Feeling stuck in the daily routine? Working hard but still not achieving success? Have you ever thought about how you measure success? Is it through fame, wealth, or power? The question of what makes someone successful and ultimately happy has been studied for almost a century.
Psychology of Success
Many psychologists over the years have noted their high-achieving patients often said they rarely had time to enjoy the things for which they worked so hard. These patients would question their priorities and why they were working so hard. The book, Ambition: How We Manage Success and Failure Throughout Our Lives written by psychologist Gilbert Brim, argued that “success was not an objective measure but a subjective one and was thus something that should be reevaluated on an ongoing basis.” This quote is from the director of the MacArthur Foundation Research Network on Successful Mid-Life Development. He also stated in the book, “Keeping the same metrics of success over time often led to boredom or the feeling of failure as one reached one’s full potential in a particular field”.
What Comes Next
As our lives change and our priorities shift, especially with the growth of our families, we continuously evolve. Throughout our evolution, we are presented with numerous decisions, often beginning with the question, What comes next for me? This was a dilemma faced by Viking’s co-founder and CEO, Vikram Raya, as you will hear in the following:
“As a cardiologist, I remember working 70-80 hour weeks and being very frustrated. I was living in the hamster wheel that never stops turning and then one day I looked up and realized I was watching my life pass me by.
- I wasn’t able to spend time with my family
- I didn’t have true financial freedom
- I was always being told what to do
After, taking a deeper look at what I really wanted, I decided to take my life back. I began researching how to become an accredited investor, and what type of income this could provide, I changed my mindset from victim to victor. Finding my true motivation; time freedom, increased my quality of life and I have never looked back. I am now one of the co-founders of Viking Capital and finding my why changed my life forever.”
Finding Your Why
Researchers have studied investor behavior across many demographic regions to determine why people invest their money rather than simply save it. One major reason is that investing can support the growth of wealth, which is typically tied to how people view their own success. But it’s important to consider the underlying reason why they invest. Generally, there are three primary underlying motivations for investing:
- Personal financial goals, most often, to retire early
- Providing for others, such as establishing long-term generational wealth
- Creating something new, like launching a start-up, or expanding one’s investment portfolio
According to Bari Tessler, a financial therapist and author of The Art of Money Workbook, the majority of our financial decisions, around 85-90%, are influenced by our emotions. Therefore, it is important to clearly understand your why and use a strategic plan to reach your financial goals so that emotions don’t override reason resulting in costly mistakes.
Success Strategy
When you think about how to invest in real estate, it’s important to find your true motivation and define what success means to you. This will serve as a guiding principle for your investment strategy. Investment decisions to make include:
- The amount you’d like to invest
- How much risk you’re willing to take
- When you want to see returns
- Who do you want to invest with
Whether you are investing for your own financial freedom, for your child’s college fund, or to create a foundation for an exciting new venture; strategy is key. One of the most important ways to find success is by aligning yourself with like-minded sponsors. But how do you know who is the right sponsor? There are so many options these days but a great approach is to understand the company’s values, track record, reviews, and testimonials from investors like you.
Embracing this perspective can enhance your confidence when it comes to making investment decisions, which can ultimately pave the way to achieving greater financial success.
