But all of us continually strive to get better, refine our technique, or learn how to use new equipment. When shaped skis came on the scene, all of us (experts included) had to adjust our techniques to get the most out of them.
The same can be said for investing and personal money management; the market is constantly going through cycles, and new tools are popping up almost every day.
In order to protect your money and earn consistent returns (two keys to better investing), you must never stop learning.
He says that by learning to fail quickly, you will spend less time failing and more time enjoying success.
When it comes to investing and money management, mistakes will usually result in losses. Which resulted in the 10th principle of Safe Investing: Learn from your mistakes (i.e. losses); you've already paid for them.
Just by uttering those words, you've made it 100 times harder to achieve the goal. We all know that you have to take action to achieve your goals. But now you've added an additional step of convincing yourself that your goals are possible.
Rather than wasting your time coming up with reasons you can't, spend your time wisely by figuring out how you can!
It is a bit of a cliche, but birds of a feather DO flock together and you ARE guilty by association.
So be guilty of associating with winners and soaring with eagles. Don't sit around with turkeys waiting for a windstorm.
Now that you have a bunch of like-minded people around, play Cashflow!
The game is similar to Monopoly, making it fun to learn about personal finance and investing for the whole family.
You start the game with a personal financial statement (based on a job) and you then try all sorts of different ways to improve your cashflow pattern and get out of the rat race (i.e. covering your monthly expenses using paper and passive income).
Cashflow 101 and 202 are excellent ways to accomplish Money Management Tip #6.
Just like every business, you need to have a firm grasp of your finances if you're going to thrive. Are you using the right investing techniques and strategies for investing money? Are you seeing consistent returns?
You'll gain confidence and be able to clearly explain exactly what you want when you ask someone about investing, finance, and money.
As Napoleon Hill pointed out in the book "Think and Grow Rich", failure and defeat are nothing more than a flaw in planning.
Don't try to guess what other people or the markets will or won’t do. Create your plan and then work that plan until you're successful.
If you want to try income investing, try income investing. But don't try to shortcut the learning process and add growth investing and speculation to the mix.
When things don't go according to plan, "fix the glitch" and try again.
You'll not only help other people succeed, but you'll also learn more valuable lessons (see money management tip #1)!