294: Make Investing Your Hobby
Be Wealthy & Smart
Linda P. Jones
4.8 • 883 Ratings
🗓️ 24 July 2017
⏱️ 12 minutes
🧾️ Download transcript
Summary
Learn why it pays to make investing one of your hobbies.
Thomas J. Stanley, author of the classic book, The Millionaire Next Door, said:
"On average, millionaires spend significantly more hours per month studying and planning their future investment decisions, as well as managing their current investments, than high-income nonmillionaires."
It's true. When I hang out with my multi-millionaire friends, some of our time is spent talking about investing - stocks, real estate, the economy, etc.
We love to share success stories about ourselves and our friends or things we've read about what's working ie. "this friend of a friend started selling widgets on Amazon and made $20 million" or "this girl started a jeans/makeup/tshirt line because of her Instagram following and made $2 million" or "I heard one of the early investors in Bitcoin now has $100 million in his investment."
The conversation is always about possibilities and success stories, so we encourage each other with what's possible.
Other friends I have that aren't multi-millionaires might talk more about finding their next job or why they don't like their boss.
One is looking for encouragement, belief and possibilities and one is seeing limitation or choosing to limit themselves.
I still love them, but I notice there is a different focus.
Which comes first, the focus or the money?
I say the focus, because the money is in your thoughts before it becomes reality.
A wealthy mindset is step #1 to wealth.
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Transcript
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| 0:00.0 | Be wealthy and smart, episode 294. |
| 0:03.0 | I'm gonna live no rich life. |
| 0:06.0 | Rich life. |
| 0:08.0 | I'm holding that's life. |
| 0:10.0 | If y'all know what I mean, put your hands up and declare with me |
| 0:13.8 | Yeah, I'm full of pay hey time I'm gonna live the good life |
| 0:20.8 | and you're gonna live the good life |
| 0:21.3 | and you're a glorious light Step into a world of wealth and financial freedom without budgets, boredom or bosses on be wealthy and |
| 0:30.3 | bosses on be wealthy Wealthy and Smart. And now here's your host, Linda P. Jones. |
| 0:37.0 | Welcome to Be Wealthy and Smart. I'm Linda P Jones, America's Wealth Mentor. Em women and men worldwide to financial freedom. |
| 0:45.9 | On today's show we're going to talk about why you should make investing your hobby, and you'll |
| 0:50.9 | learn why it pays to make investing one of your hobbies so that |
| 0:55.4 | you can have financial freedom. I've been talking recently about Thomas J Stanley |
| 1:00.2 | author of the classic book The Millionaire Next Door. |
| 1:04.0 | And here's a quote from him that I thought was so perfect. |
| 1:08.0 | He said, on average, millionaires spend significantly more hours per month studying and planning their future |
| 1:15.2 | investment decisions as well as managing their current investments than high income |
| 1:20.9 | non-millionaires. This is so true and I thought it's a good topic to |
| 1:26.6 | podcast about because we've heard about people taking more time to plan their |
| 1:31.5 | vacation than they do to plan where they're going to |
| 1:34.3 | invest their money or what to do with their money or how to invest their 401k |
| 1:38.5 | plan money etc. This seemed to be so perfect and I thought I'd really like to get behind the idea |
... |
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