Investment income can be the sole source of income; a primary source of income; or a supplement to regular income.

An investment can be short term, medium term, or long term, and you should define what is short, medium, and long-term.  This can help you determine whether you accomplished your investment goal or objective.  For example, buying a U.S. Treasury bond for $100 a month for three years to buy a car can be a medium term investment goal.  Buying a house and using it as your primary residence that you plan to sell after 10 years can be a medium term investment or a long-term investment.  This can be medium term if you want to have a lump-sum of cash after 10 years to buy a different house, pay tuition, use as collateral for another investment, or just have cash to live on.

Discipline is essential to investing success.  Discipline means …

Knowledge about the industry, profession, or individual you invest in is also important to investing success.  Investing in an idea, invention, or person that you have existing knowledge or would enjoy learning more about is likely to contribute to how much you invest and understanding when to exit an investment.  For example,