The blueprint to retiring with $1 million+

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Tweet of the Week

THE DIVIDEND DOMINATOR @TheAlphaThought

I remember when I was excited about a $1.50 dividend The first dollar I made without trading a single hour of my time felt so good That was the day I realized income was for sale

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Habits you need as a long-term investor

Enough patience to stay in the game

Everyone always talks about patience, but why is it so important? I’ll give you the answer. Patience is important because nothing that is worth doing happens overnight.

Patience is worth it because like a snowball rolling down a hill, it doesn’t start growing to be very large until it picks up speed, and that may take a while.

Patience is worth it because the economy goes through business cycles, and you might be investing during a recessionary period, but a valley turns into a peak every single time.

Stay patient and you’ll see incredible results.

Committing to a goal

With patience comes commitment. Before you start investing (or if you’ve started and haven’t done so already) you must paint a clear picture of your investing goals. What do you want to get out of your money? What does the light at the end of the tunnel look like?

Here’s a personal example. My goal from dividend investing has always been to build a portfolio that generates $10,000/month passively. That would mean I’d be making $120,000/year in passive income which would allow me to be 100% financially free and most likely never have to work another day in my life. I’m committed to that goal and I know that every action or sacrifice I make today is helping me move one step closer to achieving it.

If you don’t have a goal to chase, you’re traveling aimlessly with no destination.

Putting the blinders on

You have so much power when you don’t care what everyone else is doing. From the time I started investing and researching online, I’ve seen hundreds of people screaming from the rooftops that their strategy is best and all the others suck.

It’s important to realize that although their strategy has made them money, it does not mean it’s the best one out there… for you. Remember, investing strategies are like diets, they’re not “one size fits all”. Once you find something that works for you and your lifestyle, put the blinders on and forget about what everyone else is doing.

Of course, you can still learn lessons from others and implement little tips and tricks you may come across, but don’t veer off track from what works.

For myself, this is a healthy balance of growth stocks, dividend stocks, index fund ETFs and a small portion of crypto I call my speculative “I don’t care if it goes to $0” money.

Having a long-term mindset

A long-term mindset can benefit you in so many areas of life, not just investing. Think about all the people who are working out to get big but never take time to stretch. Eventually, their bodies are going to break down or they’re going to get injured and it’s because they didn’t take the necessary steps to remain sustainable over the long term.

The same goes for investing. Every decision you make should benefit you financially in the long run. If you keep a long-term mindset, you’ll be ahead of so many people when everything is set and done. People are too worried about the present to be thinking 15+ years down the road. Don’t be like other people.

Seeing value in small amounts

One of the biggest mindset shifts I had to force myself to go through was seeing the value in small amounts. In the early stages of investing, especially dividend investing, you never really understand why people get excited over small amounts of money.

As your portfolio grows as well as your dividend income, you start realizing the power of the small amounts because eventually, they turn into something big.

I never looked at a $5 dividend as just $5. I always looked at it in terms of how many shares I could buy when I reinvested the money and what it would turn into a year from now. Being able to see the value in $5 is a skill not many people have, which is a shame, but it’s a skill that takes some time to acquire. It’s hard to explain in words why $5 is more valuable than just $5, but once you experience it you’ll know exactly what I’m talking about.

Telling non-believers to respectfully f*ck off

There will be tons of people who won’t be able to see your vision. Maybe they’re looking through the wrong lens or their prescription is too strong. But don’t worry about them. They’ll try to impose their limitations on you but it’s your job to respectfully tell them to f*ck off. Just because they can’t comprehend your goals doesn’t mean they’re not reachable. Stick to the process.

The power of compounding