SUCCESSFUL people have something many do not know. While average wannabes make naïve resolutions, the top 10 constituents sustain — even increase—their momentum towards productivity and living a more meaningful life.
So what’s the difference?
Johnny (not his real name) thinks every new year that he needs to add to his income. He is an average employee. This year, he puts up a sideline business to add to his earning.
The problem, however, is he only knows how to open up a sari-sari store (mini-store based in his residence). He turns a small portion of his residence into a commercial venture. But since there are a lot of competitors, his idea does not gain traction. The store closes after a eight months.
He wastes his effort in trial and error. He already spent P10,000 for a failed attempt.
In comparison, Mar (not his real name) looks for opportunities and plans to invest in digital assets—the non-fungible tokens (NFT) and cryptocurrency.
He is aware of the risks, but in order to be more prepared, he ensures he can increase his chances of winning. He attends paid webinars on these forms of investments with resource persons who are top players on these topics.
No naysayer can dissuade him from grabbing non-traditional approaches to gaining wealth. His advisers are not wannabes. They’re people who make waves in what they do.
As a seasoned entrepreneur, Mar knows how to calibrate his moves. He can tell the difference between a REPA (a ponzi scheme that duped thousands of investors in my province) scam and a wonderful investment. At the end of the year, Mar makes 30 percent more. After 10 years, his initial investment of P200,000 in NFT and Bitcoin turns to P200 million.
Mar does not just run after wealth making. He also sponsors 10 scholars and helps the poor by sponsoring free entrepreneurial training.
The two cases I discussed are typical stories of an average citizen and an exemplary figure.
Johnny has noble intentions, but intentions are not enough. Settling for a common idea for business, which is already saturated, he ends up mediocre. While he could have attended seminars to learn more about starting a business and what business he should run, he didn’t. There are many learning opportunities online, but he didn’t explore. He is content with what he knows.
In contrast, Mar does not invest in what he does not understand. Paying webinars to know whether NFT and cryptocurrency are for him, he reaped a big return. It’s because he does not stop learning.
In addition, Mar is a wise risk-taker. Even if he knows digital assets are volatile, he still shells out what he can afford to lose (P200,000 is not all he had when he started). He knows some investors in Bitcoin bought one token for only 4.5 centavos (US$.09), but can cash it out for P2,385,127.20 on January 1, 2022.
What I’m driving home here is what you should never miss out—the right mindset and strategies. We should learn how successful people think and decide.
Digital assets may not be for us, but we can be as decisive, creative and courageous as Mar.
I have watched a lot of interviews with top entrepreneurs and extracted some common traits. Perhaps we can rub off some stardust from their wisdom and later be counted among them. So we need to know how they hit the mark.
Here’s a list of their characteristics:
1) Clarity. They know what they want. They write their goals for the day, week, month and year.
2) Concentration. They focus their energy on what they want and block any distraction.
3) They identify constraints. Successful people reflect and list what holds them back. Then they figure out how to overcome them.
4) Confidence. They are competent in what they do. If they lack knowledge, they seek it.
5) They learn continuously. One example is Warren Buffet who reads 500 pages of books and journals a day. No wonder he is an investment wizard.
6) Courage. If you know you are right, stick to your plan.
7) Creativity. Take as many ideas as you can from various sources. Then synthesize them. Make them your own. Exercise your creative muscles so you do not lose them.
You need to develop these qualities. Nurture the right mindset. Invest in yourself.
“The best investment, is investing in your self,” Warren Buffett, the top investor, said.
