Everyone thinks that you just need good investments to make money from money. However, you as the investor also need to have good habits, as generally emotional responses can destroy the viability of a very good investment.
The four main traits of a successful investor:
- Desire
- Determination
- Discipline
- Patience
If someone promises that you are going to make millions easily an old proverb comes to mind “if it’s too good to be true, it probably is”.
It takes a disciplined, long-term and appropriately-diversified investment approach to achieve well-defined investment goals.
You need to have the desire to make your investment plan work. As they say with employees, productivity is made up of skills times’ motivation. If you have zero motivation then productivity will also be zero. If you have a desire to make your plan work it can often outweigh the need to take greater risks.
Determination follows on from this. It takes a lot of effort to go without whilst you are on the path to savings.
It will require discipline to put in place and measure a plan of action. To ensure you put the savings away each week and do not going changing your investments each time the market goes up and down you need to be disciplined in your approach. You need to check in that your strategy is working.
Patience is really the key. If you think you are going to get rich overnight, forget it. Investments are long term, if you are looking at certain share or property investments we generally say nearly 20 years. You need to be patient that over time you will achieve your goals. Compound interest is your friend and once you start to get your balance growing it will continue growing at a faster rate.
If you believe you will achieve.
If you wish to obtain advice on your investment plan or have any questions regarding this please give the staff at Ritchie Advice a call we would be more than happy to help.
This advice may not be suitable to you because it contains general advice which does not take into consideration any of your personal circumstances. All strategies and information provided in this article is general advice only.
Ritchie Advice Pty Ltd ABN 12 150 128 448, is a Corporate Authorised Representative 408050 of Dover Financial Advisers Pty Ltd, Australian Financial Services Licensee No. 307248.
