Get All Access for $5/mo

Break Bad Investing Habits by Adopting These Tried-and-True Tips Phil Town describes a few traits of smart investors.

By Phil Town

Opinions expressed by Entrepreneur contributors are their own.

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.

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.

Phil Town is an Investment Advisor, Hedge Fund Manager, 2x New York Times Best-Selling Author of Rule #1 & Payback Time, and Ex-Grand Canyon River Rafting Guide. Rule #1 Investing is Warren Buffett style investing, teaching you how to buy businesses on sale, with little risk and 15 percent returns. In fact, Rule #1 investing is practically immune to the ups and downs of the stock market.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

More from Phil Town

How to Find a Stock On Sale That's Right for You

3 Bad Investing Habits You Should Drop Before It's Too Late

Nervous About Investing? Think About Your Money This Way.

How to React When a Recession Is Approaching

Editor's Pick

Business News

How to Be a Billionaire By 25, According to a College Dropout Turned CEO Worth $1.6 Billion

Austin Russell became the world's youngest self-made billionaire in 2020 at age 25.

Living

Taylor Swift Has a Lucky Number. And She's Not the Only High Performer Who Leans Into Superstitions to Boost Confidence.

Even megastars like Swift need a little extra something to get them in the right mindset when it is game time.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Marketing

SEO Trends You Need to Be Aware of Right Now, According to a Seasoned Pro

Navigate the future of search engine optimization to elevate your online presence and drive meaningful engagement.

Health & Wellness

4 Habits I Cultivated to Become a Healthier, More Effective Entrepreneur

By the time I hit mid-life, some of my bad habits were becoming a risk to my long-term business goals — and my health. Here's how I was able to change them.

Franchise

Guide Fellow Entrepreneurs to Success with an Exit Factor Franchise

Exit Factor franchisees play a vital role in the entrepreneurial community. As a business advisor, franchisees offer valuable guidance, solutions, and expertise to clients seeking to improve their business for a future exit.