5-part IQ test to make you a better investor

This post by PAUL B. FARRELLof Market Watch goes partly in hand with our post You Can Learn from Others.  Farrell's focus is too try to get people to think about what would help make them a successful investor.

The piece of his article that resonates most with us is the following:

• The best investing strategies are simple, timeless, obvious, transparent ... and too often ignored. Yes, ignored. Why? Because most investors have trouble making decisions. They rely on the random flow of breaking news, biases, weak data and so-called experts.

We have often sited that people can be their own best source of data and research.  Refer to that shopping trip to the store, mall, or conversation with your kids about the newest trends in tech and social media.

Farrell also reinforces one of the points that we emphasized in our previous quarterly lecture held in September, "Balancing Your Changing Investment Needs" which was that people need to take control of their financial future.  Whether it is planning for retirement, saving for college tuition for a loved one, or making sure you have an emergency fund, no one is going to take care of this work for you.  Balance and responsibility go hand and hand when it comes to your wealth management journey.

Complete Farrell article here including quiz.

• Folks, the biggest decision every investor must make is taking total responsibility for their investment strategy and performance. Most waffle. But you’ll never mature by default, by following the “experts.” You must take charge of the good, the bad and the ugly in this increasingly dangerous world.
• It’s your money, your retirement, and in the end, you, not the gurus you follow, are stuck with the gains or losses. Remember the wisdom of Lao Tzu another great investment adviser 5,000 years ago: “He who knows others is wise. He who knows himself is enlightened.” Which are you?