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5 Things Wealthy People Invest Their Money Into

I never had access to money during my childhood, or even as I grew into a teenager and young adult. Both of my parents lived paycheck-to-paycheck and struggled with debt, so that’s really all I knew.

As a result, I was never really exposed to the investing world, nor did I learn to think of entrepreneurship as a viable career option. My parents were busy trying to keep the lights on and food on the table — the thought of having extra money to invest and build wealth would have been completely foreign to them.

Eventually though, I got my first introduction to the concepts behind investing and building wealth. I majored in finance in college, learned about mutual funds and ETFs, and found out how the stock market really works.

As I began my career as a financial advisor and transitioned to entrepreneurship, I was always looking for ways to increase my base of knowledge. I read books like Rich Dad, Poor Dad and Crush It: Why NOW is the Time to Cash In On Your Passion by Gary Vaynerchuk. However, books like these didn’t teach me how to invest my money. Instead, they taught me how to invest in myself and my personal growth.

5 “Non-Investment” Investments Rich People Learn to Make

The thing is, these are areas where rich people really do invest time and time again. That’s because they know something most people don’t — they know that growing wealth is about more than throwing money into the stock market, becoming an entrepreneur, or taking big risks to fund a promising startup.

Building wealth is just as much about becoming the best version of yourself, staying in constant learning mode, and building a network of like-minded people who can help you reach your goals.

Want to know exactly what I’m talking about? Here are some of the most common non-financial investments rich people love to make:

Accelerated Learning

Most rich people read a lot of books written by people who inspire them in some way or have unique experience to share. I’ve always been a big reader too, diving into books like The 4-Hour Workweek by Tim Ferriss and The Millionaire Messenger by Brendon Burchard.

Reading is such a smart and inexpensive way to fill some of your free time and increase your knowledge, which is something the wealthy already know. If reading a few hours per week could help you stay mentally sharp while you learn new things, why wouldn’t you make that decision over and over?

But there are other ways to accelerate learning that don’t involve reading or books. You can also take online courses in topics that relate to your career. As an example, I’ve personally taken courses on YouTube marketing, productivity, search engine optimization, and affiliate marketing.

Going to conferences to learn new skills from others in your field is also a smart move rich people make. FinCon is a conference for financial bloggers I attend each year that I can attribute making millions of dollars from — mostly from meeting brands, learning new skills, and networking with my peers.

Personal Coaching

Personal coaching is another smart investment rich people make when they know they need some help reaching their potential. Morgan Ranstrom, who is a financial planner in Minneapolis, Minnesota, told me he wholeheartedly suggests a high-quality coaching program for anyone who needs help taking that next step in their business.

Ranstrom has worked with various life and business coaches that have helped him understand his values and clarify his goals, become a published author, and maximize his impact as a professional and business owner.

“For individuals looking to break through to the next level of success, I highly recommend investing in a coach,” he says.

Personally, I can say that coaching changed my life. I signed up for a program called Strategic Coach after being in business for five years, and this program helped me triple my revenue over the next three years.

The thing that scares most people off about coaching is that it’s not free; in fact, some coaching programs cost thousands of dollars. But wealthy people know the investment can be well worth it, which is why they’re more than willing to dive in.

Mentorship

Mentorship can also be huge, particularly as you are learning the ropes in your field. One of the best mentors I had was the first financial advisor that hired me. He was a million-dollar producer and had almost a decade of experience under his belt. I immediately gained access to his knowledge since his office was just next door and, believe me, I learned as much as I could.

Todd Herman, author of The Alter Ego Effect, shares in his book how he mentored under the top mindset coach in his industry when he couldn’t really afford it. He lived in a Motel 6 for almost a month to make the program fit in his budget though. Why? Because he knew this investment was crucial for his career. And, guess what? He was right.

Over the last year, I’ve participated in mentoring with Dr. Josh Axe, an entrepreneur who has built a $100 million health and wellness company. Just seeing how he runs his business and his personal life have been instrumental to my own personal growth.

The bottom line: Seek out people who are where you want to be, ask them to mentor you or sign up for their mentorship programs , and you can absolutely accomplish your goals faster.

Mastermind Groups

It’s frequently said that Dave Ramsey was in a mastermind group called the Young Eagles when he first started his business. Entrepreneurs such as Aaron Walker and Dan Miller were also in the group, and they leaned on another for advice and mentorship to get where they are today. Ramit Sethi, bestselling author of I Will Teach You to Be Rich, is in a mastermind group with Derek Halpern from Social Triggers.com and other successful entrepreneurs.

I also lead a mastermind group for men. Believe it or not, one of our members has been able to increase his recurring annual revenue over $300,000 because of advice he has received.

These are just a few examples of masterminds that have worked but trust me when I say most of the wealthy elite participate in some sort of mastermind group or club.

Mastermind groups are insanely helpful because they let you bounce business ideas off other entrepreneurs who may think differently than you but still have your best interests at heart. And sometimes, it’s a small piece of advice or a single statement that can make all the difference in your own business goals — and your life.

Building Relationships

When it comes to the top tiers of the business world, there’s one saying that’s almost always true:

“It’s not always what you know, but who you know.”

According to Alex Whitehouse of Whitehouse Wealth Management, successful people forge relationships that catapult their careers.

“The right connections can help land better jobs, accelerate promotions, or start lucrative businesses,” he says.

But it’s not about cheesy networking events. To get the most value, focus on meeting people at professional conferences, mastermind groups, and high-quality membership communities, says Whitehouse.

This is a strategy most successful people know — meet other people who you admire and build a relationship that is beneficial for everyone.

But, there’s a catch — and this is important. When you meet someone new who could potentially help you in your business, you can’t just come out of the gate asking for favors. I personally believe in the VBA method — or “Value Before the Ask.” This means making sure you provide value before asking a favor from anyone.

In other words, make sure you’re doing your share of the work to make the relationship a win for everyone. If you try to build relationships with other entrepreneurs just so you can ride their coattails, you’ll be kicked to the curb before you know it.

Follow me on Twitter or LinkedIn. Check out my website or some of my other work here.

 

I am a certified financial planner, author, blogger, and Iraqi combat veteran. I’m best known for my blogs GoodFinancialCents.com and LifeInsurancebyJeff.com and my book, Soldier of Finance: Take Charge of Your Money and Invest in Your Future. I escaped a path of financial destruction by being a college drop out and having over $20,000 of credit card debt to eventually become a self-made millionaire. My mission is help GenX’ers achieve financial freedom through strong money habits and unleashing their entrepreneurial spirit. My work has been featured in The Wall Street Journal, USA Today, Reuters and Fox Business.

Source: 5 Things Wealthy People Invest Their Money Into

Warren Buffett is the godfather of modern-day investing. For nearly 50 years, Buffett has run Berkshire Hathaway, which owns over 60 companies, like Geico and Dairy Queen, plus minority stakes in Apple, Coca-Cola, and many others. His $82.5 billion fortune makes him the third richest person in the world. And he’s vowed to give nearly all of it away. The Oracle of Omaha is here to talk about what shaped his investment strategy and how to master today’s market. I’m Andy Serwer. Welcome to a special edition of “Influencers” from Omaha, Nebraska. It’s my pleasure to welcome Berkshire Hathaway CEO Warren Buffett. Warren, welcome. WARREN BUFFETT: Thanks for coming. ANDY SERWER: So let’s start off and talk about the economy a little bit. And obviously, we’ve been on a good long run here. WARREN BUFFETT: A very long run. ANDY SERWER: And does that surprise you? And what would be the signs that you would look for to see that things were winding down? WARREN BUFFETT: Well, I look at a lot of figures just in connection with our businesses. I like to get numbers. So I’m getting reports in weekly in some businesses, but that doesn’t tell me what the economy’s going to six months from now or three months from now. It tells me what’s going on now with our businesses. And it really doesn’t make any difference in what I do today in terms of buying stocks or buying businesses what those numbers tell me. They’re interesting, but they’re not guides to me. For more of Warren Buffett’s interview with Andy Serwer

click; https://finance.yahoo.com/news/influe…

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Growth Mindset is a Habit You Want

In Carol Dweck’s famous study on growth mindset, Dweck taught high school students about brain plasticity and about how the characteristics of intelligence are not fixed. The idea was to convince students that they had control over improving their academic ability. Years later, these students scored higher on standardized tests.

It’s tempting to think of the Dweck study as a near instant fix. You teach students, or yourself, the details of growth mindset. This takes about an hour. And then afterward your performance magically improves.

Although Dweck’s study has been supported by future studies, for example this one, I suspect there is a crucial missing element to the story. What behaviors did the students change after the lesson? Knowing this is the key to understanding how you can improve your own life.


My story is about my mom, now a retired 3rd grade teacher. She took that same concept of teaching growth mindset and reworked it for 3rd graders. The reworked lesson plan came down to three YouTube videos. I’ll share those below and then share what happened in the class room after the lesson was over. In my observations of my mom’s classroom, all of the magic was in the behaviors that the students built afterward. In other words, it’s not knowledge that transformed the students, it was new habits.


#1. Success Is Not an Accident

First, my mom inspired her class with someone who embodies self-improvement. Steph Curry came into the NBA too short, too small, and too slow to be a star. Now he’s an MVP and World Champion. And it was all because of his practice habits.

I don’t think you need to be a third grader to be inspired by this.


#2. Your Brain Changes!

Then she threw a two minute video on neuroplasticity at the class.

This is a classic self-improvement tactic — practically all self-improvement books are written to start with an inspirational story and then to immediately pivot into an explanation of why anyone could achieve the same thing.

So my mom was hitting her kids with Curry for inspiration and then brain science for plausibility.

Here’s where I’m hoping you are finding your own future growth plausible: your brain can change. That’s what brain plasticity is. So no matter how bad you are at something right now, you can change that so that future you becomes very good at it. That’s basically what the concept of Growth Mindset is about.


#3. The Power of Yet

After the first two videos, my mom’s class was sold on growth mindset, but they didn’t know how to put it into practice.

Thankfully, Jannelle Monet was a guest on Sesame Street and gave the simplest behavioral pattern for practicing growth mindset: use the word Yet.

The Growth Mindset Habit

The three videos above are not enough to change a child’s life. They have to be followed up by a change in behavior.

That’s the entire misunderstanding with Carol Dweck’s study. The focus is on the initial lecture, not the follow on behavior.

One of my mom’s strengths as a teacher was that she brought a consistency to classroom management. And one of the changes she made to her classroom was that she started insisting that the class adopt the word yet.

Every time a kid says yet, they are representing that they are open to learning something new.

The lesson that my mom put together was the launchpad for a new habit. And that new habit was then reinforced hundreds of times over the school year.

You can’t A/B test my mother because she is retired. But I can share that her kids had one of the highest test score improvements of any class in her district.

Regardless of the merits of standardized testing, something about her teaching that year worked especially well. And anecdotally, that something revolved around the word Yet.

And for that reason, the word Yet has become a big part of my own self-talk. I hope you adopt it too.

Coach Tony By: Coach Tony

 

Source: Growth Mindset is a Habit You Want – Better Humans – Medium

Watch, learn and connect:

https://stanfordconnects.stanford.edu/

Should you tell your kids they are smart or talented? Professor Carol Dweck answers this question and more, as she talks about her groundbreaking work on developing mindsets.

3 Things Successful People Do To Leverage Failure (Infographic) – Terina Allen

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I am scared way more often than I am brave. I am uncomfortable much more frequently than I am comfortable. I am unsure about so much more than I am certain of. I have dropped many more balls than I have ever caught, and I have failed at more initiatives than I have succeeded. And it is because of this, not in spite of it, that I thrive. We know that successful people, like everyone else, make mistakes, feel pain, quit, cry, lose and have all the same insecurities and self doubts that all human beings experience. We know success is not synonymous with perfection………………

Read more: https://www.forbes.com/sites/terinaallen/2018/11/16/successful-people-leverage-failure/#45e8907072bc

 

 

 

 

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18 Things You Need To Give Up To Become A High-Achieving Person – Brianna Wiest Brianna Wiest

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A secret about success is that it is just as much about what you give up as what you gain.Are you willing to give up late nights out for late nights in working? Are you willing to turn a deaf ear to blind criticisms? Are you willing to listen to helpful ones? Are you going to be able to give up the doubt, the resistance, the uncertainty, the avoidance mechanisms? As Mastin Kipp says: Are you willing to live as other people won’t, so maybe you can live as other people can’t…………….

Read more: https://www.forbes.com/sites/briannawiest/2018/03/20/18-things-you-need-to-give-up-to-become-a-high-achieving-person/#24fca2bf11fa

 

 

 

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The Math Behind The 5-Hour Rule: Why You Need To Learn 1 Hour Per Day Just To Stay Relevant – Michael Simmons

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Three years ago, I coined the term The 5-Hour Rule after researching the most successful, busy people in the world and finding that they shared a pattern: They devoted at least 5 hours a week to deliberate learning. Since then, I’ve preached The 5-Hour Rule to more than 10 million readers. The reason I keep writing about it is two-fold..I believe it’s the single most critical practice we all can adopt to ensure our long-term career success, Almost no one takes this rule as seriously as they should…Recently, I’ve realized that The 5-Hour Rule is more than just a pattern. It’s more like a fundamental law in our current age of knowledge. And it’s backed up by basic math and a growing body of research……..

Read more: https://medium.com/the-mission/the-math-behind-the-5-hour-rule-why-you-need-to-learn-1-hour-per-day-just-to-stay-relevant-90007efe6861

 

 

 

 

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Midas List Europe: Meet The Best VC Investors In European Tech For 2018 – Alex Konrad

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With Europe’s tech scene on the rise, a select group of venture capital investors are proving that you don’t need to be in Silicon Valley to build a golden startup portfolio. The 25 investors of the second-ever Midas Europe List have produced returns that stand up worldwide. They’ve backed public-company success stories like payments company Adyen and music streaming site Spotify. They’re based everywhere from London to Switzerland and Israel, from large firms and smaller new ones. The one things they have in common: track records of success in backing the next big thing in Europe – and doing it again and again……..

Read more: https://www.forbes.com/sites/alexkonrad/2018/11/05/midas-list-europe-top-vcs-2018/#321db2c94ad0

 

 

 

 

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Four Things This 24-Year-Old Did Before She Became A CEO – Denise Restauri

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Here’s a question I hear a lot from young women: “How do I leave my job that comes with benefits and direct deposit paychecks and become an entrepreneur?” There’s no one-size-fits-all answer. So I share stories of what I did and what other women are doing to give them perspective, context and color to help them find their answers. A month ago Shinjini Das (24 years old) and I were talking about what she was doing. She was a digital strategist at Iron Horse Interactive in the San Francisco Bay Area………

Read more: https://www.forbes.com/sites/deniserestauri/2016/10/26/four-things-this-24-year-old-did-before-she-became-a-ceo/#54df97872f38

 

 

 

 

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The Success of Your Business Depends On The Relationship Between IT & Finance – Damon Fletcher

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Thirty-eight percent of CFOs are responsible for IT departments, but many finance departments operate separately from their IT counterparts. As CFO duties evolve to include greater technology responsibilities, it is vital for modern finance departments to prioritize a data strategy. In fact, digital transformation is a necessity. Without evolving the relationship between finance and IT to prioritize data and actionable insights, your business risks falling behind competitors and achieving full potential……

Read more: https://qz.com/1413303/the-success-of-your-business-depends-on-the-relationship-between-it-and-finance/?utm_source=pocket&utm_medium=firefox_placement

 

 

 

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4 Millennials Describe How The Great Recession Shaped Their Lives – Kristin Stoller

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Call it the tale of two stereotypes. In one, Millennials are job-hopping crypto-crazed maniacs who would rather buy bitcoin than bonds. In the other, they’re a generation so scarred by the Great Recession that they cling to any chance for job security and keep their money (what little they have left after student loan payments) in cash. Of course, with so many Millennials around (they’ll displace the Baby Boomers next year as America’s largest living adult generation), you can find examples to fit any stereotype……

Read more: https://www.forbes.com/sites/kristinstoller/2018/10/11/10-years-later-4-millennials-describe-how-the-great-recession-shaped-their-lives/#4421765b31b9

 

 

 

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The High Risk High Reward World of Selling Stuff on Amazon – Lydia DePillis

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When Nida Kazmi got laid off from her job as a product manager at Bloomberg two years ago, she came up with a fallback plan: Selling stuff on Amazon. She chose stackable baby formula dispensers because the category didn’t seem to have much competition, and found a supplier in China to manufacture them. After hiring a coach to help her navigate how the world’s largest online marketplace works, she set up listings from her home office in Reston, Virginia, selling dispensers for $11.99 a pack. After a few months, the business was doing between $1,500 and $2,000 per month in sales, about half of which she kept as profit…….

Read more: https://www.cnn.com/2018/10/09/tech/amazon-sellers-marketplace/index.html

 

 

 

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