It may be possible that we might not be good at academic studies but it does not mean that we cannot do good in our later life. We all have different skillsets which help us to grow.
Sometimes the fun of ourselves can push us towards success. Money does not stay with us if we do not have trust in ourselves. Let people say anything about us but what we thought about ourselves is always matters. Our thoughts become a reality. We have to face our self-doubt, personal criticism to achieve success. There is a saying in Hindi – “Sabse bada rog, kya kahege log.”
The reward from the journey is not only the freedom that money buys but the trust we gain in ourselves. Taking action is to start believing in ourselves that is what one thing, we can do for ourselves. Believing in ourselves can bring high confidence as well as give us the courage to enter the untapped area and accept a challenge to grow well.
When we face disappointment, then our emotional disappointment pushes us to blame others. We should try to learn from our failures rather than blame others. We should be preparing for meeting a disappointment.
If we are trying something new then it has higher possibilities to face disappointment. We have to be emotionally strong to accept the disappointment.
We should have a mentor to whom we can discuss every aspect. Now, we can understand that if we do not have a mentor then on whom we can rely during a disappointing time. And who will pull us from such time?
We should not be hard with ourselves. If we are hard with ourselves then we stop ourselves from taking the risk, doing something new, accepting new ideas. Because if we face failure, we give punishment to ourselves which can be harmful to us. The difference lies in how we process that disappointment. Our size of success matters with the strength of our desire, the size of our dream, and how we handle our disappointment.
Before starting the article, let’s know about mentors, who is a mentor in our life, then we try to understand why we require a mentor in our life?
Who is a mentor?
A mentor is a person who can support, advise and guide you. – Guider
Why do we require a mentor in our life?
They typically take the time to get to know you and the challenges you’re facing and then use their understanding and personal experience to help you improve. – Guider
So, from the above definition, we can understand that we need a mentor in each area of our life from starting learning to walk in childhood to the end of life. Our first mentors are our parents then we learn from outside of the world.
Similarly, financial education and growth in it require having a mentor. Mentors tell us what is right and what is wrong for us. They support us to learn about the B and I quadrant which helps us to become wiser and help us to make a rational decisions. He can guide us on building an asset column and generate more passive income in form of a dividend, rent, interest, etc.
As of now, we know that having a mentor in our life is important so that we have to be very careful with the selection of a mentor. The mentor should have already walked on the same path where we want to walk. “Professionals have coaches. Amateurs do not.” When we see a coach in cricket then coaches are those who have played cricket in their life, not those who have didn’t visited cricket ground even.
With having a mentor, we should have a reverse role model. These people teach us what not to do in life. They got broken down, stuck with debt traps, etc. so we should learn from them about what not to do. I have met both kinds of people. I have learned many things in my life from people who got broken in the investment field. I have prepared a checklist of what should avoid while investing.
The people with whom we are spending the majority of our time, are our future. If we want to change our future then we have to change that person with whom we are spending the majority of our time. Our surroundings have an impact on our thoughts processes and our decision-making abilities.
When we come to know about the person category, and we know our goal then we can change the group for our betterment. Also, we can join those who are similar to our goals.
If all person falls under the same quadrant where we want to go then we should be happy that we are surrounded by like-minded people. But if not then should think for change for the betterment of our journey towards financial nirvana.
Few investors require an expert to suggest to them what to do, when what kind of decision requires to make, etc. They entirely rely on the expert. So that if they have made a mistake for choosing their expert then their chance of winning get reduced and sometimes, very less chance or increases in the chance of losing. They are financially uneducated and not interested in investing in learning financial education which makes them helpless to rely on so-called experts.
Few are those who interviewed many stockbrokers, advisors, before making any investment decisions. They are busy with their works and do not find time to gain knowledge. So that they would like to delegate their investment decision to those who are good at it.
And remaining having a good knowledge about investment which help them to make more wise decision with their investment without relying on others.
For gaining a good grip into the B and I quadrant, we learn to solve bigger financial problems. We try to be a good business owner because a good business owner can understand the business part well and also has an excess cash flow to invest. If we do not have a proper financial education then we can do a blunder in the I quadrant. So that financial education is key to making a wiser decision as well as avoiding blunders.
