294: Make Investing Your Hobby

Be Wealthy & Smart personal finance podcastLearn 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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