Answers to

Practical Questions


Why is gratitude critical for successful investing? When we are not grateful for what we have, we tend to covet what our friends, relatives, coworkers, and other people have. When we covet other people’s houses, trips, or clothes, we tend to take on more risk than we should, striving to get what they have.

What type of risk might we take on? We spend more than we make. We borrow on our credit cards to “live the lifestyle” and we seek to get rich quick with our investments.

Being grateful for what you already have allows you to control the amount of risk take with your investments. Gratitude will keep my younger readers from suffering from FOMO (i.e., fear of missing out), while it keeps my older readers from having to keep up with the Joneses.

"Not everything that can be counted counts, and not everything that counts can be counted."  - Albert Einstein


Why are we even investing to begin with? To simply get rich? Or worse, to get rich quick?? TheAnswerIs NO!

The real reason we should invest is to replace our income so that we can gain financial liberty, i.e., the ability to choose. We are buying the opportunity and challenge of free time.

Investing is really about income replacement, so you can get paid even when you are not working.

"We don’t have to be smarter than the rest. We have to be more disciplined than the rest."  - Warren Buffett

So what exactly do you have to be disciplined about?

1) The money you have, or will set aside for long-term investing, whatever that amount is, needs to go untouched, so it can do its thing. See Investment Piece #1 and Investment Piece #8 to understand the potential. You must treat the money you decide to set aside for long-term investing on a weekly or monthly basis, like rent or a mortgage payment, i.e., never miss it! Only this time, you are paying yourself, not “the man”.

"Investing should be more like watching paint dry or watching grass grow. If you want excitement, take $800 and go to Las Vegas."  - Paul Samuelson

2) If you don’t have any money available for long-term investing yet, learn how you can earn money to invest, (TheAnswerIs HERE) or save money to invest, (TheAnswerIs HERE). Don’t try to set aside too much, it will be too tough to stay away from it, what with student loans, contract jobs, the cost of rent, and one day a house, kids, and other responsibilities.

All you need to do to start to make a huge difference in your life is invest one hour’s pay per week.

3) When it is time to buy your Exchange-Traded Funds (ETFs) and/or stocks, restrict your investing to large, dividend-paying ETFs and stocks, to the exclusion of all of your friends’ "sure-thing” tips.

That's discipline – not that hard, eh? I'm not even going to ask you to exercise three times per week.

Give Yourself the GIFT of Investment Knowledge

Gratitude, low investment costs, focus on discipline and time, will turn you into a successful investor. And BTW, you don’t need a CFA, CFP, PFP, CIM, CLU or RFP, or any other financial planning designation to become a successful investor.

You can do this!

Be thankful for what you have today, don't fall into the youth trap, stay disciplined and keep your investment costs low, and you will be on your way to becoming a successful investor.