{"id":16171,"date":"2022-02-22T10:07:55","date_gmt":"2022-02-21T23:07:55","guid":{"rendered":"https:\/\/www.prosolution.com.au\/?p=16171"},"modified":"2022-02-22T10:08:00","modified_gmt":"2022-02-21T23:08:00","slug":"play-the-long-game","status":"publish","type":"post","link":"https:\/\/wealthcoach.com.au\/stage\/play-the-long-game\/","title":{"rendered":"Playing the long game is not always easy but it is the most powerful approach\u00a0\ufffc"},"content":{"rendered":"\n
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In my book, Investopoly,<\/em><\/a> I outlined 8 investing rules that if followed, will help you build wealth and avoid making costly mistakes. These 8 rules are evidenced-based which I have refined over the past 20+ years. <\/p>\n\n\n\n

Rule number one is; play the long game<\/em>. Arguably, it\u2019s the most important rule because I\u2019ve observed that this is the most common mistakes investors make i.e., they don\u2019t play the long game. Whilst this rule is simple to understand, its often very challenging to follow.<\/p>\n\n\n\n

Short term profit does not create long term value<\/h3>\n\n\n\n

Which investment option would you prefer (you can only pick one)? Invest in an index (share) fund which will accumulate $500,000 of additional wealth over the next 10 years or follow a \u201cstock tip\u201d which will generate a $50,000 profit within 9 months?<\/p>\n\n\n\n

Unfortunately, many investors would pick the stock tip option. They might justify their decision by planning to invest in the long-term option after they have banked a quick profit, but they rarely do. Instead, they search for the next short-term hit. To many, making a quick profit feels less risky than waiting 10+ years for a much larger gain.<\/p>\n\n\n\n