By J.P. Dahdah, Founder & CEO of Vantage
There are two critical attributes to financial discipline. The first is doing what you know you should do to be financially successful (i.e. saving regularly by paying yourself first). The second, and most often overlooked, is not doing what you know you should not do. I recently learned that the primary difference between billionaires and millionaires is their habitual ability to say “no.” Billionaires say no all the time. They embody a laser-like focus on their goals and vision. They don’t get distracted – not even with income producing opportunities – and they don’t waste time on activities that are not helping them get closer to their objectives. Are you saying “no” enough? Unleash the power of “no” in your financial life by strengthening your financial intellect. Train yourself to not take anything for granted and to stop listening to your financial mind. Your mind is made up of emotions, feelings, desires, likes, dislikes, and impulses while your financial intellect thinks, reasons, judges, decides, and monitors your feelings. Investment decisions made with the mind most often lead to financial failure. Successful investors exercise self-control and do not allow themselves to make financial decisions based on instant gratification. The next time your financial mind is attempting to seduce you to react a certain way, choose to respond instead with your financial intellect. And remember… “no” means NO! Happy Investing!