The following are 10 quotes from famous people in the investing world and their implications for you as an investor.

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1. 'Never invest in a business you cannot understand" – Warren Buffet

This is one of the famous investing quotes by Warren Buffet is very true in many cases. How many times have you bought a stock based on a friend or broker's recommendation? Most people do, even if they haven't heard of the company before. There is the mentality that because other people are buying it, the stock must be good. This is not always the case as the prices may be going up purely due to speculation. If you do not understand the business operations of the company, you would not know whether the business is really doing well or whether the stock is overvalued. Many people get caught up when the price suddenly takes a dip and the only people who profit from this are the people who understand the business that they are investing in.

2. "Sometimes your best investments are the ones you don't make" – Donald Trump

Have you ever missed out on a good opportunity to earn money? I think many people have this kind of regret when it comes to buying stocks. They do not buy when the stock prices are low and then regret their actions when the stock prices increase. Instead of having this regret, turn your attention to search for other good opportunities. Often, people jump to the conclusion that making a certain investment is the right move without truly evaluating that investment decision. Who knows, your action of investing in that stock might not be a good plan after all.

3. "Investors repeatedly jump ship on a good strategy just because it hasn't worked so well lately, and, almost invariably, abandon it at precisely the wrong time." – David Dreman

This is very true for many investors in the market. People often buy shares in a company and when it goes up a little, they quickly sell it. However, when the stock price drops, they hold on to their stock like precious gold. This is clearly contrary to what a rational person would do - keep the stock when it is going up and sell it when it is going down. In investing, being against the crowd is known to be more profitable than following what the crowd does.

4. "Don't wait to buy real estate. Buy real estate and wait." – Robert G. Allen

If you spot an opportunity, do not hesitate to take it up. What a majority of people do is, when they find a good opportunity, they take a long time to ponder over it. By then, other people would have snapped that opportunity up. Either that or their minds have been influenced by others belittling their ideas. Do your own research and take action immediately. This does not only apply to real estate. If you want to invest in the stock market, do your research to find the best stock broker available and start investing when prices are low.

5. "I tell people investing should be dull. It should be like watching paint dry or grass grow. If you want excitement, take $800 and go to Las Vegas" – Paul Samuelson

Investing should be viewed as a long term strategy. People are often greedy in the stock market and want to make a killing in a short time span. Unless you are a professional day trader who trades on stock quotes, the stock market does not reward you for being impatient. Rather, it rewards those who have the patience to watch their investments grow. Look at Warren Buffet as an example. He did not make his billions in a few weeks. It took him years to reach where he is now. As the quote says, if you are looking for excitement, you would be better off going to a casino.

6. "Although it's easy to forget sometimes, a share is not a lottery ticket… it's part-ownership of a business." – Peter Lynch

This famous investing quote is somewhat similar to the one above. The stock market is not a casino or a place to win the lottery. Many people think that investing in stocks equate to gambling. This is a completely wrong concept as investing takes time and effort to research good investments. Gambling on the other hand is when pure luck comes into play. If you treat the stock market as a gambling venue, it is almost certain that you would lose money on your investments.

7. "The four most expensive words in the English language are, 'This time it's different.'" – Sir John Templeton

This is another one of the famous investing quotes that perfectly describes human behaviour. We do not want to admit our mistakes and hope that things will change this time. If you have made a wrong investment, get out of it quickly instead of hoping things will change. More often than not, they won't and might get even worse. How many times have you repeatedly bought a share and kept losing money on it because each time you thought that the outcome would be different? After losing for the first time, people do not want to believe that it could happen again, so they get caught up in trying to beat their own beliefs. If things start to go the wrong way, do not be stubborn and accept where the market is heading. You might even be able to make some profit if you know what to do.

8. "The only difference between a rich person and poor person is how they use their time" – Robert Kiyosaki

Rich people use their time wisely while poor people use their time poorly. It sounds so simple that you often wonder why no one follows this advice. Take a look around you. The rich always spend their time in a meaningful manner, whether it is reading up on something new or spending time researching investment opportunities. If Bill Gates spent his time playing video games and fooling around, do you think he will be the owner of Microsoft today? The excuse that there is no time to learn is for the poor. Time can be made. Cut down 1 hour of your tv time a day and in a year, you will have 365 hours extra to learn something new and put those skills to use. Why not follow what they have to say from their famous investing quotes so that you can be rich as well?

9. "It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong" – George Soros

George Soros is another source for famous investing quotes. The outcome is always the most important factor that people look at. In the investing world, everything is about money. You may make a wrong decision and several right ones. It does not matter how many times you were right or wrong in the process but the outcome is how people will view your success. Yes, you might make 10 correct decisions and only one wrong one and make $500. Compare this to another person who made 5 correct decisions and 3 wrong ones but earned $2,000. In people's eyes, the second investor is more successful. However, more importantly is that you learn from your mistakes and aspire to do better next time.

10. "An investor without investment objectives is like a traveller without a destination." – Ralph Seger

Before investing, how many of you actually make an investment plan to define your investing goals? My best bet is that not many do. When making investments, it is important to set goals with it so that you can track your progress and take steps to correct it if you are falling behind. If your goal is to make a 7% return a year, work your way through and find investments that will give you such a return. Investing blindly without any goals will only bring you nowhere. You may make a couple of bucks here and there, but will how far are they from your goal of retirement for example? You would never know without any written plans.