A couple of basic systems that should help in reaching your goals. Of course, these systems don’t carry any guarantee, but by educating yourself you maximize your probability of success. The Boy Scouts got it right when they made their motto “Be prepared.” This is advice that we all should take seriously for anything we do, but especially when dealing with our future.Besides being prepared, the following three steps must be adhered to when it comes to investing. Each step is essential, and each one builds on the other:
1. Grow your investments.
2. Protect your investments.
Growing your investments is the first goal. The rub is that by growing our investments we must put off that all-too-common human trait to consume. As Americans, statistics show that the majority of us spend roughly 110 percent of what we bring in each month.
No wonder we can’t get ahead. Now is the time to rethink that behavior.The idea is to deny ourselves a few present-day pleasures to achieve some loftier and more important goals for the future.
Protecting your investments is the second task. Because any profit is the return we earn for taking some level of risk, one can never have a foolproof investment. Nonetheless, if we do our homework properly and stay vigilant, we will realize the highest probability of success in reaching our goals. Thankfully, this probability of success is especially true when it comes to investing in real estate.
Enjoying the fruits of your investments is what it’s all about. In life, nothing is worth it unless there is a payoff at the finish line. With investments we call that payoff a profit. This is a critical component to this equation, but one that is all too often bypassed
by the workaholic. For him or her, and for many of the rest of us, we need to remember why we are trying to make those profits. It’s all too easy to get caught up in the growing phase of our investment and never take time out to enjoy the fruits of our labor.
Topex
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