Millionaire trader and entrepreneur Timothy Sykes is known for his impressive rise to the top of the trading world and for his educational program and Millionaire Challenge that has helped countless students learn important lessons on day trading, penny stock trading and on how to earn millions from the stock market.
Tim Sykes‘ rise to the top was not a conventional one. When he was in college studying at Tulane University, Tim took his $12,415 of Bar Mitzvah money and started day trading from his dorm room. By the time he was 21, Sykes had $1 million in the bank and his own management fund. While his approach may not be the most traditional, one thing is for sure, Sykes knows a bit about making money. Today he has turned that $12,415 into $4,305,000.
Tim’s educational programs and Millionaire Challenge have created several millionaire students from scratch, including Tim Grittani, who now teaches trading as well.
Here are some of the greatest lessons on wealth and success that Tim has shared:
Always Be Studying
According to Sykes, one of the main reasons for his success is that he is always reading, studying and learning about new trading approaches. One of the biggest lessons that he passes on to others is that they always need to be studying and learning. It is important to stay at the head of the industry, to know what trends are approaching and to always be learning new tactics that could help you improve, no matter what approach you are taking to becoming a millionaire.
Invest in Yourself
No matter who you are, what field you are in, or how you are looking to make your first million dollars, one of the most important things that you can do is to invest in yourself. According to Sykes, investing in yourself is one of the biggest investments that you can make as no one can help you reach your goals except for you.
Put money into your education, whether its college or a training program. You will find that investing in yourself and putting your money into bettering who you are is the best investment that you can ever make.
Keep Your Mind and Body Healthy
Investing in yourself is truly about more than your education, it is about taking care of yourself and keeping your mind and body healthy. This means putting time and money into your health, your diet and your exercise endeavors. If you eat right, sleep, take care of yourself and exercise you will be the best version of yourself possible.
Accept Your Losses
One of the many things that Tim Sykes is not afraid to admit is that he has had plenty of setbacks and failures. With this in mind, one of the biggest lessons that he passes on to his students is to accept their losses. There will be times when they lose money, make bad decisions or experience failures and setbacks. However, in order to move on from those, you need to accept your losses, learn from your mistakes and move on.
Make Time for Yourself
When Tim recounts his journey towards the top of the investing world, one of his biggest lessons he delivers to his readers is on creating a work-life balance. One of the most important things that he emphasizes is that people take “me time,” for themselves. According to the trader once he realized that he was not taking any time for himself and only working, he started dedicating time to his personal life, and this helped him overcome a work plateau that he had been stuck at for some time.
Taking time to travel, visit family and spend time with friends helped him become better at his job and more productive. Mental and physical breaks from the stresses of work can be a powerful tool in overcoming obstacles and being the most productive version of yourself that you can be.
Don’t Just Do It For the Money
It may sound like a strange piece of advice from someone that promotes his program as a way to make a million dollars, but Sykes often emphasizes the importance of working for more than just the money. According to the accomplished trader, it is all about working hard for the challenge and to reach the goal, instead of about the dollars and cents.
If you keep the challenge in mind instead of counting dollars and truly work hard to reach your goal and overcome the challenge, you are positioning yourself in a much better spot to reach your dreams.
Never Stop Setting New Goals
According to Sykes, you should never just have one goal, and never be satisfied once you meet one of your goals. The key to long-term success is to never get too comfortable and never feel like you are done reaching for a new goal. Once you make a million dollars, it is not time to stop working, it’s time to set another goal and start working towards that one.
Surround Yourself With the Right People
The people you surround yourself with are actually very important to your success. Surround yourself with motivated, like-minded people. If you surround yourself with the wrong friends or peers, you may find these individuals become drains on your productivity and prevent you from being the best version of yourself you can. Don’t let your friends and family become distractions and keep inspiring people around you.
You Always Need a Role Model
No matter how old you are, you always need a mentor, coach or role model to help you stay focused and to motivate you towards success. Having a powerful figure in your life that is the epitome of who you want to be and what you want to accomplish is a great way to stay motivated.
Think in Long-Term Success
One of the most powerful pearls of knowledge that Sykes promotes to his students is that they need to think in long-term success. This means not working towards fast money but working towards financial success that will impact your life forever. Think in the long-term and you will be more motivated to not only make money but to change your entire lifestyle.
With these tips, Tim Sykes has not only helped many around the world reach their financial goals but he has helped inspire many who are working towards their own personal successes get the motivation the need to make their dreams a reality.