6 Tips for More Successful Investing
There is no one and done way to invest, but there are a few tried and true principles that have served investors well over the years.
What You Need to Know
- Have patience and a long-term outlook – Great investment results do not happen overnight. Think of your moneys earning potentials in the context of years, not months.
- Never buy on a tip… do your research – We all know someone who has “discovered” the next big money maker. Be wary of taking tips from friends and family members. Do your own research and make decisions that you are confident in.
- Don’t sell on bad news – This may be particularly relevant right now. Markets tend to overreact on the downside, so be sure that you know the actual implications of any bad news on your investments before making a rash decision.
- Don’t allow your emotions to take over – Emotion has no place in the investment world. Facts, facts, and more facts are what should be making your investment decisions for you. Having a plan and sticking to it can greatly help reduce emotion driven decisions.
- Stay invested and take advantage of compounding – Compound interest is one of the most powerful tools that investors have. Leave you money invested as long as you possibly can to take advantage of compounding.
- Make an investing philosophy and stick to it – Know your comfort level and tendencies before you ever start investing. This way you will be sure to have a portfolio that will work for you instead of stressing you out.
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