There isn’t one right answer when it comes to achieving financial freedom. What works for one person doesn’t mean it will always work for you. The key to financial freedom is not duplication, but implementation.
People achieve success by following a variety of different paths. No two people are the same, just as no two businesses or investment strategies are the same. Even if they appear similar in nature, there are always subtle differences that allow the individuals involved to play their strengths and develop a competitive edge to succeed.
Let’s look at an example. Let’s say there are two website owners that focus on producing content surrounding how to fix up your home. However, one site owner may not like being on camera but is an extremely strong writer, while the other owner is poor at writing but has a great on screen personality. So, as a result, one site creates detailed step by step instructions with pictures, while the other site links to video’s they’ve uploaded to youtube. Both sites may be successful, but they have taken different paths to content creation based on their individual strengths.
So what’s the takeaway? Rather than blindly implementing the strategies others have used to achieve success, take some time to introspectively analyze your own strengths and implement them into your overall business strategy.
The ability to understand the qualities of success is, in itself, a key quality of individuals that eventually become successful themselves. Rather than listening to and replicating success, they aim to understand the underlying principles that created success and apply those principles to their own investment strategies and business ventures.
Lets take a look at how this applies to investment strategies. How you choose to invest shouldn’t be a result of what others say or what you perceive to be an amazing strategy based on the information gathered by hearing the stories of others. Instead, you should take the lessons learned by others and apply them to your current situation and personality.
For example, do you understand FDA approval cycles and have a deep understanding of pharmaceutical chemistry and biology? Well, taking a growth investing approach to biotechnology startups may be a good fit for you. Are you nearing retirement and can’t handle the volatility of growth stocks? Perhaps a dividend strategy will expose you to less risk and help make you feel more comfortable with your investments. There’s no correct answer, it all depends on who you are as a person.
We took a slight tangent, but this all comes back to implementing rather than duplicating. Rather than simply duplicating others, focus on identifying the changes you need to make to your own strategy based on the lessons learned by others.
No two people are identical and thus their ideal business or investing strategies must differ, even if in subtle ways. Be it investing, business or fitness, keep a mindset that helps identify successful qualities you can implement rather than simply replicating others. At the end of the day, it will open your eyes to opportunities for success that are personally tailored to play to your strengths.
What qualities of success have you learned from others? Leave a comment and let us know!