One Key To Successful Investing
The One Daily Habit That Can Make You An Investment Success
Key Ideas
- Jimmy Rogers and Warren Buffett's “secret” to investment success.
- How investing in good financial habits leads to compound returns.
I read a fascinating article the other day about Jimmy Rogers and Warren Buffett that prompted this post.
I respect both of these men not only for their uncommon investment success, but their equally uncommon wisdom during interviews as well.
What I learned that fascinated me is both men attribute much of their investment success to being voracious readers of investment literature.
For example, Charlie Munger was quoted as saying, “Warren was so successful because he sits on his ass and reads.”
Similarly, Jimmy Rogers claims in an interview with Forbes magazine that he reads everything he can get his hands on.
Coincidentally, I'm the same way.
I also attribute much of my investment success to reading and researching tons of literature on investing – anything that can provide me with a unique twist or insight. (BTW, you benefit from this obsession because I share those insights with you in these pages.)
The reason this creates investment success is simple: investment knowledge compounds just like money. Every day you read something about investing, you make another deposit into your financial literacy account.
A daily habit of reading investment literature makes daily deposits which will grow over time into seriously valuable financial literacy.
It's simple cause and effect.
Successful investing has nothing to do with hard work and everything to do with making smart decisions.
Related: How Your Financial Advisor is Taking 75% of Your Retirement Income (or More!) Video, PDF download, or Audio.
The hard work comes from building a well-structured investment mind that can make smart decisions, and that's where the voracious reading habit kicks in.
So if you'd like to build wealth and enjoy financial freedom, the lesson is clear – become a student of investing. You have three successful investors saying the same thing – and successful investors are a relatively rare breed.
If it's good enough for Warren, Jimmy, and Todd, then maybe you should consider adding a daily dose of investment wisdom to your life practice.
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Thanks for this huge piece of wisdom. I will put it into practice. Keep up the great work.
@Rosie – Thank you for the feedback.