M6 - Man, Mind, Money, Markets, Method & Madness
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From Quora : What is it like to make millions trading?
https://www.quora.com/What-is-it-like-to-make-millions-trading
(Do take time to read thru the answer and make up your own mind. The answer is edited to take off the bit unrelated to trading)
This will be a long answer. Sorry about that. To maintain anonymity ill mention only initials. Except confidential info, I'll be glad to answer any comments if this answer gets some traction. Anonymous's answer is just great. My story is not that exhilarating but certainly worth mentioning. I am a 28 year old American woman based in Bangalore, India for the last 5 years. I came here when I was 23 and was working as the program manager in an outsourcing firm. My salary in hand that time was 60,000 rupees a month (~$1000). To my American friends this equals poverty, but in India, you can live very comfortably, even in an expensive city like Bangalore. My expenses were about 35,000 rupees, so I had 25,000 rupees left over (~$550 ). So yes, It's not like I began with any substantial amount of money. My undergraduate major was finance so I was interested on trading in the Indian stock exchanges.
One day, I was looking for a particular book on trading in Blossoms Book store which is on M.G. Road (the heart of the city). There was a young man there (Let's call him AB) browsing through where the investing books were shelved. I struck up a conversation with him and we introduced each other. He said he is a full time trader and entrepreneur running a proprietary trading company. He obviously knew more about trading than me, so I asked him for some advice. Luckily, both of us were free afterwards so we spent the evening chatting over drinks somewhere on Brigade Road (that is where the nice pubs are). If memory servers right, the place we went to was called Picos.
He was 24 years old and already a millionaire in dollar terms (net worth > 6 crore rupees). He came across as slightly nerdy, intelligent but confident. We met regularly over the next few weeks over drinks and engaged in interesting conversations. We spoke about trading, psychology, philosophy, fitness, economics etc. He asked me a lot of questions about my lifestyle, my day to day routine, my knowledge of the markets, my opinions on various topics, etc. During this time I had met some of his friends also.
One evening, he told me about a covert team of elite traders that he had started a year back. The friend I had met previously were also a part of it. This dream team (as we later started calling it!) had pioneered a trading method called L.I.S.T Analysis (this is the reason I am anonymous but I have asked the team members before posting; also, no point Googling it).
The dream team was a group of 8 traders; I joined as the ninth. At first it was just exciting: I was new to the markets and there there was this super secret group of rich 20 something guys and a girl who would meet in plush apartments and discuss this arcane trading method which worked like a charm. Everyone earned more than they could spent, drove expensive sedans and SUVs, wore nice clothes and partied in the best places. It felt like I was in a scene of that blackjack movie: 21.
Meetings are held 3 or 4 days a week in one of our apartments. One of us, SS, has a nice apartment in J P Nagar where we meet most frequently. He has also bought furniture to suit our needs. For example, he has two large dining tables. We would work on one with papers and laptops strewn all over. When dinner time comes, we just shift to the other table. Also, his house had a large white board and another pin up board in one of the rooms. This helps us be organized.
Each member was super smart and very hardworking. Some of us had day jobs which were mostly hobbies, other's spent the day trading, keeping themselves fit etc. One of the guys is doing his PhD in Finance; SB (one of the first three team members and a very funny and charming man) played cricket, the other girl PS (an artist, expert level pianist and fitness freak) likes interior designing and so on.
I felt very welcome in the group, everyone was respectful, polite, fun ... and everyone liked to party, and boy, party hard we did. At first I did not understand why I was even invited in the group, I mean, here I was a complete newbie and these guys were trading geniuses. Why would they share their secret with me?
L.I.S.T analysis is basically two equations with a lot of variables. It didn't start like that. AB had developed the method as part of a research paper and shared it with the next two members of the group who were his close confidants. That time it was basically a bunch of complicated spreadsheets and some paper notes. The first three members simplified it down to two equations. One of the variables of the equation was the experience of the trader, lets say, Ei. Quantifying experience is obviously hard because it is subjective. You simply cant assign the number of years as (i) to get the value of E. The group was looking for someone who has theoretical knowledge of trading but has never traded before (Ei = 0). Apart from this, diversity is in the DNA of the group. In trading, different mindsets bring out different opinions. Being American, and a woman, I fit in perfectly (the group really wanted to have more women in the team, and still does).
Although I had saved up some money in the preceding two years, the dream team did not let me use it, they asked me to spend it on moving to a the locality where the team members stay (JP Nagar/Koramangla), so that meetings were convenient. My office was also near the same locality, so that was an easy decision. Each member contributed a few thousand rupees in my name. It's not like they handed me a bunch of cash, rather the money was set aside in my name in the bank accounts owned by the team. The profits from this corpus would be mine. The total amount came to about one lakh eighty thousand rupees (~$3000). After a few months I put up a portion of my savings.
It took me about 6 weeks to grasp the working of L.I.S.T and I also contributed a few good ideas in the process. The problem with L.I.S.T is that there are many variables to consider and no easily available database where they can be pulled from. This is what makes L.I.S.T Analysis time consuming and requires hard manual work. My work as a Program Manager requires me to find ways to automate different business processes, so that experience came in handy.
I was aware of how much money the others were making but when I started receiving cashflows, it changed that way I look at life. I was earning the same amount my job pays me in two or three days (this started after a few months). I started questioning the concept of people having day jobs. After half a year I started sending money back home to Oregon to help my parents pay off their mortgage. About a year later I shifted into the penthouse suite (basically the top floor apartment) of a posh gated community.
In the comments someone asked how was I able to do this while having a full time day job. The trading method of the team is two fold: strategy and execution. Strategy is discussed every evening when all the members are present. Two of us, SB and AM, the most hardworking people I have met, would do the execution part. So the previous evening we would have made decisions such buy so & so contract between this Price 1 and Price 2 if x and y variables are met and z > something. Execution is a difficult job in which too many cooks spoil the broth. The trader has to juggle between too many bank and demat accounts and at the same time maintain a double entry book of accounts for each person. The rest of the team is updated through a WhatsApp group (we are now using Flock).
Everyone was getting richer and richer. I remember that in the first week of March 2014, a significant portion of our portfolio was invested in options of a private Indian bank called Yes Bank. The L.I.S.T equations predicted an upside of ~800% at a 97% confidence level and ~1000% at 99% for deep OTM call options of the stock at a strike price I cant exactly recall. The trade was completely hedged (no net exposure). What followed was madness. The premium rose from 1.05 rupees to ~11 rupees in 5 or 6 trading days. We made about 10x returns in 6 freaking days. In the next few days, most of us cashed out a bit, upgraded our cars and went for a short vacation to a place called Varkala where we chartered a yacht, partied, indulged in Ayurvedic massages and water sports.
Goa is our favorite place to visit. We go to Casino Royals and play blackjack or poker. I always lose. One of us, AM is expert poker player and would make a nice return. We stay in Dauna Paula. Although we could afford the best hotels, we preferred to stay in studio apartments because they were more homely. Our favorite was the Landscape apartment society. Here's a view of one of the pools. The service is nothing less than a 5star hotel. One time, AM lost a bunch of money playing poker and was pretty down in the dumps. Just to cheer him up, the rest of us chartered a flight to go meet him.
I quit my day job soon. Indian visa requires me to keep working for a firm but that wasn't a problem since as a group we own a few LLPs/Pvt. Ltds. Money was coming in fast and in abundance. We did a lot of community work as well. We donated heavily to a cause of our personal choices and once in a while spent an afternoon at an orphanage. That's just me, each of us has our own priorities. One of us prefers to help our members of our immediate community who as fallen on tough times.
One thing is that you'll lose a lot of friends if you're making wealth unexpected for your age and status, the same happened with me. I obviously didn't tell anyone about the team, so most of my friends thought that I was receiving benefits at work for being an American.
On a closing note, trading is hard and requires an 'edge' as Anonymous correctly points out. The edge has to be simple and repeatable. The secret to success in any profession is repetition and repetition is boring. It gets monotonous after a year or so, but the money keeps me going. I'll be happy to include any more information in this answer if that helps. Let me know in the comments.
PS : The Anon writer/trader has made it clear, that she/they are not interested in selling anything, or taking outside money.
https://www.quora.com/What-is-it-like-to-make-millions-trading
(Do take time to read thru the answer and make up your own mind. The answer is edited to take off the bit unrelated to trading)
This will be a long answer. Sorry about that. To maintain anonymity ill mention only initials. Except confidential info, I'll be glad to answer any comments if this answer gets some traction. Anonymous's answer is just great. My story is not that exhilarating but certainly worth mentioning. I am a 28 year old American woman based in Bangalore, India for the last 5 years. I came here when I was 23 and was working as the program manager in an outsourcing firm. My salary in hand that time was 60,000 rupees a month (~$1000). To my American friends this equals poverty, but in India, you can live very comfortably, even in an expensive city like Bangalore. My expenses were about 35,000 rupees, so I had 25,000 rupees left over (~$550 ). So yes, It's not like I began with any substantial amount of money. My undergraduate major was finance so I was interested on trading in the Indian stock exchanges.
One day, I was looking for a particular book on trading in Blossoms Book store which is on M.G. Road (the heart of the city). There was a young man there (Let's call him AB) browsing through where the investing books were shelved. I struck up a conversation with him and we introduced each other. He said he is a full time trader and entrepreneur running a proprietary trading company. He obviously knew more about trading than me, so I asked him for some advice. Luckily, both of us were free afterwards so we spent the evening chatting over drinks somewhere on Brigade Road (that is where the nice pubs are). If memory servers right, the place we went to was called Picos.
He was 24 years old and already a millionaire in dollar terms (net worth > 6 crore rupees). He came across as slightly nerdy, intelligent but confident. We met regularly over the next few weeks over drinks and engaged in interesting conversations. We spoke about trading, psychology, philosophy, fitness, economics etc. He asked me a lot of questions about my lifestyle, my day to day routine, my knowledge of the markets, my opinions on various topics, etc. During this time I had met some of his friends also.
One evening, he told me about a covert team of elite traders that he had started a year back. The friend I had met previously were also a part of it. This dream team (as we later started calling it!) had pioneered a trading method called L.I.S.T Analysis (this is the reason I am anonymous but I have asked the team members before posting; also, no point Googling it).
The dream team was a group of 8 traders; I joined as the ninth. At first it was just exciting: I was new to the markets and there there was this super secret group of rich 20 something guys and a girl who would meet in plush apartments and discuss this arcane trading method which worked like a charm. Everyone earned more than they could spent, drove expensive sedans and SUVs, wore nice clothes and partied in the best places. It felt like I was in a scene of that blackjack movie: 21.
Meetings are held 3 or 4 days a week in one of our apartments. One of us, SS, has a nice apartment in J P Nagar where we meet most frequently. He has also bought furniture to suit our needs. For example, he has two large dining tables. We would work on one with papers and laptops strewn all over. When dinner time comes, we just shift to the other table. Also, his house had a large white board and another pin up board in one of the rooms. This helps us be organized.
Each member was super smart and very hardworking. Some of us had day jobs which were mostly hobbies, other's spent the day trading, keeping themselves fit etc. One of the guys is doing his PhD in Finance; SB (one of the first three team members and a very funny and charming man) played cricket, the other girl PS (an artist, expert level pianist and fitness freak) likes interior designing and so on.
I felt very welcome in the group, everyone was respectful, polite, fun ... and everyone liked to party, and boy, party hard we did. At first I did not understand why I was even invited in the group, I mean, here I was a complete newbie and these guys were trading geniuses. Why would they share their secret with me?
L.I.S.T analysis is basically two equations with a lot of variables. It didn't start like that. AB had developed the method as part of a research paper and shared it with the next two members of the group who were his close confidants. That time it was basically a bunch of complicated spreadsheets and some paper notes. The first three members simplified it down to two equations. One of the variables of the equation was the experience of the trader, lets say, Ei. Quantifying experience is obviously hard because it is subjective. You simply cant assign the number of years as (i) to get the value of E. The group was looking for someone who has theoretical knowledge of trading but has never traded before (Ei = 0). Apart from this, diversity is in the DNA of the group. In trading, different mindsets bring out different opinions. Being American, and a woman, I fit in perfectly (the group really wanted to have more women in the team, and still does).
Although I had saved up some money in the preceding two years, the dream team did not let me use it, they asked me to spend it on moving to a the locality where the team members stay (JP Nagar/Koramangla), so that meetings were convenient. My office was also near the same locality, so that was an easy decision. Each member contributed a few thousand rupees in my name. It's not like they handed me a bunch of cash, rather the money was set aside in my name in the bank accounts owned by the team. The profits from this corpus would be mine. The total amount came to about one lakh eighty thousand rupees (~$3000). After a few months I put up a portion of my savings.
It took me about 6 weeks to grasp the working of L.I.S.T and I also contributed a few good ideas in the process. The problem with L.I.S.T is that there are many variables to consider and no easily available database where they can be pulled from. This is what makes L.I.S.T Analysis time consuming and requires hard manual work. My work as a Program Manager requires me to find ways to automate different business processes, so that experience came in handy.
I was aware of how much money the others were making but when I started receiving cashflows, it changed that way I look at life. I was earning the same amount my job pays me in two or three days (this started after a few months). I started questioning the concept of people having day jobs. After half a year I started sending money back home to Oregon to help my parents pay off their mortgage. About a year later I shifted into the penthouse suite (basically the top floor apartment) of a posh gated community.
In the comments someone asked how was I able to do this while having a full time day job. The trading method of the team is two fold: strategy and execution. Strategy is discussed every evening when all the members are present. Two of us, SB and AM, the most hardworking people I have met, would do the execution part. So the previous evening we would have made decisions such buy so & so contract between this Price 1 and Price 2 if x and y variables are met and z > something. Execution is a difficult job in which too many cooks spoil the broth. The trader has to juggle between too many bank and demat accounts and at the same time maintain a double entry book of accounts for each person. The rest of the team is updated through a WhatsApp group (we are now using Flock).
Everyone was getting richer and richer. I remember that in the first week of March 2014, a significant portion of our portfolio was invested in options of a private Indian bank called Yes Bank. The L.I.S.T equations predicted an upside of ~800% at a 97% confidence level and ~1000% at 99% for deep OTM call options of the stock at a strike price I cant exactly recall. The trade was completely hedged (no net exposure). What followed was madness. The premium rose from 1.05 rupees to ~11 rupees in 5 or 6 trading days. We made about 10x returns in 6 freaking days. In the next few days, most of us cashed out a bit, upgraded our cars and went for a short vacation to a place called Varkala where we chartered a yacht, partied, indulged in Ayurvedic massages and water sports.
Goa is our favorite place to visit. We go to Casino Royals and play blackjack or poker. I always lose. One of us, AM is expert poker player and would make a nice return. We stay in Dauna Paula. Although we could afford the best hotels, we preferred to stay in studio apartments because they were more homely. Our favorite was the Landscape apartment society. Here's a view of one of the pools. The service is nothing less than a 5star hotel. One time, AM lost a bunch of money playing poker and was pretty down in the dumps. Just to cheer him up, the rest of us chartered a flight to go meet him.
I quit my day job soon. Indian visa requires me to keep working for a firm but that wasn't a problem since as a group we own a few LLPs/Pvt. Ltds. Money was coming in fast and in abundance. We did a lot of community work as well. We donated heavily to a cause of our personal choices and once in a while spent an afternoon at an orphanage. That's just me, each of us has our own priorities. One of us prefers to help our members of our immediate community who as fallen on tough times.
One thing is that you'll lose a lot of friends if you're making wealth unexpected for your age and status, the same happened with me. I obviously didn't tell anyone about the team, so most of my friends thought that I was receiving benefits at work for being an American.
On a closing note, trading is hard and requires an 'edge' as Anonymous correctly points out. The edge has to be simple and repeatable. The secret to success in any profession is repetition and repetition is boring. It gets monotonous after a year or so, but the money keeps me going. I'll be happy to include any more information in this answer if that helps. Let me know in the comments.
PS : The Anon writer/trader has made it clear, that she/they are not interested in selling anything, or taking outside money.
What Everyday Leaders Do
By Robin Sharma
To lead is less about a title and a position.
To lead is to model mastery, transcend adversity and live your life greatly.
You're not here to express average. You're here to be a light, a leader, a legend.
No matter where you live and what you do, today brings on the opportunity to lead.
When you go the extra mile and wow a customer, you're a leader.
When you release distraction and raise your production, you're a leader.
When you lift another human up versus bringing everyone down, you're a leader.
When you let go of your past and leverage today to grow a brighter future, you're a leader.
The world is in turbulence. There has never been a greater need nor a better time to shift from any form of victimhood up to outright leadership.
You can do this. I am with you. You are amazing. Own it. And go be amazing. Today.
Your fan always, Robin
By Robin Sharma
To lead is less about a title and a position.
To lead is to model mastery, transcend adversity and live your life greatly.
You're not here to express average. You're here to be a light, a leader, a legend.
No matter where you live and what you do, today brings on the opportunity to lead.
When you go the extra mile and wow a customer, you're a leader.
When you release distraction and raise your production, you're a leader.
When you lift another human up versus bringing everyone down, you're a leader.
When you let go of your past and leverage today to grow a brighter future, you're a leader.
The world is in turbulence. There has never been a greater need nor a better time to shift from any form of victimhood up to outright leadership.
You can do this. I am with you. You are amazing. Own it. And go be amazing. Today.
Your fan always, Robin
20 Life Hacks of the Super Wealthy
http://time.com/money/4219435/life-hacks-of-the-rich/?xid=frommoney_soc_socialflow_facebook_money
Here's a tip: stop blaming failures on bad luck.
In today’s digital age, people are growing more and more interested in how to become financially successful with innovative ways to change their lives. Find out what life hacks successful people use to increase their wealth and how you can do the same.
1. Stop Watching the Clock
If all you ever do is focus on how much you get paid per hour, you’ll be working long hours for the rest of your life. Take a lesson from Tim Ferriss’ “4-Hour Workweek” and start thinking about how you can get paid for results instead of time. You’ll be motivated to work smarter, not longer.
2. Don’t Shy Away From Self-Promotion
You’ll never establish a customer base if you never tell anyone about your product. Promotion can sometimes feel pushy, but it’s a crucial part of business. Use social media, local advertising and other marketing methods to get your name out there.
3. Stop Confusing Wealth With the Appearance of Wealth
You don’t need to become a full-fledged minimalist, but it’s time to trim the proverbial fat. Look at your budget and eliminate nonessentials. Spa treatments, expensive restaurants, most retail shopping and unused gym memberships are excesses than can sabotage your financial health.
4. Change Your Playlist
When you’re not working, you should be learning and gaining as much knowledge as you can, whether it’s related to your business or not. Listen to audiobooks and podcasts while you drive, shower, and clean your house. You’ll find that it’s as relaxing as watching a show at the end of the day, but you’ll be getting a brain workout instead of just vegging out.
5. Monetize Your Talents
If you’ve got a unique skill, you could create a business around your talents. Whether you’re a skilled programmer with a vision for launching a development company or you have a unique style and want to create your own product line, use your interests, passions, and abilities to make money.
6. Get a Mentor
James Wilkinson, CEO and president of Pamco Machine Works, Inc. in Rancho Cucamonga, Calif., recommended that you “identify successful people in your industry and reach out for advice.”
“Be bold by asking, writing, emailing, or calling them directly,” he said. “Ask them to help you solve a specific problem, give you general advice or become your mentor.”
7. Drink Water
Life’s simplest necessity can actually increase your wealth. If you cut back on sodas, coffee, and other costly and unhealthy beverages and stick with water instead, your teeth can get stronger (saving you money on dental bills), your anxiety can lessen (saving you money on prescriptions and therapy), and your brain can become healthier and more efficient.
8. Give More
Don’t make the mistake of thinking that greed equals growth or that your success must come at the expense of others. Help people by volunteering, giving of your time, truly listening and being generous. Be happy to share your successes with people. You will create more avenues to success by gaining allies than by making enemies.
9. Stop Wishing — Set Goals Instead
Wealthy people don’t allow their success to hinge on hopes. They commit to success by working to achieve clearly defined goals. Set some goals for the next week, month, six months and beyond. Define your goals and outline the smaller steps you should be taking to achieve them. A good calendar system helps.
10. Adapt as You Pursue Goals
While being committed to your project is important, it’s equally necessary to be able to identify when to adjust the plan or even change the end goal. If you’re developing an app and you start seeing the need to change directions, don’t be afraid to shift focus if it will mean long-term success.
11. Clear Clutter for More Brain Space
A certain amount of messiness is acceptable as part of the “creative mindset,” but at some point clutter becomes a distraction to your work whether you realize it or not. Clear your primary work area so you have some space for your thoughts. You’ll be surprised by how much more productive you can be in a clean room.
12. Drive Less
Not only will less driving save you money on gas, maintenance, and potential accidents, but the exercise of walking and biking can help boost your brainpower by slowing the brain cells’ aging, improving memory, and alleviating anxiety.
13. Identify Needs and Invent Solutions
If you ever think to yourself, “I wish there was a product that could …” then start thinking about how to turn those ideas into realities. Chances are, if you identify a need, other people would pay money for a solution to the same problem.
14. Accept Criticism
Don’t be too proud to accept advice and criticism. It doesn’t always feel good to hear criticism, but not being discouraged by it, learning from it, and moving forward can feel great. Use criticism to motivate you to further perfect your business model.
15. Ask Questions
Wealthy people are driven by the desire to learn and grow. By asking a lot of questions, you can learn from other people’s mistakes and experiences, gain knowledge about your field, and create strong relationships with people.
16. Stop Blaming Failures on Bad Luck
If you want to be able to take credit for your successes, you need to start taking credit for your failures. Success is as much a mindset as it is a status.
17. Block Your Time
As helpful as media and social media are for connecting, informing, and entertaining, most people find themselves distracted too frequently. Between click-bait titles, cute videos, friends’ updated statuses and online games, it’s a wonder anyone gets any work done at all.
Set up a timer or a block on your computer for the websites that are your biggest time wasters. Create blocks of time in your schedule for work and play. Your mind will be clearer, and you’ll have more time to focus on what’s important.
18. Recognize That You Reap What You Sow
Think of your brain as a crop field. If all you ever did was harvest creativity and success, your fields would soon be dry, barren, and picked over. Allow yourself time to sow seeds of success by resting, thinking, brainstorming and taking breaks.
19. Put Your Money to Work
You work hard, and your money should, too. Make your money work for you by investing in stocks, mutual funds, CDs, peer-to-peer lending, real estate and other vehicles that can help you build wealth. If you and your money work at the same time, you can earn money even faster.
20. Associate With Other Successful People
Rubbing elbows with successful people is a great way to take steps toward building wealth. By creating relationships with influential people, you can reach a wider customer base. You can also learn about wealth and business from seasoned pros.
http://time.com/money/4219435/life-hacks-of-the-rich/?xid=frommoney_soc_socialflow_facebook_money
Here's a tip: stop blaming failures on bad luck.
In today’s digital age, people are growing more and more interested in how to become financially successful with innovative ways to change their lives. Find out what life hacks successful people use to increase their wealth and how you can do the same.
1. Stop Watching the Clock
If all you ever do is focus on how much you get paid per hour, you’ll be working long hours for the rest of your life. Take a lesson from Tim Ferriss’ “4-Hour Workweek” and start thinking about how you can get paid for results instead of time. You’ll be motivated to work smarter, not longer.
2. Don’t Shy Away From Self-Promotion
You’ll never establish a customer base if you never tell anyone about your product. Promotion can sometimes feel pushy, but it’s a crucial part of business. Use social media, local advertising and other marketing methods to get your name out there.
3. Stop Confusing Wealth With the Appearance of Wealth
You don’t need to become a full-fledged minimalist, but it’s time to trim the proverbial fat. Look at your budget and eliminate nonessentials. Spa treatments, expensive restaurants, most retail shopping and unused gym memberships are excesses than can sabotage your financial health.
4. Change Your Playlist
When you’re not working, you should be learning and gaining as much knowledge as you can, whether it’s related to your business or not. Listen to audiobooks and podcasts while you drive, shower, and clean your house. You’ll find that it’s as relaxing as watching a show at the end of the day, but you’ll be getting a brain workout instead of just vegging out.
5. Monetize Your Talents
If you’ve got a unique skill, you could create a business around your talents. Whether you’re a skilled programmer with a vision for launching a development company or you have a unique style and want to create your own product line, use your interests, passions, and abilities to make money.
6. Get a Mentor
James Wilkinson, CEO and president of Pamco Machine Works, Inc. in Rancho Cucamonga, Calif., recommended that you “identify successful people in your industry and reach out for advice.”
“Be bold by asking, writing, emailing, or calling them directly,” he said. “Ask them to help you solve a specific problem, give you general advice or become your mentor.”
7. Drink Water
Life’s simplest necessity can actually increase your wealth. If you cut back on sodas, coffee, and other costly and unhealthy beverages and stick with water instead, your teeth can get stronger (saving you money on dental bills), your anxiety can lessen (saving you money on prescriptions and therapy), and your brain can become healthier and more efficient.
8. Give More
Don’t make the mistake of thinking that greed equals growth or that your success must come at the expense of others. Help people by volunteering, giving of your time, truly listening and being generous. Be happy to share your successes with people. You will create more avenues to success by gaining allies than by making enemies.
9. Stop Wishing — Set Goals Instead
Wealthy people don’t allow their success to hinge on hopes. They commit to success by working to achieve clearly defined goals. Set some goals for the next week, month, six months and beyond. Define your goals and outline the smaller steps you should be taking to achieve them. A good calendar system helps.
10. Adapt as You Pursue Goals
While being committed to your project is important, it’s equally necessary to be able to identify when to adjust the plan or even change the end goal. If you’re developing an app and you start seeing the need to change directions, don’t be afraid to shift focus if it will mean long-term success.
11. Clear Clutter for More Brain Space
A certain amount of messiness is acceptable as part of the “creative mindset,” but at some point clutter becomes a distraction to your work whether you realize it or not. Clear your primary work area so you have some space for your thoughts. You’ll be surprised by how much more productive you can be in a clean room.
12. Drive Less
Not only will less driving save you money on gas, maintenance, and potential accidents, but the exercise of walking and biking can help boost your brainpower by slowing the brain cells’ aging, improving memory, and alleviating anxiety.
13. Identify Needs and Invent Solutions
If you ever think to yourself, “I wish there was a product that could …” then start thinking about how to turn those ideas into realities. Chances are, if you identify a need, other people would pay money for a solution to the same problem.
14. Accept Criticism
Don’t be too proud to accept advice and criticism. It doesn’t always feel good to hear criticism, but not being discouraged by it, learning from it, and moving forward can feel great. Use criticism to motivate you to further perfect your business model.
15. Ask Questions
Wealthy people are driven by the desire to learn and grow. By asking a lot of questions, you can learn from other people’s mistakes and experiences, gain knowledge about your field, and create strong relationships with people.
16. Stop Blaming Failures on Bad Luck
If you want to be able to take credit for your successes, you need to start taking credit for your failures. Success is as much a mindset as it is a status.
17. Block Your Time
As helpful as media and social media are for connecting, informing, and entertaining, most people find themselves distracted too frequently. Between click-bait titles, cute videos, friends’ updated statuses and online games, it’s a wonder anyone gets any work done at all.
Set up a timer or a block on your computer for the websites that are your biggest time wasters. Create blocks of time in your schedule for work and play. Your mind will be clearer, and you’ll have more time to focus on what’s important.
18. Recognize That You Reap What You Sow
Think of your brain as a crop field. If all you ever did was harvest creativity and success, your fields would soon be dry, barren, and picked over. Allow yourself time to sow seeds of success by resting, thinking, brainstorming and taking breaks.
19. Put Your Money to Work
You work hard, and your money should, too. Make your money work for you by investing in stocks, mutual funds, CDs, peer-to-peer lending, real estate and other vehicles that can help you build wealth. If you and your money work at the same time, you can earn money even faster.
20. Associate With Other Successful People
Rubbing elbows with successful people is a great way to take steps toward building wealth. By creating relationships with influential people, you can reach a wider customer base. You can also learn about wealth and business from seasoned pros.
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