Gentlemen, today I’m going to be discussing a mindset that I believe every gentleman should have which is the investor’s mind set.
Investment is a gradual or periodical process of building wealth; wealth being defined as self worth and net worth for the purpose of this article. The ultimate goal is to have financial freedom and have the ability to retire; whether you choose to retire early or not, is up to you.
So, how do you condition yourself to having an investors mind set? It’s simple! Ensure you invest at least 10-50% of your ‘ENTIRETY’ towards a long term financial goal, skill set or even happiness.
I believe how you invest and what you invest in depends solely on what stage you are in life. I believe you should invest in self worth in your twenties/early thirties but again that’s a personal finding. You can also invest in shares and let the compounding effect take its natural course.
At this point, you’re probably thinking I don’t have the extra cash to invest like that so how can I invest? Be prepared to hear something radical and shocking. Unlike every other self help book or video you might watch, I’ll tell you to INVEST YOUR TIME WISELY. So you have a sales job that you hate, well I’m telling you no matter how much you dislike it invest more time, dedication and hardwork into it. Giving it a bit more will earn you more time with clients leading to more sales, increasing your client base through recommendations and mastering your profession. Recognition/reputation for excellence is a weapon you want to have in your arsenal, it’s very useful as a bargaining and negotiating tool. You can request a pay rise, higher commission, promotion etc. If they see the hardwork then you will get rewarded and hey, you may even begin to like your job.
So you invested your time wisely and it’s yielding some additional income, perhaps you now have a bit more saved up, invest it in acquiring a high paying skill. Pay for seminars, workshops and conferences. To provide you with a real life example, I work in the clinical research profession. I attended workshops and seminars on specific therapeutic indications such as oncology (RECIST criteria) etc. I learnt another statistic packages (‘R’). Attending workshops and reading books on how to write and communicate effectively etc. This little investment set me apart from other industry professionals. All of a sudden my CV became appealing to competitors whilst my present employer was willing to meet any reasonable demand that I made so I would remain in the company because I have added that additional value to myself.
So now you making a lot more money than you used to, well now is the perfect time to invest in a scaleable business. Perhaps consider passive sources of income. There are copious amounts of ideas on earning from passive income.
Even when you want to reward yourself with some luxury goods (personally, I reward myself after achieving/completing a specific goal, it reinforces reason why I work hard and makes it all worth while), invest in quality over quantity, classic staple pieces over trends. Buying a quality trench coat or suit can cost you 100’s of pounds however, that piece of clothing will last you for years if not decades, providing you with joy every time you wear it. When you work out the cost per wear of that item, you realise it’s cheaper than buying a cheaper one which may only last a few months. Just to be clear, quality doesn’t have to be expensive. Do a bit of leg work and have patience trying to find the best deal. Saving up and investing in classic items like a Rolex that could potentially accrue value over time is well worth it. The same goes for a well tailored suit or a leather jacket.
I’m a firm believer in being in the investor state of mind that even my hobbies are investments (excessive some may say). I love aquatic animals and I currently keep a school of Discus. Every aquatic hobbyist knows the value of raising Discus. They can be purchased for a little as £50 when they’re small but can be sold for hundreds of pounds, depending on their size, when they mature. You can also breed them to make additional income provided you’re able to put in the hours of work.
To conclude, i’ll reiterate the good old cliché of making sure you pay yourself daily! I pay myself daily via an app called moneybox. This is something I started religiously this year. I hardly notice the money leaving my account and in less than 9 months, I’m already reaping in the rewards.
I hope you find this article insightful. Let me know if you’ll like articles like this as it’s something I’m passionate about and would love to help you achieve you’re future goals.
Catch you later,