Smart Thinking On Investing – November 07

Smart Thinking On Investing – November 07

Smart Thinking this week showcases Forbes’s Maya Kachroo-Levine article on what you need to know to prepare for retirement. Michael Rothstein for ESPN shares how famed Lions footballer lives on only 30% of his salary—a financial plan to mimic. Robbie Farlow, blogging on Listen Money Matters shares the lessons he learned his first year as an entrepreneur.
 
John Schmoll, the author of Frugal Rules, opens up about the financial lessons he learned in his twenties. And The New York Times’s Paul Sullivan helps us coordinate your portfolio with your motivations…
 

Start As You Mean To Go On

 

  • The beginning of your career feels like a morbid time to be contemplating the end of it, but care and forethought now will make all the difference later in life
  • Start with an income strategy for your retirement—make it a priority now on top of your short-term goals
  • Some employers will also help towards betterment with study and training fees—improving your skills benefits you and them
  • Your 401(k) is not enough; invest beyond this too with a portfolio of stocks and bonds
  • Save an emergency fund, and expand your financial education aggressively
  • Make the most of your youth and time being on your side

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Take a Retirement Leaf From an NFL Footballer

 

  • Lions player Glover Quin set out his financial strategy from the very beginning of his NFL career despite peer pressure from teammates to “stop being so cheap”
  • This plan is about saving 70% of his salary and investing sensibly in renowned, publicly traded companies
  • His investment benchmarks are if the stock interests him, if he trusts in the business plan of the company, if it keeps his portfolio diversified, and finally, if it’s a product he believes in
  • A financial plan worth mimicing
  • Know any other celebrity financial strategists worth copying? Share your comments in the section below

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A First Year in the Life of an Entrepreneur

 

  • Being passionate is only the first step to success, your business requires action as well as drive
  • Create a plan and implement it, dedicate time to tasks and discipline yourself to execute your schedule each week
  • Business is all about making difficult choices and sacrifices
  • Money can be reaped back, but always question any debt you’re considering taking on—time, though, is not a “renewable resource”

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Financial Lessons to Reflect On

 

  • Spend money on time not gadgets; it is your experiences in life that shape who you are not the latest technology
  • Finance your education, not your lifestyle; debt is a major undertaking so make sure it’s for the right reasons
  • Save a set amount of money from each paycheck, and increase it as your career progresses
  • Avoid marketing tricks that will have a knock-on effect on your financial independence
  • Align yourself with people that have similar money goals; they’ll help you stay financially healthy

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Being Aware of Your Investment Motivations

 

  • The newest financial factor Phi is a strategy with which to measure if potential investments are affected by investors’ motivations in the long-run
  • Market-based motivations, whether they’re fear or passion can have an adverse effect on long-term returns
  • A high measure of Phi is about being conscious of these motivations and their impact, scoring higher as an investor for being ethically minded and socially responsible

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Do you want to start investing on your own, but don’t know how?

Check this out!

 

Anything you would like to discuss about Smart Thinking On Investing? Do you have any articles you would like me to cover? Feel free to add it below. Let’s start a discussion in the comments section!

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DISCLAIMER: This content is for information purposes only. It is not intended to be investment advice. Readers should not consider statements made by the author(s) as formal recommendations and should consult their financial advisor before making any investment decisions. While the information provided is believed to be accurate, it may include errors or inaccuracies. The author(s) cannot be held liable for any actions taken as a result of reading this article. Andrew Stotz doesn’t necessarily endorse any stocks or shares mentioned in the articles or the author of such articles linked to and summarized in Smart Thinking On Investing and cannot guarantee the accuracy of its information.

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