Richard Blair is the founder of Austin based Investment Advisory firm Wealth Solutions. When Blair started this firm he did so with one goal in mind, to significantly impact the lives of families by showing them how to build and protect their wealth.
Since opening the firm in 1994 Blair has helped thousands of families, individuals and small business owners make smart investment moves that will enable them to retire comfortably.
Here are the 7 steps Richard Blair believes will make you a successful investor:
If you haven’t started investing you need to start today. The sooner you start the better off you will be in the long run. Investing is a long term game. In order to benefit from compound growth you have to be patient and give your money time to grow.
This is something you have no doubt heard a million times. By diversifying your assets you are less likely to lose everything should one investment go bad.
Invest In Tax Deferred Plans
By investing in tax deferred plans such as profit sharing plans and 401(k)s you can avoid paying taxes on the money until you retire. This means you can invest more now and your money will grow faster.
There will be times when the market will fluctuate and it can incite panic all around. But you, being the smart investor you are, know that you should never panic. Bear markets come and go. The best thing for you to do is let it run its course and eventually things will be back on track.
Don’t Expect Miracles
Some of your investment decisions won’t pan out as you expected and you will more than likely lose money as a result. The key is to find the investments that are consistently under performing and get rid of them. That’s how you continue to get a return on your investments for years to come.
Buy and Hold
Most new investors will do what is known as cut and run. This means they change mutual funds on a yearly basis in an effort to acquire some of the hot performers from the previous year.
This is never a good idea as you may be dumping a good investment for something that is a flash in the pan. So focus on buying and holding. It is by far the smartest long term investment strategy.
Ask For Help
Never be afraid to seek help if you need it.
For more information, connect with Richard Blair on LinkedIn.