How To Plan, Finance, Promote And Stage A Fun Substance-free After Prom Party.
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A Beginning Guide To Investing-Make Up Your Mind To Be In Control
Recently I made up my mind that I was going to become more proactive about my finances. For me, that meant learning how to invest. I found that finding a beginning guide to investing is the easy part, but choosing the right one is a little more of a process.
You see, if you were to pay a visit to your library or local book store, you would find probably dozens if not hundreds of books that claim to be a beginning guide to investing.
But sometimes too much choice is worse than no choice at all. How on Earth do you choose one? Many top investors will all have their own ideas of what you should or shouldn’t do when investing.
How can you narrow down your choices? Or should you just look through the phone book and hire someone to do it for you?
Well, I can’t tell you what you should do, ultimately only you can make that decision. What I can do is to provide you with some ideas and some things I learned as I was starting out.
Hopefully some of this information will make it easier for you to decide the best course of action too:
1. First of all, I decided that no one will ever care about my money as much as I do so I decided against just hiring someone to do it for me.
I will work with someone but only after I’ve gained a little knowledge so I can be a partner in the decisions that are being made.
I want to have enough knowledge to determine whether or not the information I am getting sounds like it is a good fit for me or not.
One other note on this point, make sure if / when you do hire someone to work with that you know just what you are getting. Not everyone who claims to be a financial adviser has your best interest at heart.
If you read the fine print of the contract you may even see a few lines that says something along the lines of this: “At times the interest of the client and our interests will not be the same, if that occurs we will do what is in our best interest”.
That is not the exact wording of course, but it is close. The bottom line is that the company will do what is best for them (buying and selling lots of stocks so they can make a commission) even if it isn’t best for you. Be careful.
2. Some of the most successful investors of all time have done things counter to what most of the “experts” will tell you to do. You have to decide if you will do what the crowd tells you that you should do or if you want to pick someone who has made a fortune investing and follow what they do.
That is the path I choose. I picked an investor who has literally made millions investing and found out all I could about his methods and followed those.
Even though a lot of what he does runs totally counter to the prevailing wisdom, I feel like if it’s good enough for a billionaire, it’s good enough for me!
If I were you I would find someone who knows what they are doing, learn all I can, start small and continue to educate myself.
I believe that is the best way to have success in investing. A beginning guide to investing may be helpful too but pick the right guide first.
OHSU Pension and Retirement Planning Guide
[jwplayer file=”http://www.youtube.com/watch?v=9PFKNy7xfbM”]
In this video SEC-registered investment manager Bill Parish examines the OHSU retirement system, sharing his views on how to best navigate the important deci…
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Indie Film Finance Guide
How to raise movie money to finance your independent movie.
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Beginner
Does your idea of investing involve an old coffee can with a slit in the top or a cute little pink piggy bank that oinks when you insert a quarter? That was okay when you were eight years old, but now that you have an eight-year-old, it might be time to start thinking about what to do with your money to help secure a future for yourself in your old age and your children as they mature.
First of all, that piggy bank is a way of saving money, not investing money. Saving money means you let it accumulate by your own hand; in other words, you make it and you put some away. There is definitely nothing wrong with that. Too many of us dont have enough savings to do much with, but if you want to really make your money grow, you need to invest it that is, put your money in places where it will grow even without your having to break your back to add more to it. That is the difference between saving and investing money in savings accumulates while money invested goes to work for you and makes more money for you.
The Stock Market
When you invest in the stock market, you are actually buying a small piece, or share, of one or more companies. A share of stock, even a single share (if your company sells shares in such a low quantity) makes you partial owner of the company. Therefore, you become invested in the performance of that company. If a store shows a profit at the end of the year, that stores owner has more money, right? Same thing with the stock market. If your company shows growth (makes money), you make money because you are part owner of that company. Of course, most shareholders dont get involved in the daily operation of the company in which they purchase stock; you simply try to buy the stock while it is relatively low-priced and sell it at a higher price.
When you add numerous shares of stock into this equation, the potential to make a bigger profit increases exponentially. The more you have to invest, the more you can make with the same amount of effort. That is not to say you must have millions of dollars to be able to invest in the stock market, of course.
Most investors, unless they come from a background of wealth and have grown up observing the ins and outs of investing, necessarily have to start small. And surely there will be mistakes along the way, but unless you want to endure long hours of toil to get money, you must start an investment portfolio.
It pays to do your research on a company before making a purchase of their stock; the more you know about what a corporation actually does, the more you can feel confident in your decision to buy into it. In addition to your own research, it is also wise to get a stockbroker in whom you have confidence. Stockbrokers are experienced in reading the trends and dealing with the daily fluctuations of the market, so they can be a valuable tool to both novices and professionals alike.