Tips for Achieving Your 2005 Investing Goals
1. Write down your goals
You can’t reach your goals if you dont know what they are.
2. Get your finances in order
If you’re spending your time admiring your stock portfolio while allowing high-interest credit card debt to eat away at your wealth, you’re not going to accomplish your financial goals.
3. Determine your strategy
Investing is more than just collecting a bunch of stocks in a portfolio. Your investments need to fit a strategy, and your strategy needs to fit your goals.
4. Buy businesses, not stocks
Remember that you are buying businesses, not just pieces of paper that are subject to random price fluctuations.
5. Play the percentages
Acquiring a reliable and growing flow of future earnings, dividends, and cash flow at the best price is what investing is all about.
6. Read the latest annual and quarterly reports
Every publicly traded company files an annual report on 10-K with the SEC, describing its business in great detail. Before you purchase any stock, make it a policy to print out and read the latest available 10-K.
7. Keep notes
When you buy a stock, write yourself a quick half-page note on why you are buying it, why you think it is worth today’s price, and at what point you might be willing to sell. Every time you consider making a move, review what you’ve written.
8. Do a quarterly checkup for each stock you own
Companies provide quarterly updates on how they are performing. You should review them on an ongoing basis, adding to your notes any thoughts you have.
9. Make the market your servant, not your master
If you let them, your emotions will turn volatility into your worst enemy. On the other hand, volatility creates opportunity for the patient, businesslike investor.
10. Be patient and have fun
Investing represents a road leading somewhere, and it is important to ensure that the destination is one worth striving for.Learn how to generate perpetual cash flows
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