What’s the worst thing that can happen? I interview a lot of guests on the podcast and I’ve heard many of them say that they ask themselves this question before entering into a deal. They then ask themselves “what’s the best thing that can happen?”
Money – Fear of Loss
When it comes to money, the fear of loss is way more powerful than the opportunity for gain for most people. This fear holds many back from taking action. Many people choose the safe bet more times than not and don’t realize they are losing incredible value due to inflation. The successful investors I’ve interviewed saw way more upside than downside and had the courage to invest and take action.
Rolling the Dice
I’m not sure why but our education system trains us to put money in 401ks, IRAs and invest almost exclusively in the stock market through stocks, ETFs and mutual funds. People have been trained that this is the way to go but do individuals truly analyze the investments they invest in or do they roll the dice and hand over their hard earned money to others in the financial industry without the ability to access those funds because they are trapped in retirement accounts.
Where Do The Wealthy Invest?
Where do the wealthy invest? They invest in the stock market but they diversify into private investments also. They invest in real estate, in private companies, in commodities such as gold and silver, etc. Many of these investments are only offered to the wealthy. Every day people do not even have access to many of these opportunities.
I also fell into this camp. I’m 50 years old and it was only three years ago that I educated myself on investing in real estate.
Why do I share this story with you?
Get educated. Take action. Start to diversify and start investing in some of these asset classes that have been reserved for the ultra wealthy. You can do it but you need to take control of your finances, get educated and take action.
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