The Finance Blogger

Seven Habits of Highly Successful Retirement Investors

Seven Habits of Highly Successful Retirement Investors

This list could apply to any stage in life. But this post is focused on seven habits of highly successful retirement investors. We put together this list based on our own experience and from reading about what it takes to be a successful investor. It worked well for us and we know it will work for you as well. Is it difficult to understand, no? Is it difficult to apply all of the time, yes? As long as you do not make big mistakes and you apply these rules the majority of the time you will probably do alright from a financial perspective.

Seven Habits of Highly Successful Retirement Investors

Avoid Emotional Spending – always take a day or two to think about your spending. Many people purchase on a whim and regret their purchase later. By waiting a day you give yourself time to consider the purchase from all perspectives including whether you can afford it.

Don’t Lend Money – to friends and family unless you can afford to lose it. Most people want to help family members out, but it often ends badly.

Don’t always pick up the Check – it is nice to be the generous guy in the group, however, it is expensive and people tend to take advantage of you after a while.

Avoid Comparing to Other People – focus on your own situation and life. It is impossible to compare with other people since they lead profoundly different lives.

Don’t spend all of Your Income – save for retirement, for emergencies and for those special things that you want from time to time. Living within your means with these saving ideas in mind means you can whether the emergencies that always occur in our lives.

Don’t rely On Credit Cards for Cash – cash from credit cards is almost as expensive as payday loans. Interest rates at 20% or higher make this one of the most expensive ways to borrow money. If you must borrow, get a low-interest loan instead of using credit cards.

Always track your Expenditures and Income – if you track it you will know where your money is going.

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