OPINION: We interviewed all the financial advisers at Merriman Wealth Management. Here are some traits of the most successful investors, Paul A. Merriman writes.
I’m always on the lookout for new ways to teach investors how to achieve long-term success, and I recently came across a very interesting six-minute TED Talk video on the topic of “grit.”The speaker is Angela Lee Duckworth, a psychology professor at the University of Pennsylvania who specializes in the concept of grit.
This flies in the face of our deep cultural value that success comes to those who work harder, putting in extra time and effort. But if you’ve got a suitable investment plan, that extra effort may make you want to find a better fund, a better adviser, even a better plan. Collectively, these advisers had spent tens of thousands of hours working with investors. We asked them what characteristics separated their most successful clients from their least successful ones.
· Resilience. Long-term investors repeatedly face setbacks, and resilience lets them pick themselves up and keep going. As Winston Churchill famously said many times: “No matter what, never give up.”
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