By J.P. Dahdah, Founder & CEO of Vantage
Do you believe that you can accomplish your financial goals?
There are two types of investors, those who expect others to reach their financial goals for them and those who place that responsibility on themselves. Self-directed investors understand that “I” is the most crucial letter in IRA. Sure, it’s easier to blame others for your financial failures, ineffective investment strategies, or low investment returns. But how does that help you get closer to accomplishing your retirement goals?
The blame game masks our fears and insecurities.
If you don’t care more about your nest egg than those that you keep blaming for your financial situation, then shame on you. Taking personal ownership and responsibility for your financial destiny is essential to being successful with money. I frequently hear things like, “J.P., I’m not good with numbers and financial stuff.” My response is, “well, what can YOU do to change that?”
Don’t be comfortable with your weaknesses; work on them.
To do so, you must commit to getting comfortable with being uncomfortable. Attend a workshop, read a book, register for a financial blog, get engaged in the solution. At Vantage, we frequently remind ourselves that “you can make money or excuses, but not both.” Suppose you’ve already learned that lesson, congratulations! It will help if you believe in yourself and your capability. Having faith in yourself is half the battle. Will you make mistakes along the way? YES! Learn from them and move on. Forgive yourself quickly and figure out a way to not make the same mistake again. Take it one step further and share your error with others to avoid the same mistakes. Alternative investing isn’t about perfection; it’s about making progress in the right direction. When you’re willing to accept the financial position you’re in and work tirelessly to improve it, you will reach the financial independence for which you are striving.
Happy Self-Directed investing!
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