I thought it would be a good time to put a reminder out about what are the common characteristics of successful investors.
None of what I have listed below is rocket science and none of it will be new or a surprise to anyone who reads this. The surprise however, is how often these points are overlooked.
There is a growing tendency for those trying to accumulate wealth to do it in an extremely short time frame. We’ve become an impatient generation. Examples might include borrowing a huge amount to invest in a property deal, or investing in a business without doing your due diligence, or getting a tip off a mate about a mining stock that’s about to “go through the roof”, etc, etc. We’ve all heard these stories and we’d all love to be the one to be lucky enough to “get rich quick”. But for every investor who finds wealth in a short time-frame, there is a large number of investors who have financially put themselves back a few years due to a lack of discipline, research and common sense.
These disasters can easily be avoided.
So over the years, what valuable investing lessons have we learned? A selection of points, in no particular order, are below:
Again – these are hardly secrets which have been hidden from the masses for centuries. It all comes back to discipline, nothing more.
The more of these points you take on, the greater the chance you will be on the right path to becoming financially secure.