After doing some research on millionaires and billionaires, I have noticed some recurring attributes among them, which include: reading, pursuing a passion, and setting goals.
READ
“The more that you read, the more things you will know. The more that you learn, the more places you’ll go.”
― Dr. Seuss, I Can Read With My Eyes Shut!
Many of the affluent read daily or often. They seem to set aside at least 30 minutes a day for reading. This greatly improves their knowledge of their products, brands, and businesses. When you know what drives the market, then it makes it easier to compete with everyone else. I even read that Marilyn Monroe was also said to be a voracious reader.
I know in my life reading has helped me a great deal. I was able to do better in school, make better informed personal and professional decisions, and increase my investment knowledge.
One of the most successful investors of all time, Warren Buffet, says he reads every day. Buffet typically spends 80% of his day reading. Here are some quotes from interviews he has done over the years in regards to how to become successful.
THE KEY TO SUCCESS
The CEO of Berkshire Hathaway, when asked once about the key to success, pointed to a stack of books and said, “Read 500 pages like this every day. That’s how knowledge works. It builds up, like compound interest. All of you can do it, but I guarantee not many of you will do it.”
Forget Simon, do what Buffet says https://t.co/BRSDOgW8Rq via @mjp2520
— Miriam Joy (@mjp2520) May 28, 2018
WHAT BUFFET READS?
Warren Buffet starts his days with an assortment of national and local news. The billionaire investor tells CNBC he reads the Wall Street Journal, the Financial Times, the New York Times, USA Today, the Omaha World-Herald, and the American Banker in the mornings.
Even though Buffet reads tremendously, it would mean nothing if he did not retain what he has read. Buffets says that knowledge builds up over time. Here are some tips to remember what you read – take notes, skim the text, read out load – are just a few things you can do to retain what you read.
PURSUE YOUR PASSION OR GIFT
“To give anything less than your best, is to sacrifice the gift.” – Steve Prefontaine
I have always had an affinity for writing. I write pretty much every day. My goals are that my writing helps to plant the seed that inspire people, motivate them, and make them feel good about themselves. Writing about finances is the cherry on top of the sundae for me. And I give it everything I’ve got. No less. When I’m sick. I write. When I’m tired. I write. When I was down to my last $2. Still wrote. I would write down my thoughts, hopes, dreams, and goals. I have crossed off at least 5 items on my 10 year to do list. If it can work for me and countless others, then I know it can for you.
Dreams can come true. You just have to believe and lay down the groundwork. There is no builder of a home that would not first lay down the foundation and then build up. The same goes for life. You do not start in at the top. Otherwise, if you do, you are more likely to have created a house of cards, that can easily come tumbling down. Like the three little pigs, you want bricks and not sticks or straw. You want something that is concrete. Construct your life blueprint on building or creating something that is solid.
If you can, find a mentor. Mentors help guide and keep people on the right path to succeed. I suggest finding someone who has already done what you want to do successfully and then asking them for advice. You can also read their books or attend their workshops. Either way study their success and see if you can imitate it.
SET GOALS
“Set your goals high, and don’t stop till you get there.” – Bo Jackson
The best advice I have ever read was to write down your goals. I have heard this from numerous celebrities including Beyoncé. She said she would write down her goals; and that she wanted to go platinum and sell a million records. Well, she wanted to be financially secure. Well, she can scratch that off her checklist. Simply heed these words: Write it down.
When you set goals and pursue your passion it is a winning combination for success. Instead of watching the clock, you just keep on working. There are too many hours on the clock when you do something you detest, but no enough hours in the day when you do something you love.
Forget the naysayers. They are not you and you are not them. Focus your energy on doing what you enjoy putting your effort into. The energy you use to pursue your passion or anything that you do well is never wasted. When you can focus and limit or ignore distractions, you are well on your way toward success.