In the video below, Fool analysts Austin Smith and Jeremy Phillips talk about legendary investor Warren Buffett and discuss Austin's own strategy for accumulating wealth.
Buffett's success as an investor is unparalleled today, Jeremy says. But individual investors can come up with their own plan to shoot for Buffett-like success.
Austin has done a lot of reading on the investing greats, and they all say basically the same thing: Buy great companies and hold them for the long run.
Investors don't have buy the same companies to have similar success, Austin says, but they need to seek out great companies and they need to invest for the long haul.
Sticking with your plan is just as important as developing it, he adds. Too many investors abandon plans prematurely.
Austin invests a small amount of money every month in low-cost ETFs. He thinks of the investments as bills, like rent. He also splits his stocks investments almost down the middle between value stocks and growth stocks.
You may have a different road map, but if you keep it simple and stick with it, you can enjoy success.