Many investment experts and financial websites make outrageous promises of untold riches to their readers and clients.
‘Become the next Warren Buffett’, some would promise. And then there are others who would suggest – ‘How you can get rich like Warren Buffett ‘.
If you have also come across such promises or claims, and have started to believe that you or your kid can really become the next Warren Buffett, see this..
Trying to become the next Warren Buffett isn’t just foolish, it’s also dangerous.
Buffett invests the way he does because it’s what suits him and that’s why he’s so good at it.
Probably you are good at being a businessman, a doctor, or a painter. Trying your hands at investing – just because you’ve been promised that you can become rich by investing like Buffett – will not take you anywhere.
It will only lead you to take wrong decisions with your money, which you have earned after so many years of hard work.
Of course, you must still invest in the stock markets to grow your wealth over the long term. But do it by just being you…by being aware about:
- How much risk you can take with your money?
- How much money are you willing to lose if your investing decisions backfire?
- Is your behaviour suited to become a stock market investor?
- Do you have the patience to invest for 10-20 years?
- Do you really want to become like someone else you’ve never met in your life?
Just be self aware, and you will never want to become like Warren Buffett.
[…] or I can never become the “next Warren Buffett” by copying his techniques or those of Graham and Dodd. It’s next to […]