5 Secrets to Jump Start your Cash Flow – Secret 3
Whether you have been investing for years or are just starting your journey out of the Rat Race, every investor needs direction and motivation. There are 5 key secrets that will help every investor get better leverage and invest wisely. These key secrets have been understood and followed for years by the rich, from the active day trader to budding entrepreneur to the seasoned real estate investor.
Seek to understand how each secret applies in your investing career and do not be quick to dismiss one as under or over your head. The most important aspect of each secret is that you are accountable to actually putting them into practice.
These secrets are tried and true. Learn to apply them and you will accomplish more than you would have otherwise.
Secret # 1 – Know your Game plan and Outcome
Secret # 3 – Work “ON” your investing business, not “IN” it.
If agility is executing on the field, then Secret #3 is the adjustment made at halftime.
When you work so closely with each of your investments, it becomes easy to find yourself wrapped up in the details and forget the big picture. By taking time to work “on” the business as opposed to always working “in” the business, you elevate yourself and gain a valuable perspective. Whether you invest in stocks, commodities, or real estate, you need to manage your investment portfolio like a business. By thinking strategically about your investments and being held accountable to the bottom line, you can identify ways to make your investing more effective.
One essential part of working “on” the business is setting up systems.
Systems handle— and many times automate—the various aspects of your investing business. For example, a real estate investor could build a website to automate how he or she markets proper- ties and collects information from possible buyers and renters. Another investor could consult with legal counsel to help him set up the best entity that establishes the necessary protection in case she gets sued.
Working “on” the business also allows you to identify those practices that are not working and are weighing you down. A certain practice might produce acceptable—or even great—results out of the gate, but start to wane over time.
If you never get above the trees, investments can fall victim to an out-of-sight out-of-mind trap and occupy precious capital that could be better used elsewhere.
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