[dropcap]E[/dropcap]veryone desires to have a successful investment portfolio at some point in life. Many wish they would have a stable investment in their mid-thirties and start enjoying the fruits at 40.
What, however,draws back our dreams is the fear of whether the route we choose will give back or is likely to end up in failure.
Jackline Mugo, an investment advisor at Ozaid Company, says a wise investment is that which involves best options that are good for one’s money and which can help an individual not only to guard his initial investment but also grow that capital to levels that it would not otherwise have attained.
According to Ms Mugo, below here are the 5 key elements every investor needs to factor if he is to succeed in business:
Stop microwave mentality
Microwave mentality can be defined as having the attitude that if something can’t be done in five minutes or less, then it’s not worth doing.
Many people especially the millennials are immersed in this. Their minds, according to Mugo, are such that if it can’t happen now, then forget about it.
“Many do not want to wait because of this. As long as they are able to satisfy their basic daily needs and expect to get some money tomorrow, then long term projects do not have space in their minds,” says Mugo.
Before you think of investing in any business, it is important to understand the fact that investment is a long term strategy and no investor has ever become rich in a fortnight. To succeed, take your time and understand how your target market trends on a day to day basis and how some short term changes can be expected and ultimately dealt with.
“It is relative whether your investment will give you returns. What however matters is how patient you are. Build yourself at your capacity, persevere all the ups and downs and you shall surely achieve your big dreams.”
Live within your means
To invest, you must have an income. To have an income worth investing, you must save and to successfully save, there is only one commandment with a promise; thou shall spend less than you earn.
No one will dictate to you on how to spend your money. Not even your wife or financial advisor. However, if you cannot account for your finances at the end of the day, however much you invest, you are destined for doom for a simple reason; lack of financial discipline.
“There is a trend where we take life as a series of events. That we would rather drink all that we have today and see how it leaves our pockets rather than risking it into a business that we do not know whether it will pay or not. This is indiscipline. Investment is all about risking,” adds Ms Mugo.
Seek financial advice
To succeed as an investor, know where your money is invested. Always don’t hesitate to ask as many questions as possible from experts such as financial or investment advisors before making any financial move. This will give you an in-depth understanding and analysis of the risks that you are likely to encounter in your investment journey.
The experts will also give you tips on how to plan with your money at every investment step. More importantly, make sure you keep updating your financial plans whenever they get outdated.
According to Mugo, one does not need to be a rocket scientist to succeed in investment “rather all you need it to get out of your comfort zone and be ready to take risks within the rules of investment.”