Investing is not easy. In addition to requiring professional advice and guidance on the amount of money you need to save and the instruments that you can choose to invest in to achieve your financial goals, it also requires a great deal of discipline and commitment. Here are some quotes that can inspire you in 2020 to stick to your financial plan and stay “chin up” when the markets are down.
Poor people see a dollar as a dollar to trade for something they want right now. Rich people see every dollar as a ‘seed’ that can be planted to earn a hundred more dollars … then replanted to earn a thousand more dollars.” - T. Harv Eker, Secrets of the Millionaire Mind
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Investing is a forward looking activity that helps you pave the path to your future. When you save money from your monthly income, it is easy to spend it on consumption. However, if you want to grow your wealth and become rich, you should instead choose to invest your money to generate more money.
“I will tell you the secret to getting rich on Wall Street. You try to be greedy when others are fearful. And you try to be fearful when others are greedy.” - Warren Buffett
Any list that talks about the benefits of investing is incomplete without quoting the “Oracle of Omaha”. As human beings, are response to uncertainty is usually flight. When markets become volatile or uncertain, most of us tend to exit the markets, thereby missing out on some great opportunities. Instead, when others are fearful, you must look for compelling investment opportunities and invest in them for the long-term.
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“The habit of saving is itself an education; it fosters every virtue, teaches self-denial, cultivates the sense of order, trains to forethought, and so broadens the mind.” - T.T. Munger
Make saving and investing a way of life rather than something that you do sporadically. It not only helps you grow your money but also positively impacts various other spheres of your life.
“Know what you own, and know why you own it.” - Peter Lynch
Informed decision making is the key to creating a robust long-term portfolio. If you really want your investments to work for you, it is important that you know all the investment that you hold in your portfolio and the rationale for holding those investments. This will benefit you in two ways. Firstly, in volatile markets when everyone is selling, if your rational is intact then you can hold on to your investments and secondly, if the reason why you bought the investment is no longer valid, then you know it is time to exit that particular investment.
Nuggets of gold
“Successful investing is about managing risk and not avoiding it.” - Benjamin Graham
“It’s not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.”— Robert Kiyosaki
“If you wish to get rich, save what you get. A fool can earn money, but it takes a wise man to save and dispose of it to his own advantage.”― Brigham Young
These are just a few thoughts to keep you tethered to your financial plan.
