One of the most unpopular views in our instant results driven society is taking small steps with patience to achieve your goals. This is due in large part to technology that gives anyone the ability to look up anything at any moment and receive an answer in a matter of milliseconds. When it comes to investing money, relationships, and just about everything worth while in life, a patient consistent effort will produce big results. You see it time and time again how people who have consistently invested their money week after week month after month until they woke up one day 60 years old with millions of dollars in their account.
This article will cover how you can achieve big results through investing your money in the proper way with the proper mindset. Our key points consist of start where you are, consistency, patience, and proper investments.
Start Where You Are
However much you have in your bank balance, start today. You can start with as little as investing your spare change today thanks to services like MariNation & Acorns. Most people will say that it "isn't worth it" or you "won't be able to make any real money". That is correct. The people who say those things will not make any money in the long run because that is their mindset. But you are different! You understand that investing even a dollar today every week for the next 30+ years into an account that provides an 8-10% return will have a massively positive impact on your life. Where do we find an account that will provide returns like this?
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Consistency
A major reason consistency is important is the fact that no human being can predict what will happen in the future. Regardless of what "experts" tell you, it is impossible for any of them to know what mood the market will be in on any given day. Sure there are ways to forecast by calculating previous events but it is never with complete certainty. By consistently investing you eliminate the volatility of these mood swings with trying to predict the unpredictable. Investing at a constant pace will increase your return over the long term of your life. This is called dollar cost averaging (DCA).
Click the link to learn more: https://en.wikipedia.org/wiki/Dollar_cost_averaging
Patience
The stock market is a device for transferring money from the impatient to the patient.
- Warren Buffett
If you mix the last two points together and put your money into the S&P 500 index you won't need to read anything more about this subject. It is as simple and straightforward as that. The reason why most people fail to do this is the fact that they cannot control their own emotions. Have patience with the results and remember the quote above!
Proper Investments
A proper investment in the stock market is a company that has a durable competitive advantage. This company is the leader of its industry that can increase or lower the price of its products, goods, and services whenever it feels like because it has an advantage over the rest of its competition. By investing in this company that soo many people trust and respect you set yourself (money) up for increased returns year after year. Companies that have a durable competitive advantage are Coca-Cola, Walmart, Wrigley, and Google. Let's take Google for example. Google is primarily a search engine which simply means that people type information into their database that connects you to links about the topic you searched. Google's competition for search engines consist of Yahoo and Bing basically. You can now see what we are talking about. Google clearly has the market when it comes to search engines being it's durable competitive advantage.
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