CEO of Australian Investment Education Andrew Baxter says continually building upon your education and learning more about yourself is key to long-term investment success.
While focusing on education is crucial for investors, it shouldn’t just be limited to learning about the market and the property investing game.
Andrew says it is equally important for investors to understand their own strengths, motivations, personality traits and skill sets.
The sought-after speaker told KnowHow founder Bushy Martin on the Get Invested podcast that investors shouldn’t shy away from personal development.
“It’s an area I think that people like to gloss over for the simple reason if you embark on education, you want to get into the nuts and bolts of it and see something that’s new and exciting. And in my game, it might be looking at a chart or your analysis or your indicators. But talking about who you are as a person and understanding what makes you tick is something that most people want to just leave in the cupboard because they feel very familiar with who they are,” Andrew said.
“Yet it’s probably the most important platform to get right before you start. So this whole area is a great thing to look at. And it’s not about changing who you are as a person, It’s helping you become the best version of you that you can be.
“Anybody can be a trader, a property investor or a successful entrepreneur. But they need to play within the confines of what their personality strengths are, not their weaknesses. And so learning your personality type, what makes you tick, what motivates you, is crucial.
“Get the mindset and the psychology stuff right. Work out why you’re doing it and you’ll crush it.”
The key to personal development at any stage of your investment journey, whether you’re a beginner or a pro, is to approach education with humility and be prepared to put in whatever it takes to get the knowledge or insight you need.
“It’s very hard for people that have been successful to park that ego to the side and go ‘ok, I’m a novice, I know nothing, hold my hand and walk me through from ground zero’. And yet it’s the most important part of the journey,” Andrew said.
“Start it right. Get it right the first time and you’ll build a platform for your success. But if you jump ahead, often because your confidence or arrogance over shoots your competence and skill set, you’re riding for a fall and when it goes wrong, it’s going to take an awful lot of bark off and it’ll stop you going down what could be a very successful pathway because you tried to skip steps. So you can fast track, but don’t shortcut.”
Finally, whether the focus is personal development, investing strategy or market trends, Andrew encouraged investors to search beyond mainstream sources like YouTube and get professional support.
“It’s not something you’re going to learn from YouTube. Sure you’re going to pick up bits and pieces, but going to YouTube to learn stuff, even though there’s some brilliant content, that is kind of like trying to do a home renovation … you need something (professional) that’s going to seamlessly run through everything that you need to in this,” Andrew explained.
Listen to the full interview here.
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