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Do you have an investing mentor? Someone whose money decisions you trust? Mentors can come in all varieties from someone you know personally to a money advisor you read or listen to online. Not everyone has a mentor, but having one you trust can be beneficial.
A mentor will be someone whose advice meets with your basic outlook on investing. They will guide you with their advice. You do not have to follow what they say blindly. Often you will take their way of handling money and add your own unique style to it.
Relatives can be mentors. Of course, you don't necessarily want to follow Uncle Rob's suggestion of the hot stock he made a killing in. You may be wise to listen to Uncle Mike or Aunt Doris as they explain how they diminish risk in their stock portfolio.
Friends can be mentors as well. Perhaps you have a friend who is an experienced investor. They may be willing to explain how they learned to invest or how to plan for the future. They may have a philosophy with which you identify. Valuable insight can be gained by simply listening to others.
Many people choose to follow a famous investor. They will mimic that investor's trades and stock choices. This can work out, but always remember that a famous investor has different circumstances than you do. They may have much more money and can take on more risk than you can handle.
Warren Buffett is one investor that lots of people follow. His stock purchases and sales are eagerly observed and critiqued. Why did he buy that? What does he know? A better way to have him as your mentor is to listen to his advice instead of following the details of his trades. Buffett has frequently offered his advice and investing philosophies. You may want to read them and incorporate them into your investing style. This applies to any famous investor.
Newspaper columnists, online/magazine writers, and investing authors may be a source of mentor advice. You will need to read a lot of their work to get a feel for their investing philosophy. They are not direct mentors, but each writer has an underlying investing style that may be what you wish to follow. One thing to remember is that writers have to write on a variety of topics. Their advice may seem contradictory at times because of this need.
Whichever mentor you choose, remember that you need and want to fit their advice to your needs. Successful investing comes in many forms. We are all unique. Besides, maybe someday your investing philosophies will lead you to be a mentor.
Are you interested in a simple portfolio to save for retirement? Please check out my book on building a simple retirement portfolio that is available at Amazon.com:
Investing $10K in 2014 (Sandra's Investing Basics)
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