Wondering whether you can achieve investing success by using any investment app in India on the block or even by trying out a new investment platform. The answer is YES, you definitely can but there is no magic principle that works like Aladdin’s lamp. A lot of investing success depends on your own attributes, your ability to stay invested, read the market, tap into your experience and knowledge and your mindset apart from factors like entry, exit, picking the right investment assets, tracking returns, acquiring more market knowledge, diversification and so on.
At the very core of successful investment, philosophies lie several key principles that will give you a great chance for achieving success with your investments in the future. These are philosophies guiding the best global investors and you should always remember one of the basic tenets behind financial management and successful investing- Always focus only on things that are in your hands or those which you can control and get them in perfect shape. Do not spend time worrying about things that are not in your control.
Philosophy 1- Keep an eye on your future goals
The first philosophy is to carefully understand your goals for the future. Most of us have goals that we wish to achieve, either in the short term or in the long haul. Suppose you wish to buy a house and that can be a short term goal and if you wish to be financially sound after retirement, then that will be a long term goal and ongoing investment journey that you will be taking. Suppose you were saving up for buying something as a short term goal and all of a sudden, the market started showing volatile trends. In this case, suppose that you had a little money in hand for investing in this goal although there were lucrative opportunities for investing a little more of this corpus for long term growth since the market was hovering downwards.
What could you do in this scenario? A wise advisor would suggest that you should ideally revamp your entire monetary plan and work out how much you can invest in the market for the long haul without entirely jeopardizing your short term goal. You should even factor in risks and how long it will take you to make up for the amount that you just let go of. It is quite common to actually save for meeting multiple objectives simultaneously. However, you should have a clear objective in mind and be realistic and flexible about achieving the same. In the above-mentioned scenario, a little flexibility will lead to sizable gains for the future while the current shortfall in meeting the short term goal can be made up easily over a few months.
Philosophy 2- A balanced approach always matters
Want to be a successful investor? You should always focus on achieving balance, not just in your mind but also for your investment portfolio. Amidst volatility and fluctuations in the market, you should emphasize on key aspects of your investment portfolio which are within your grasp, namely diversifying the investment basket and also the allocation of assets. The latter aspect will help you achieve short term goals smoothly while helping you save for long term goals like retirement.
The diversification component of this strategy will help you diversify assets, helping you achieve objectives while keeping the portfolio better insured against market risks over a sustained duration by neatly spreading them out. You should make sure that you maintain a portfolio that is suitably balanced while focusing on the future vision, i.e. ensuring that you have ample money for meeting short term goals without jeopardizing long-term objectives.
Philosophy 3- Costs matter too
Performance in the market is always essential although you do not possess any control over the same. Costs always matter immensely and this is within your control, i.e. whether you are buying a house, a car or investing for your retirement. The lower the costs, the higher your chances of earning superlative returns on your investments. A part of cost management lies in selecting tax-efficient and lower cost investments and similar financial products.
Make sure that you choose diversified and low-cost funds which actually give you decent returns in the future. While venturing onto any online investment platform, remember that the costs are always in your control.
Philosophy 4- Discipline is a valuable trait
Discipline is a highly valuable trait for the stock market and other investments. Suitably maintaining financial discipline is the biggest buzzword for future investment success by all means. You should properly maintain discipline for committing towards any long-term blueprint for investments even throughout periods where the market is uncertain in nature.
This is vital for achieving future investment success as well. Discipline is a core pillar towards future financial success and without this, even the best-laid plans can go completely awry. It can sometimes be tough to stay disciplined in certain situations although the struggle will be well worth it in the future. Make sure that you do not miss out on investment payments by all means.
You should embrace these success-oriented investment philosophies whenever you are thinking of investing in mutual funds and securities through the investment app you are using. Remember that a large part of it lies in the mind, i.e. you are what you think and this philosophy always applies to investments along with all other areas of your life.
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