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Avoid the lottery mentality - Stop rushing yourself

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  • Avoid the lottery mentality - Stop rushing yourself

    According to Business Insider*, it takes an average of 32 years to become a self-made millionaire.

    The lottery mentality is the desire to receive a HUGE reward without putting forth the necessary effort. Wall Street has always attracted people with a lottery mentality but the only ones who survive are the ones who realize this takes a long time!

    My mentor once told me "Most overnight fortunes took 20 years to make".

    Read this excerpt on the lottery mentality for a deeper understanding

    Too many people have what I call a lotto mentality. They want to hit the big score but are willing to spend only a dollar to do it. Granted, at some point, there will be one or more people who win the jackpot. But the odds of success are miniscule, with many millions of people getting nothing.

    They desire success but don't want to be inconvenienced to get it. They would rather just do the things they like while avoiding anything distasteful. These people do themselves a great disservice. They fail to understand that only those who are willing to do whatever it takes achieve success.

    It is certainly preferable to get whatever you want, without much exertion. However, if achieving success were easy, everyone would attain it. Anything worthwhile requires effort. Only those who are willing to pay the price are able to reap the rewards.

    There are no shortcuts. You must be willing to do whatever it takes, whenever necessary. Bringing your dreams to reality takes tenacity. People grow complacent when they are comfortable. Excuses are used to justify taking the path of least resistance in order to minimize exertion.

    Unfortunately, this results in being unprepared for dealing with adversity. When you are within your comfort zone, there is no impetus for the honing of your mental resolve. Without significant challenges, your level of motivation can drop precipitously.

    Imagine being on a cruise ship without knowing how to swim. Although you are surrounded by water, you don't feel at risk since the large ship is very stable. Plus, you have been on board many times without any mishaps.

    You may have been advised that learning how to swim is prudent if you were going to be on the water. But you never bothered because it seemed like so much work. Besides, what kind of emergency could there be on a modern ship?

    One day, while walking around the deck, there is an unexpected lurching to one side. You lose your footing and fall overboard. Now, what do you do? Although you can see land, all you can do is try to keep your head above water and hope help arrives before it's too late. You wish you had learned to swim before there was an emergency. If you knew how to swim now, you could easily make it to shore.

    Encountering adversity is like falling overboard. You don't expect it, but you have to deal with it. Being willing to do whatever it takes is the key to your survival. This is an attitude, not a skill. Everyone has the potential to do whatever is necessary, but not everyone taps into it when needed.

    When the chips are down, and you want to make it through, a willingness to do whatever it takes is essential. The action required may be inconvenient, unappealing, or difficult. It doesn't matter. Failing to do what you have to leads to prolonging problems. You must be determined to reach your destination regardless of what you have to go through. This mindset separates those people who are successful from those who constantly suffer.

    When you are willing to do whatever it takes, you don't make excuses. You start to take the necessary action without complaining. You don't hesitatingly say you will try. You exclaim with certainty that you will succeed and not be stopped. You are self-reliant, not dependent on others to fix your problems. When you are willing to do whatever it takes, there won't be any limits to your accomplishments.

    Only 1% of millionaires became millionaires before age 40...
    • 1% became wealthy before the age of 40
    • 3% became wealthy between age 40 and 45
    • 16% became wealthy between age 46 and 50
    • 28% became wealthy between age 51 and 55
    • 31% became wealthy between age 56 and 60
    • 21% became wealthy after the age of 60

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    "Step into the arena and hold on to your hat. Don't get discouraged if you don't make 8 trillion dollars in your first month. Trading is not a get rich quick scheme. Realize that trading is a skill and just like any other skill it takes time to learn. Have convictions in your decisions in life and trading. Ignore the comments and "advice" of those that have never traded a day in their life."

    College is here to read more about the college scam!

    Good KARMA and positive energy abound.

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  • #2
    Very true. It was YEARS before I was able to trade full time for a living. There is no such thing as a person getting into the stock market on monday and quitting their job on tuesday. Wouldnt that be nice


    • #3
      Great advice. Looking for a get rich quick usually results in you getting poor quick


      • #4
        Jeff Bezos started Amazon at 30!! not 18 LOL

        Jack Ma started Alibaba(chinese amazon) at 35ish. Not 18!!