Tuesday, October 03, 2006

The Seven Habits of Successful Investors

MoneySense magazine is one of my favourite publications and their current issue on Canada's best small investors is always one of my favourite issues of the year.

The issue profiles a handful of small investors, sharing their strategies for how they grew their meagre portfolios into six and seven-figure masterpieces in a relatively short timeframe. This year's edition isn't available on-line yet (I suggest you buy a copy) but you can have a look at last year's edition by clicking here.

In addition to an update to what's happened to last year's names, the writer of the piece, Duncan Hood, has compiled a list of the seven habits of successful investors, culled from what he's learned through interviewing them for the last few years.

They really want a million bucks
Seems simple enough.

They like to save

Definitely sounds familiar.

They start young
I bought my first mutual fund at 16 and my first stocks at 22. Does that count?

They can take huge risks
Doesn't sound like my kind of bag. I try to curb that impulse.

They can handle big losses
Well, I've had big losses, and it didn't kill me. I guess I qualify.

You can handle debt
No thanks

Your investing style suits you -- if you don't have all of these attributes, don't worry.

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