How to Become a Great Investor

If you want to become rich then you will want to become a great investor. If you can become a great investor then you will be able to make a lot of money very quickly starting with very little. Look at investment gurus like Warren Buffet or Donald Trump. They know how to make a lot of money because they are great investors. They live the lives that most people only dream about. This could be you. In this article I plan to shed some light on how you can become a successful investor.

Dedicate Yourself To Learning
This is absolutely necessary if you want to become a success. Every great investor is dedicated to learning. Everyday they are learning something new about finance and something new about how to make more money and generate more income.

It is easy to get a lot of money. Rich people who know nothing about investing are a dime a dozen. For these people it is often best to hand over their money to someone who, hopefully, knows what they are doing more than them and can invest their money for them. But the greatest investors invest their own money and therefore are constantly investing into their knowledge base.

To get started it is a good idea to read some books on investing, listen to some tapes and maybe go to a seminar. A free email newsletter that talks about wealth is also great, because it will get you learning something every single week. People often scoff at paying money to learn about investing, saying they can't afford it. But they end up losing even more money investing because they don't know what they are doing. So don't be afraid to pay for your education, it could make you rich.

Don't Be Afraid To Lose A Little
Great investors seek to learn something from every trade they do, and thus they are not afraid of losing a little bit of money. Even if they lose money the lessons that they learned from the investment experience will help them make more money back quicker and easier than before.

If you have dedicated yourself to learning then you shouldn't be afraid of losing a little bit of money. It is good to understand that when you are starting to invest you shouldn't expect to make a lot of money straight away. It takes time and practice to become good enough at investing that you start to make a lot of money, and often you have to lose a little before you can make a lot.

I am not telling you to go and throw you money at any random investment because you don't care whether you lose your money. I am just saying that you should not let fear hold you back. So many people are average investors because they invest not to lose, they don't invest to win. Do your research and your due diligence and then invest seeking to learn something (and hopefully make money). If you lose a little then learn from the experience and become wiser, then use your new knowledge to make your money back.

Invest
I know this sounds obvious, but in order to become a great investor you need to actually invest. It is great to read books and to study and go to seminars, but eventually you have to take the step of faith and start investing. Start investing your time into studying and learning about specific investment vehicles and then start investing your money into those investment vehicles.

Putting money into something really accelerates the learning process. Every time you invest your money into something it is a good idea to learn from the experience. That way whether you make money or not, you are learning how to make more money quicker next time. So if you want to become a great investor you need to have the goal of learning something new from every investment you do.

My wife said something profound the other day. She said "If you want to become rich you have to be ok with the fact that you will be a student for the rest of your life". The financial market is always changing and there are always things to learn. If you want to become rich by being a great investor you have to be ok with the fact that you will always be a student of wealth. Because to become a great investor you have to continually learn, not be afraid of losing some money and be willing to constantly take steps out into the unknown so you can make money and so you can learn.

Your next step towards becoming rich is to increase your financial IQ through education. By educating yourself in the area of finances you will be able to get a greater return on investment and you will be able to earn more with less work and less risk. Does that sound good to you?

If you want to increase your financial IQ and start becoming rich then I recommend the free newsletter and audio teaching that Rich Academy provides. If you want to start becoming rich today then go to http://www.richacademy.com and enter your name and email address to get a free copy of Ryan McLean's audio teaching. Hurry, this offer is available for a limited time only.

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Ryan Mclean - EzineArticles Expert Author