In Season 2 of the 52 Millionaire Wealth Principles #4, I talk about putting all your eggs in one basket and guarding that basket. Putting all your eggs in one basket is more than just an investment, it is business advice, it is life advice. It is possible to double your income and your networth if you focus on one thing at a time by building that one thing to a point where it is a million-dollar business and only then is when you move on to other things. Most people get distracted, most people when they start something, they always think that they’re going to do it for a little while until it works because they already know that they going to give up at some point.
For the previous Millionaire Wealth Principle #3 Season #2 of 52 Millionaire Wealth Principles #3 | Understand the 4 Types of Money
Most people know that they’re giving up on that investment at a certain point. Success is the most boring thing that I have ever done in my life, the most exciting thing is being broke. There is nothing more exciting on a planet than not having enough and not knowing where to go, being backed into the corner. Being rich is absolutely the most boring thing I’ve ever done in my life, it is staying in one business, it is selling one product, hanging out with the same people, it is absolutely with no question, invest in one thing and you have to continue to do that until you’re successful.
Protect Your Money Through Diversification
Putting all your eggs in one basket was coined by Warren Buffet where he said that put all your eggs in one basket and guard that one basket at the beginning. If you want to protect your money, diversify by putting your money into different investments by protecting the loss and protecting the gain but if you want to increase your networth quickly, you have to go all-in but you have to go all in to something you understand, it has to be something you see, been holding for a long term, has to be something you’d be willing to commit to for a long term. Being successful as an investor, being successful in real estate, being successful in business, all hold to the same principles.
You have to go in with everything you’ve got and you’ve got to be willing to do it for the next 10 years. Millionaires hold assets that improve people’s lives, that’s how you make a million dollars, you build something that improves people’s lives. If it didn’t improve their lives, they wouldn’t give you the money. Putting all your eggs in one basket is one of the most difficult decisions that anybody can make because of Fear of Missing Out (FOMO). It is the most dangerous concept in investing where people who suffer from FOMO fear losing money. People who suffer from FOMO lose money, people who suffer from FOMO experience greed and fear. Fear of missing out is something we should remove because we don’t make decisions from FOMO.
Mike Schein Reviews The Book Of The Week
Mike Schein talks about the books of the week which is The Millionaire Next Door: The Surprising Secrets of America’s Wealthy by Thomas J. Stanley which talks about the millionaire next door is somebody who is humble and simple and doesn’t go crazy about cars and becomes a consumer. It is really an eye-opener and you don’t have to be that fancy to be one. It’s much that everybody who taking this millionaire journey starts out with this book.
An Exercise To Keep Your Brain Hooked And Yourself Accountable
Let’s do an exercise. Pull out a piece of paper and a pen. Think of the things that make you money, one of all those things makes you all the money. So write down three if there are 3 streams of income and if there are 7, still write them down, but one of them earns you all the money. For example in my business, I make all my money from buying real estate, I also make money on the purchase, all my money comes from the buying but I get all the purchases from running a training company, from teaching people, and my biggest investment every week is this community. Look at what you have written on a piece of paper and identify that one thing that has earned you the most, one activity or one thing that you do the most that has brought in the most, your best investment, the thing to put all your eggs in and guard.
I want you to underline, circle, and highlight the one that makes you the most money. Alongside it, I want you to write down the activity that you have done that has increased that income or networth. Look at the activity you did to gain the most money and look at your week, and be honest with yourself, you don’t spend a lot of time doing that activity. Do you? Most people don’t. For family, write down one thing that you have for with your family and has given you the greatest ROI. I want to challenge you by doubling it, do more of it, increase how often you do it, increase the amount of time you’re doing it. For exercise what is that one thing that motivated you to exercise more, that makes you excited to eat healthily, please write it down.