When it comes to life, we all make mistakes. Investing is no different. Luckily, they are usually small and easy to overcome. However, four common mistakes are so enormous that just knowing about them can add hundreds of thousands of dollars towards your personal net worth. Here is the good news; you don’t have to be a guru to avoid them.
Blunder 1: No Action – A dramatic number of so-called investors simply stands around and miss out on the greatest builder of wealth available. Many people just never save or invest anything at all. If that sounds like you, then stop! Start investing now.
Blunder 2: Waiting until pigs fly – Lots of people has the intention to start, but wait too long. Too many of us put off investing with a continuous series of excuses. I’ve heard them all. Wait until we get out of school, until the economy gets better, until he/she changes. You get the idea.
Remember one thing about investing; it should be the power of starting early. With just a few years’ head start, a mediocre investor can easily out-earn the top-dog. Every single day counts. The best time to invest was yesterday. The second best time is today.
Blunder 3: Fear of Failure – Too many investors is just scared. Every investor we’ve met has suffered down times, even the mega titan in the world picks stocks that didn’t work. The trick is to invest for the long haul. Investing for the long term is a lot like hitting home runs in baseball. The most successful baseball player hits just a bit over 60% during his career. It is essential to set realistic expectations and be aware ahead of time that you’re going to miss a few pitches, especially your first year! Don’t let the fear of setback throw you off your game.
Blunder 4: High Expectations to Get Rich Quick – It is vital that you practice patience. To really understand investing you’ll need to understand and have the temperament to let the principle of compound work for you, if not you probably won’t get very far as an investor.
So are you playing the game? Or just speculating? If you aren’t, start today by reading and training your mind. If you’re a seasoned investor, make sure you keep at it, keep learning new things, and always challenge yourself. The key is to get in the game and stay in. Have the patience and let time work its magic to enjoy a successful future.
Having a successful mindset is not only the key to being successful it is the key to joy and living your best life. Incorporate these steps, be patient with yourself they’re not easy, and live the successful life you were destined to live.