It’s been over 7 years since I started my wealth building journey. Especially, I absolutely had no investment or business knowledge when I started out. In retrospect, I felt amazed how much I grow.
However, at the same time, I have made lots of mistakes that prevent me from progressing toward my goal. In this blog, I would like to show some of those pitfalls that I personally fall into. So that some readers won’t make same mistake.
Whether or not investing or business, there are many pitfalls that a lot of people fall into. Certainly, I am not the exception. Because I did not know better, I made those mistakes just like others. Recently, I painfully realized that those mistakes hinder my progress massively. Those are: 1. not coachable, 2. Not focused and 3) being spectator.
1. Not being coachable / teachable
Some people just try to find their own system rather than listening the people who already succeeded. What they don’t know about is that whatever they try to do is already tried thousands of times but failed. Those people think they are the smartest people in the whole world and they will come up with their OWN plan. In most cases, those plans are not really successful and they quit in the end. I can tell you upfront that it is much easier to listen what successful people said and do exactly what they ask you to do. Those people already did whatever you tried to do
2. Not being focus
This is my biggest mistake that I made in this process. Many tried to create success fall in this trap. Rather than focusing on one thing that you love, you diverted the attention to multiple things simply because you feel there is no results. If you find something you love to do, you must keep focusing on one regardless of the result. Anything worthwhile will take long time to reap the reward. Successful people know this.
I know one of my friends in real estate industry is exactly fall into this successful category. I have known him for more than 6 years and he’s always focused on his real estate business no matter what happened around him. Although he does his meeting group often, I never see him in the other real estate or related meetings. This means that he is focusing on his own meeting and his own business period. As a result, he is now owning his own real estate agency with many of dedicated agents and his business thrived like crazy…
On the other hands, unsuccessful one tends to hop onto multiple things and never get sizable result. For those people, they try their new endeavor for few months and they will switch to new thing. As famously said, successful people make decision quick and stay for a long haul. On the other hands, vast majority of people (unsuccessful one) make decision longer and change their mind very quickly. I am seeing latter category of people failed over and over again.
3. Being spectator in the game
Some people might wonder what does this mean. I have seen so many people in the real estate meeting and claiming themselves as real estate investor. However, in actuality, they are not really doing anything but only attending in real estate meeting or seminar. Some may be surprised by this but more than 90% of people who attempt to become real estate investor is falling into this category.
I gave real estate investing as example since I have experiences in real estate. However, this applies to any endeavor (Business, other investing and any wealth building journey). Only select few is real doer and make it happen. All others are just watching the game in the sideline. If we look at successful investor or business owner, they are real action taker and they are always in the center of the game. From my experiences, only real doers in center of the game will make serious money and most of the people so called “Spectator” won’t make any money if nothing.
And here is the important point. If you don’t have money, then you have to physically take actions in order to create wealth. There is no way out. This is something many people don’t understand. A lot of them think that they will magically make money if they get involved or trained with blank (Fill in the word: real estate investing, some special business training, etc).
This sometimes require you to be very uncomfortable, take lots of rejection from friends and families or sometimes even lose money. The main reason why most people are not in the game is simply because they can’t take these adversities and without being in the center of game (action taker), it is impossible to achieve success.
Those three are typical pitfalls that delay their success (Including myself) or even stop them from being successful. You will be amazed how many people are suffered from these pitfalls. If I have one thing to advise people in order to reduce the exposure of these pitfalls, it will be your personal development program. 99% of success is coming from how you think rather than technical knowledge. But, it is not about assets that make you rich. It is about your mindset. But it is Deep understanding of how successful people think will drastically help you from avoiding these traps.
- Business Mindset Tip: Are You Ritz Carlton Or Holiday Inn? - March 21, 2018
- Successful People VS. Unsuccessful People Part 5 - March 10, 2018
- Biggest Take Away From Business Building Seminar - March 4, 2018
- Successful People VS. Unsuccessful People Part 4 - March 2, 2018
- Successful People VS. Unsuccessful People Part 3 - February 28, 2018
- Successful People VS. Unsuccessful People Part 2 - February 27, 2018
- Successful People VS. Unsuccessful People Part 1 - February 26, 2018
- Mindset Tip: What Is Easy To Do Is Also Easy Not To Do - February 9, 2018
- Closing Tip: Power Of Assumption - February 6, 2018
- Biggest Take Away From Tim Grover - January 23, 2018