Smart Thinking On Investing – August 5
Smart Thinking On Investing – August 5
Beware Financial Pitfalls! Mind Your Footing
- Discover the “power of small savings,” allocate a portion of your budget each month towards an investment strategy; capitalize on your age and begin building your fortune
- Credit cards are a good way to build a sound credit score but only if you regularly pay off the balance; don’t let it spiral into a recurring debt trap
- Do your homework; learn about the financial products you invest in and cover yourself with appropriate insurance to protect those investments
Be A Poker Shark With Your Finances
- While it’s true in gambling that the house always wins, playing poker is actually gambling against other players; so the house may take a cut but play like a shark and you can walk out with a good pile of chips
- If you play like a fish though and gamble purely on luck with no strategy, you will lose money; a truism in poker and in finance
- Be a poker shark with your financial decisions; always assess potential outcomes with a cool head and carefully evaluate the balance of risk versus reward
Unconventional Education Without Debt; Have Your Cake and Eat It
- Millennials are ignoring the old adage that ‘if you want a good job, you need to go to a good college’ in favour of an unconventional education in the ‘real world’ without the same level of debt
- Studies show that setting adventurous goals for yourself, “increase[s] energy, disrupt[s] complacency and promote[s] new ways of thinking”
- In today’s society, by making informed choices millennials can acquire appreciable skills and lucrative employment without following the traditional debt ridden path; a ‘have your cake and eat it scenario’
“Measure Twice, Cut Once”
- As a watched pot never boils, your investment results don’t need constant scrutiny either, exercise patience
- Judge risk methodically by researching as much data and information you can find about financial products you’re interested in
- Be disciplined. Accept that you can’t control the market or stock influences, instead focus on what you can control; portfolio diversification, chosen investment strategies, asset allocation, etc
- “Ultimately, good investors are cautious, thoughtful and deliberate”
Money Saving Travel Tips
- Aim to visit popular resorts when they’re out of season, and consider flight times that are outside of convenent times to get cheaper tickets
- Going for package deals and the all-inclusive option can save you up to 30% rather than booking elements individually and laying out on your trip for food and drink
- Trim your vacation time away; save money by going away for fewer days then normal
Do you want to start investing on your own, but don’t know how?
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