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I can’t count the number of times I’ve heard someone say – “alright, I think I’m ready. I’m ready to invest!” The next statement is usually “what should I invest in first?” When that person asks this question, they’re usually looking for a turnkey answer about exactly what investment vehicle they should put some money into. The truth is, if you’re asking flat out what to invest in, then you probably aren’t ready to invest.
My investment strategy is to max out my 401K first, then put the majority of my investment funds into real estate, and finally invest the leftover in the stock market. How did I get to this strategy?
I FOUND A MENTOR WHO HAS DONE WHAT I WANT TO DO.
Show me a successful person that doesn’t attribute their success to the mentorship they received from someone who has already been successful doing what they want to do.
In a previous article, I discussed my financial path being crafted by a close mentor of mine. Here’s what he did for me:
- Introduced me to Robert Kiyosaki – Rich Dad, Poor Dad
- Helped me understand the concept of living not just within, but below my means
- Helped me understand the importance of maxing out my work 401K, including receiving the company match
- Convinced me to get rid of my BMW and drive a less expensive car
- Helped me put a purpose to every dollar I make
- Taught me the power of real estate and leveraging my assets to grow wealth
- Helped me understand my risk tolerance and establish my investment goals
- Showed me how to live a happy life while making strategic money decision
What I learned from my mentor may not be comprehensive of everything I need to know to be financially successful, but he instilled the appropriate mindset and set me down the best path.
If you think you’re ready to start investing, do yourself a favor and find a mentor and INVEST time into learning their strategies. You may not want to mirror your strategy with theirs, but you’ll learn some very valuable lessons along the way.
-My Strategic Dollar