Today’s Money Weekly article came to me as I pondered how my investment philosophy has evolved over the years. When I was in high school, I was so “gung ho” about investing and was always told that since I was young it was okay to take risks because I had a safety net of time on my side. Of course, this mentality has evolved and has become much more specific as I get older in the things I do invest in, and the willingness I have to invest freely.
I specifically remember as a teenager hearing about a stock tip over the radio and waking up the next morning to throw a couple hundred bucks at the company, just to take a risk. I understood at the time that I had no real expenses, and I could afford to lose everything I had. I never lost sleep over my losses, but my gains made me very excited. Now that I’m older and I’ve worked hard to build my savings, I’m much more cautious to lose what I’ve accumulated.
I find this “go-getter” mentality to be true today when I speak to younger subscribers who are ready to put it all on the line for the chance at some big success. My suggestion to them is be as smart and educated as you can be about your decisions, and once you feel confident with your research then GO FOR IT. There is going to be a day when you are married, have a family, and bigger responsibilities that will make it harder for you to go “all-in” for a chance at making it big.
Career Path and Business
Sure, I’m mostly referring to money, but it’s also time invested that makes me committed to the path I’m on. There was a time I would have gone down many different roads that could have potentially lead me to starting new businesses, and I would have been happy pursuing new opportunities. However, now that I’m invested in my current profession it causes me to be much more skeptical as to what tasks I take on, and the commitments they will require of me. Time is an investment that comes a lot less freely with age.
There are many success stories of people who lose everything they have in their 40’s, and successfully rebuild their situations very late in life. I am always open to new ideas and ways to make money, but I’m more selective now to take on challenges that aren’t time consuming and have a relatively high success predictability.
Some of you may be in similar spots and need to commit to the path you choose. If you feel like your career is one that can take you places in life and you will be happy there, give it all you have. And there are others that might need to get on the ball, and FIND something to commit to and be successful at.
Consider your Own Situations:
- Are you happy with where you at?
- Are you willing to take big chances with where you are in your own career/investment scenario?
- Are you committed to what you’re doing with your life?
If you have to create your own success without it being handed to you — like most of us — then at some point you are going to have to bite the bullet, put in the time, and take some chances in life. It’s going to be easier for some and harder for others because of situations that everybody is in individually.
It is said that during a horse race, the trainers put blinders on the horses so they aren’t distracted by what’s behind them and in front of them. Like a horse, sometimes we just need to put our blinders on and focus on taking one step at a time.
Chief Editor at CrushTheStreet.com