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What Does ‘Know Yourself Before Investing’ Really Mean?
What is the fuss?
Knowing yourself is often cited by investing gurus as super important. Below are some varying forms of this advice.
“Self-knowledge is the key to better investing.”
“The First step of investing -> Know Yourself”
“Know yourself and you will win all battles.”
But what does it really mean to know yourself? I know my income. I want to get super rich, like a millionaire. Isn’t that enough?
Well, not exactly. As I embarked on my journey of investing and becoming financially independent, I realised that knowing yourself comes with time. Over time, you realise the deep-rooted principles that speak out to you when you make decisions or choose between options.
Your priorities shape your mindset, which in turn influences your investing strategy. Your life experiences shape your decision-making, which can help you recognize your investment edge.
The process of knowing yourself is itself a journey worth taking. Each one of us gets shaped into a unique mould that shapes our preferences, likes/dislikes, tolerance levels, and a vision of the future self we want to become. “To each his own” might sound just right to this idea.