How To Invest For The Future
This article is posted under Investing.
Last weekend, I attended a seminar about investing.
It was a four hour engagement that gave practical tips and advice on why, where and how to invest for your future.
That afternoon, I was also able to meet and talk to a few of my blog readers, which I thought was really nice and interesting.
In any case, let me share with you some realizations I had as I was listening to the talks that day.
Random Thoughts On Investing
- Everyone who has invested has lost money, and it’s okay as long as it was from a legitimate investment. What’s NEVER okay is to lose money from a scam investment.
- It’s not enough that you think like a millionaire, you should ACT like a millionaire as well. Rich people spend less than what they earn and invests the difference.
- You should learn to manage your money even if it’s little. If you can’t, how do you expect to manage your finances when you have more money.
- Things you need to know before investing: your objective, your time horizon, your risk tolerance, your acumen. Learn more about these in my investing guide for beginners post.
- The higher the yield, the higher the risk. There’s really no such thing as low risk, high yield, fast cycle investments, if there is one, I’m sure that’s NOT legitimate.
- You should invest your money or else inflation will just eat it up.
- Investing is affected by the economic cycle – and it’s not always a good time to invest. That’s why it’s important learn to save so when the economy suddenly becomes a buyer’s market, you have something to invest.
- Diversification and proper investment weight distribution is important to lessen risk and potentially maximize profits
- Investing requires patience and discipline, but more importantly – control of your fears and control of your greed
- Dreams have deadlines. The best time to act on your finances and learn to invest is NOW.
Of all these thoughts, I consider the last one to be most striking.
Dreams indeed have deadlines – won’t it be hard for you to bungee jump or skydive when you’re old and weak? (Suddenly, I am reminded of two movies – The Bucket List and Disney Pixar’s Up)
Remember that the reason why you want to invest, make money and be wealthy is to be able to enjoy fully what life has to offer.
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Photo credit: thinkpanama
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Hi, my name is Fitz and this is my blog entitled, Ready To Be Rich.
The most basic difference between those who are rich and those who are not is indeed usually a mindset of creating wealth rather than just consuming things.
That must have been a good seminar.
Hey Fitz, thanks for these tips. I’m exploring an insurance policy so your articles are a great resource for me.
Mighty
Nice Tips!
I totally agree with you on this >>> “the reason why you want to invest, make money and be wealthy is to be able to enjoy fully what life has to offer.”
I remember a similar idea from the book 4-hour workweek by Timothy Ferriss which says “People don’t want to be millionaires – they want to experience what they believe only millions can buy.”
good thoughts Fitz!
Yes, I have decided to work hard to become rich. I can do it only if I would give enough time and concentration to my business. Yes, save and invest.
Thanks everyone for the comments, specially to Randell for that great seminar.
Tnx for sharing this..yes it’s true, we should start now coz time is money hehe..sir Fitz, what can you say about citisec online?
Hi Melissa, I’m biased towards Citiseconline because I have an account with them and they have been my stock broker for a number of years now.
If you’re planning to open an account with them, try to look for Ms. Shan Loquinario – she’s my account manager. Just tell her I referred you and I’m sure she’ll take good care of you.