So how do you get started?
The first step is to stop and ask yourself what your financial goals are.
I find most people skip the planning stage but rush out and dabble—with real money. They try this and that, never taking enough time to really become actually good at something. They don’t decide what it is they really want in their financial life. They bounce around from shiny object to shiny object: house flipping, tax liens, real-estate investing, stock trading. It can go on and on. I know; I did this myself for a long time.
The concept to understand is that investments are just tools. Financial tools used to reach milestones and goals in your life. They can be used to achieve financial freedom, possibly quit your day job, and become a full-time investor, or to grow a portfolio for retirement.
So before you jump headlong into buying notes, begin with the end in mind. What do you want your financial life to look like in three, five, or ten years?
How much money should your portfolio be generating on an annual basis, and what should your life look like?
Knowing the answers to these questions is important because it allows you to gauge where you are now and where you want to be. It will also show you where the holes are in your plan. You will begin to see the skills you lack or may need to acquire in order to reach your goals. If the skills are so complex that they would take many years or even a lifetime to master, you can likely outsource them to people who already have that specialized skill set. Leverage other experts whenever you can.
When asked about investing goals, most people often have a vague answer. Something along the lines of “I want to make money.” To me, that’s not much of a plan. It’s more of a wish. It’s not strong enough or emotional enough to matter to them when the going gets tough.
Be more specific. Ask questions like:
- Why am I investing?
- Why is it important to me?
- How much money do I need?
- What will the money do for me?
- How will I know when I’ve succeeded?
Most important, ask yourself the question: “What skills or character traits do I need to learn or to acquire in order to reach my goals?”
Having a well-thought-out plan—including your why for doing it—will take you a long way toward completing your goals. Simply saying you want to make some extra money is not sufficient. Get clear on the details, write them down, and review them often.
I am a firm believer in written goals. I read and rewrite my goals daily. I believe goals need to have the following qualities in order to be successful in the long term:
- Have a Why. Have a strong “why,” or emotional reason deeply important to you.
- Be Actionable. There must be daily or weekly actions in place to move the goal forward.
- Be Measurable. Goals must be tracked and measured. This lets you know if you are making progress or if a course adjustment is needed.
And finally, you need to be persistent. I’m not talking about beating your head against a wall unnecessarily if something is not working. If something repeatedly isn’t working, then quit doing it. That’s just foolishness. The kind of persistence I’m talking about is used to push you through the hard and frustrating times to get things done, because what you are working on is important to you at a deep level.
I’d like to point out one thing about goals. You don’t need to have all the details figured out in advance. You only need to be clear on what you want and be 100 percent emotionally invested in making that outcome happen. Then take daily actions toward that goal. That’s it.
The details will come as you start working on your plan. That’s part of the learning process. You will adjust course many times before you reach your destination.
Stay with it and keep adjusting course until you get there!
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(This article is an excerpt from Joshua N. Andrews Book titled Paper Profits – How to Buy and Profit from Notes a Beginners Guide)
Request a free copy mailed to you by clicking here: http://notablefund.com/paper-profits-book-request