This article is going to feel a bit different than those that I normally write. If you’ve visited my websites, you know that investing is a subject I really enjoy helping people understand. But today, I’d like to discuss something that many people want, yet few attain. And it is supremely important to achieving financial freedom.
As I’ve reflected on my journey into investing and trading, I keep coming back to one thing that has made a tremendous difference. One word actually; influence. Influence can be defined as the ability to change outcomes based on wealth, status, talent, or respect. When it comes to investing, we are constantly bombarded by information from people with “status” (I have my own TV show), “talent” (I made money from investing once), and wealth (I manage a hedge fund). They tell us what we should or should not do with our money. Time the market, don’t time the market, buy stocks, buy bonds, buy puts, buy calls; the list goes on and on. All of this information is an attempt to influence our decisions.
Rather than being influenced, what if you are providing the influence? Just think…you are affecting your life and the life of those around you by leveraging your personal wealth, talent, status, and respect. How does that sound?
Most people, myself included, spend a lot of time gathering information. And don’t get me wrong; it is an important step in your investing journey. We are living in the information age, and have unprecedented access to knowledge. But knowledge itself is not enough. You need to apply that knowledge and make it work for you and your investments. Watching my money make more money is one of the most satisfying feelings I’ve experienced.
Guess what? You can do the same thing! You already have the ability to influence your personal finances. Your daily actions have a tremendous, life-changing impact on your home, career and personal finances. As proof, I read stories all the time about people who conquer overwhelming odds using their own power of influence.
I want to remind you of the power that you have to influence your life. Influence is not a new idea; in fact you already do it every single day. Children are influenced by your example and your coworkers are influenced by your attitude. So why not influence your personal finances and investments?
Go beyond thinking about investing, practice W.A.C.A.D.A.D. (Words Are Cheap, Deeds Are Dear), and exert some influence! You will never forget the first time you have money left over at the end of the month and don’t know what to do with it.