Whether you’re a budding financial advisor or seasoned professional, there are several lessons, passing the test of time.
It’s okay to be different. Following the crowd isn’t always a recipe for investment success.
Especially if you’ve made unwise investments before, based on what everyone else is doing, you understand the misleading power of persuasion.
Stick to your guns. If the numbers don’t add up, despite pressures to invest or market hype — just say no. The best investments can be the ones you don’t make.
You are your most valuable resource; invest in your own human capital. Always seek to broaden your knowledge base, market insights, and experiences.
Going for a higher degree or certification may slow you down for a moment, but the return on investment (yourself) is a lucrative one.
As with anything else, there will inevitably be fads and trends in investments. Don’t get swept up in the short-term noise; channel your attention on things you can control: savings, life insurance, taxes, estate planning, etc.
Implement a specific investment strategy, then stick with, through thick and thin. Rather than looking at what is working right now, consider what makes sense in the long run and what you can commit to.
Good things come to those who wait. Don’t underestimate the power of compound interest coupled with extreme patience.
Focus on what you can control: savings, taxes, etc. and avoid making massive, risky mistakes. What might not seem like a worthwhile investment now, can pay big bucks in 15, 20 years from now.
What lessons have you learned that have been helpful? We want to hear from you below.
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