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TO JUMP START
YOUR CASH FLOW
COACHING
To be a successful investor, you need to know where you want to go and how you will get
there. Decide how you will construct your investment portfolio over the years and what
instruments you will use. Be sure to include milestones related to specic dollar amounts
and a best- and worst-case scenario. The entire process will take time and many are
tempted to forgo such planning and leave their future to chance. They think they can gure it out as they go along or that planning is wasting time that could be used for actually
investing. But ask the same people if knowing where they are going and how they will get
there is a good idea, and you will get a unanimous response in the afrmative.
Secret #2 Be Agile.
Once you begin executing your plan in the real world, you will almost immediately nd
you will need to make adjustments. This is not a shortcoming or indictment of your plans,
but evidence as to how quickly things change. You need to be able to change just as
fast if not faster.
Agility is another secret to jump starting your cash ow.
You need to be agile in your investing by being quick when responding to changes and
opportunities and well-coordinated in how you implement your response. Be quick to the
punch without being coordinated among your portfolio, your team, and your resources
and you will nd yourself pulling the trigger on something that may appear to be a good
investment; but does not contribute to the bigger picture or worse, a bad investment
not exposed for what it truly was. Conversely, if you spend too much time coordinating
information from team members, resources, and research, you may miss an opportunity
to another investor. This may require that you not limit yourself to just the knowledge and
experience that you already possess.
Agility marries speed and resources into a skill used to seize the right opportunities at
the right time.
that allow her to closely monitor her investments so she can adhere to the rules she
established in her plan such as never risking more than 3% of her portfolio in a position.
Working on the business also allows you to identify those practices that are not working and are weighing you down. A certain practice might produce acceptableor even
greatresults out of the gate, but start to wane over time. If you never get above the
trees, investments can fall victim to an out-of-sight out-of-mind trap and occupy precious capital that could be better used elsewhere.
Being aware of a habit that holds you back is tricky. After all, if you knew there was a
better way, you would change or at least attempt to change, right? The problem is that
most of us are not interested in knowing what we are doing wrong. And if we have been
able to experience even the smallest degree of success, we are even less likely to believe
something is wrong. By seeking feedback from others, you can expose blind spots and
make changes that you did not even know you needed to make.
Discuss your successes and failures with friends, fellow investors, mentors, and coaches
and then carefully listen to their feedback. Often, their words will provide insight that will
help you identify and eliminate bad habits or biases that have been holding you back.
Talking with those who are where you want to be will help you identify what you need to
let go of to make it to the next level. Think of it as the PGA golfer with a hitch in his swing.
By working with a coach to breakdown and pinpoint the smallest part of his swing, he
can overcome what is holding him back. A minor change or adjustment can yield tremendous results.
Be sure to put emotions aside when receiving and evaluating feedback. Too often, we
dismiss an observation because it hits too close to home. Remember the intent was not
to put you down, but to expand your thinking to another approach. That being said, not
all feedback is created equal. Take into account the experience level and accomplishments of the one giving you feedback. How relevant is their advice to your unique situation? Even if the advice is misguided, is there a bit of wisdom contained in it that can help
you become a better investor?
you started to where you are now, you will quickly realize that the next level of investing
is not an exclusive club; but the next chapter in your investing story. Realize you do not
have to have all the answers before you begin, but you do need to take the rst step.
To keep your condence in check, be sure to inventory accurately your contributions to
your success. Anyone can make money in an up market and sometimes people begin
to think too highly of their skills when it was nothing more than the walking into the right
circumstances.
Before the real estate bubble burst, plenty of people who did not know what they were
doing made money hand over st in booming markets. The bankruptcy courts are now
littered with people who became too self-assured and began taking bigger and bigger
risks that they were not equipped to handleall because of a false sense of condence.
This is not to say that you cannot or should not run with the big dogs. On the contrary,
your dreams and plans should be as big as you can make them. But be sure you are the
reason for your success. Luck will have something to do with it from time to time; but
most luck is manufactured from skill, understanding, desire, hard work, and seeking out
the right help.
Learn to temper condence with humility and you will be able to nd and execute the
right investments for you at the right stage of your investing career.
The Bottom Line
As we said before, the newest investor all the way up to the most experienced one can use
these 5 Secrets. The reason why is because each secret contains a principleor truth
that governs success. Investing principles are timeless. They work in up or down markets.
They operate whether you are aware of them or not, and they do not care where you are
from and how muchor how littleyou know. Learn to master them and apply them in
your investing and you will nd greater degrees of success than you would without.
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