Of the many types of professionals out there, investors are perhaps the ones most in need of some serious motivation on any given day.
It doesn’t matter if you’re playing the stock market or investing in real estate. When an amazing opportunity passes us by or a “sure thing” ends up being anything but secure, it’s only natural to get a bit down.
However, some of the best advice for investors can be boiled down into some simple quotes and concepts. The following six pieces of wisdom represent guiding principles that any new investor can live by regardless of their goals.
1. Don’t Sit on the Sidelines
In the immortal words of Warren Buffett, you can only win the game if you play the field: if you’re stuck staring at the scoreboard, you’ll go nowhere. Inaction is the silent killer of many investment dreams. You can plan all day and night; however, planning means very little until you actually take action.
2. Embrace the Small Victories
Not every investment opportunity is going to transform your life overnight. Perhaps you’ve finally managed to profit from a nagging stock that you’ve been dying to sell. Maybe you’ve found some ways to maximize tax deductions from your real estate investments and have managed to save a bit of cash as a result. These small victories shouldn’t be taken for granted, especially given how often investors struggle with decision making
3. Remove “Next Time” from Your Vocabulary
On a related note, mistakes are seemingly inevitable in the world of investing, so accepting them outright is an absolute must. The key to growing and moving forward is to not dwell on such mistakes, but rather learn from. Don’t say that you’ll do better next time: do it.
4. “Good Enough” Beats “What If” Every Single Time
Sometimes being the best investor you can be means being embracing the concept of being “good enough.” After all, not all of us necessarily want to be multimillionaires pouring our hearts and souls into trades and deals.” Rather than chase a gamble or blindly hope for opportunities to fall your lap, it’s okay to compromise with whatever is bringing in money little by little.
5. Own Your Successes and Failures
It’s only natural to play the blame game as a new investor, especially when we see so many claims of newbies becoming millionaires overnight.
“Ugh! That site gave me some bum advice.”
“I would never have done that on my own.”
Just as you should accept your small victories, understand that blaming your slip-ups on others isn’t exactly proactive. Sometimes it pays to listen to your gut or the voice in your head rather than a “guru” that could otherwise be leading you astray. Strive to accept your wins and losses accordingly.
6. Don’t Forget to Invest in Yourself
Remember that there’s more to life than dollars and cents. If you can’t actually take the time to step back and enjoy the time and profits related to your investments, what’s the point? Your personal fulfillment and happiness will ultimately encourage you to be a stress-free investor in the long-run, so don’t ignore them in your day-to-day life.
Becoming a better investor means having your principles and priorities in order. These tips can help you stay the course even when things aren’t going 100% your way.