'Select stocks the way porcupines make love' and other reader tips
Earlier this year, Brett Kelly sought to examine what really sets apart some of Australia's most successful investors.
In his fifth book, Investment Wisdom, the chief executive of Kelly+Partners chartered accountants interviewed nine well-known Australian money managers and asked them how they invest, as well as what insights they can give on business and life in Australia and overseas.
We decided to ask Money readers to share their best tips for investing, and the returns were well worth it. Here's what they had to say.
1. "Select stocks the way porcupines make love - very carefully." - Zachary
2. "My tip is save as much money while you are young, for future investments." - Alison
3. "Do plenty of research where intended to invest, ask plenty of questions with subject matter experts, and don't put all you eggs in one basket." - Neil
4. "One can never stop learning about investments - young or old, you can't buy time or experience." - Wally
5. "Practice dollar cost averaging when investing in the share market." - Daniel
6. "Research and study your investment. Be prepared to take some risk. Allow time to track progress and don't stress about tracking it daily." - Priscilla
7. "Only invest what you can afford to lose." - Rachael
8. "Get educated about investment basics, don't fall for blindly following the herd, do your own research and you will have confidence in your decisions." - Peter
9. "Pick a few industries and companies, get to know them and if you trust them, invest in them." - Narita
10. "Your mindset should be: 'I'm not a saver, I'm an investor'." - Brodie
11. "Don't panic! Ever!" - Vicki
12. "Start investing regular amounts in the share market from an early age, and stick to your investment plan regardless of what the media tells you." - Gregory
13. "Talk about money matters often and with many and varied people. Getting the topic out in the open leads to lifelong continuous learning and up-skilling." - Paul
14. "Spend less than you earn. Invest the rest!" - Karina
15. "Invest on a regular basis and stick with a get-out strategy." - Yan-Hui
16. "ETFs- keep it simple stupid is how I would recommend investing and ETFs are the gold standard of this." - Jarren
17. "When the share market goes down hold and think of long term. Look at the graph that shows market comes back again and more." - Andrew
18. "It is time in the market not timing the market. Don't invest in things that you do not understand. Do research - knowledge is power." - Sandra
19. "Share markets go up and share markets go down. Simple but true. Monitoring the share market every second of the day would drive you crazy." - Selena
20. "Time in the market beats timing the market." - Camden