I was reading an article by Farnoosh Torabi called Top 5 Tips to Build Wealth and Successs and I would like to expand on the Ignored Tip for Building Wealth number 2!

Torabi’s Top 5 Tips to  Build Wealth and Success:

• Live Below your Means.
• Bounce Back From Defeat
• Self-Promote
• Have Streeet Smarts
• Buy Cheap

Most of the above tips are very well known or common sense!

But I do like her 2nd, often ignored top tip for building weath and success: “Bounce Back from Defeat“.

All to often, once we start something, we tend to give up if we aren’t instantly a pro at it.  This is a huge mistake!  If we don’t keep trying and practicing at a task or activity, we never will be able to master it.  Imagine if Lance Armstrong stopped trying to ride a bike after her his first failure.  If he did stop trying after the first failure, you would be asking, “who is Lance Armstrong”… (l0l)

Surprisingly with investments, many people do exactly that though!  They lose money in the stock market and quit.  They tend to think someone in out to take their money and that the system is rigged against them.  The historic graphs that show the movement of stocks and the entire stock market, so we know that’s not true.

The same is true with building wealth and success.  Yeah, I’ve lost money in the stock market, but I’m still up overall… and my game keep getting better each and every year!  Someday I expect my investment portfolio to help me accomplish financial independence, and to support me in retirement!

What about you, have you overcome a failure to prevail and become a success?  Read this story by the Financial Samurai for a great blogger story about using rejection as motivation for success!

-MR