OPPORTUNITY KNOCKS

OPPORTUNITY KNOCKS

It has been said that each of us will receive seven once-in-a-lifetime opportunities throughout our lives. The unfortunate reality is that most people are either blissfully unaware as these gifts pass them by, or woefully unprepared to seize them. On the other hand, there is no shortage of unscrupulous individuals who look to take advantage of youth and inexperience by purporting an opportunity "once-in-a-lifetime".

Before proceeding it is always advisable to take a step back and assess what the other party has to gain through your agreement or disagreement. Assuming that the venture is worth seriously pursuing, two additional points should be made. Preparation and commitment.

In the words of Olympic Gold Medalist Peter Vidmar, "When the time to perform has come the time to prepare has passed." In order to be able to seize these opportunities you need to be both qualitatively and quantitatively prepared. What I mean by that is as follows. Before you encounter this unknown opportunity, your habits, discipline, and other obligations need to be ready. This is what I call the qualitative makeup, and there will not be time to build the plane while it's on the runway. It can feel like you have all the time in the world, but believe me you don't. Understand that time is scarce, and in hindsight, you will always wish that you would have worked harder for longer.

In many cases the opportunity you are looking at won't be right around the corner, it very well means that you need to travel. Traveling requires money, and your money needs to be ready. Think of this like the old saying "Keep your powder dry". What you don't have invested in your education, should be liquid or in liquid assets. Don't frivolously spend what you have on depreciating assets that will be hard to convert back into cash. While this is not intended as investment advice, having your parents open a trading account so you can have your money work for you in a historically stable ETF is not a bad idea.

As for commitment, there is much to say that I will expound on in my next write-up, but for now, imagine jumping off a cliff. Once you make the decision to jump there is no going back for a while.

In summary, read and research history so you know what a good opportunity looks like, and be prepared to grab it with both hands. If it is really a once-in-a-lifetime thing, then it will be like lightning in a bottle.