â€œOvernight successâ€ is a familiar term but not one to rely on when the success of your venture is at stake. Rookies jump in everyday with meaningful contributions to their teams, whether it is their team in such areas as sports, business, or service industries. However, time, education, and experience are necessary elements to build expertise in almost any field, particularly in the world of finance.
Tie Honored Confidence in Their Abilities
Cinderella stories are uplifting and heartwarming, but when crunch time comes, we prefer to place our bets on proven track records of people we can be sure will deliver the results we need for success. When you have money at stake, beginnerâ€™s luck isnâ€™t a qualification that normally leads to profit and what may seem like a lucky break usually begins much sooner than anyone knows. Take, for example, financial whizzes like Wesley Edens. It may seem they simply woke up one day and decided to make money. Their stories are much more complicated than that and it is quite likely they began their financial habits at a young age. Knowing the value of a dollar, piggy banks would receive contributions long before the ice cream truck or the local party store. That pattern would continue through life as their business sense grew with their aspirations. By the time college age years came along, studies in a financial field would be not only the logical choice, but their mission. As they progressed through the curriculum, the actions they instinctively completed during their formative years would be validated.
Education Forms Knowledge
Background knowledge is essential, as is time spent applying the knowledge. For instance, medical personnel arenâ€™t isolated in classrooms or with books before setting foot in an examining or operating room nor are they placed in a position to administer medical care without some form of training or appropriate awareness of the subject matter being delivered. They often have mentors and/or experienced experts to guide them as they acquire the necessary skills and information to successfully treat patients. The same is true for almost any profession or skilled trade. Education and time in the trenches builds self-assurance in oneâ€™s abilities and composure to act in stressful situations, both of which are indispensable when establishing a financial institution and/or reputation. It’s rather difficult to learn everything on your own; therefore, taking advantage of other people’s experiences and successes, as well as their failures, through textbook accounts and firsthand training are learning experiences that cannot be overlooked.
Experience Delivers Results
Failure leads to success and shouldnâ€™t be ignored when you seek advice or need a person well acquainted with the financial realm. We all know Edison didnâ€™t invent the light bulb on his first try; it is estimated he tried 1,000 different ways before he found the right combination for success. Experience with both success and failure gives a financier the perspective from both angles and a clearer picture of what leads to triumph. For example, a financial strategist who has been in the workforce for three years with success for every venture may seem attractive, but a financial strategist with ten yearsâ€™ experience and a success ratio of 9:1 offers far better odds. Timing is another factor forged from experience. When to act is as important as how to act and patience can definitely be a virtue when trying to build a successful financial portfolio or business.
Local lemonade stand entrepreneurs develop the fortitude it takes to attain achievement in the adult financial world. The effort put into training, education, and experience will help these entrepreneurs mature into formidable financial planners.
Feeling Clever? Join our newsletter!
Subscribe to get the latest from "Clever Dude."