Flash Report - Don't Leap Before You Look!

The Powerful Benefits of Thoughtful Action

When people are confronted with adversity, opportunity or both, they often react quickly—with the intention of dealing with the situation rapidly and moving forward.

These reflexively gut-driven responses are often rewarded by our culture, which praises the “fast-acting do-er” who “gets the job done” or “puts out fires.”

Trouble is, rapid action can often result in adverse outcomes. When that happens, you might fail to get the desired result while simultaneously making matters worse due to unforeseen and unintended consequences.

The self-made Super Rich—those with a net worth of $500 million or more—are different, in our experience. Instead of instantly reacting to situations, they approach the good and bad moments strategically. The Super Rich have a habit of prudently thinking through the problems and opportunities they face—often in partnership with professional “sounding boards” with whom they discuss ideas and questions. When they do act, it’s usually only after they have a solid understanding of all the facts and possibilities—as well as what they see as the likely outcomes of their possible responses.

Here’s what many of them do differently—and how you can emulate them when you face your own challenges and opportunities.

Start with long-term goals

We find that the Super Rich almost always have significant long-term goals that serve as the basis for their decision-making when “big moment” situations come along.

Example: Becoming extremely wealthy is (generally speaking) a long-term endeavor. Therefore, reaping the greatest rewards requires having long-term goals and making sure they guide your behavior. The self-made Super Rich carefully incorporate their long-term goals when they make business-, investment- and other financial-related decisions and take resulting actions.

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Don’t Leap Before You Look

Robert J. Pyle, CFP®, CFA is president of Diversified Asset Management, Inc. (DAMI). DAMI is licensed as an investment adviser with the State of Colorado Division of Securities, and its investment advisory representatives are licensed by the State of Colorado. DAMI will only transact business in other states to the extent DAMI has made the requisite notice filings or obtained the necessary licensing in such state. No follow up or individualized responses to persons in other jurisdictions that involve either rendering or attempting to render personalized investment advice for compensation will be made absent compliance with applicable legal requirements, or an applicable exemption or exclusion. It does not constitute investment or tax advice. To contact Robert, call 303-440-2906 or e-mail info@diversifiedassetmanagement.com.

 

The views, opinion, information and content provided here are solely those of the respective authors, and may not represent the views or opinions of Diversified Asset Management, Inc.  The selection of any posts or articles should not be regarded as an explicit or implicit endorsement or recommendation of any such posts or articles, or services provided or referenced and statements made by the authors of such posts or articles.  Diversified Asset Management, Inc. cannot guarantee the accuracy or currency of any such third party information or content, and does not undertake to verify or update such information or content. Any such information or other content should not be construed as investment, legal, accounting or tax advice.

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Eye On Money March/April 2020

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