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Expert Cites 5 Toxic Investment Mentalities to Avoid(November 15, 2011)
SAN DIEGO, CA -- (Marketwire) -- 11/15/11 -- Every investor has a mindset that guides decisions as to where to put their money, why, and when. "Optimally, this 'investment mentality' is such that money works for you instead of you working for money," notes global businessman and wealth creation expert Olumide Emmanuel, author of "How to Establish Financial Security."
Below Emmanuel offers 5 key toxic investment mentalities to know and avoid:
1. Nomadic Mentality: This reflects a kind of vagabond spirit that controls people. Just as nomads don't have a fixed location, this person moves from job to job, place to place, business to business, and investment to investment without focus or consistency. They lack the staying power and resolve to realize term-based results, and pilfer monetary resources from one vehicle to quickly move to the next.
2. Consumer Mentality: To consume without producing is a grave investment error. Many spend their entire lives consuming without any investment provisions or savings to secure their financial future. The result of such unrestraint is often shame, family strife, financial hardship and even poverty.
3. Victim or Entitlement Mentality: This is the mindset of feeling victimized, marginalized, or that someone owes you something. Giving excuses and shifting blame for losses are trademarks. Ultimately, an investor must take ownership of results, including failures, and learn hard lessons.
4. Civil Service, Salary, or Wage Mentality: Many expect their employer benefits, the government, or salary to make them rich and wealthy. None of these are a source of wealth--they are merely resources. Salary, via labor, is fixed and set by someone else. Income, however, can vary over time, isn't determined by others, and can come when you do not put forth effort.
5. Prosperity or Materialism Mentality: While there is nothing inherently wrong with prosperity, sometimes this investment goal is just materialism. Successful investors must move from prosperity-mindedness to posterity-mindedness such that wealth will not only positively affect you now, but also serve as a legacy and support for future generations.
About the Expert
Global businessman and inspirational speaker Olumide Emmanuel is Founder and President of Success, Business and Leadership School (SBLS), a training platform for future leaders and entrepreneurs. Emmanuel is the author of numerous books, audio CDs and DVDs on entrepreneurship, investment, and business development. His venture www.MyRealMission.com is the Web's leading destination helping people develop their life's mission and discover their purpose.
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