As someone born after 1965, I find the idea of working until I'm 70 terrifying. Yet by 2035 that is exactly how old we will need to be before qualifying for support from the government pension.
Even with advancements in healthcare, life is simply too short. So here is how you can take control of your finances and invest like a Boss – be it Warren Buffett or Peter Lynch – to help you retire young.
Know thyself
Understanding yourself and your personal investment style is the most important factor to investing like a Boss. This will be your guiding light in every investment decision and ensure you can sleep comfortably at night.
Reading books like 'One Up On Wall Street' and 'The Warren Buffett Way' will help you figure out if you are more comfortable to own fast growing companies like ResMed Inc. (CHESS) (ASX: RMD), value-based companies like Super Retail Group Ltd (ASX: SUL), or regular dividend payers like Telstra Corporation Ltd (ASX: TLS).
Start slowly
As Elvis said; only fools rush in (note the lower case 'f'). You don't want to get wiped out and lose your money, not to mention your enthusiasm, early on. It takes years, even decades, to build up a sizeable portfolio, so it pays to start slow and invest more over time as your experience grows.
Resolve
To this extent investing like a true Boss also requires commitment and resolve. Having resolve will help you to endure the tough times or unexpected events. Resolve also helps you to commit to investing regularly.
The resolve of billionaire Len Ainsworth helped him to build not one, but two huge gaming-machine companies Aristocrat Leisure Limited (ASX: ALL) and Ainsworth Game Technology Limited (ASX: AGI) despite health-scares and hard times.
Once you understand your investment style and are committed to investing like a Boss, it's time for the next step.
