Moving forward with a simple plan to achieve great wealth1. What will my primary investment vehicle be?You may invest in more than one type of investment, but I’ve learned that I’m more successful if I focus most of my time and energy on one type of investment. The four main types of investment classes are: real estate, paper assets, businesses, and commodities. Within each class, there are multitudes of investment types you could learn about. Study up on each class, find what excites you most, and pour your energy and passion into it.
2. Within that investment category, what type of product will I focus on?For example, if you invest in stocks, what types of stocks are you going to focus on? What are you going to become an expert in?
For me, if I went into tech stocks, I’d fail miserably because I have no interest in them and I know next to nothing about technology. If I chose to go into stocks, I might put most of my attention into real estate stocks.
Conversely, if you chose real estate as your investment of choice, there are single-family homes, apartment buildings, office buildings, shopping malls, and more that you could focus on.
The point is to simply pick one thing that you can be an expert on and focus on that. Once you’re comfortable with that investment, choose what you want to focus on next.
3. What is my time frame for accomplishing my goal?It’s one thing to pick a horse; it’s another to finincally bet on it. Establishing goals and placing the constraint of a time frame on them will help you to take action on your investment plan.
Along the way, you’ll have some successes and some failures. Continue to learn, adjust, and move forward with your plan. It’s really that simple!
