There are many long term investing strategies out there and if you are just getting started you will want to avoid most of them. There are a few things you should know about your investments and overall strategy but they most likely do not involve buying a software package that talks to you and has arrows all over the place. Today I offer you 3 tips for long term investing success.
1) The first is to get started as early as possible. Investing is a simple numbers game with a time factor. If you have more time on your side then you are statistically at better odds for success. Its not a young man's game though. You can still achieve your goals at any age, its just the longer you wait the less opportunity you have to get there.
When I was young someone inspired me to get started early and I am forever grateful. If you are not as young as you feel in your head, take some time and pass along the information to someone younger than you.
2) Dive in. To multiple pools. Once you have made the decision to get started don't wait. Start by looking at stocks or ETF's that you like or have some familiarity with and jump right in. The key here is to spread out though. Don't commit too much to one name. Think of the worlds wealthiest people. They have multiple investments. They are never rich because of one really large investment.
3) Don't over commit to one place. Make sure that when you spread out your investments that you also spread out over many different types of stocks or ETF's. If you like Apple for instance then you will want to be sure not to include names like apple. Maybe you would consider an oil company, and a financial stock or bank. By doing this you are not exposed to downturns in specific industries.
With a little common sense, consistency, and time anyone can win at the investing game.