What's Your Roadmap For Becoming A Buffett Billionaire?
In the video below, Fool analysts Austin Smith and Jeremy Phillips talk about legendary investor Warren Buffett and discuss Austin's own strategy for accumulating wealth.
Buffett's success as an investor is unparalleled today, Jeremy says. But individual investors can come up with their own plan to shoot for Buffett-like success.
Austin has done a lot of reading on the investing greats, and they all say basically the same thing: Buy great companies and hold them for the long run.
Investors don't have buy the same companies to have similar success, Austin says, but they need to seek out great companies and they need to invest for the long haul.
Sticking with your plan is just as important as developing it, he adds. Too many investors abandon plans prematurely.
Austin invests a small amount of money every month in low-cost ETFs. He thinks of the investments as bills, like rent. He also splits his stocks investments almost down the middle between value stocks and growth stocks.
You may have a different road map, but if you keep it simple and stick with it, you can enjoy success.
Looking for one of those great companies that investing masters seek to buy and hold? The Motley Fool's chief investment officer has selected his No. 1 stock for the next year. Find out which stock it is in the brand-new free report: "The Motley Fool's Top Stock for 2013." Just click here to access the report and find out the name of this under-the-radar company.
The article What's Your Roadmap For Becoming A Buffett Billionaire? originally appeared on Fool.com.Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.