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When it comes to successful investing, Jack Bogle once advised, “Don’t do something; just stand there”, and he makes a fair point.READ THE ARTICLE
Focus forward: A solid long-term financial plan requires the ability to hold steady, and avoid the temptation to micro-manage. Contrary to what many perceive as factors of success (putting in extra time, effort and hard work), in the instance of investing, focusing too much on the next financial trend or hot stock can easily derail the direction of your portfolio.
Target traits: Instead, what sets the most successful investors apart from the least successful comes down to habits and attitudes. Research shows that individuals who plan for the future and are “patient and deliberate in carrying out those plans” are as close to the “perfect investor” as one can get.
As far as attitude goes, four factors noted here to focus your attention on include: Trusting in the future, resilience, perspective and above all, patience. In the realm of habits, successful investors are consistent in that they save regularly, live below their means, acknowledge fear and greed, and avoid letting emotions govern what they do. They don’t demand or expect perfection and most importantly, understand their habits and attitudes are under their (and your) control.
Practice intentionality: Attitudes and habits lead to success in all aspects of life, but are you implementing those into your financial life as well?