Warren Buffet has a reputation as a voracious reader, and he credits many of his great money decisions to his practice of reading every single day. He is often said to dedicate 80% of his day to reading, believing as I do, that acquiring knowledge is as powerful as building compound interest.
Whilst I am extremely proud of my business achievements, what has given me the most satisfaction over the years is my own personal development, sharpening my mind and skills. Learning through reading has inspired deep and rich personal growth and great happiness.
Whether it’s business books, autobiographies of people I admire or inspiring stories about overcoming adversity, I make it a habit to always have one or two books on the go at any one time and it’s a staple of my routine to read for at least 30 minutes first thing in the morning and before I go to bed each night.
Reading books is not only an excellent way to stimulate creativity and educate yourself, it also allows you to unwind after a long day and help you fall asleep faster.
And speaking of sleep …
Burning the midnight oil can do your entrepreneurial spirit a lot more harm than good. I find that getting a decent night’s sleep improves my productivity, critical thinking and importantly, my health. And I’m certainly in good company in this belief. Jeff Bezos, founder of Amazon and the world’s second richest man credits getting eight hours of sleep every night for his ability to stay energized and excited about his business.
I’m constantly amazed that even though money plays such an important part in our lives, so many people are amateurs when it comes to really understanding how money works. If you’re serious about taking control of your life, learning everything you can about money management should be an absolute priority.
I would encourage you to become vigilant about every dollar you spend. Starting out does mean making some sacrifices. It’s not about being cheap, more about appreciating that every dollar spent is either taking you closer or further from your goals.
Great entrepreneurs never stop learning and are humble enough to ask for help. If you can find a mentor, someone who has more experience than you, believes in you and is willing to help, hold onto them, as they could be key to your success.
You can learn from their mistakes, tap into their entrepreneurial mindset and be introduced to their network. I make it a habit to surround myself with people who are more successful and can inspire and motivate me to be better every day. And I know I certainly wouldn’t be enjoying the life I have today without the wisdom and experience of mentors to coach me along my own path to building substantial wealth.
While the road to successful entrepreneurship is never a straight line, it’s vital to at least start your journey with a clear vision and focus on where you’re going, and how you want to get there. Start small and gradually grow bigger. Use your overarching goals to set realistic milestones for growth and development.
By placing key actions on a timeline, you’ll improve your focus and accountability, making it much easier to stay on top of what needs to be done.
Failing is not the same thing as being ‘a failure.’ As CEO of your own life, there is wisdom in the idea that if you aren’t failing sometime, you’re not taking big enough chances. Taking risks going against the herd and thinking beyond the conventional norms all increase the possibility of failure in some area, but on the flip side, they also greatly increase your chances of success.
In my experience, failure is a great teacher and if you don’t let it railroad you off course, it will make success taste that much sweeter.
Ironfish has helped over 12,000 people take control of their financial future and put them in the driving seat to achieve their dreams.
If the idea of building wealth through property investing appeals, I invite you to have a no-obligation, free conversation with one of our entrepreneurial strategists.