In the old days before 1970, there was no game show-pop culture mentality like win the big lottery, go on TV, win a talent contest and be a star or figure out some gimmick like pet rocks or the chia pet then get rich quick by selling a million of them.
Nowadays you can buy lottery tickets in pretty well every state, there are lots of talent shows on TV and there are tons of get-rich-quick, work-at-home, home-business ideas and scams going around.
Less than one percent of people get rich quick with some gimmick or idea but looking at modern society, many people think they'll get rich by suddenly becoming a pop star, a modelm winning the lottery, creating some gimmick like a new purse line, fashion line, etc. or something like that.
Nothing much has changed since your grandfather's time. Get real. Live in the real world. Don't fall for the glitter on TV and on the internet.
When polled about their biggest mistake in money management, most people say they should have started saving money and investing it in the stock market when they were younger. The smartest thing most people say they did was save money and invest it in stocks and funds.
Almost all middle-aged, middle class investors will tell you to hold no debt beyond your mortgage.
Don't buy a new car, it's a waste of money. Buy used.
If you can't afford something, don't buy it rather than go into debt for it.
Save, save, save.
There are a few basic facts of money everybody should know. Firstly, nobody has a more vested interest in your money than you which is why you should trust absolutely no one when it comes to your money, either lending it, letting them know where you keep it or so-called professionals "managing" it.
Unless they have insider knowledge, nobody has a crystal ball on the market. The best you and anyone else can do are educated guesses. Everybody is on the same level playing field.
Everybody has to deal with money. You can either be smart, learn about it or be stupid and lose a little here, a little there which ain't a big deal if you're rich but the thing is that most of us ain't rich.
Know what your assets are and your debts. Eliminate debt. Don't keep your assets spread too thin. Get them as liquid as possible then invest in stocks and funds or put them into a few pieces of real estate. Keep it simple but smart. Write it all down lest you forget something.
Respect money but don't become a slave to it. Life is more than money. Keep one foot in practical reality but enjoy a creatively inspired life. That's what you were really created for, not to be a penny pinching, money obsessed investor.
Don't be an aggressive investor because you will get burned. Take a moderate amount of risk and except to own a stock for at least five years.Avoid technology stocks and you will minimize losses.
Invest in companies, not the stock market. Find a few good companies and stick with them.
Get a feel for the economy. In a bear/ recession, stay out. In a bull/ prosperity, get in.
Dull companies make steady investments.
Things that people buy over and over again is generally a good investment like food, Coca Cola, disposable razors, toothpaste, cigarettes, beer, etc.
Cyclicals are companies that do well when the economy is doing good but head south when it isn't like auto companies, airlines, tire companies and semiconductor companies. Generally luxury products sell well in an abundant economy but tank in a recession.
If a fast grower is based on substance, it's probably good.
If a sector is doing well, invest in the top two or three companies in it. Be wary of oversupply like what happened to cell phones and computers.
Bargains (stocks selling at a low price) are generally losers. Good stocks are selling high but will go higher.
If the stock loses more than 10%, sell it.
Look at simple companies with straightforward products.
Look for high sales and cash reserv
Nowadays you can buy lottery tickets in pretty well every state, there are lots of talent shows on TV and there are tons of get-rich-quick, work-at-home, home-business ideas and scams going around.
Less than one percent of people get rich quick with some gimmick or idea but looking at modern society, many people think they'll get rich by suddenly becoming a pop star, a modelm winning the lottery, creating some gimmick like a new purse line, fashion line, etc. or something like that.
Nothing much has changed since your grandfather's time. Get real. Live in the real world. Don't fall for the glitter on TV and on the internet.
When polled about their biggest mistake in money management, most people say they should have started saving money and investing it in the stock market when they were younger. The smartest thing most people say they did was save money and invest it in stocks and funds.
Almost all middle-aged, middle class investors will tell you to hold no debt beyond your mortgage.
Don't buy a new car, it's a waste of money. Buy used.
If you can't afford something, don't buy it rather than go into debt for it.
Save, save, save.
There are a few basic facts of money everybody should know. Firstly, nobody has a more vested interest in your money than you which is why you should trust absolutely no one when it comes to your money, either lending it, letting them know where you keep it or so-called professionals "managing" it.
Unless they have insider knowledge, nobody has a crystal ball on the market. The best you and anyone else can do are educated guesses. Everybody is on the same level playing field.
Everybody has to deal with money. You can either be smart, learn about it or be stupid and lose a little here, a little there which ain't a big deal if you're rich but the thing is that most of us ain't rich.
Know what your assets are and your debts. Eliminate debt. Don't keep your assets spread too thin. Get them as liquid as possible then invest in stocks and funds or put them into a few pieces of real estate. Keep it simple but smart. Write it all down lest you forget something.
Respect money but don't become a slave to it. Life is more than money. Keep one foot in practical reality but enjoy a creatively inspired life. That's what you were really created for, not to be a penny pinching, money obsessed investor.
Don't be an aggressive investor because you will get burned. Take a moderate amount of risk and except to own a stock for at least five years.Avoid technology stocks and you will minimize losses.
Invest in companies, not the stock market. Find a few good companies and stick with them.
Get a feel for the economy. In a bear/ recession, stay out. In a bull/ prosperity, get in.
Dull companies make steady investments.
Things that people buy over and over again is generally a good investment like food, Coca Cola, disposable razors, toothpaste, cigarettes, beer, etc.
Cyclicals are companies that do well when the economy is doing good but head south when it isn't like auto companies, airlines, tire companies and semiconductor companies. Generally luxury products sell well in an abundant economy but tank in a recession.
If a fast grower is based on substance, it's probably good.
If a sector is doing well, invest in the top two or three companies in it. Be wary of oversupply like what happened to cell phones and computers.
Bargains (stocks selling at a low price) are generally losers. Good stocks are selling high but will go higher.
If the stock loses more than 10%, sell it.
Look at simple companies with straightforward products.
Look for high sales and cash reserv
