Millionaire investors spend more time studying and planning for future investments to build wealth, according to one researcher.
During her research, she found that five components mark a
, including those who are rich: a personality for risk, a high-risk preference, confidence in investing, composure, and knowledge regarding investments and investing."They spend time building knowledge and expertise in managing investments," Stanley Fallaw wrote.According to her, millionaire investors spend an average of 10.5 hours a month studying and planning for future investments.
In her study, 55% of millionaires said they believe their investing success is due to their own efforts in studying and becoming educated, rather than advice provided by professionals. "Their literacy in financial matters means that they are more tolerant of taking investment-related risks," Stanley Fallaw wrote."Future outlook and financial knowledge typically relate to taking greater financial risk, so the time they spend in managing and researching investments helps in decision-making."is related to financial"success" outcomes more so than cognitive ability, according to Stanley Fallaw.
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