What is the key ingredient to become successful? Based on my opinion, it is discipline. It is the discipline to consistently make the right choice that separates a successful person from the rest.
The right choice is not hard to make if you are discipline enough to continually learn and update yourself. In fact, all the successful persons are merely doing simple things exceptionally well. That need discipline.
Excellence is doing ordinary things extraordinarily well. – John W. Gardner
The other word for discipline is grit. Grit is more important than IQ. It suggests a growth mindset. Grittiness is therefore a better predictor of success.
How to become successful and rich?
By being a disciplined investor.
Being an employee alone can’t make you rich. But creating a business is hard work and the failure rate is high. Only investing can make you wealthy with modest income. You need to be a disciplined investor.
Investing is easier than any other jobs in the world. It is not physically demanding. What you need is to let your money work for you.
Investing is more important than your job because one day it will outgrow your salary if you do it right.
You need capital to invest. Make it a habit to invest regularly. Starting with $100 a month is very affordable. With grit, you can reach any goal.
The really good things in life are not many, you need to be disciplined to focus on the few things that matter to you the most and avoid distractions. You can afford to take your time to think slowly and thoroughly before making any investment decision.
Risk is inversely proportional to the time you spend thinking and learning on certain thing. The more time you spend learning and understanding about stocks (and business), the less risk it has.
A highly disciplined person is someone who has better control of him/herself. Thus, he/she makes fewer stupid mistakes. He/she is a happy person. If you have better control of your life, you feel happier.
Being a successful investor also means not being a speculator. Be a smart investor by not being a speculator. The shorter the time between your trades, the higher the risk.
Take the slower approach, it will be faster.
Be a smart investor. Being disciplined is a way to be a smart investor.