Five habits you must cultivate to ace your investment joutney
Imbibe these habits to make a world of difference to your life as an investor
Contrary to what you’ll hear often, a sound investment, and a vibrant financial journey, isn’t built on the back of risk-taking or a formula that gives you overnight success. It’s based on serious thinking, extensive research and enormous amounts of patience.
#1: Prepare before you start investing
A lot of us take an impulsive plunge into the world of investing one day when we suddenly realise how important it is to invest. Even if you’re going to go through a specialist, it’s very important to align your understanding to what it is that you want to achieve before you start investing.
#2: Align life goals to investment milestones
Investing is all about long-term gains. It very often works for individuals if they align their life goals to investment milestones. Helps you plan better, helps you stay invested.
#3: Herd mentality: The way not to go
Often we look to success stories and go by herd mentality when we are deciding to invest. That’s one sure-fire way to fail. You need to look at your expectations, your timelines and your take-aways from your investments, to reap your very own rewards.
#4: Form your own investment theory
It’s important that you chart your own course when it comes to investing, for no one knows better than your expectations and desires. So, read more and think more about your aims and goals and what are the various investment instruments that can get you there. Over the years, derive and evolve your own theory, and follow it for continued success.
#5: Be patient: Rome wasn’t built in a day
Last, but not least, do not get swayed by all the success stories and become impatient. Remember, behind all those success stories are years of patience spent in waiting for that moment to arrive. Investment is a journey that’s built over a period of time, and the more patient you are the bigger the success that awaits you.