investors

The 8 Traits Good Investors Share

There are eight traits that most good investors share. These traits make it easy for them to not only know how to invest, but when to invest, or in some cases, when not to. Not every one of us have all traits, but the most of these that you can learn or develop, the better off you will be.

1. The first trait a good investor should have is knowing when to say “I Don’t Know.” This trait will save you money time after time. Many investors are afraid of looking stupid, and so when they don’t know something they act like they do instead, and of course, it often has disastrous results. Don’t be afraid to let others know when you don’t know something. Treat everything as a learning opportunity, and be prepared to listen and learn.
2. The second trait of a professional investor is knowing when to ask for help. Asking for help is hard for many people because they do not want to show any weaknesses or are afraid to show that they don’t know something. Not all of is can be experts at everything all of the time. Know when to ask for help, and don’t be afraid of asking for help or advice. A mentor is the perfect person to learn from. A good mentor is someone who can provide education, and opportunities to learn from because they have done what you want to do already, and if they are still active so much the better because you’ll be able to observe what they, how they do it, and be able to explain the reasoning behind the actions. A good mentor is priceless.
3. The third trait an investment professional should develop is having a knack for shopping. Being able to spot a bargain is a necessary trait for an investor. If you like to shop, chances are you’ll be good at finding good deals, and you’ll have fun doing so. You’ll have an easier time waiting for just the right buy at the price that will make it a true bargain. It requires patience, stamina and did I mention, patience. Yes, I did. Twice.
4. The fourth trait of a good investor is doing your homework. Don’t mean to bring up childhood nightmares, but doing your homework when you are an investor means being prepared. Being prepared means you’ll be able to take advantage of opportunities as they present themselves. People call that luck, and being prepared seems to always bring about good luck.
5. The fifth trait of a good investor is being risk-averse. Seemingly this would not be a good trait to have if you are an investor, but fear is good. Fear keeps you on your toes. The key for an investor is in not being paralyzed by fear. You, an an investor, must still act, but being a little afraid will help you by making sure you do your homework first. It will also help to take advantage of your patience. Investing is not for the weak-of-heart, or the impatient. Yes, it’s good to be able to take your shot, just make sure you have all your ducks in a row when you do.
6. The sixth trait an investment professional should have is being able to keep the ego in check. Resist the urge to brag or speak before anything is resolved. Often things will not go as planned, and you’ll have already spilled the beans on something. Make sure you keep the proper perspective, and thus, reap the rewards, but don’t count your chickens before they hatch.
7. The seventh trait of a good investor is having the ability to care and love their investments, and the people involved in those investments. The personal relational aspects of investing are important to maintain. At the heart of it all, the investment business is a people business. Often you find that the best investment you can make is in another person, whether that person is a mentor, an employee or a customer.
8. The eight and final trait of a good investor is having the ability to learn. Learn from your mistakes, or better yet, learn from the mistakes of others. Those types of learning experiences won’t hurt as much. Find an investment club, find a mentor, find a good investment broker, or better yet, find a friend. having someone to learn from will all the difference in the world in your career as an investor.

These eight traits will serve you well time after time. In addition to these eight character traits, make sure your credit is at its best. Having a good credit score is always important if you are trying to do anything that is financially related. It all ties in together when it comes to financial matters, and will almost always be looked at with any application to open an investment account, or when applying for a loan to invest in a business or real estate venture.

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