Here is where you can create a habit that will serve you well for your whole investment lifetime: Withdraw money from your savings/spending accounts periodically and invest that money to build wealth. Again, you can set up a withdrawal from your paycheck to go right into your 401 (k) at work or your own IRA [...]
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Money Habit #20 – Know Your Personal Tolerance for Taking Risk
Some of you are risk takers — you can sleep at night knowing your stocks might go down as well as up. Others would be very unhappy, perhaps lose sleep, if your investment dropped more than 10%. This is the whole reason to have an investment policy that takes into account how much risk you [...]
Money Habit #19 – Study Investing and Know What You’re Doing
Donald Trump, billionaire and financial educator, says, "The best way to invest without excess risk is to be prepared. Learn about investments and never invest in something that you don’t understand. " I agree. While you can get advice from financial professionals, no one cares more about your money than you do. Read financial magazines [...]
Money Habit #18 – Decide What To Save and What To Invest
To be wealthy, you want to grow your money as fast as you can. That means taking most of your savings – money that won’t be needed for awhile – and invest it in ways that make it grow, not just earn interest. My rule of thumb is the one year mark: If you’ll use [...]