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The Secret To Investing

I once heard a saying that goes “You do not need to be the best in what you do. You just have to do it long enough and the rest of the people would leave”.

I felt that this saying was direct and captures the essence of many things we do in life. It is very easy to start a new business or a hobby or a new relationship. However, not all of us have the stamina to do it for long term. Holding out for the long term is one of the best kept secrets for being successful in life. The childhood story of the tortoise and the hare serves as yet another example of the virtues of perseverance and stamina.

Invest with patience

Similarly, when investing, we do not need to try to be the best investor in the world. Even Warren Buffett does not beat the market every year. Buffett ended up being known as arguably the greatest investor in the world because he stuck with it longer than most people.

Mr. Buffett started investing at the age of 11 in 1941. Today, at the age of 84, he is still actively investing and does not seem to be slowing at all. That is a total investing career of 73 years and counting. What can 73 years of investing do for you? If you would just save S$1,000 a year and invest the sum, earning 6% annually for 73 years, you would easily become a millionaire by the end of 73 years. Not bad for saving just S$2.70 per day ($2.70 a day works out to $1,000 a year).

Therefore, this simple truth tells us that we do not need a huge sum to start investing. Instead, we need to keep doing it day after day, month after month, and year after year.

Do  you have dreams of being a millionaire and believe that investing might be the key toward this dream? Hopefully, we have shown that becoming a millionaire is not out of reach for even the average investor. Instead of worrying too much about your skill and ability, realize that perseverance and patience are traits far more important than any investing skill you’d need. But if you’d like more, we at The Motley Fool Singapore have also created an easy guide for you in your quest to becoming a better investor. The guide, titled 10 Steps to Making a Million Singapore Dollars in the Marketis FREEClick here now for your copy!

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The information provided is for general information purposes only and is not intended to be personalised investment or financial advice. Motley Fool Singapore contributor Stanley Lim doesn’t own shares in any companies mentioned.