With the new year upon us, every investor is looking for words of wisdom that can motivate them to achieve their lofty goals. Luckily, there’s no shortage of sound investment comments and quotes for those who actually care to listen. Here are great quotes from some of the world’s brightest people.

“An investment in knowledge pays the best interest.” – Benjamin Franklin

This timeless quote from one of the Founding Fathers of the United States offers some great insights. It is also surprisingly straight forward and means exactly what it says. In the context of investing, this quote essentially states that you need to invest in yourself and your abilities if you hope to get a good return on the market. Successful investors aren’t born, they are developed through years of self-education, patience, practice and careful analysis. If you plan on being a market participant for the long-haul, be prepared to feed your brain new knowledge every day.

“The individual investor should act consistently as an investor and not as a speculator.” – Benjamin Graham

The father of modern value investing certainly gets it right by reminding you to base your financial decisions on facts and analysis rather than on the opinions of those around you.[1] The markets have a way of warping the mind sometimes, filling investors with the “irrational exuberance” that often leads to asset bubbles and market crashes. If you plan on sticking it out long-term, you may decide to become an investor and not a speculator. While speculation certainly has its place, it may be better not to form the basis of your portfolio.

“Price is what you pay; value is what you get. Whether we’re talking about socks or stocks, I like buying quality merchandise when it is marked down.” – Warren Buffett

The Oracle of Omaha is known not only for his massive investment wealth, but in his ability to tell a story in clear, precise language. This passage, taken from a 2008 letter to shareholders,[2] effectively explains what so many investors don’t seem to grasp in the market. For some reason, we are able to see the relationship between price and value in every other facet of life except the market. This passage reminds investors that they may better base their decision to invest on the quality of the company or underlying asset they are considering. Once you identify a company or asset with real value, you may buy it at a discount as soon as you can.