On This Day - 14 SEPTEMBER 2020
I Can Help You Double Your Income
Editor's note: Today I'll be revealing my strategy for doubling one's income. I hope you will join me at the Automatic Income Summit. In this editorial, I published a few months ago, I wrote about how it came about. Read on...
Every time I go to Aurangabad, the city where I spent my formative years, I make it a point to catch up with two of my best school buddies.
They joined their family businesses immediately after graduation. They're doing rather well for themselves.
I can't help but notice the stark contrast in the growth of their respective businesses though.
Rohit, the more laidback of the two, runs a successful automobile business.
But he hasn't moved beyond this one shop he operates from. Even now, it wears the exact same look it wore a couple of decades ago.
Suraj, the more ambitious one, seems to be on a growth spree.
He recently opened a clothing showroom apart from a big one he already owns. If things go as per his plan, he will open a third soon.
You could think this is not an apple to apple comparison. After all, both the businesses have totally different dynamics and such comparisons are unfair on Rohit.
This could well be true but I've known these two gentlemen for more than three decades.
And I am convinced their divergent growth paths have a lot to do with how they think.
Rohit, as I said, is the more laidback of the two. It isn't that he isn't hardworking or passionate.
However, he lacks ambition. He takes each day as it comes. He is someone who simply drifts and flows on the currents of life.
Suraj on the other hand, has always been ambitious. He has always worked with the end-result in mind.
In stark contrast to Rohit, he has been like a bullet. Flying dead straight towards his target.
As I was pondering over this small difference in mindset accounting for the big difference in their successes, I came across an important study.
The study concerns one Dr. Lewis Terman. In 1921, Dr. Terman embarked upon the biggest study of his life. He selected more than 1,500 children, all of whom had a genius level IQ.
Terman's mission was to get a better handle on the relationship between human intelligence and human achievement.
This study gained worldwide fame and produced remarkable insights into the role of intelligence in a successful life.
Now, here's where it gets interesting...
The study found that IQ was not the most important ingredient for success.
Self-confidence, perseverance, and a tendency to set goals mattered much more than intelligence.
And out of these three, it was tendency to set goals that was the most important.
It was precisely this ingredient that tilted the scales in favor of Suraj in my view. Every time I met him, he talked about how he had this dream of setting up a new showroom in every small town around the city.
His intuitive goal of setting up a second and then a third showroom, made him so much more successful than Rohit... who lacked any such goal in life.
Goal Setting: The Most Important Ingredient for Long Term Success
How about the fact that we use this to earn great long-term investing returns?
I firmly believe most investors get sub-standard results from investing because of this short coming. They simply fail to set goals.
And while they will save enough money every month and every year, they will not worry too much about the returns. They will be happy even with FD like returns of 7%-8% per annum.
This is where goal setting can come in extremely handy in my view...
...and if it is explained in a way that someone with zero experience in investing can understand, it will be the proverbial icing on the cake.
This is what I aim to do with my brand-new project.
I'm calling my project Double Income.
I have set an ambitious yet an easy to understand goal.
The goal is to achieve the exact same monthly income an investor is earning from his regular job as fast as possible.
So, if someone is earning Rs 50,000 per month, the goal is to earn another 50,000 in a few years' time and sustain it.
If someone is earning Rs 100,000 per month, the goal is to earn another Rs 100,000 per month as quickly as possible.
Of course, this is not some get rich quick scheme that can double your income within months.
This is based on a proven, long-term stock picking system which aims to generate strong, market beating returns year after year.
Thus, the goal will keep motivating us and ensure that we remain committed.
And the system will ensure we are making good progress towards our Double Income goal month-by-month, year-by-year.
You can learn more about Double Income by clicking here.
Editor and Research Analyst, Profit Hunter
PS: Read more out about Double Income here.
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