Smart Thinking On Investing – April 7
In Smart Thinking this week, we begin with Dr. Cory S. Fawcett, blogging at The White Coat Investor, who teaches us how to become steady plodding investors. Sam Dogen, the Financial Samurai, hopes to help save us from ourselves. And A Wealth of Common Sense’s Ben Carlson shares the best free investing tools available to us online.
The Financial Panther urges us not to use our careers as an excuse for not achieving financial independence. And Bravely Go examines parental support and becoming debt free…
“Steady Plodding Brings Prosperity, Hasty Speculation Brings Poverty”
- Rather than attempting to get rich quick—as King Solomon advocated above; slow and steady wins the race
- Make continuous, disciplined investments each year in different types of industries that you know
- Don’t get fancy, and don’t try to beat the market’s volatility; it may not sound exciting but the strategy will work better for you
Don’t Be Your Own Worst Enemy
- There are certain ways you can save yourself from, well yourself, starting with; you need to watch what you spend—no over the top purchases
- Don’t get emotional about stock market ups and downs; stay calm and invested during moments when you may wish to panic and sell
- When windfalls happen, be disciplined and reinvest where you can—when surprise money comes your way, you already know that you can survive without it so it’s better off making you even more money
The Open Online World of Investing
- The internet has unlocked the world of finance and opened its gates to one and all; people no longer need to go to financial advisors for help investing
- Now, the winners and losers in investing will be decided by those who are able to make the most informed investing decisions
- There are a number of free websites that will give you access to historical stock market data, back-testing equipment, and all the other financial information you could possibly need to do this
Which financial online tools do you use? Share your experiences in the section below
Don’t Make Excuses
- Many people stall on their investing plans because they use the excuse that they can’t imagine a time when they wouldn’t be working
- Even if you have no intention of attempting to retire early, do not put off saving for your retirement because of that
- There is no plan involved with this strategy, it’s just a bad justification, by reaching financial independence you achieve more choice for your future—early retirement or no
Hustle till You’re Debt Free
- Many millennials graduated into a recession with a mountain of debt; some then dealt with their burden with parental support and some did not
- For both parties, the only way forward to get towards your debt free goal is to hustle like mad
- Whether you’re achieving this independently or no, don’t dismiss the support you’re offered or get lost in anxiety if you’re dealing without—either way, put your head down, work hard, and you’ll be debt free in no time
Do you want to start investing on your own, but don’t know how?
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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.