Who wants to be a millionaire? Making smart moves and applying a few proven principles can help continually grow your bank account.
- Diversify
Regardless of what type of investment you're interested in pursuing, it's always wise to stay diversified. There are few guarantees for the future, technology is constantly changing things and reshaping industries.
- Don't Rush
There will certainly be moments when Canadians will need to move fast to get in at the right time. However, it's not always a race. Newspapers are always covering stories of those that took unethical short cuts. Instead, opt for the steady path and leverage the benefits of compounding interests and returns.
- Always be Learning
Leveraging the time, knowledge and network of existing experts is a great strategy for learning more about investment opportunities. Investors should strive to constantly learn and understand their investments and the industries they are invested in. This way you can recognize the optimum times to sell, buy or restructure portfolios.
- Preserve Capital
Rather than chasing the biggest prize in investments, it's just as beneficial to look for solid investments offering a high probably of return of your investment capital. Making sure your initial capital is safe is key.
- Break Bad Habits
The road to millionaire status is paved with good habits. Developing these habits starts with eliminating the bad one replacing them with better ones.This applies to everything from how you spend your time to overcoming procrastination and taking action.