As you consider your financial portfolio, it pays to understand the fundamental laws of wealth creation. Martin likes seeing the smiles on his clients’ faces as they see the simple truth of growing their assets. There is a little known reason why most people do not make it big. They do not learn from the mistakes of their peers. The following three questions will put you and your family on the path to a far wealthier future than the masses around you:
- What do you love to do?
What do you love to do? This question is essential, because it shows what you are naturally gifted at. People who enjoy their career are going to work harder. If you are unsure about what you love to do, than it is helpful to take a psychological assessment. Ask your friends and family. Usually, what we love to do appears in what we do when we have free time.
- Who strongly desires what you love to do?
Think about who really wants your ability or skill. Who actually likes receiving the services that you do in your free time? Sometimes, your natural market requires a bit of effort to find. It might be in another country, another city, or with an unknown group of people. Once you find the group of people who strongly desires what you love to do, you are ready for the third self-assessment.
- What are your competitors afraid to do to meet your market?
Figure out who your competitors are. If you are a teacher, they are teachers. If you are a student, they are students. If they are mechanics, they are mechanics. Warren Buffett identifies this final step as being essential to his financial success as a billionaire. What are your competitors afraid to do? Common fears for most people are death, pain, giving, public speaking, forgiving, moving internationally, learning a new language, failure, math, science, religion, or poverty. The more common fears that you incorporate into your tool set, the higher comparative advantage you will have as compared to your peers.
Martin Lustgarten likes making your life easy. Martin can be reached at his LinkedIn account. He looks forward to hearing from you.