Five tips for success
Successful investors could possibly attribute their success by expressing they enjoy the experience.
Witnessing early results can also help reinforce why you are investing, encouraging us to stay the course.
Sat around waiting for an annual dividend every 12 months is not going to seem very exciting in the early years.
As new investors we need to see the little successes, therefore seeing any immediate rewards in those quarterly dividends can help, otherwise it could seem counter intuitive which could lead us to lose interest.
Carefully planning your initial investments is vital for both our success and mental wellbeing.
Investing in businesses that distribute at least quarterly payments might sound like common sense however not everyone starts out this way.
I would encourage anyone starting a portfolio from scratch to ensure you witness these early dividends, this will provide the building blocks and foundations to build upon.
Receiving quarterly dividend payments can reinforce positivity when we initially start, keeping us invested in the journey by witnessing a visual gain.
So help yourself and remember:
1, visual gain
2, keeps us invested
When combining the newly available dividends with some regular savings it also provides opportunity, opportunity of what is the next equity we can add to our portfolio’s, keeping the excitement alive.
3, dividends + Savings = opens up new opportunities
4, keeps the excitement alive.
The reason I mention excitement above is because compound investing is not as exciting as Tech stock or Bitcoin, BUT remember the recent rise and downfall of the growth Tech stocks & Crypto currencies?
Remember the story of the Tortoise & the Hare?
Building long term wealth is a long term plan, so we need to be invested and maintain the interest.
Here’s the best bit:
Gradually increasing your income year over year is kind of addictive, that’s right Addictive!
Remaining focused on monthly and annual income has helped me set realistic targets and hit them.
When you get that rush from seeing the previous years results, you’ll be wanting to start the next year diving straight back in.
Knowing we are in control of our finances, our financial futures it gives us a sense of inner peace and reassurance.
In five to eight years you will look back and recall what you have read, knowing best of all:
5, you’ll have the realisation you’ve started to take control of your financial future.
Please remember that all investments can rise and fall in value, therefore you may get back less then you originally invested.
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