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1 Hidden Upside To Investing Besides Making You Money

Lately, I have been asking all the investors I know the following question: “What is the most important attribute a person must possess to be a great investor?”

The answers I got were quite diverse, meaning that there are quite a number of qualities that mark a great investor. But, what I realized is that developing these qualities will not only make you a better investor, it might even make you more successful as a person. And, that is the hidden upside to investing.

So, let’s take a look at two of those qualities.

Patience                                                                      

Patience is by far the most important quality an investor needs to have. This is because almost all successful investors know that it takes time to grow their money. Only through sufficient time can compounding work its magic.

Similarly, in everything that we do – be it creating a business or climbing the corporate ladder or acquiring knowledge in school – we have to be patient enough to know that good outcomes do not happen overnight. Once we are able to be patient, we will also be less likely to give up every time something bad happens.

Discipline

The more I learn about investing, the more convinced I am that it is not so much the investment you make that matters –  it is the process you have that makes the difference.

If we look at famous investors such as George Soros, Warren Buffett, Peter Lynch and even Carl Ichan, they all invest in different things and in vastly different ways. Yet, they are all successful investors.

This is because they have created an investment process which matches their own personal attributes and have been disciplined enough to execute, improve on, and follow through the process religiously.

Successful people, be it in investing, singing, acting, business, or what have you, are likely to be very disciplined folks who are constantly trying to improve his or her craft every single day. Only by having the discipline to work on and perfect your craft can you one day be a master at it.

Foolish Summary

The more you learn about investing, the more you will realize: It is not just a way to make money, it might actually be a way of life.

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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 writer Stanley Lim doesn’t own shares in any companies mentioned.