For you to reap the long-term rewards of investing, you will need to stay in the game.
This means not doing things that will cause you to be wiped out.
And this is where I would urge beginner investors not to be too funky in what you invest in, especially if you do not know what you are getting yourself into.
Take on a margin loan to buy stocks? I would think twice (and thrice).
Trade with options? Leave it to the experts.
Put all my life savings into a single investment? Maybe not.
And of course underlying all these financial decisions, is a commitment you must make to take care of yourself.
Guard your health like you would protect a car that you would have to use for 80 or 90 years (and maybe even longer).
And this is where I would remember the wise words of Charlie Munger, also known by many as Warren Buffett’s long-time partner in investing.
“All I want to know is where I’m going to die so I’ll never go there.”