Break Bad Investing Habits by Adopting These Tried-and-True Tips Phil Town describes a few traits of smart investors.
By Phil Town
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Many investors unwittingly follow a slew of bad habits that prevent them from making money. 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 investment 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.
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