Subscribe to Entrepreneur for $5
Subscribe

Break Bad Investing Habits by Adopting These Tried-and-True Tips

Phil Town describes a few traits of smart investors.

By
Opinions expressed by Entrepreneur contributors are their own.

Many investors unwittingly follow a slew of bad habits that prevent them from making . Thankfully, if you are one of these people, you can change your course by following these tips from Entrepreneur Network partner, Phil Town.

First off, stop trying to get rich fast. Get-rich-quick schemes often blow up and backfire. A good investor knows that to make money, you should commit to investing in a company for an extended period of time. Exiting an too soon directly cuts into your ability to build up wealth, and practicing patience can lead to a big payoff down the road.

Town says that most people who are willing to take your money and invest it are not great at it. that's why you should dive into companies on your own and figure out the strategies that work for you. You may be surprised to find that it is easier than expected. Plus, you know you can trust the person in change of your money.

Click play to hear more from Phil Town.

Related: Want to Improve Your Investing Habits? Try Warren Buffett's Circle of Confidence.

Entrepreneur Network is a premium video network providing entertainment, ewitducation and inspiration from successful entrepreneurs and thought leaders. We provide expertise and opportunities to accelerate brand growth and effectively monetize video and audio content distributed across all digital platforms for the business genre.

EN is partnered with hundreds of top YouTube channels in the business vertical. Watch video from our network partners on demand on Roku, Apple TV and the Entrepreneur App available on iOS and Android devices.

Latest

Are You a Social Media Addict? Here's 5 Unexpected Ways to Quit

Is social media the problem behind your lack of focus? Ben Angel discusses the effects of social media on the brain and our ability to focus.

Meet the Entrepreneur and Mom Teaching Kids About Volunteering Through Family Projects

The founder of Alltrusits shares how she's helping families talk about topics such as homelessness, bees, clean water, hunger, foster animals and climate action.

Chef Robert Irvine on Making a Difference in Hospitality — and the World

Interview with World-Famous Chef and Philanthropist Robert Irvine of The Robert Irvine Brand Family about supporting others, embracing a military culture in business, and the essence of leadership.

How to Unlock Your Company's Value in the 'Circular Economy'

Michael Smith of Regeneration.VC shares how the circular economy works and why it's good for business and our planet.

BBQ Icon Rodney Scott on Blazing Your Own Path in the Restaurant Business

Interview with famed pitmaster and food entrepreneur Rodney Scott of Rodney Scott's BBQ about every day being a good day, the truth behind "overnight" celebrity, and how cooking with soul is vital to sustained success.

3 Easy Ways To Be More Motivated

Want to tackle your to-do list in just two weeks? In this video, Ben Angel tells you how.

The Founder of Mindvalley Wants to Transform and Reinvent Education. Here's Why.

The founder of Mindvalley shares why he started his platform and discusses his new book, "The 6 Phase Meditation Method."

This Teacher-Turned-Entrepreneur Started Tutoring Kids in Parks and Churches. Today, She Runs an Education Company with Nearly One Million Followers

The CEO and founder of Big City Readers talk about why she's on a mission to make reading fun for kids and their parents. Plus, what to do if you're afraid to take a leap in your career.

Melissa Villanueva of Brewpoint Coffee on Creating Avenues for Café Owners of Color

Interview with Brewpoint Coffee CEO and Founder Melissa Villanueva about balancing community and larger ambitions, creating opportunities for people of color, and equity and inclusion in business.

4 Easy Ways to Make More Money By Training Your Brain

Mental rehearsal is a powerful psychological technique that's used by athletes, billionaires, and entrepreneurs to achieve their goals.

5 Tips to Help You Go from Camera-Shy to Camera-Ready

Media trainer Jessica Abo reveals her go-to production tips so you can feel more confident for your next on-air appearance, pitch, or presentation.

Shone Tran of Chicken Meets Rice on Stepping into Food Entrepreneurship

Interview with Chicken Meets Rice co-founder Shone Tran about pulling inspiration from tragedy, taking small steps, and thriving in business with your best friend.

Try This 15-Minute Million Dollar Morning Routine To Energize Your Day

Here are six steps you can take to amplify your energy and grow your income.

This Is Why Being a Podcast Guest Can Transform Your Personal Brand

The Founder and CEO of Scout's Agency shares why a "podcast tour" is the new PR strategy for thought-leaders.

Samantha Trottier and Hernan Regiardo of Mate Society on Creating Content People Like

Interview with Mate Society founders about authentic online connections, making money in the creator economy, and choosing the right brand deals.

Discover Entrepreneur Series

Whether you need advice on how to get your business off the ground or you’re just looking for inspiration, our video series have something for everyone. Browse our library below to find a series that speaks to you and your interests.