While generally peer pressure is viewed as a negative trait, emulating successful people may help increase your own chances of success. Indeed, if you want to build your wealth, look at successful businesspeople and copy their secrets to success. Try following these golden rules in order to increase your net worth:
1. Have patience. Build your wealth carefully and patiently. As any successful businessman will tell you, wealth doesn’t grow overnight. Each decision was weighed carefully and thoughtfully, without making any rash or impulsive mistakes.
2. Create a financial plan. Successful businesspeople don’t just make random decisions. They have a specific business plan, and they employ others (money managers) to help them. You can do the same thing, albeit on a smaller scale.
3. Invest carefully. Successful companies reinvest their profits in their own development. Keep building your business rather than taking out dividends and resting on your laurels.
4. Consistently monitor. Don’t just open a portfolio and walk away. Keep an eye on your levels of risk and asset allocation, consulting with your financial advisor on a regular basis. Markets and personal circumstances never remain static. So monitor the changes and make sure that your investments keep apace with your changing world.
If you would like some more great ideas on how to build your wealth, consider emulating successful businessmen. I heard a number of great ideas when I interviewed Verne Harnish who wrote a book called Mastering the Rockefeller Habits, which is endorsed by over 100 CEOs. Listen to that interview and please let me know what you think (email@example.com).
About the Author: Douglas Goldstein, CFP®, is the director of Profile Investment Services, Ltd, a financial planning firm located in Jerusalem. He specializes in working with clients in New York, Florida, and Israel and is a licensed financial professional both in the U.S. and Israel. Securities are offered through Portfolio Resources Group, Inc., Member FINRA, SIPC, MSRB, SIFMA. Accounts carried by Pershing LLC., Member NYSE/SIPC, a subsidiary of The Bank of New York Mellon Corporation. Neither Profile nor PRG gives tax or legal advice. Before immigrating to Israel, it is advisable to consult with a tax attorney who is knowledgeable about Israeli law. Doug’s newest book The Expatriates’ Guide to Handling Money and Taxes is available at www.expatguidetomoney.com. He hosts a weekly finance show, Goldstein on Gelt, on internet radio. Listen live or download podcasts. Toll-free from U.S. 1-888-327-6179, Jerusalem: (02) 624-2788. Follow on Twitter: @DougGoldstein or contact at firstname.lastname@example.org.
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