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.
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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