Many times over the course of my career as an investment advisor, the best relationships have been working with people who have spent most of their lives accumulating a retirement nest egg. The not-so-successful relationships have been with people who have what I call the “silver bullet” or lottery mindset.
Financial independence comes from putting money away monthly and yearly so it can grow slowly. Consistency in investing is much like it is in sports or business. It’s the small things we do every day, month, and year that lead to great success. It’s the exciting end result of boring lifetime habits.
On the other hand, too many people have a “lottery mindset.” I’ve had many people actually say: “When I get some money, I’ll come see you.” My response is: “When will that be, and how much money will be enough?” Usually, they have no answer.
Good “Boring “Habits to Wealth:
Save as much a you can and spend the rest.
Treat your saving as if it’s not your money and thus unavailable.
Don’t look for or take hot investment tips.
Forget the market. It goes up and it goes down and consistency still wins.
Set a goal and don’t deviate.
When it come to money, boring is beautiful.