The Internet is full of helpful hints and advice about how to make it big in the real world. Most of these tips are just rehashed business lessons presented in a more up- to- date manner. For the average Joe, these life lessons become hazy and the tips become less clear. What exactly does it take to be a successful businessman?
For one the thing, the old adage still holds true: it’s not what you know but who you know. It doesn’t matter if you have a PhD in mathematics which can help you solve some of the most complex stock market problems today. For as long as you act alone, you’ll income will stay the same. It’s therefore important to meet new people and build up your relationship.
Most successful businessmen didn’t get to where they are because of luck; they prepared themselves and laid out a general plan of action. They knew exactly where to go and what they needed in order to accomplish their objectives. Those aspiring to reach new heights should also plan out what they need so that they’ll understand their opportunities and shortcomings.
Of course, failure will come, whether in terms of lost profits or poor presentations or sub par products. Aspiring businessmen should come to terms with this and make sure that failures become stepping stones on the path of success.
The word “frugality” is sometimes compared to its close cousin, “cheapness”. However, these two terms aren’t exactly same. Over the years, a frugal living has become synonymous with penny- pinching in the worst definition possible. Real frugality is far from being unreasonably thrifty ; it’s only in popular media that the term has received its negative connotations.
Frugality really boils down to being economical in one’s resources. This means that the amount being spent on an item is worth it, whether it’s $10 or $1,000. A number that begins with three digits naturally invites a sense of expensive living, but if the product is well-built and has a number of potential uses, then that can be considered frugal.
On the other hand, a cheap item isn’t necessarily frugal. For example, a new pair of shoes that costs only $ 20 might seem like a steal, but after a few weeks of wear, the poor quality will begin to show, and it will be off to the trash bin for that pair. If the $ 20 had gone to an additional $80 for a $100 pair of good quality shoes, it would be more expensive, but more economical in the long run.
A frugal person therefore isn’t cheap, he’s just being sensible. The price tag shouldn’t be the only factor that’s being considered when determining frugality versus cheapness.
In the world of stock market investments, there are plenty of ways in order to gain profit. Those who don’t want to bother with the technicalities of the game can just go with mutual funds. Some go with financial advisors who tell them where to put their money. Others do the research themselves and tell their brokers where to invest. A few individuals go against the flow and become contrarian investors.
True to their name, contrarian investors don’t go with the general pulse of the market. Instead, they looks for down markets or poor stocks, thinking in terms of how these negative values might turn positive some day. This all sounds like a hipster way of making money, and in some ways it is, but these investors don’t go against the tide just for the heck of it.
Instead, a contrarian investor makes money because there are few others to compete with in their chosen field. They might go with debt- laden industries or small businesses, but in the end, they’re still after profits. The real key to their success is the proper research they put in before making their final decision.
Contrarian investing is really a risky businesses because it tells you to break away from the market itself. However, with a bit of research, careful timing, and acceptable risk- taking, a contrarian can make good money in an already saturated market.