When you think of people who become rich, you probably think of people who take on large amounts of risk, build massive businesses and do it all in a fearless fashion. While we usually attribute things like courage, boldness and assertiveness to the wealth building process, one trait that is often overlooked is timidity. Believe it or not, being scared is one of the most overlooked wealth building traits there is and when it comes to investing, it’s a powerful tool to employ. Why is that? You’re about to find out!
If you think about any situation where someone has seen impressive financial prosperity, what traits of said person come to mind? Did they demonstrate extreme risk tolerance by investing in the latest tech start up? Maybe they showed courage and vision by starting a whole new sector that they believe will be a cornerstone of future business. These are just a few of the traits that come to mind when we think of building wealth. Now, if I were to tell you that being scared may in fact be one of the most useful traits that one can possess to grow their wealth, what would you say?
Chances are that right now you see being scared in a negative light. In fact, most of us grow up thinking that being scared is a sign of weakness and immaturity. Why is that? I know in my own experience, when I was growing up, being scared was a one-way ticket to being bullied. If you were too scared to ask out that girl in class you liked or jumped when you watched a scary movie then you could rest assured you would be mocked for it. Because of these experiences, as we grow up, most of us try to avoid demonstrating any behaviours that would indicate we are scared. While this way of carrying yourself is advisable in most social situations, it is certainly not ideal when investing. In fact, I think investing is perhaps the best outlet for your scared tendencies to shine through but don’t just take my word for it. Let’s now go over five reasons that being scared is going to have you winning in the game of investing!
Number 1: Investing only with money you can afford to lose
Do you know the number one reason why people don’t invest their money? No, it’s not that they lack an understanding of how to invest or that they don’t have the time to set…