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Why short-term thinking won’t build long-lasting wealth

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yesterday

“How do I avoid losing money?” At the beginning of my investing journey, that’s the question I focused on.

As I learnt more, my focus shifted to “What will give me a good return?” Then it became “What’s the most sustainable investment strategy for me, long-term?”

The biggest shift on your wealth journey is not what you do, it’s how you think about money.

Changing how you think about money can make a huge difference on your long-term wealth.Credit: Simon Letch

You stop hustling after scarcity tactics and start building systems that scale. You stop worrying about losing money and start seeing opportunities to make it. You stop worrying about $100 problems and start solving $5000, $10,000, $50,000 problems.

A new level of action is preceded by a new level of thinking.

This is the hardest part of the work I do with my students – yet also the most crucial. It’s easy to explain what an ETF is. It’s harder to help someone build the self-trust and resilience required to ride the ups and downs of the market with ease.

It’s easy to explain how superannuation works, but it’s harder to get someone to shift from short-term thinking to the long-term thinking required to take superannuation seriously.

No short-term quick wins will pay off as much as stretching your ability to think long-term in your financial........

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