What’s your motivation for doing what you are doing?
If you’re learning about the financial markets, why are you really doing that?
What are you ultimately trying to achieve?
A lot of us would answer that our primary motivation is to earn money. However, this isn’t always a good motivator if you want to achieve success in something like trading and investing.
Besides, it’s likely that your motivations go much deeper than simply having more cash — what benefits do you want to derive from it?
In 1962, Sam Glucksberg ran experiments that showed how being motivated by external rewards like money will cause performance to suffer in activities involving right-brain tasks such as problem-solving, inventiveness, analysis or conceptual understanding (things that often factor a lot in trading or investing).
Further studies have shown that being motivated by something intrinsic rather than extrinsic will lead to better performance and longer-term sustained success. Just look at billionaires like Ray Dalio, Warren Buffett or Paul Tudor Jones for real-life examples. Their passion goes beyond money and it shows in their performance.
So, with all that in mind, what’s your REAL motivation for doing what you’re doing?
Something to keep in mind this week. Have a great one!