Whenever we engage in a productive activity, there is much we can learn from both our successes and our failures. And perhaps we learn even more from our failures than from our successes. As I mentioned yesterday, there are three things I could have done that would have vastly improved my time in my triathlon. As it turned out, I took 3rd place in the 50+ age group and could easily have won if my bike time had been as good as it could have been (averaging 20 miles/hour, which I did on my training rides).
Here is what I learned and how we all can apply this to our wealth building.
1. The altitude. I had not taken this into account. I knew about it. I simply did not recognize the impact it would have on my performance. All I had to do was get some coaching on altitude training and build up my lung capacity to handle the thinner air. How many times in our investments do we forget to take some external impact into consideration? It could be the economy. It could be a competitor. It could be a law or regulation. If we don't take these all into consideration in our investing, we could lose big even though we did everything else right.
2. The wetsuit. I had not done sufficient open water training in my wetsuit to feel comfortable. This was simply a matter of not understanding the impact of the wetsuit constriction and getting comfortable with it. Again, lung capacity training really would have helped. How often do we get into an investment without training properly for the investment? Have we done our due diligence? Have we practiced to expand our knowledge? Perhaps playing Cash Flow 101 more or reading The Real Book of Real Estate? Or perhaps it's just having the right coach (more on this later).
3. The heart monitor. No excuse here. I had the monitor with me. I had practiced on the bike with the monitor. I simply made a last minute, snap decision, not to wear it. How many times in our wealth building do we practice and practice investing a certain way and then when it comes down to the actual investment, we revert to a previous bad habit or make a snap decision that is inconsistent with our training?
The solution to all of these issues is a good strategy. My next step will be to engage a triathlon strategist so I can practice and train properly. Your next step with your investing must be to engage a wealth and tax strategist so you can practice, train and implement your wealth and tax strategies properly. At ProVision, we are the premiere tax, business and wealth strategists for entrepreneurs and emerging entrepreneurs.
And if you know a good triathlon club in the Phoenix area, let me know. I would love to receive your recommendation.
Remember that with good strategy and steady training, you can reach your dream faster than you ever thought possible.