I wanted to tell you a quick story about how I lost out on $4000 recently (and that amount seems to be growing by the day).
To be honest it’s a pretty painful story.
A while back I got an opportunity to invest in a stock + I decided to take the chance and I did. It was an early opportunity and quickly after my initial investment, the price went up!!
I didn’t invest a ton of money and if I lost the money I invested, I knew I wouldn’t be affected it by it (a little angry though haha!).
Now I held on to that stock for over year and over that time the price went up and down but mostly it went up.
The truth is though that it all felt like “luck” to me — I had no real strategy for what I planned to do with the stock or whether or not I should invest in more — I just felt lucky that it was worth more than I had spent on it and that I hadn’t lost my money.
I never took the time to really think about when I should sell or how long I should hold on to it for or even set a goal of how much I wanted to make.
I basically just checked out the stock semi-regularly on my Iphone and got excited whenever the price rose more. I contemplated investing in more but never really got around to it (mostly because I have commitment issues at times and couldn’t commit to making a decision about it!
Have you ever had a similar experience in your business???
Where you’re making some money but you have no long term strategy for growth — you just take it day by day and don’t commit to any kind of plan for the future??
Ironically I help business owners with this ALL THE TIME in their business — I make sure that they create a long term plan so they can stop stressing about losing money + see consistent income growth over the future months.
BUT yet I couldn’t see that I needed to do this with my stock!!!
Anyways, I ended up being forced into a decision because the 3rd party company that I bought the stock through was closing down — I either had to sell the stock or transfer it into a different management company.
Well I bet you can get guess what happened.
I quickly sold the stock and considered myself lucky that I had doubled my money.
Why did I sell?
Well honestly because I didn’t have any long term strategy for the stock + I didn’t want to set aside any time to research my options. I felt that I was ahead because I had already doubled my money.
What’s happened since I sold? The stock has continued to grow rapidly in price and is worth more than 5x what I paid for it.
So my lack of long term strategy has cost me $4k.
The lesson in this for you and your business…..
Take the time to commit to a long term strategy for your business. Move away from feeling “Lucky” when you make money each month in your business and learn how to create a plan that you can trust to bring in consistent income + growth for you over the next year.
Stop the freak-outs and close off any money leaks that are costing you thousands of dollars because you don’t have a plan.
The good news? This isn’t something you need to do on your own!
Get on the waitlist for my 2018 Mastermind where we’ll work together to create a long term income plan for your business so that you can cut back on the stress + randomness of your income.
It’s time for you to create long term growth in your income + your business this year WITHOUT burning out.