The threshold question before you decide to invest in the stock market is whether you are an investor. For some people the stock market may not be suited to their personality. This article addresses some of the qualities an investor should have in order to make a reasonable return in the stock market.
Sure, there are folk tales you may hear about the guy who bought XYZ Company stock for $5 and sold it 60 days later for $50 a share. This scenario probably has happened , but it is not the reality of being an investor. The following points should be considered when you are considering becoming an investor.
Are you self-disciplined in your thinking?
The first step anyone must take into account is their own personality. Are you objectively a person who is organized in your thinking? Do you know how much money you have to invest? Do you know how to set objectives in your finances? Have you set goals for savings and followed through on those objectives? An investor has to have a clear set of objectives in their choice of investments. Is the amount of money you intend to invest a one time wind fall? Are you able to set aside a certain amount of money each month to investing that is disposable income?
In effect what you will be doing is moving some of your pass book savings to an investment. Patterns development in peoples lives. Are you able to transfer your savings pattern to include a regular investment in the stock market? If you are currently earning a small percentage on your pass book savings account what rate of return would you be satisfied in receiving? The key to investing is to know your expenses and income and decide how much money is disposable income. It is this excess that will be your investment dollars.
Are you able to set goals and listen to good advise?
Once you have determined that investing may be a possible avenue for you to consider the next step is setting goals. A goal is the objective of your investment. It could be for retirement, a vacation home, a rainy day fund or a new boat. Whatever your is determines the type of investing you will be looking for in your research. If it is a long term goal like retirement you may seek a tax exempt municipal bond fund or a mutual fund with certain characteristics. If you want liquidity like a pass book savings account where you can draw money as you need it there are some investments that may fit. The important aspect of this step is to know your objectives and then draw up a budget or a plan.
All of the major fund companies have managers and consultants. Are you able to set forth your objectives and ask for advice in picking out a fund that will fit your needs? This does not mean you need to sign up for the first consultant who takes your call. It means can you listen to advice and make a decision on various alternatives offered to you. After you have gathered all the information you believe is necessary for your decision can you apply your personal goals with the information presented and make a final decision?
This may seem like an odd inquiry, can you make a final decision? Unfortunately, some people will feel quite comfortable going to a car show room and purchase a $30,000 automobile. The color, impression, and internal motivators. But when it comes to investing, the buy is not as dazzling. It takes consideration to commit $30,000 to an investment in paper form even though you may be purchasing stock in the flashy car company.
Can You Let Go?
We talked last time about how easy it is to get caught up in buying every internet marketing "how-to" product there is. Buying products that claim to teach you how to achieve online success can be the very action that prevents you from ever attaining the internet marketing success you're working for.
The "anti-gurus" say you shouldn't buy anything. You can learn it all for free by searching online. I doubt this is true. But, even if it is, no one has the time to do this. And if you did, your time would be way better spent taking action towards attaining online success rather than reading about it.
The best shortcut to online success is an online mentor. Not a guru. Not someone who's made a lot of money online. But a mentor. Someone who can lead you step-by-step to internet marketing success. Your online mentor may be a guru. But, not all gurus are mentors. Not everyone who can make money online can teach others how to make money online.
How do you find an online mentor? I've spent more money than I want to add up figuring this out. I have uncovered specific characteristics shared by all great mentors. Knowing these characteristics will arm you with the information you need to find your mentors, and your eventual online success. And hopefully, it will save you thousands of wasted dollars and at least that many wasted hours.
My most effective mentors share four qualities. First, your online mentor will provide personal customer support. This is an excellent indicator that they care about your online success. Submit a support ticket to your potential mentor, or call the customer support number. Ask a question about a product you're considering purchasing. How quickly do you get an answer? Do they ask questions to determine whether the product's right for you? Or just give you a heavy sales pitch? What kind of overall feel do you get from your interaction with the customer service folks?
Second, the best online mentor is one whose internet marketing success is not dependent on promoting every new product. Pay attention to which marketers promote every product. Or better yet, which ones DON'T. If you are used to seeing promotions from one of your potential mentors and they don't promote a big product, ask why. A good mentor will answer you. One of my mentors states up front whether a product is for newbies, intermediate and/or advanced marketers.
Third, your online mentor should have developed a product that you have benefited from. In your journey to internet marketing success, you should purchase products. You can't become a successful doctor without going to medical school. Online success also requires training. If you buy a product and it helps you, it means the developer of that product "speaks your language." This is essential to an effective mentoring relationship.
Finally, the best online mentor is going to give you value for free. They are going to routinely give you free products or helpful free advice. They truly care about your online success. Look on their website for free tools and resources. Save their emails and see if there's a pattern of valuable content, or just a bunch of product promotions.
You will likely find more than one online mentor. You may rely on some more than others in your rise to online success. But, don't try to go it alone. Success leaves footprints. Why not follow in them? Just don't fall into the trap of thinking the biggest "guru" is the best online mentor. Do your research. Choose wisely who you follow. Internet marketing success will come faster than you think.
Both Trafficwala & Jennifer Herndon are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Trafficwala has sinced written about articles on various topics from Network Marketing, Fitness and Astrology Predictions. Ashok Arora providing , and. Trafficwala's top article generates over 18100 views. to your Favourites.
Jennifer Herndon has sinced written about articles on various topics from Work From Home, Personal Desktop and Internet Marketing. Jennifer Herndon is a work at home mom and home business consultant with over 11 years experience. Jennifer's passion is helping you achieve personal and financial freedom. Read more at Jennifer's. Jennifer Herndon's top article generates over 33100 views. to your Favourites.