Five habits of successful investors

As at June 2022, Nigeria had lost over $1.55 billion in its foreign reserve and has been experiencing a progressive decline in foreign inflows. Have you considered how this affects you? It has a ripple effect on us because it gradually raises our cost of living and dwindles our standard of living. Accumulating wealth is very essential in improving your means of livelihood. Navigating through balancing risk factors and striving for high returns is no joke! Working for money is hard enough, so why not make your money work for you? There are five simple habits you can adopt that will help you accumulate capital for your future. 

Habit 1 – Know Your Behavioral Pattern and Improve on It: Saving funds in a savings account is safe and generate very minimal returns and causes you to forgo potential higher returns investment opportunities offer. 

Habit 2 – Let “Purchasing Power Preservation” and not “Security” Govern Your Investment Decision: Avoiding price fluctuations in the market at the expense of analyzing the risk of losing purchasing power is not profitable. 

Habit 3 – Research and Broaden Your Knowledge: Successful investors are lifelong learners; proper research helps investors to minimize risk and make smart decisions.

Habit 4 – Engage in Diversification: Diversifying both the asset classes and risk levels of your investments helps you have alternative options and prevents you from relying solely on the performance of one investment product.

Habit 5 – Have a Long-term Orientation: investing should be viewed primarily a long-term strategy rather than a short-term plan. Focusing on extended and consistent growth to reach long term goals should be your driving.

At AXA Mansard Investment, we provide information and guidance that will help inculcate these five habits. Begin your wealth accumulation journey today, email us at clientservices@axamansard.com.