What you can relate to Investing from those who have scaled Mount Everest?
Ravi Padmanabhan
Wealth Creation Expert, Speaker & Trainer on Personal Finance, Investing & Money Management, Believer in Long term Wealth Creation in Equities
Climbing a mountain takes a lot of mental strength and also physical strength. It requires focus and also ability to accept and deal with fear. It’s also important to be extremely positive, be able to keep smiling through any adversity.
Your journey as an investor is also similar. There is uncertainty and volatility that you need to face on many phases of your investing career.
1) Discipline & Practice - A successful mountain climber first needs a lot of discipline and practice. If you aspire to climb Mount Everest, then you should train in the base camp for 40 - 60 days to acclimatize to the weather. Also you should be someone who has already scaled a peak which is over 6500 meters.
An investor must continue to learn every day and to constantly have the discipline to follow his strategy.
2) Learn from History - Who has scaled the peaks in the past and from their experience.
As an investor you can learn a lot from history of those who have made it successful. This gives you the insights on what has worked for them.
3) Unpredictable Weather - The weather can be extremely cold (minus 25 degrees) and with freezing wind speeds of even 200 kmph.
Remember the journey as an investor is never smooth, you need to withstand the storm and stay clam and focused on your journey.
4) Reaching the peak is not the end of the journey - The descent is even more dangerous than the climb. Most people lose focus and are exhausted. Focus on the next goal.
Many investors have made money in a bull market, but they have failed to protect their capital and have lost all of it taking higher risks or holding on to their investments when the ground level reality changes.
5) Taking help of a Sherpa - A Sherpa is someone who is familiar with the routes and gives you the psychological support in this climb.
A mentor's role is hugely underrated. Remember a tried and tested approach not only saves you from costly mistakes but also a lot of time as well especially, when you are headed in a wrong direction.
To Your Financial Success
Ravi Padmanabhan