During my many conversations with women regarding investing, I’ve noticed a common denominator in their very different stories… While all of these ladies knew that investing is one of the most powerful ways to grow wealth, they were simply not ready to invest.
Some women were very eager to get into the investing and invested in the stock market while still paying off their high-interest credit card debt. Other women were so impressed by their friends and family members making money in real estate and the stock market that they jumped into the investing game before taking the time to educate themselves. And yet others invested every penny they have saved and became paralyzed by fear when their investments haven’t turned out the way they expected…
I recall speaking with Kate, who invested a lot of money in the past but, unfortunately, experienced devastating losses with her stock market and real estate investments. “I don’t want to invest anymore because I lost so much before… And I don’t trust financial advisors with managing my money.” She became so paralyzed by the fear of loss that she stopped investing all together and gave up on her dream of becoming financially free.
That’s why I decided to write a quick overview of what you need to have in place before you invest your money!
“Quality questions create a quality life. Successful people ask better questions, and as a result, they get better answers.” said Tony Robbins and I totally agree.
The quickest way to figure out whether you are REALLY ready to invest is to ask yourself right questions! Answering these questions will help to understand whether you’re financially fit to start investing right now.
As a general rule before any adventure, you want to be clear about your objectives for the journey.
Agree?
With this in mind, I invite you to consider the following questions as pertain to your financial goals so you will gain CLARITY about your financial journey:
- WHERE ARE YOU NOW, FINANCIALLY?
- WHERE DO YOU WANT TO BE IN X YEARS, FINANCIALLY?
- WHAT WOULD NEED TO HAPPEN DURING THESE X YEARS FOR YOU TO GET TO YOUR FINANCIAL GOAL?
I must admit, these are loaded questions! And I certainly don’t expect you to answer them on a spot. However, I firmly believe that mapping your way to a worthy financial goal will not only excite you and help you mobilize your resources; it will also make you more focused and committed. Yes?
If your ultimate goal is financial independence and freedom, you will succeed by being completely honest about your current finances and committing to your vision by getting financial know-how and taking action. Agree?
Warning: Investing could be nerve-racking and may not be your cup of tea if you don’t tolerate ANY risk and don’t like to save… However, if you really want to grow your wealth and become financially free, possibly even before the retirement age, you must be willing to make regular contributions to your savings and retirement accounts and get on the investing train as soon as possible.
Without investing, your cash money may actually lose its value over time due to inflation and you won’t be able to accumulate and augment your wealth.
Are you with me?
In the next post(s) we are going to focus on the first of the three questions and drill deeper into specifics.
And if you want to brainstorm your specific financial situation and see what steps you can take immediately to start moving toward to YOUR financial goals, schedule a strategy session with me to get you going.
To Your Health, Wealth and Freedom!
With Love and Gratitude,
Millen
