People always ask me how they can build a better body. And you know what? I NEVER get tired of answering them. I love making a positive impact in people's lives. People like you.
The people who ask me know that there is one criteria to working with me on such an important thing. They need to be ready to make permanent, positive lifestyle changes. I have written about it before and some may get tired of hearing it, but it is still true. The hard part is getting there. Maintaining is easy. Think about it.
If you lost 50 lbs, changed clothes size and felt better, would you ever really put it all back on? I say "no" because if you have me as your trainer I will be honest and say to you... "Sally, I think we need to clean up your act a little. What do you think?"
Presto, back on track.
But what about the person who is ready and just getting started? It's simple. Here are 7 habits that you MUST implement to make sure you have everything in your power to succeed. These are the items that will take you from being unsuccessful to successful.
HABIT 1:
Successful people are willing to admit and accept they are not at their ideal weight, body fat percentage or their best overall state of health and appearance.
Unsuccessful people constantly make excuses, blame others and will not take responsibility for where they are.
HABIT 2:
Successful people will make the conscious effort to say, "That is it!! I am done being this way". They will not accept the behavior of the lifestyle they are living any longer.
Unsuccessful people will always wait until the time is right. "I will start next week. I can't do it right now because blah, blah, blah."
HABIT 3:
Successful people will tell everyone they know that they are starting a program. They will announce they are on it and expect to be watched, admired and ultimately supported.
Unsuccessful people keep it a secret and don't tell anyone. So they give themselves room for more excuses.
HABIT 4:
People who succeed Set Specific, Measurable, Attainable, Realistic, Time-Sensitive goals (S.M.A.R.T. Goals)
Unsuccessful people can't pin it down and they waiver a lot like "I think I am going to start to get in shape".
HABIT 5:
People who succeed take the announcement of starting a transformation to the next level. They build a support system to ensure success. They make sure they are surrounded by positive, like-minded people and hire a pro to guide them through the process.
Unsuccessful people think they know it all and try to embark on the journey alone. We all know that is a recipe for Disaster.
HABIT 6:
People who succeed pick a proven and suitable nutrition program that suits their lifestyle. Some people need something extreme, while others need a program that they can maintain for a longer haul.
Unsuccessful people choose the hit or miss program. The program is usually too extreme, too complex or impractical.
HABIT 7:
Successful people will know that choosing to accept a new plan for eating and exercise is in their own best interest. An overall health and wellness program is truly the means to an end.
Unsuccessful people will try and endure the process only to go back to old habits at the end of the program.
So are you inspired to take on a new S.M.A.R.T. Goal TODAY?
Are you ready to have a body with less fat, an attitude with more motivation and a lifestyle with more energy and positive reinforcement?
Do yourself a favor. Look at each one of the habits above and ask yourself if you are ready. Tell yourself you CAN do it. Then take the crucial step of Starting.
You're worth it.
Here are seven of the most powerful success habits of successful investors.
1.Buy On Strict Rules & Not Emotions
All successful investors have developed a time-tested and proven system for selecting, buying and selling investments in a way that makes them money consistently. They always buy and sell securities based strictly on a set of clearly defined rules or investment criteria.
For example, Warren Buffett will only buy a company if it has shown consistent earnings growth over five years, has little debt, has a high return on equity, has a strong management team and is selling at a price that is way below the company's intrinsic value. If a stock does not meet every single criterion, he does not buy!
Successful investors never allow their decisions to be swayed by their emotions or by the advice of other people. For example, many successful investors have a rule for selling their investments and cutting their losses once their investments fall 10%-20% below their purchase price. The moment this happens, they sell without thinking twice.
They never let fear, pride or ego get in the way. On the other hand, most average investors (who keep losing money) do not have a system for investing. They buy and sell based on the opinions and advice from their friends or relatives (who are usually broke too).
Their decisions are usually driven by the emotions of fear and greed, instead of a set of well-defined criteria.
2.Admit Your Mistakes Early.
Successful investors know that no matter how great their investment strategy is, it is never hundred percent accurate. They know that no matter how smart or experienced they are, they too make mistakes. The difference between successful investors and average investors is that the former admit their mistakes early.
Once successful investors know they have made a wrong investment decision (the stock price moves against them), they will sell and minimize their losses immediately. On the other hand, most average investors hate to admit that they made a bad decision. They will start giving excuses and hold on to their bad investments in dissent.
As a result, they make huge losses that wipe out any gains they may have made in the past. As quoted by legendary billionaire investor George Soros, master investors know that they may be wrong from time to time. However, if they minimize their losses by admitting their mistakes early, they will still make huge profits from the gains they make from their good investments.
3.Become An Expert and Don't Rely on Experts
The third success habit of successful investors is that they only make investments in areas in which they have an expertise. Great investors make investment decisions with a high probability of success not because they are lucky or because they have a crystal ball.
Their successful track record comes from the fact that they have a tremendous depth of knowledge and expertise in their area of investments. All this comes from hours of research and study. Warren Buffett is so good at being able to pick companies that will increase in value simply because he has a very good understanding of how businesses work.
He will spend hours reading the company's annual reports and dissect every price of information before making a decision. The reason why Warren Buffett makes very few bad decisions is because he only invests within his circle of competence. He only invests in businesses which he knows and understands inside out.
The reason why Buffett avoided investing in any Internet businesses during the dotcom boom of 1998-2000 is because he did not understand their business models. By so doing, he avoided one of the greatest market crashes in recent history.
4.When there is Nothing to Invest in, Don't invest.
One of the main reasons why many professionally managed funds are not able to consistently beat the S&P 500 is because they are required to invest 80% of their funds into the market at any one time. If they were to hold more than 20% of their assets in cash, they will be criticized for not putting the money to work.
The problem is that it is not always a good time to invest and you will not always find investments that match the investment criteria of a successful investment. By constantly having to be invest in the market; they suffer as much losses from bad investments as they do enjoy the gains from good ones.
The trouble is many amateur investors make the same similar mistake and are quick to jump into the first investment that comes along. One thing I have noticed about all great investors and traders is that if they cannot find an investment that confidently meets all their criteria, they do not invest or trade.
Successful investors have the patience to wait indefinitely until they find an investment with a very high probability for success and a low risk of loss. Only then do they make the confident decision of taking a large position
5.Take 100% Responsibility for Your Results
As a successful investor, you must have the attitude of taking full responsibility for the results you have acquired, both success and failure. Lousy investors tend to give excuses and lay blames whenever they lose money. Their usual responses include: "my broker gave me the wrong advice", "the market went against me" or it's just bad luck.
As a result of not admitting that they made a wrong decision, the average investor does not learn from his mistakes to become a better investor. Successful investors are the first to admit that they made the wrong decisions and used the wrong strategy. They learn from their mistakes, become wiser and move on to their next investment.
6.Be Passionate About Investing
Passion is the most important ingredient for being successful in any field of endeavour. The world of investing is no different. If you do not enjoy looking at charts and studying financial data from annual reports, then you will never be a successful investor.
If you are purely investing with the motivation to make a quick buck then you will probably be like the majority of people who will lose money and give up. Tiger Woods did not chose to play golf because of the money; it was because he loves the game.
Why is passion so important to success? Remember that to be good in anything, you have to be an expert in it! The only way you can be an expert in something (i.e. investing) is to live, breathe, eat and sleep investing.
When an investment guru listens to the weather forecast, he thinks of how it will impact oil prices and energy stocks. When he shops at the supermarkets, he notices the best selling products and the companies (stocks) that sell it!
When he reads the news to find that interest rates are rising, he thinks about how it will affect bond prices and financial stocks. The only way you can be totally focused in something is if you truly have a passion for it.
7.Reduce Risks & Maximize Returns
The average investor believes that in order to make high returns from investing, he has to take big risks! The successful investor on the other hand is usually risk averse. He believes that returns are not related to risk.
Instead, risk comes from not being an expert at what you are doing. The master investor will only invest if he finds an investment with a very high probability of success, one with very high potential upside with limited downside. So, only invest when with minimal risks and very high returns.
With these 7 success habits in mind, you are well on your way to successful investing!
Both Bobby Kelly & Adam Khoo are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Bobby Kelly has sinced written about articles on various topics from Fitness, Celebrities and Fitness. For over 17 years Bobby Kelly has taken his passion for coaching to a level not reached by many in the fitness profession. Bobby has been interviewed and featured as an expert adviser on CNN, Fox News, ABC, NBC, and CBS as well as local affiliate stations. Bobby Kelly's top article generates over 8100 views. to your Favourites.
Adam Khoo has sinced written about articles on various topics from Recreation and Sports, Web Development and Computers and The Internet. Adam Khoo is an entrepreneur, best-selling author and a self-made millionaire by the age of 26. Discover his millionaire investing secrets and claim your FREE bonus chapter of his latest bestselling book 'Secrets Of Millionaire Investors' at. Adam Khoo's top article generates over 90500 views. to your Favourites.