There have been a lot of changes in the last few years when it comes to investing. The pandemic was a huge influence on this, especially for young investors. Internet-savvy Canadians were able to start making money from home while they also made money from work, getting into growth stocks and seeing shares soar.
The problem? They’ve now bottomed out. But the investing part isn’t the mistake here. Far from it! However, there is one enormous, huge, glaringly obvious problem that young investors continue to make over and over again.
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Patience is a virtue
Look, if there is anyone who is impatient in this world, it’s me. If there’s a project I want to get started, you can bet I’ll start the day thinking of it. This has led to quite a number of half-completed projects currently sitting in my garage. Don’t judge.
However, when it comes to investing I’ve learned the hard way that patience is a virtue. I got into investing seriously after I had my first child. Having this little girl and wanting to secure her future was a major motivator. So, you know what I started with? Day trading.
Do not recommend.
Talk about impatient. Day trading involves buying a stock in the morning, for example, tracking it through the day until it reaches some sort of goal you’ve created and selling it. However, this also leads to losses. Big ones. This is why a change had to come.
Enter the Motley Fool
I know I currently work for the company as a writer, but there’s a reason for that. I started reading Motley Fool articles and learning. I learned a lot. Mainly that patience was the ideal way that leads to success. The longer you invest, and the more consistent you are towards your goals, the easier it is to achieve them.
So, when I started working for the Motley Fool, it was because I had gained knowledge by reading the site, along with conducting my own thorough research. It’s now led to not just a successful career in the finance journalism industry but also a portfolio that’s diversified and strong.
But if I can sum up my advice for investors, it’s to get in on strong, blue-chip companies, create that diversified portfolio, and then leave it alone. And another point? Create it with the help of a financial advisor. They’ll help not only identify where you can invest but help you calculate what you’ll need in returns to reach your own financial goals.
Foolish takeaway
Overall, I’m very glad so many young investors invested during the pandemic. It can take growth and loss to really cause investors to buckle down and learn about why long-term investing is the key to success.
But one final takeaway here. If you’re a new investor wanting in on a strong long-term investment, look to blue-chip companies. One strong option to consider that’s an easy choice for stable growth WSP Global (TSX:WSP). This asset manager has risen solidly over the last five years, even amidst the fall out from the pandemic and ongoing market turbulence.
Shares are up 17% in the last year, and it even offers a nice little dividend yield of 0.82%. Over the last decade, however, it’s grown 497%! That’s huge returns for your patience that could easily come again. So, remember, stay patient, and if you get antsy, just call up your financial advisor. They’ll talk you down from any investing edge.
