10 Secrets the Financial Industry Doesn’t Want You to Know
This is the last post in the series. See the bottom of the post for the other nine posts.
90% of Financial Success Is Psychology
Have you ever looked at the list of the world’s wealthiest people? It seems that each person found a different way to get rich. Some people, like Bill Gates, did it by building a software business. Others did it through investing. Warren Buffett is a great example. Still others did it in different ways.
So that begs an interesting question. If there’s so many different ways of getting rich, what do they all have in common? The answer is, a certain way of thinking.
90% of financial success is determined by how you think. The remaining 10% is the specific strategies people use to get rich. Most people love to focus on strategy. They talk about who to hire, how to do marketing, or which properties are best to buy. But all of these strategies will only work if they are built on a certain mindset. And this mindset is the psychology of financial success.
How can you get a financial success mindset? My answer is through CDs, books and seminars. One of the main themes of this blog is education. And the reason is that through education we can change the way we think. Through reading the right books, listening to the right CDs, and going to the right seminars, we can acquire a financial success psychology.
Notice that I did not say anything about going to college. College does not provide a financial success psychology. College only provides an employee psychology. None of the richest people in the world are employees. It’s virtually impossible to become rich through working as an employee.
Many people don’t like the idea of changing their mindset. And there’s good reason. It’s comfortable for us to keep thinking the same thoughts and doing the same things every day. It’s part of being human. The challenge is that if we want to be rich, we need to acquire the mindset of a rich person.
This is the tenth and final post in a series entitled Secrets the Financial Industry doesn’t Want you to Know.
The other posts in the series are:
- Why Most Financial Advice Is Useless
- Does More Risk Really Mean More Reward?
- Control is Key to Investing
- Myths about Stock Trading
- Why you can not Outsource Financial Success
- Why Mutual Funds are one of the Worst Possible Investments
- Why Financial Experts may not be so Smart
- The Hidden Danger of Inflation
- Financial Wealth is Unrelated to College Education
Related posts:
- Financial Wealth is Unrelated to College Education
- Skills for Financial Success
- Top Investing Mistake #1: Not Having the Right Mindset
- Why you can not Outsource Financial Success
- Why Financial Experts may not be so Smart
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is one of my favorite financial books of all time. It's an allegory about a guy who has a terrible job, and how he overcomes challenges to achieve his dreams.
