Everyone has great ideas, but how do you turn that idea into a success? Great ideas rarely become successes overnight, so what is it that sets these two apart?
When you first acknowledge that you have this “great idea,” take the time to sit down and talk out your idea, don’t just immediately jump into “action mode.” Planning is crucial to turning an idea into a success. Map out potential paths your idea can travel along before you enter the action stage.
Where I think most people get tripped up is this action stage. It can be difficult to transition from talking out the details of your idea and developing a general plan of attack, but you have to know when to end your planning phase in order to get things done. Just as creating a smart investing strategy begins with small steps (setting financial goals, mapping out a long-term plan, saving regularly), tackle this process step by step. Don’t jump headfirst into the deep end of the action pool; set small, or even daily, goals for yourself. Work your way up to the more daunting tasks.
Success in investing comes from having a thoughtful strategy, mapping out a clear plan, and adjusting your approach to fit your goals. This is how great ideas become successes, too.