Let's Talk About Losing Money
Most of you who are reading this may have been truly working hard just to get the so-called financial freedom that you like
. You have worked 9 to 5, grueling hours checking and rechecking papers; playing around with Microsoft Excel, hoping to balance out figures; or calling all clients with the wish that you can strike a deal. That could be the same scenario when you're operating your own business, especially if you're doing everything on your own. I know because I've been there a long time ago, before I attained the real financial freedom, after I applied all the learning I have gathered listening to my mentors, reading other business management books, and, of course, enriching my own experience.
But before you put this book down, you have to remember this: You need to learn how you lose money, most particularly the truths and fictions about it.
This way, you can already identify the common pitfalls of running a business and prevent yourself from falling into them.
If you learn to avoid the common pitfalls of running a business, just imagine how much you will most certainly save.
Why Do People Lose Money?
If there are individuals today who are gaining money, there are definitely more of them who are losing wealth. But if you're going to look at it closely, these are the same people who actually are scared about losing their profits or savings (but then again, who isn't?). You may ask, though, "Why do people, even the smart ones, constantly lose money?"
The concept of business tells you that it's going to be real easy. However, the actual process of making money is a whole new affair. In the book High Probability Trading: Taking the Steps to Become Successful by Marcel Link, you will know that around 90 percent of traders in stocks and other commodities always lose money. Moreover, it takes more than just determination, patience, hard work, and even business strategies to find the right ingredients in making it in the world of business.
Here are four basic reasons why you can and will lose money. Keep in mind that this is not a comprehensive list. Nevertheless, these are the common reasons people lose money:
There is the negative thought or mental attitude right at the back of your mind.
Generally, business people are like blind-sided horses. They can look at everything in just one location. Even with the best strategies at hand, many of them tend to plant into their minds a very negative attitude. They believe that they can actually lose with their endeavors; hence, they tend to focus their energies in making rewards rather than in the risks that they could possibly meet along the way. Unlike successful investors who create business strategies and techniques based on expectations that will allow them to get rid of their negative mental attitudes, those who lose are the ones who are concentrating more on how they won't eventually lose their initial investment, and in so doing lose great opportunities in the process.
There I go again I believed that I would make money in the recruitment business, and I made the investment with my then wife and sister-in-law, but did not have further funds available to invest in business trips, which would have been essential for increasing turnover and developing new contracts.
I felt that I couldn't do it myself, and therefore made the mistake of getting someone else to do it for me, and so lost control.
by: Lawrence Perry
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