Timothy Sykes: 3 words that lead to financial success

Self-made millionaire Timothy Sykes shares three words that lead to financial success.
Published : September 09, 2014

You have to know what to say, and when to say it. Credit: Colourbox You have to know what to say, and when to say it.
Credit: Colourbox

 

I have done much in my life, from making my first million before the age of 22, having a bestselling book by age 26 and creating two millionaire students. Aside from all of that, I have devoured thousands of books, as reading is one of my favorite things to do. Through all my studies and experiences I’ve learned the three most important words.

 

 

Word #1: Yes

 

Say yes to trying new activities, foods, and places, meeting new people and keeping an open mind about everything. Far too many people in the world are narrow-minded and continue to live their normal lives without ever giving life a chance to surprise them and show them anything new.

Yes, two weak Jim Carrey and Ben Stiller movies that don’t even deserve mentions took this concept mainstream, but entertainment aside, the world is a vast and mesmerizing place yearning to be explored and experienced. Saying yes when the opportunity arises will allow you to expand your mind and comfort zone and I promise that you will see, taste, hear and smell things that will only enrich you and make you a much more well-rounded and interesting individual.

Word #2: No

Saying yes is great and it will open many new doors to you, but sometimes you must also say no and close some of those doors. The world is fascinating, but it can also be quite frightful and dangerous. You must learn your limits or else your life and your adventurous fun-loving personality will be cut short.

For example, while I like to keep an open mind, I don’t enjoy anything that risks great loss, injury or death such as diving with great white sharks (I was offered this in South Africa and firmly said no) or buying into a potentially revolutionary new technology that has just become a penny stock (I’ve said no to “investment opportunities” like this countless times). Be smart, meticulous and always judge the risk/reward before blindly saying yes to anything. If it makes you truly uncomfortable, just say no!

Word #3: Maybe

Life isn’t so simple where every decision can be made with a quick yes or no; there exists a wide gap in between that calls for a response of “maybe”. This is definitely my favorite word because it allows you to pause, consider all your options and choose the absolute best course of action.

This is particularly helpful in the stock market as there are risks and rewards to every investment and to increase the odds of the best possible outcome, you must consider all the variables, which can take some time.

Should you buy this “hot stock” immediately and not risk missing out on the surefire profits? Maybe. Should you take profits or losses on an existing investment to raise your liquidity and cash levels to make way for another investment? Maybe.

Don’t let anyone rush you on important decisions, saying maybe buys you time to make the best choice for yourself.

Things I Liked:

1. This week Apple will finally be announcing their new products, I cannot wait!

2. Kei Nishikori became the first man from Asia to reach a tennis grand slam final & Roger Federer’s quarterfinal comeback was great entertainment.

3. Elon Musk, founder of Tesla, said his company’s stock was “kind of high right now”, marking the most honest words I’ve heard from any CEO in years.

Up:

The US stock market just keeps going up and now we’re making new all-time highs every day or so after a healthy dip in August. Be careful though as September and October have been dangerous in the past.

Down:

A growing number of stock market bears have made every case possible for an upcoming stock market crash and yet the indices keep ticking higher. It’s never paid to be a long-term bear of the US, you’d think they would’ve learned by now!

For more financial advise from self-made millionaire Tim Sykes, visittimothysykes.com.

 
Latest From ...
Most Popular From ...