Develop your strategy and document – this strategy. Review it with your investment advisor, spouse and close family members.
Check your direction regularly – and make adjustments as needed based on equity changes, life events, emergencies and income requirements.
Diversify – never put all of your eggs in one basket. You will be disappointed. If you make the wrong decision, who knows what will happen. Diversify across companies, industries and investment vehicles such as equities, bonds and mutual funds.
Maintain balance – across industries. Investing everything in one area creates too much risk, especially if there is a downturn and you need the money.
Invest for long term – in high quality equities that pay good dividends, increase their dividends at least annually and have a history of growth.
Avoid buyers remorse – Sometimes you will make a bad decision. Or perhaps events beyond your control will mean that a single investment does not work out as you expected. Make whatever decisions you need to and move on. Focus on the future and what you can do to recover.
Keep your cool even if the market does not – the market will swing, sometimes as much as 10% or more. As long as your in good quality investments as we mentioned above, the market will recover and besides you will continue to collect interest and dividends.
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