How to Invest and Make More Money! 10 Practical Tips and Financial Advice from Successful Investors
Many thousands of successful investors have been interviewed over the years in an attempt to gain financial advice and discover their so-called secrets of success. Here are some of their recommendations on how to invest money to make even more money:
Make More Money by Taking Risks
An important piece of financial advice is if you are not a bit worried about your speculations or your investments, then you are not risking enough. You should have enough money invested so that it is a real concern to you. You are more likely to watch that investment more carefully and eventually make more money.
In order to make more money, always take your profit too soon. “Conquer greed,” as Bernard Baruch says. There is a saying in the stock market: “Bulls make money and bears make money, but pigs never do.”
Understand the Uncertainties
Distrust anyone who claims to predict the future and provides you any financial advice through “foresight”, since all financial outcomes are loaded with uncertainty. If you want to learn how to invest successfully, you must understand that this means that every investment is a gamble of some kind. No one can tell you with accuracy what is going to happen in the future with regard to any stock or investment. Everyone is guessing the very best they know how.
Make More Money by Accepting Your Losses
When the ship starts to sink, don’t pray; jump. In other words, accept the small losses cheerfully as a fact of investing life and move on to make more money in the future. At the very best, about 50 percent of investments will go wrong. They will actually decline in value. They will fail to realize your hopes and expectations for them. But you can still learn how to invest successfully if you minimize your losses on the downside so that you can maximize your profits on the upside.
Financial Advice and Luck
Luck is the most powerful single factor in learning to make more money and invest successfully. Because there are no predictable patterns in investing in the stock market, for you to be successful, you need a lot of luck. A good question for you to ask is, “How much of my financial future am I willing to entrust to luck?”
Cut the Emotions Out
Never fall in love with an investment. Never become emotionally involved with anything that you purchase with the intention of making a profit. This rule on how and where to invest also includes real estate, especially in your home.
Hunch v. Hope
Never confuse a hunch with a hope. Many people hope that a particular stock or investment is a good one that can help them make more money. They then say that they have a very good hunch that it’s going to go up. The best financial advice you can learn, is to consciously separate your hunches from your hopes, and not confuse the two.
Optimism means expecting the best, but confidence comes from knowing how you will handle the worst. To put it another way, confidence springs from the constructive use of pessimism.
Think for Yourself
Disregard the majority of opinion. Think through every decision for yourself. Don’t allow your investment decisions and ability to make money to be influenced by anyone else. Take the time to think them through personally, and then take full responsibility for each choice you make.
If it doesn’t pay the first time, forget it. If, based on the information you have, you decide to invest in a stock and it doesn’t work out, sell the stock and go on to something else. Keep your ego completely out of the equation when learning how to invest to make more money. A very wealthy man once told me, “Investment opportunities are like buses; there will always be another one along.”
How to Invest Like the Most Successful Investors
The preceding advice is practiced by many of the most successful people who have ever invested in stocks. Remember, the stock market is highly speculative. It is dominated and controlled by people who are making their living by buying and selling stock for others. And these people make mistakes every single day.
There is no “best way” to make more money in the stock market. If you are going to learn how to invest in stocks, be careful. Do your homework, gain some financial advice and watch your investments all the time.
To learn more about how to achieve optimum success, take a look at my recent post How To Be Successful In Life.
Topics included in this article include
How to Invest
Make More Money
About Brian Tracy — Brian is recognized as the top sales training and personal success authority in the world today. He has authored more than 60 books and has produced more than 500 audio and video learning programs on sales, management, business success and personal development, including worldwide bestseller The Psychology of Achievement. Brian's goal is to help you achieve your personal and business goals faster and easier than you ever imagined. You can follow him on Google+, Twitter, Facebook, Pinterest, Linkedin and Youtube.