a job. The rich investor creates jobs.
- The average investor works hard. The rich investor works less and less and still earns more.
A question of education
The right attitude is above all a question of education. But how do you measure the success of your training? Is it the certificate on the day of your apprenticeship, say 25 years old? Or is the effectiveness of education measured when you retire, say 65 years of age?
I often hear people say: "I don't need a lot of money when I retire, because then my cost of living will be lower." On the one hand, it is correct that the cost of living can go down, but on the other hand there is a cost factor at this age often increases dramatically, namely the cost of your own health.
For millions of older people, health becomes an issue that determines life or death. To be very clear: if you have money you can stay alive, if you have no money you could die. The question is: did the training of these people prepare them for the financial challenge at the end of their lives? And everyone should be financially secure so that no government financial and medical support is needed at the end of their working life.
The difference between "not enough" and "far too much" money.
A lot of people say, "If I make a lot, I won't have any money problems." They don't realize that too much money is as big a problem as too little money. You should understand the difference between the two types of money problems. One problem is lack of money. The other problem is an excess of money. Few people realize how big the problem can be to have too much money. One reason why so many people go bankrupt after making a lot of money is because they don't know how to deal with the problem of having "too much" money. In this book you will learn how to start despite a lack of money, how to make a lot of money and how to deal with the problem of "excess" of money.
In other words, you should not only know how to make a lot of money, but more importantly, how to keep it. My rich father commented on this subject: "What good is it to make a lot of money if you ultimately lose everything again?" A friend of mine who trades in stocks once said to me: "The average investor makes no money on Market. I've seen so many investors make money one year and lose everything the next. «
Who is a good investor
According to the US Securities and Exchange Commission (SEC), an "accredited investor" must meet the following requirements, among others:
- Minimum $ 200 individual income per year or
- Minimum $ 300 total married couple income per year or h Minimum $ 000 million in net personal wealth
The SEC introduced these access requirements in the United States, which only allow accredited investors to invest in certain asset classes and assets to protect the average investor from some of the most serious and risky investments in the world. The disadvantage, however, is that these regulations keep "normal" investors away from some of the most profitable investments in the world. For this reason too, my rich father's advice to investors is: "Be better than the average."
Don't be annoyed
I remember the following story from my childhood: one day I came home with my report from the first class in which my teacher wrote: »Robert has to learn to do more. He reminds me of Ferdinand the bull (from the story of a bull sitting in the bullring and smelling the flowers that his admirers tossed him instead of fighting the matador - which happened to be one of my mother's favorite stories). All the boys annoy him and push him around, even though Robert is much taller than her. ”When my mother read the testimony, she was thrilled.
When my father came home and read it, he turned into an angry bull and not one who sniffed the flowers. “What does he mean by the other boys pushing you around? Why do you let them push you around? Are you a sissy? ”He asked, talking more about the comment about my behavior than about my grades. When I explained to him that I was only following my mother's instructions, my father said to my mother: “Little boys are bullies. Learning how to deal with bullies is important for all children. If they don't learn to deal with such people early in life, they grow up without guts and can later be bullied as adults. Being friendly is one way to learn to deal with bullies, but if it doesn't work in a friendly way, you have to learn to fight back. "My father asked me:" And how do you feel when they do Hacking other guys on you? "I started to cry and said," I feel terrible. I feel helpless and scared. I do not want to go to school. I want to fight back, but I also want to be a good boy and do what you and mom want me to do. I hate being called "fat" and "dumbo" and being pushed around. What I hate the most is to just stand there and let it go through me. I feel like a sissy. Even the girls laugh at me for just standing there and crying. ”
My father turned to my mother, glared at her for a moment, and let her know that he didn't like what I learned. "So what do you want to do?" He asked me. "I want to strike back," I said. “I know I can beat her. They're just little bullies chopping on people. And they think it's great to pick on me because I'm the tallest boy in my class. Everyone says I shouldn't hit her because I'm taller. But I hate to just stand there and not mind undertake, I wish I could do something. They know I'm not going to do anything, so they bully me before everyone else. I'd like to grab it and knock it out. ”
The elegant way to solve problems
"You don't need to hit her," my father said softly. “But let her know in some way that you won't be upset anymore. You now need to learn a very important lesson in self-respect and how to defend your rights. Don't hit her. Use your mind to let them know that you won't be angry anymore. ”I stopped crying and felt much better as I wiped my eyes and courage and self-esteem returned to my body. I was now ready to go to school again. The next day my parents were asked to go to school. My teacher and the principal were very upset.
When my parents entered the room, I was sitting on a chair in the corner, sprayed with mud. "What happened?" Asked my father as he sat down. "Well, I can't say the boys didn't deserve it," replied the teacher. "But from my note in Robert's testimony, I knew something was going to change." "Did he hit her?" Asked my father with great concern. "No he didn't," said the director. 'I've watched the whole thing. The boys started to annoy him. But this time Robert asked her to stop instead of just standing there and enduring it. And yet they continued. He patiently asked her three times to stop. But they mocked him all the more. So Robert went back into the classroom, grabbed the boys' lunch boxes, and dumped the contents into the big puddle of mud. When I hurried across the lawn, the boys attacked Robert. They started hitting him, but he didn't hit back. ”“ What did he do? ”Asked my father. "Before I got there to end the scramble, Robert grabbed the two boys and shoved them into the same puddle of mud." That was my way of showing that I didn't let myself get annoyed.
What do the rich do better?
But what do rich investors do better and differently? The simple answer is: you have a better idea. Also about what you can expect in the future. And you will recognize the signs of change in good time. Because when a change occurs, there is usually resistance. In recent years there have been many examples of people recognizing the opportunities that arise in a time of change.
- Bill Gates became the richest man in the world because the older generation at IBM didn't recognize the changes in the market and the law. IBM's investors lost billions of dollars.
- Today, 20-year-old information age companies are founded. These buy up the industrial age companies, which are run by 45-year-olds.
- Today, 20-year-olds are becoming billionaires because the 45-year-olds have failed to see the opportunities the 20-year-olds saw.
- Today there are 20-year-old self-made billionaires who have never worked in an employment relationship. At the same time, there are 45-year-olds who have to be retrained for a new job.
- Instead of hoping to find a good job in a large company, more and more students are starting their own business from their dorm room. Harvard University even has a dedicated office to help students develop their start-ups, but most of all, to encourage students to stay at the university.
- At the same time, half of all employees in one of the largest employers in the United States earn so little that they are entitled to food stamps. What happens to these employees when they are too old to work? Was your education appropriate?
- Home classes are no longer an exception. Today the number of children being taught at home is increasing dramatically.
- More and more parents are looking for alternative education systems, for example private schools, church-run schools, Waldorf or Montessori schools, to take their children out of an outdated state education system. More and more parents are realizing that the early upbringing of their child is as important for development as the later study.
- Simply put, the information age will bring about economic changes that will dramatically widen the gap between the well-paid and the have-not. For some people these changes will be a blessing, for others a curse. For others, these changes won't make a difference. As my rich father said, "There are people who make things happen, there are people who watch things happen, and there are people who ask, 'What happened?'"
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German edition: ISBN 9783965965362
English version: ISBN 9783965965379 (Translation notice)
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