Michael Lewis posted a great article on Money Crashers recently – he called it 4 Secrets of Investment Success.
The first thing to learn from this is the power of the word, “secret”. People are always looking for the easy way to make money or build wealth. They are looking for the secrets. Surely all those rich and successful people know secrets that got them where they are.
Guess what? There are no secrets. We’ve discussed this on the blog here many times and I’ve addressed it in my many articles. Chasing secrets is a waste of time. People who are peddling secrets are looking to separate you from your money, they have no secrets because there are none.
Lewis does not pretend to tell you everything that successful people do to gain success and wealth. He does outline four key things that are a foundation to financial success though. Nothing new here. This is just the way it is.
Four of the most powerful tools that successful people use are Action, Discipline, Knowledge and Persistence. These are golden. Lewis gives some good examples but for every one he suggests there are thousands more buried in the books and articles out there that tell us how people have achieved financial success.
There are no success guarantees either. Beware of anyone who promises a guarantee for success. But there is no doubt that consistently applying these four tools for success will give anyone a big edge. You may well find success if you use them; you will be unlikely to find success if you do not.
Read Lewis’ article and then let us know what you think.
Wishing you success and prosperity,
Daniel R. Murphy
Helping People Learn to Build Wealth
Daniel R. Murphy
Educating people for building wealth, adapting to a changing future and personal development.