Introduction to Be a Dividend Millionaire: A Proven, Low-Risk Approach That Will Generate Income for the Long Term
- Lessons Learned and Why You Need This Book
- The Tough Realities of Modern Retirement
- Why Dividend Investing?
This chapter is from the book
This chapter is from the book
This chapter is from the book
Lessons Learned and Why You Need This Book
My goal is for this book to be your financial guide in any sort of economy. Whether you are investing in a bull (up) or bear (down) market, the focus should not be about minimizing losses, but rather achieving positive results. Investing is about thriving, not surviving! I have found that investing books tend to run in spurts based on the current investing environment of the latest trend or the flavor of the day. Every market has its ups and downs, and you can ride out the storm and make money even in down times—so long as you are prepared. I hope this book can help you remain grounded and focused in your investing, regardless of outside economic factors.
As an investor, you always need to have two key assets: discipline and respect for your money. Those are your two biggest allies in becoming a Dividend Millionaire. You also need to invest without emotions. If a stock has done well for an investor, sometimes it can lead to a strange allegiance that holds investors back from selling their shares. This sort of emotional attachment is a dangerous enemy of successful investing. Some investors feel like they're dumping their pet at a kennel when they sell a "loyal" stock, but always remember, no matter how well a stock (or any other investment for that matter) has done for you, it is still not your friend. Don't ever let your emotions cloud the vision of your main objective of long-term financial security.
A wise man once said that "the only true constant is change." Just as things change in life, investment cycles change as well, and flexibility and discipline are your allies in adapting to change. This doesn't mean you have to get in and out of stock positions on a daily basis, but you do need to be cognizant that things will change as time moves on. As we go through natural cycles in the market, what is hot today may not be hot in the next two years, or even the next two months. Regardless of your investing time frame, you must be willing to go with the market flow. To be successful in investing and achieve positive results, you need to remain flexible and have the discipline to say goodbye when things are not working anymore.