3673: Practical Tips from Successful Investors by Brian Tracy on Investment Advice

Get the 200+ Page Optimal Living Daily Workbook (PDF) - Free. Want to turn today's episode into an actionable plan? Join the Optimal Living Weekly newsletter and I'll send you our 200-page digital workbook immediately. It's packed with the best takeaways from the show, formatted for easy reading and implementation at home. Get your free PDF workbook here: https://oldpodcast.eo.page/join Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com Episode 3673: Brian Tracy gathers ten pieces of investment advice drawn from interviews with thousands of successful investors, and most of them are about temperament rather than technique. He argues that every investment carries uncertainty, that roughly half will go wrong, and that the investors who do well are the ones who take profits early, separate hunches from hopes, and refuse to fall in love with what they own. He also makes the case for thinking independently and moving on quickly when a position does not work. Read along with the original article(s) here: https://www.briantracy.com/blog/financial-success/how-to-invest-and-make-more-money-10-practical-tips-and-financial-advice-from-successful-investors/ Quotes to ponder: "Never fall in love with an investment." "Optimism means expecting the best, but confidence comes from knowing how you will handle the worst." "Investment opportunities are like buses; there will always be another one along." Optimal Finance Daily is a daily personal finance podcast where we narrate the best articles on financial independence, investing, saving money, and money management, read to you by a professional narrator so you can grow your wealth a little more every day. Learn more about your ad choices. Visit megaphone.fm/adchoices

• 0:00Speaker 00

  At Edward Jones, we believe rich is about taking care of what gives your life meaning. That's why your financial advisor personalizes your plan to help you preserve your progress and create something that lasts. Let's find your rich. Edward Jones. Member SIPC.

• 0:15Speaker 01

  UKG is the workforce operating platform with unified HR, payroll, and workforce management. Built to solve the unique challenges of frontline work. Powered by People First AI and decades of labor data, UKG turns workforce intelligence into real-time decisions around staffing, pay, compliance, and productivity, enabling every worker to confidently take action as work happens. Because when work works, everything works. Learn more at ukg.com/work. UKG, HR, Pay, and Workforce Management.

• 0:46Speaker 02

  This is Optimal Finance Daily. Practical tips from successful investors by Brian Tracy of BrianTracy.com. And I'm Justin Malik, your host and narrator, reading you articles every single day of the year, including weekends and holidays, pushing ourselves back on the right path. So let's keep at it as we optimize your life.

• 1:10Speaker 02

  Practical tips from successful investors by Brian Tracy of BrianTracy.com.

• 1:18Speaker 02

  Many thousands of successful investors have been interviewed over the years in an attempt to gain financial advice and discover their so-called secrets of success. Here are some of their recommendations and tips on how to invest money to make even more money.

• 1:34Speaker 02

  Make more money by taking risks. An important piece of financial advice is if you are not a bit worried about your speculations or your investments, then you are not risking enough. You should have enough money invested so that it is a real concern to you. You are more likely to watch that investment more carefully and eventually make more money. How to invest. Number one, conquer greed. In order to make more money, always take your profit too soon. Conquer greed, as Bernard Baruch says. There's a saying in the stock market, bulls make money and bears make money, but pigs never do.

• 2:18Speaker 02

  Number two, understand the uncertainties. Distrust anyone who claims to predict the future and provides you any financial advice through foresight, since all financial outcomes are loaded with uncertainty. If you want to learn how to invest money successfully, you must understand that this means that every investment is a gamble of some kind. No one can tell you with accuracy what is going to happen in the future with regard to any stock or investment. Everyone is guessing the very best they know how. And number three, make more money by accepting your losses. When the ship starts to sink,

• 3:01Speaker 02

  don't pray, jump. In other words, accept the small losses cheerfully as a fact of investing life and move on to make more money in the future. At the very best, about 50% of investments will go wrong. They will actually decline in value. They will fail to realize your hopes and expectations for them. But you can still learn how to invest successfully if you minimize your losses on the downside so that you can maximize your profits on the upside. Financial advice. Number one, financial advice and luck. Luck is the most powerful single factor in learning

• 3:43Speaker 02

  to make more money and invest successfully. Because there are no predictable patterns for investing in the stock market, for you to be successful, you need a lot of luck. A good question for you to ask is, how much of my financial future am I willing to entrust to luck? Number two, cut the emotions out. Never fall in love with an investment. Never become emotionally involved with anything that you purchase with the intention of making a profit. This rule on how and where to invest also includes real estate, especially in your home. Number three, look for safe investments. There are many types of investments available

• 4:27Speaker 02

  in most countries. They all come with their own levels of risk and reward. I strongly advise that you look around and educate yourself so that you may find safe investments that provide you with your desired level of reliability and payout. Number four, hunch versus hope. Never confuse a hunch with a hope. Many people hope that a particular stock or investment is a good one that can help them make more money. They then say that they have a very good hunch that it's going to go up. The best financial advice you can learn is to consciously separate your hunches from your hopes and not confuse the two.

• 5:09Speaker 02

  Number five, be confident. Optimism means expecting the best, but confidence comes from knowing how you will handle the worst. To put it another way, confidence springs from the constructive use of pessimism. Number six, think for yourself. Disregard the majority of opinion. Think through every decision for yourself. Don't allow your investment decisions and ability to make money to be influenced by anyone else. Take the time to think them through personally and then take full responsibility for each choice you make.

• 5:49Speaker 02

  And number seven, move forward. If it doesn't pay the first time, forget it. If, based on the information you have, you decide to invest in a stock and it doesn't work out, sell the stock and go on to something else. Keep your ego completely out of the equation when learning how to invest to make more money. A very wealthy man once told me, investment opportunities are like buses. There will always be another one along. How to invest like the most successful investors. The preceding advice is practiced by many of the most successful people who have ever

• 6:29Speaker 02

  invested in stocks. Remember, the stock market outlook is highly speculative. It is dominated and controlled by people who are making their living by buying and selling stock for others. And these people make mistakes every single day. There is no best way to make more money in the stock market. If you're going to learn how to invest in stocks, be careful. Do your homework, gain some financial advice, and watch your investments all the time. Over time, you will figure out how to achieve financial freedom, which will enable you to enjoy a more comfortable lifestyle.

• 7:12Speaker 02

  You just listened to the post titled, "Practical Tips from Successful Investors" by Brian Tracy of BrianTracy.com. I'll be right back with my commentary. I remember how frustrating it felt to make payments toward debt without knowing when I'd finally be done. Even when you're making progress, it's hard to stay motivated if you can't see the finish line. That's what I like about the approach behind today's sponsor, Monarch. Its debt paydown simulator takes your actual balances and payments and turns them into a clear timeline, including your projected debt-free date. You can try different payment amounts side by side and see how much sooner you could reach that goal. And that visibility matters. Instead of just hoping you're doing enough, you can make

• 7:57Speaker 02

  a plan that fits your budget and watch the timeline move in the right direction. Monarch also makes it easy to check where your money is going right from your phone or laptop. Write your own money story with Monarch. Use code OPTIMAL at monarch.com to get your first year of Monarch Core half off at just $50. That's 50% off your first year at monarch.com with code OPTIMAL.

• 8:24Speaker 01

  UKG is the workforce operating platform with unified HR, payroll, and workforce management. Built to solve the unique challenges of frontline work. Powered by People First AI and decades of labor data, UKG turns workforce intelligence into real-time decisions around staffing, pay, compliance, and productivity, enabling every worker to confidently take action as work happens. Because when work works, everything works. Learn more at ukg.com/work. UKG, HR, Pay, and Workforce Management.

• 8:55Speaker 02

  Thank you to Brian. I like that this wasn't really about picking the right stock. Most of the suggestions are about managing yourself. Don't fall in love with an investment. Keep your ego out of it. Accept the small losses and move on. And don't confuse a hunch with a hope. It's basically a list of the ways we get in our own way when it comes to investing. And I do think it's true that luck plays a role, that nobody can actually predict the future, and that even the professionals doing this all day are guessing and making mistakes constantly. But hopefully that's reassuring. Now personally, I've always leaned boring, a simple, long-term approach like index funds,

• 9:39Speaker 02

  buying a little at a time and mostly leaving it alone, mostly because it keeps my emotions out of it, which Brian mentioned in this post. I know the previous host of this show, Diana, used to frequently mention how the people who performed the best in their investments were the people who forgot they had investments in the first place. And what better way to keep emotion out of it than forgetting about it altogether? But I'll leave it there for today. Thank you to Brian for this one. And thank you, I appreciate you being here and listening every day. Have a great rest of your day, and I'll see you tomorrow where your optimal life awaits.