Australia markets closed

9 ways to avoid failure

There are a plethora of books and blogs out there on success.

And I regularly write about success for you on this site.

But how about looking at it from the other side of the ledger?

Also read: Why SMSF’s could start a housing crash

What are some of the common traits of failure which you can learn from to succeed?

1. Hanging with the wrong crowd

It’s the birds of a feather thing and it’s a guaranteed way to fail in life.

Also read: How one woman saved enough on her grocery shop to send her family on a cruise every year

Whatever you like to do, losers will just tell you it won’t work and after some time, you’ll also become a loser.

You see, there’s something about losers you should know – they’re are very comfortable in their shoes, they like to “recruit” new people and don’t welcome changes.

2. Not knowing what you want

We hear the saying “I want to be rich” all the time but many people don’t give it any more thought than that.

They don’t consider how they’re going to get rich or how rich they want to be.

The methods used to make $10,000 and a $1 million are very different so you need to understand how to achieve the latter otherwise you’ll just end up with the former.

Also read: What to do if your shares rocket

3. You want for everything

Chasing your tail rarely works – unless you’re a dog because they seem to have fun doing it.

It’s nice to have a lot of things but if you go chasing everything, you get nothing.

You only get 24 hours a day and you’ve got to focus on your priorities.

4. You don’t understand your motivations

Wanting everything is bad enough, but it’s worse if you don’t even know the reason why you’re trying to achieve your goal.

Without a compelling reason, where are you going to find the motivation and encouragement for you to overcome obstacles?

Also read: Here’s why the Aussie dollar is down again

Many people fail to achieve their goals because they never complete the journey.

They give up half way (or at the beginning) because they can’t see the worth of accomplishments.

5. They forget where they came from

One thing that irks me is when people who achieve success never feel gratitude towards those who have helped them.

The law of reciprocity is simple – you return favours to those who helped you in the past and not so they will help you again in the future.

Remember this – it takes more than just you to achieve success, so don’t be ungrateful.

6. Smarty-pants

Successful people understand that the day you stop learning is the day you stop improving.

If you don’t want to fail in life, make you sure you stop acting as though you already know everything.

The fact is, all successful people are people who continuously learn to be even more successful.

They don’t ever stop.

Also read: 4 ways to increase your salary by 400%

7. Listening to time-wasters

This is an easy one because it’s all about selecting the right people to listen data success

Do yourself a favour, don’t get wrong advice from unworthy people.

It’ll probably get stuck in your brain and lead you to make some stupid interpretations in life.

8. Thinking short-term

When you fail at something the logical response should be to figure out where you went wrong and then apply that new knowledge and try again.

Thomas Edison did this because he failed more than 10,000 times with his incandescent light bulb.

Edison was able to leverage failure, converting it into a stepping stone to success and proved that there’s far more value in failing than in succeeding.

When you think short-term, you’re only going after the instant pleasure.

You must learn to delay gratification and works towards the end goal.

9. You don’t understand what’s important in your life

I’ve heard it said that any problem money can solve is not a problem.

Yet there are many things in life that are far more important than how much money you have or the size of your investment portfolio.

Sure money is important in those areas of life where money is important, but it’s not at all important in those areas where it is not important.

Too often in our capitalistic society, we place too much emphasis on financial achievement and too little on the softer side of life.

But, in my mind these things are more important than money:

• Health
• Friends
• Family
• Time
• Gratitude
• The ability to contribute back to your community
• Having fun

Michael Yardney is a director of Metropole Property Strategists, which creates wealth for its clients through independent, unbiased property advice and advocacy. He is a best-selling author, one of Australia’s leading experts in wealth creation through property and writes the Property Update blog.