Successful Investor Habits

[Kory Clark]

Hello Everyone,

What are some habits that you guys recommend for new investors? I'm working on developing some great habits. Currently, I don't have a job and my day is pretty open. I do have a lot of time on my hands and I want to take advantage of it. I'd love to hear some for your daily habits!

[David Dachtera]

Originally posted by @Brian Lacey:

"Hack time". If I'm doing anything physical, like walking around town, on the bus, or at the gym, I always am listening to relevant podcasts for me, or some of my audio books from Audible. You'll be amazed when you start to value your time, and become more selective of how and whom you spend it with.

Excellent observation!

In my investing group, when studying the differences between "average consumers" and "successful people", we talk about these four "currencies":

• Money
• Time
• Knowledge 
• Relationships

Consumers view money as the goal. Successful people view it as a tool.

Consumers view time as a tool. Successful people view time as the goal.

So many consumers - even here on BP - are willing to trade their time for dollars, as if time has less value than money. As W2 employees, our time is the tool we use to acquire money. As property owners, some folks trade their time for reduced expenses in property management, for example, or property maintenance. It doesn't increase their income, just reduces a bit their outlays for services.

Successful people view that just the opposite. Their goal is time to do what they want when they want with who ever they want. Money is the tool they use to acquire freedom of time. They hire tasks done to make better and more profitable use of their time.

Consumers view knowledge and education as a burden. "Gotta take on big student loans to get my degree so I can get a good job".

Successful people view knowledge as education as the keys to their success. The cost of education is quickly returned from profits in their financial and investing ventures. Look up a book on Amazon, "Straight A's Never Made Anyone Rich" by Wess Roberts. Education prevents financial losses by helping to avoid mistakes and wastes of time and money. Practical education has a bigger ROI than academic education, however.

Consumers view relationships somewhat competitively and otherwise for fun. Who can make the best impression? Who can get the biggest laughs at the sports bar? Who can make the best impression on the pretty girl / handsome guy?

Successful people view relationships as both the reward and as part of their success. They meet other successful people, they form friendships and forge partnerships: companions, collaborations and more.

Sometimes, a shift in paradigm can return big profits in terms of results and income!

David J Dachtera

"Success is not a destination. Failure is not an event. Success is a process, failure is a choice."
- DJ Benedict