Tuesday, September 14, 1999
The Guts to Be Wealthy
I have decided most investors are not wealthy because they don't deserve to be. Being rich has very little to do with brain power. I know many, very smart, non-rich people.
I think becoming rich has mostly to do with character. It takes guts, willpower, and faith in your beliefs. Most people lack the strength of character to have the guts, willpower and trust in themselves to make their own investment decisions and live by them, through thick and thin. Most people are just blowing in the wind. They go whichever way the investment magazines tell them to go that month. They are all over the map.
I believe the only way to become rich through investments is to first sit down in the dark, by yourself, and figure out what you will do if you lost 40% of the value of your portfolio. Be honest with yourself. Don't pretend that you wouldn't sell, when in your heart you know you would.
Once you know the answer to what you would do under these circumstances, I believe you can then invest in a consistent manner, for many years, and not be blown back and forth over the investment map. Unto Thy Self.... Fool on.
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