If you said “luck,” you’re wrong. If you’re thinking whatever it is, you haven’t got it, you’re also wrong. Because they’re traits that are available to each and every one of us:
Above all else, successful investors are savvy shoppers. They also have a lot of patience.
That’s right. They look for bargains. They know value when they see it. And until they see it, they wait. They also understand and appreciate the power of compound interest — and how it can make them very wealthy. All of which can also work in our favour as well, provided we’re equally disciplined.
Anyone who knows me, or has done business with me, will tell you it’s impossible to have a conversation without hearing me go on and on about this very topic. See for yourself on my website. Here’s the link:
Scroll down to the heading “Here’s a very good example.” You’ll find a very enlightening story about a secretary who became a multi-millionaire by re-investing her dividends and letting the interest mount.
But I’m not alone in this belief. Richard Russell is a legend in the financial world. His newsletter, Dow Theory Letters, is among the most respected in the industry, for good reason. In the early 1970s he wrote a piece, “Rich Man, Poor Man (The Power of Compounding)” and it’s as insightful, as relevant and as meaningful today as it was then, maybe even more so given all the ups, downs and swings we’ve experienced. Read it here.
So if you’re an investor and you’re serious about making money I urge you to listen to what he has to say and then follow his advice. Let’s talk about it — sooner, rather than later. Time, and interest, wait for no one.
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