Temperament
In order to be successful at the game of investing, an investor needs the right mix of patience, humility, confidence and caution. In other words, an investor needs the right temperament to succeed.
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Invest
Punch Card Investing
Today, I’d like to talk about the concept of punch card investing. This was a concept that was popularized by Warren Buffett.
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Never Lose Money
When a person starts to invest, it seems obvious that the objective should be to make as much money as possible. This can lead to first time investors becoming blind to the risks that they’re taking so that they can earn higher returns. Like many things in life, this is a problem that needs to be inverted. Instead of asking how can I earn higher returns, investors first need to ask how can I avoid losing money?
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Active Versus Passive Investing
After you’ve saved up some money and decided that it’s time to start investing, the question becomes how should I invest?
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Redundancy
There are certain situations in life that require a very high success rate. For example, a space launch, or providing power to an important building/facility, or perhaps having a working microphone so a speaker can give a keynote address to thousands of people. In these types of situations, we don’t just rely on everything working as planned. We put backups in place. We have redundancy.
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What’s Your Number?
Today I want to talk just briefly about how much money you’ll need to be financially secure. Now, this number varies for each person. And I know that there are numerous ways that you can come up with the amount you’ll need to retire or be financially free, but I prefer to keep it very simple.
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Let’s Start Painting the Target
Let’s talk about financial goals. Specifically, when we say that we want to achieve financial freedom, what does that mean? Do we know what we’re aiming for financially, or are we just shooting blindly?
Let’s take some time and begin painting the target before we try to shoot at anything.
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Introduction
Take five seconds and think about one thing that you would like to spend more time on.
Okay, time’s up. What is it?
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