How to be a successful investor

(MoneyWatch) Among the requirements for achieving your financial goals are:

The knowledge needed to develop an investment plan; integrate it into an overall estate, tax, and risk management (insurance of all types) plan; and then provide the ongoing care and maintenance that is required

Math skills that go well beyond simple arithmetic

The ability to determine the appropriate asset allocation, one that provides the greatest odds of achieving your financial goals while not taking more risk than you have the ability, willingness, or need to take

A strong knowledge of financial history

However, having these skills (or working with a financial advisor who does) is only a prerequisite for success. They won’t serve you well if you don’t have the patience and discipline required. As Warren Buffett has noted, “The most important quality for an investor is temperament, not intellect.

via How to be a successful investor – CBS News.

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