Awareness is important to retain the process of building wealth. Becoming aware of how your emotions influences your financial decisions is therefore essential. While your short term desires will want to have profit at the moment, your long term financial goals should be more in focus. All wealth building strategies must be meassured in time. Everything else might turn your momentum for success into an economical disaster. In this case you will create a narrative for money instead of maintaining your wealth building process. Developing awareness on how your emotions affects you is therefore first step on the way.
As an owner of a Forex trading strategy you will easilly think that your activity will make you rich. Is that a sustainable goal in itself? It will surely redeem your desires for tomorrow, but not in a longer term perspective. The key is rather to condition your mind for a longer term investment perspective. How do you want to reward yourself in 20+ years from now? This, and similar definitions of your values, should form the fundament of your wealth building plan. The stronger the awareness, the stronger you will define the fundament of your future economical growth.
For how long will you continue your Forex trading activity? The realization of the fact that you might not continue your trading activity might seem unreasonable at the current moment. However, trading the financial markets is hard work and not perfectly suited to everyone once you retire. Thus, a longer term perspective will again come into play. Therefore, just like discipline is applied to Forex trading, conditioning your mind to create your wealth building plan is likewise important. It is your opportunity to design your future financial freedom. In addition, it is also your way of defining your values and, in by the end of the day, rewarding yourself in the best possible way.
Tore Herbert Hoff is a professional Forex trader, mentor and business executive. During his professional career he has developed a variety of high performing trading strategies. These are strategies that will be offered to the professional market via his position as a Chief Investment Officer in Liongate Capital AG.
Tore is offering financial mentoring services and wealth building management. Based on both his professional and life long personal experiences, these are highly valuable and motivating services.
The most important thing you can do is to start discovering your beliefs about money. As soon as you start understanding that money is a tool that can work for you instead of something that can be used instantly, then changes can be made instantly. The consequences of creating a narrative for money is already discussed, and need no further mentioning. Instead you should adapt the aspect of time. Your wealth is meassured in how much assets you have over time, and not how much you can spend in the spur of the moment. Secondly, it need to be balanced as a consequence of supporting your lifestyle and re-investing your assets.
Our greatest advise is to start focusing on building income streams. Thus, building multiple streams of income is a major key-point when buidling your future wealth. Your goal can be to generate as much wealth as you like. In this case, overcoming mental “barriers” and condition your mind to let money work for you should appear as simple tasks.