We all dream of going back in time and telling our younger selves to buy as many shares as possible of Tesla, Apple, and Amazon and never sell.
While that’s not how the world works, the good news is that we can still learn from our previous investing mistakes to help us make the best decisions possible in the future.
In this video from Motley Fool Live, recorded on January 17th, Fool.com contributor Brian Feroldi lists the top 10 investing lessons that he would go back and tell his younger self.
Brian Feroldi: Recap there:
- Don’t sell too early.
- Capital is precious, buy high-quality, avoid garbage.
- Sometimes, the best stock you can buy is the one you already own.
- Your biggest edge is patience, don’t waste it.
- Get comfortable doing nothing. That’s really hard to get comfortable doing nothing, but you have to get comfortable doing nothing.
- Know what metrics to look at, and when to look at them, and when to ignore them. Study the business cycle.
- Make sure you have an emergency fund, because life happens.
- You’re going to be wrong a lot. Get comfortable with that. You’re going to be wrong a lot.
- Find an investing buddy, or rather don’t invest alone. Find like-minded people. The Internet makes that so much easier.
- Watch the business, not the stock.
This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.