The Online Investing AI Blog

After reading this great post at Bible Money Matters, it reminded me that the most important thing that we want to change is the way that we think. 90% of our thoughts today will be repeated tomorrow. And, the best way to change our finances it to change the way that we think about them.

The post talks about 5 things that millionaires do that helped make them rich. Most millionaires are self made, and it didn’t happen from winning the lottery. It happened through a specific way of thinking, and specific actions that they took to get rich. The interesting thing about these 5 things is that anyone can do them, regardless of their financial situation:

1. Focus on saving and investing.
2. Work on a project and make it successful.
3. Be willing to do what it takes.
4. Take calculated risks.
5. Be a giver.

I think the same rules apply to investing. When we think like successful investors, we can become successful investors. It’s not about the size of the account. It only takes a few days (or a few minutes!) for an unskilled investor to lose everything. However, a successful investor can practice the thoughts and actions of rich and wealthy investors regardless of the size of their portfolio.

One common mistake among new investors is that they sell their winners quickly, and let their losses run forever. But successful investors do just the opposite: they let their winners run, and cut their losses short. Warren Buffett, perhaps the most famous value investor, lets his winners run. He never intends to sell the businesses that he invests in, and only does so when he has made a serious mistake.

So, to be rich we must think rich. And to be successful investors, we must think like successful investors.

Related posts:

1. Top Investing Mistake #11: Not Deciding to be Rich
2. Top 16 Investing Mistakes
3. What is the Difference Between an Investor and a Trader?
4. Weekly Wisdom: Rich! Rich! Rich!
5. The Rich Get Richer…

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