12 Nov 2018, 09:24 — 3 min read
Don’t wish for it, work for it!
1. Be organised
It is important to have your financial papers organised and properly filed. A problem which happens in the absence of the above is that you don’t know where you are invested and hence may take random decisions on your portfolio rather than a structured approach.
2. Have clear agreements
Whether you are a professional or business owner, it is important to have foolproof agreements. That eliminates the scope of ambiguity in one’s dealings with people and helps to achieve sustainable growth. In business it is more important as liabilities could be huge and payment cycles can change impacting the viability of the business.
3. Identify your key stakeholders
Legendary entrepreneur Warren Buffett has invested in many companies during his illustrious career as an investor. He does only one meeting a year with the CEOs of his investee companies on the goals for the year. Although not many of us are likely to be in the same boat as Mr Buffett, it helps to prioritize key issues with important stakeholders and allocate time accordingly. This discipline helps to create a well-oiled business machinery.
4. Believe in the power of compounding
Compounding is the eigth wonder of the world as it can make all the good things one wants from life possible. Many investors who have experienced it swear by it; those who don’t pay compound interest and make their lenders richer.
5. Begin with the end in the mind
One approach in life is to solve problems, the other is to prevent them. Unfortunately for most of us we learn when we get our hands burnt. To give an example, many people do not ask critical questions. If one has understood what one has invested in and has an exit strategy the experience is relatively smoother.
6. Achieve excellence in what you do
If one has achieved excellence in what one does, money will chase you. Many people who have really excelled in their chosen endeavours have experienced this phenomenon.
7. Look at the future
The markets reward those who are able to successfully identify and capitalise on key trends. One of the trends this year is a stronger US economy. We are likely to see a return of capital to emerging markets in a bigger way next year as impact of trade wars is understood by all concerned.
Would love to hear your success mantras in the comments section below.
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Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views, official policy or position of GlobalLinker.
Posted byAnirudh Anand Gupta
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7 Sep 2021, 11:00