4 LESSONS TO LEARN BEFORE BECOMING AN INVESTOR — Frank Nii Okanta Ankrah
On an expedition, a hunter needs to find for him/herself a perfect spot to locate the right game. As good as it may sound, life is worth nothing but worthy in the end if you played your cards well.
I was overwhelmed with pain when I realised I had lost a whopping sum of money to a business I thought was rather going to pay me well. I understood that it was not the doing of anyone but I, for I ignored the principles that I am about to share with you;
1. Control Your Own Destiny
You need to realize that no one, I mean no one cares about your money more you do. So you need to tread cautiously and know where to step and where not to. The money in your pocket is your hard-earned money, these days it is also hard to come by and is easy to lose, so your decisions affect the outcome.
In controlling your destiny one must learn to do due-diligence, know when to get in, and when to get out of a market.
2.Embrace an Investing Strategy
It’s important to know what kind of investor you are and adhere to the principles of your investing strategies. What kind of investor are you; value, contrarian, growth at a reasonable price, growth, or momentum? I believe investment decisions should be valuation-based. Whichever investing strategies you choose, maintain a consistent approach.
3.Invest For the Long Term
Short term investing is one of the biggest downfalls of current investing strategies. The truly great investors realize if you buy an investment at a favourable price it may take time for the market to recognize its true value.
Long term investing is one of the most important investing principles because short term trading usually leads to poor long term performance. This is common because many investors let fear and greed cause them to make bad decisions. The long term will take care of itself if you make wise investment decisions.
4. Choose Passive Income
Passive income is quite probably one of the most prominent and pivotal ways that the rich get richer. It’s how you detach your ability to earn from the time that you do have in a day. If you’ve ever heard the term, making money while you sleep, no truer words have been spoken. With passive income, you do make money while you sleep. You also make money while you’re awake. It’s automatic and simply keeps coming in.
However, creating a passive income stream is far from automatic. It’s no easy feat by any measure. It takes an enormous amount of effort and exertion of your time with very little return in the beginning. It involves an overall sense of frustration and an enormous learning curve. Still, it’s one of the most fruitful and worthwhile investments of your time that you could engage in.
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