Ok, we're getting a lot of new/young/beginner investors as members, so I thought I'd share a simple idea I developed to help them:
The GEP method:
Goals, Education, Practice.
This is a simple way of answering questions like: "I want to be rich. How do I begin?"
Goals
- Work out where you want to be, and why. Don't just write down that you want $1 million. Why do you want it?
- Once the goals are written down, break them into sub-goals, and break those sub-goals into a list of tasks, which when they are completed, equal 100% successful attainment of the goal. Remember that problems arise, and sometimes you need to acquire skills or other things before you can even attempt a goal.
- Take your task list, and go and do every single item on them. You'll notice progress like you've never seen it before. In a week or two, suddenly you've achieved stuff you thought would take years.
- Goals are vital. It's a definite destination. At any time, you know whether you've reached the goal or not, and how far you've got left to go.
Education
- Now you've completed your goal planning and you know where you're going, work out what kind of knowledge you need to get you there.
- Take your goals and task list, and write down all the knowledge you need to get which you don't have.
- Remember basic investment/financial/business knowledge is also needed. Add that to the list. You can start getting this from Rich Dad books, the Richest Man in Babylon, 1st year college business books.
- Be careful of forums when just beginning. A lot of people who post on forums THINK they know stuff, but they might be giving you wrong info. Start learning from a credible source, and then forums will make more sense. You'll then you have enough knowledge to detect poor information which often plagues various forums (not usually this one!) and reject it.
- Find a mentor in the area you want to learn about. Make sure they are very good at it, and make sure you've got something to offer them.
Practice
- You now need to turn your new-found knowledge into skills. These skills are what you'll be using to do the stuff that will make you rich.
- Find small ways to practice, like small deals with no money or little money down, and no/little risk. Be very careful, and make your mistakes small. Mistakes are awesome... they're like a custom education just for you. Just make them small, and DO NOT REPEAT THEM!
- Make sure you practice. You'll then be out in the big bad world, doing deals, and you'll feel like you're moving forward quickly. You'll never need to ask again "How do I begin?" because you already have.
- Remember to practice basic investing skills which are common to most investors, and not just your specific skills. There will be many times you'll need to park money, calculate stuff on an envelope, decide between two investments, etc. In all likelihood, you'll need to move earned income into investments. Know how to do that efficiently.
If you know where you are going, how to get there, and you've done the practice, you're no longer a newbie.
You're also not a pro, but you're on your way!
Daniel.
P.S.: I think I'll rewrite this one day to make it clearer, but I think it answers the newbies' questions for the time being :smx4:
The GEP method:
Goals, Education, Practice.
This is a simple way of answering questions like: "I want to be rich. How do I begin?"
Goals
- Work out where you want to be, and why. Don't just write down that you want $1 million. Why do you want it?
- Once the goals are written down, break them into sub-goals, and break those sub-goals into a list of tasks, which when they are completed, equal 100% successful attainment of the goal. Remember that problems arise, and sometimes you need to acquire skills or other things before you can even attempt a goal.
- Take your task list, and go and do every single item on them. You'll notice progress like you've never seen it before. In a week or two, suddenly you've achieved stuff you thought would take years.
- Goals are vital. It's a definite destination. At any time, you know whether you've reached the goal or not, and how far you've got left to go.
Education
- Now you've completed your goal planning and you know where you're going, work out what kind of knowledge you need to get you there.
- Take your goals and task list, and write down all the knowledge you need to get which you don't have.
- Remember basic investment/financial/business knowledge is also needed. Add that to the list. You can start getting this from Rich Dad books, the Richest Man in Babylon, 1st year college business books.
- Be careful of forums when just beginning. A lot of people who post on forums THINK they know stuff, but they might be giving you wrong info. Start learning from a credible source, and then forums will make more sense. You'll then you have enough knowledge to detect poor information which often plagues various forums (not usually this one!) and reject it.
- Find a mentor in the area you want to learn about. Make sure they are very good at it, and make sure you've got something to offer them.
Practice
- You now need to turn your new-found knowledge into skills. These skills are what you'll be using to do the stuff that will make you rich.
- Find small ways to practice, like small deals with no money or little money down, and no/little risk. Be very careful, and make your mistakes small. Mistakes are awesome... they're like a custom education just for you. Just make them small, and DO NOT REPEAT THEM!
- Make sure you practice. You'll then be out in the big bad world, doing deals, and you'll feel like you're moving forward quickly. You'll never need to ask again "How do I begin?" because you already have.
- Remember to practice basic investing skills which are common to most investors, and not just your specific skills. There will be many times you'll need to park money, calculate stuff on an envelope, decide between two investments, etc. In all likelihood, you'll need to move earned income into investments. Know how to do that efficiently.
If you know where you are going, how to get there, and you've done the practice, you're no longer a newbie.
You're also not a pro, but you're on your way!Daniel.
P.S.: I think I'll rewrite this one day to make it clearer, but I think it answers the newbies' questions for the time being
:smx4:
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