This morning I recorded my weekly podcast on stock market investing with my good friend D-Dub. We do this every Friday morning and I truly enjoy it! First off, I always enjoy talking with D-Dub because our goals and interests are closely aligned. Secondly, we like to give each other a hard time, which is always fun.
We usually answer at least one question towards the last half of the podcast. This morning the question came to D-Dub and it was “how do you stay in the right mindset?” We both give our takes on the question and since this question came to D-Dub, he answered first.
I should probably explain that our podcast is not scripted at all! We want to keep it as close to a real conversation as possible. So, often times I will listen to an episode and think “man I wish I would have said ….” This morning’s question was one of those moments.
Getting into the right mindset is critical if you want to be an investor… or at least a successful one. You need to recognize that if you become an active investor you are embarking on a journey that most don’t dare to take. It doesn’t matter if you are investing in stocks or rental property, you must learn to think different!
You will fail at some point. Accept it and expect it. In fact…. you should fail! Failing is how you learn! I believe that if you learn then you really haven’t failed at all. I have purchased stocks and lost 50% of my money. On a couple of occasions I have lost all my money! By the way, I average over 30% annually in my stock trading account EVEN with those losses!
But every time I lose I learn and I get a little better. Learning to accept and embrace failure requires you to have a strong mindset. Here are my top tips for getting into the right mindset:
- Stay positive and avoid negativity– If you hang out with negative people you will become negative yourself. Period end of story. Don’t think you will be different or that you will lift the negative person up and they will become positive… sorry to have to tell you this, but 99.99% of the time it won’t happen! Surround yourself with positive people and work hard to keep positive thoughts in your head!
- Take care of your soul– I’m not going to get religious on you, but you do need to take care of the most sacred inner part of yourself. You need to have a positive relationship with the universe. I pray and meditate to accomplish this. I’m not pushing my beliefs on you, but you do need to explore this for yourself. Whatever it is that you do, whatever it is that works for you, make sure your spirit is in a good place.
- Create a dream-board- Goals push me to do more each day and week. I need something that I am aiming for to keep my activity high, so I created a dream-board which consists of things that I would like to achieve. Some things are materialistic and some aren’t. At the bottom, I wrote down action steps that I need to take daily/weekly if I ever want to make my dream-board a reality.
- Read and listen to podcasts- Find some good books that motivate you! I also highly recommend listening to some good podcasts that both teach you and inspire you!
- Have Fun- Don’t forget to have fun!!! Laugh out loud several times a day. Watch funny movies. Be silly. Take vacations. Find a hobby….. Life is too short to not have some fun. Don’t get so caught up chasing your dreams that you forget to enjoy this crazy short life!