YOUR ABILITY TO SUCCEED IN LIFE WILL DEPEND ON THREE THINGS: WHAT YOU LEARN, WHAT YOU DO AND SWIFT ACTION.
More specifically, your success depends on the quality of the information you receive and the speed and ability with which you act on the information.
We are all awash in data, information, marketing messages from radio, TV, the internet, social media, print media etc. We do not need more information, we need better or higher quality information to achieve our desired outcomes, what they may be.
If we want to build wealth, lose weight, or find a mate, we will only get to where we want to go if we first, get quality information, have the ability to act, and act swiftly. If we fail to have or execute any of the three elements, we will not succeed, we will not win.
A useful contemporary example of my success formula, is the recent military mission to hunt for Osama Bin Laden. The CIA and the Defense department had the high quality intelligence. The Navy SEALS are among the best trained special forces unit in the world and they executed their mission with speed and extraordinary ability. All successful military missions must have the three critical elements for a desired outcome.
The Navy SEALS completed their mission because they had all the elements to the success formula; quality information, ability to act and speed of action. Let us examine these elements in closer detail. We will elaborate on their definition, relevance, and ways to achieve them so you can get what you want.
So then the first question for an investor whether passive or an entrepreneur seeking to improve their financial performance should be, how do I get better information?
There is a process for obtaining optimal intelligence or information.
1.Research – get solid information from a variety of respected sources.
3.Expert analysis of data, plus opinion + track record of the experts, researchers, analysts.Use your critical thinking to evaluate the data.
4.Supporting evidence – seek references and success stories.
5.Secret sauce – use your judgment, gut (subjective analysis) and your intuition.
6.Cover the two critical bases: what to do and how to do it (education & strategy)
While facts are essential, subjective elements are also valuable and herein the artful application of judgment can play a role in the information gathering process.
At several points there will be subjective decisions made whereby opinions of experts, researchers and analysts will have to be measured. Information alone is of limited value without the appropriate comprehension and perspective to process or evaluate the information.
How much education and experience does the person or persons providing the intel have?
What is their track record? What is their history? Is it relevant? Do you trust them?
The guidance of experts who have the appropriate background, training and experience to evaluate information, can be extremely useful in ascertaining the quality of information. People with the right kind of combat experience can provide the perspective and wisdom for achieving your desired result.
Who has successfully done what you are trying to do? Are you hoping to invest, lose weight, win an Olympic medal, Nobel prize, or finish a marathon? If you can find people who have accomplished the things that you want to accomplish, then these references and examples can be very instructive and save you lots of time and money that would otherwise be wasted in experimentation that a long learning curve you would undoubtedly be obliged to endure. If someone has already charted a course, follow their lead. You will save time, reduce mistakes, and improve your probability of success.
Pay attention to the most successful investors and personal finance experts. What do they do? How do they do it?
YOU ARE AN INVESTOR.
Figure out what you want, learn how to do what you want, then act decisively.
You want to replace your income with recession-proof passive income .
What investment vehicle offers optimal passive income that is recession resistant? Is it a stock? A commodity? Real estate ? A business? Where is it? How do I evaluate it?
What is the best way to own it? What is the best way to manage it?
How can you obtain optimal deal flow?
Valuation? Source? Location? Risk?
Where can I find experts to help me evaluate opportunities?
Are they any examples of success that you can refer to or follow?
YOUR ABILITY TO ACT.
The second key element of the success formula is your ability to act. If you do not have the ability to act on information, the information becomes useless and your mission is doomed. As you identity your goals, mission and life priorities, you can then work on developing your skills, talent, passion, commitment and desire.
What factors determine your ability to act?
First of all, your emotional state and your disposition governs your inclination to take action. If you lack confidence, you will not take action. If you lack competence, chances are you will lack confidence, therefore, no action. If you are depressed, feeling hopeless or unworthy, you will not be in a state that allows you to make the important first steps toward your goal, whatever that is.
Since one’s emotional state is fundamental to taking action, let’s talk about this subject for a moment.
There are numerous resources for self-help in the area of psychology, self-esteem and emotional therapy. Whether you get advice from Tony Robbins, Deepak Chopra, or Wayne Dyer among many fine thought leaders in the area of personal development, makes no difference. The important thing is to address your emotional state head on and get to an optimal level of self-esteem.
A healthy self-esteem is essential for optimal functioning of your emotional and psychological well-being. Self-esteem is the critical ingredient that you absolutely must have to support your efforts and work that you have to do to get to where you want to go.
My simple advice with regard to self-esteem is as follows.
a.Acknowledge that as we are blessed with God given life, we must make the most of our existence. This is how we can honor our Creator. We have a sacred duty to do more, be more and have faith.
b.There is usually nothing to lose in taking action, so why not.
c.If your goal is something you cannot live without, you will do what it takes.
d.Make your dreams/goals, things you can’t live without, this will raise them to a much higher level than just “goals”.
e.If you truly are committed to living a life of meaning and purpose, you will do what you need to do.
They best ways to improve your self esteem include:
prayer, meditation, exercise, rest, and spending time with supportive friends and peers.
Adopt daily practices that quiet your mind, and bring you into your present moment consciousness so you can banish the doubt, calm your soul and remember your purpose.
Once you have elevated your emotional state and your self-esteem in a good place, you must have the skills, knowledge and judgment necessary to get the job done. Skill mastery is the second ingredient you will need in order to execute important tasks. So naturally you ask, OK now how do I acquire the skills I need in order to act?
1.Define your goal or objective. What are you trying to accomplish?
2.Identify the skills needed for the goal.
3.Seek good archetypes, success stories to emulate./p>
THE NEED FOR SPEED.
This factor should be an obvious one. Without speed there will be the threat of being late and missing out on an opportunity. The property you found at a terrific price could be sold already. The girl you wanted to ask out for a date, may be engaged now. The idea you had for a product has just been delivered to the market by a smart person who took action quicker than you.
Time flies by faster and faster. Procrastination is an evil force that can rob you of your dreams and your chances for success. There is usually no reward for being late. In today hyper fast interconnected world, business operates at the speed of thought. You have to make the final decision. Who is in control? Act now! Do what you have to do and get the work done. There is simply no other way.
Could you possibly imagine a Navy SEAL team mission succeeding without speed of execution?
You must commit to executing your action steps daily, weekly and monthly. Chart your plans and work backwards from your goal. Make a habit of writing your goals daily and make adjustments as necessary. Accountability partners are helpful too to make sure you are moving along at a good pace. Maintain your vision, your passion, and your dream.
THE POWER OF ACCOUNTABILITY.
Whether you have a professional practice, an ongoing business or you are starting a brand new venture, having an accountability partner to support you and nudge you along can be very helpful.
Jack Canfield, author of the Chicken Soup books, talks about the necessity for having accountability partners in his book, “Success Principles”. A partner who will encourage you to take the daily actions and adopt the new habits to get the ball closer to the goal line is beneficial. We all face internal resistance, (procrastination, doubts and fears). We also face external hazards, (family time demands, critical friends or family, etc.). Studies show that your probability of success rises when you have someone to be accountable to; someone to make sure you do the things you need to do. It is not easy to take action and get stuff done on a consistent or regular basis.
An accountability partner who supports you, pushes you and encourages you to get tasks done can make a difference in your success. Why not at least improve the odds in your favor? We have an innate inclination to do what we say we will do and we tend to be more responsive to commitments when we make them to others versus promises we make only to ourselves.
Get better information, learn how to do it, act swiftly and succeed!
I wish you happiness, success and prosperity and I hope you get all that you want in life.
Robert San Luis is the author of the soon to be published book, “Wealth Without Wall Street” in addition to being the creator of the “Inside the Investors Studio” blog and podcast. Robert is also the CEO of www.SaintLouisVentures.com a commercial real estate investment firm located in Newport Beach, CA.