There are 4 kinds of investors when it comes to personal wealth journey.
1. Wealth creators: Investors who want to create long term wealth understanding that rewards come for those who follow disciplined investing for years and take necessary risks. They sign up for growth by following discipline, patience and process for years. It is most difficult option.
2. Wealth protector: Investors who have created wealth and now are happy to protect what they have and grow slowly. They sign up for safety by following low risk policy and satisfaction of relatively lower return. You need to have wealth for this stage.
3. Wealth destroyer: Investors who want to create wealth by taking unnecessary risk and get rich quickly. However, they normally end up losing what they have invested. They sign up for wealth destruction by following impatience, indiscipline and impulsive risky investing. It is easiest.
4. Excited Investor: Investors for whom being smarter than the market is more important than wealth creation. They try to time the market, react on every news, market move and keep shuffling money. They work very hard on their investments with no real results. They sign up for excitement by not having a long term wealth creation plan. It is most common.
It is important to identify where are we first to change the pattern.