Whether you invest in real estate, you run your own business or starting out, there is one financial skills that will help you achieve success. It is not financial acumen, decision making or “insider secrets”.
For me, if you master this one financial skill, you will make significant strides toward your financial freedom. That skill is…… control your emotions and desires.
Controlling your emotions and desires keeps you from buying things because you want them NOW.
It keeps you from spending money due to peer pressure from your friends. It stops you from spending when you need to “cheer yourself up”.
Controlling your emotions and desires keeps you from selling your investments when the stock market burps or rumours of a real estate bubble bursting.
It stops you from buying stock in a company just because you happen to think one of their products is “great” or “cool.” It encourages you to stick to the numbers and use them as your investing guide.
Control over your emotions and desires enables you to make the right decisions about your business, whether it’s a little side business or a big company. It prevents you from letting personal feelings interfere with making the right choice for your business.
If you can simply master or improve your emotional control, you’ll take some giant steps toward improving your finances in almost every dimension.