I’ve been fortunate to be very successful from a young age and now I have several millionaire students too, but along the way I’ve made tons of mistakes. Out of my now 5,000+ students, I see the same mistakes being made over and over, so it’s time to break the cycle.
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Mistake #1: Fear of taking action
We are all given various life-changing opportunities, but many people are too afraid to take action because they’re afraid of the consequences. Even if their life isn’t that great and they haven’t achieved many or even any of their goals, they prefer the status quo rather than risking a big change from which there would be no going back.
For example, people say they want to be my student knowing my teachings could change their lives forever, but they often don’t follow through. I’m not shy about bragging about my millionaire students and the fact that they were ordinary middle-class people before me, but it also takes a ton of study and dedication to truly transform your life. When confronted with this opportunity, many people shy away and don’t give me 100 percent inevitably to be stuck with their current lifestyle, not allowing me to truly educate them, which I hate.
Mistake #2: Being isolated
Because I’ve been to nearly 100 countries, I can tell you the world is a gigantic and fascinating place that’s meant to be explored and experienced. Too many people never leave their city, town or tri-state area as they think they have everything they need right around them. Trust me, even if you have everything you could possibly want, you should get out and expand your horizons. Open yourself and your mind up to new experiences, new foods, new places, new people and you will be amazed and awe-inspired by the outside world. As technology has improved, travel costs have come down and the ease of travel is at all-time highs, so take advantage of it! Don’t be narrow-minded, and be open-minded.
Mistake #3: Focusing only on making money
It might sound strange for me to say this given that most of the time I mainly talk about making money, but it’s a mistake to focus only on money and its acquisition. Yes, I am a self-made multi-millionaire and yes, my proudest achievement in life is creating several millionaire students, but because I’m a stock trader, money is simply how I keep score of how well I do in my profession, it’s not the goal of my life and it shouldn’t be the goal of your life.
Making millions of dollars is simply a byproduct of having enough knowledge and talent to rise above the rat race that consumes the vast majority of the world and any fortune you make is a direct result of your skills. So don’t focus solely on making money, focus on acquiring enough knowledge and skills to be able to make money as a result of your personal talents. I know it sounds very similar, but by dedicating yourself to an art, skill, technology – whatever your passion is -- and thinking about making money from it in the background instead of the foreground, will put you on a much better path than those whose goal is to get rich or win the lotto. Money is nice, but self-confidence and self-sufficiency are better.
Things I Liked:
1.The U.S. stock markets have now broken out to new highs after a much-needed volatile October; sometimes consolidation is healthy.
2.Two Americans were released from detention in North Korea; I’m ecstatic for their friends and families!
3.As we get closer to the end of college football season, I’m excited for the new playoff to finally decide the national champions fairly.
New reports say fast food restaurants are on the way out of hospitals; good, we should get rid of the unhealthy things that put us there in the first place!
A Boston man stole a woman’s cell phone seconds after a subway train hit and killed her – that’s just plain cruel and depressing!
For more financial advice, visit timothysykes.com.