The first thing I would say is to take investing seriously. Although you may start out doing it in your spare time, it’s vital to treat your investment strategy like a business.
Don?t regard it as a hobby. If you treat it like a leisure interest or pastime, expect to make money at the kind of level that is commensurate. However, if you treat it like a business, then it’s possible to make a lot of money when you nurture some or all of the other qualities your investment vehicle may require you to have.
Successful investors are able to make money work for them. Are you good with money” do you save or do you spend all that you earn” Do you use your own cash for investing or alternative ways to fund your investments, using other people’s money safely to build your wealth” How good are you at getting value for money?
Do you have a clearly defined investment strategy which you stick to” What would you like to achieve Income or capital” Are you looking to buy and hold (investing) or buy and sell (trading). Having a vision for your goals and knowing clearly where you want to get to in life in the short-term and long-term within a certain timescale.
Having the passion for your chosen strategy will assist you in becoming results-orientated and being highly committed to your goals and strategy.
Learn about your investment strategy and master it. How well do you know the market for your investment strategy” How skilled are you at operating within it” Do you know what the investment market requires at any given time Do you keep an eye on current investment markets?
Do you update and upgrade your knowledge and skills about market conditions and growth” Are you flexible and ready for change if the market turns” The average investor panics and becomes uncertain when the market changes and fluctuates where the successful investor takes advantage of these changes.
Can you spot a bargain” Do you act fast” Do you do the necessary research and analysis” Do you invest with an exit plan and develop alternatives if things don’t go to plan to reduce your risk?
Successful investors know the risk of investing and minimise their risk by understanding their plan, appropriate research and analyse their expected returns. Being risk averse is a quality shaped by experience, knowledge and confidence.
Teamwork makes the dream work. Do you work alone or with a team of trusted experts” Successful investors have various appropriate experts advising them. They also network with like-minded people who are also aligned with the same goals and aspirations to share knowledge, advice and talk about their challenges.
Having a mentor as part of your team will you focused and enables you to keep moving towards your goals in a safe and speedy way.
Project management skills
Do you have good project management skills” Are you organized and competent” Are you a good time manager” Are you good at problem-solving” Are you good with details” If not are you able to to get assistance with this?
Successful investors are good negotiators and able to create a win-win scenario. Can you negotiate well” Do you prepare and plan how to handle objections” Can you think clearly and rapidly under pressure and uncertainty” Can you express thoughts verbally” Do you have good judgment” Are you persuasive Are you able to make quick decisions?
Successful investors are not emotional about their investments. They analyse the numbers and returns on investments. Numbers don’t lie.
Learning from mistakes
Successful investors are able to use mistakes as feedback and not to let them hold you back. They are able to talk about their mistakes and miscalculations who are able to learn from them and bounce back. They take personal responsibility for their actions without blaming others. Being determined to persevere and complete what they started.
Action and patience
They don’t just talk about investing they take action consistently to achieve their goals. They also have patience, to enable them to make the right decisions and having faith in what they are doing.
They are disciplined with themselves despite having countless distractions of other types of investment strategies and other money-making schemes. They don’t allow other people’s fears and uncertainty and are focused on their investment strategy and stick to it until they reach their outcome.
All the skills can be developed, learnt and mastered with the right attitude, focus and belief that you can do it.
Bindar Dosanjh is a multiple-award winning property investor, property mentor, trainer and lawyer. An acclaimed international speaker who inspires thousands of women each year to get into property.