I want to start today off with a story…
You see, when I was about 12, our Boy Scout troop launched a fundraiser in which each of us was given a sales quota for candy bars.
Being a high achiever and not wanting to let the group down, I tried my best to emulate the professionals I had watched through the years.
Knock on doors.
Never take no for an answer.
I needed to sell 25 candy bars, so I figured I’d knock on 25 doors, sell a candy bar at each and every stop, and be done with the project.
Donning my uniform one fall evening, I went to work.
The first few sales were easy. These were next-door neighbors who knew me already. They didn’t really need any candy but figured they’d help out.
As I got farther away from home, sales got tougher. I tried everything I could to get folks to buy.
I sold the benefits (“think how much your kids will enjoy this candy”).
I tried to overcome objections with a version of the “puppy dog close.” (“No change? No problem. Take the candy now and I’ll come back tomorrow to collect.”)
I’d spend 30 minutes talking to an elderly spinster only to find she didn’t have any money to spare.
I sold a few candy bars, but mostly felt rejected.
I began to dread the next door-just imagining how much worse I’d feel after hearing another “no.”
I ended that first night with my head-and my spirits-hanging low.
After a few days of stewing and feeling down on myself, my problem-solving instinct kicked in and I realized I was looking at this all wrong.
Instead of focusing on the rejections, I needed to focus on the numbers.
For every five doors I knocked on, four would answer.
Of the four, one would buy a candy bar.
From then on, that’s how I worked.
With 15 candy bars left to sell-and a 1 in 5 knock-to-sale ratio-I knew that I needed to knock on 75 doors to get the job done.
It seemed like a hefty task, but I figured if I could hit 25 a night, I could reach my sales quota with three nights of work.
My next candy sale outing was an emotional epiphany.
Each “no” got me one closer to a “yes.”
I knew my numbers and trusted my approach-my “system.”
This was no longer a chore. I was just working my system. If someone wasn’t interested, I’d quickly and politely move on to the next door with a smile.
Freed from the mental obligation to win every time-to sell every single household- I found I was having fun.
Lots of fun, in fact.
I had a spring in my step and my new upbeat attitude must have showed. I started racking up sales, and I didn’t let up.
In short, I had shifted from a results-oriented mindset, to a process-oriented mind-set.
Pretty soon, I hit my quota.
Then I exceeded it.
In fact, I ended up with one of the top sales records that fall.
Here’s why I’m telling you this story…
You see, that same sort mindset can be just as detrimental when it comes to investing.
We’ve been hardwired to believe that focusing on results is the way to get what we want. Winning is everything: Nothing matters but a win. In trading, we won’t always win in the short run and this can make us feel like failures.
That’s why, if you want to achieve true lifelong wealth, you need a system that is designed to insulate you from the “biases” in human nature that lead to 90% of trading failures.
Over the weekend, we talked about one of the most disastrous bias of them all – the need to be right.
Today, we’re going to continue our in-depth look into biases…and how The 10-Minute Millionaire way helps us not just overcome these setbacks…but profit from them.
Let’s take a look…