Tuesday Tips for STRETCHING a Dollar
May 26th, 2009 Posted in GeneralHow much is in your savings account? I think I can hear people laughing….or crying. Are you investing anything for retirement?
My friend Steve Miller in his book Enjoy Your Money! How to Make it, Save it, Invest it, and Give it, gives us some advice related to investing. He actually gives us a sure-fire way to LOSE money related to our investments. Here is what he shares:
Money Losing Tip #1
Invest in stocks before establishing your emergency fund. Steve suggests putting aside several months of your salary before you begin investing. Other money experts don’t suggest quite that much. The point is to set aside funds for emergencies!
Money Losing Tip #2
Get money quicker by trading stocks for short-term gains. People think they can gamble and beat the market but studies show that the best way to multiply your money is to put it into solid mutual funds and LEAVE it there long term for the best and most secure growth.
Money Losing Tip #3
Pick your own stocks for the long haul and easily beat the market. Experts lose money everyday and they study companies and the market FOR A LIVING! Stay away from actively managing your own investments. Diversify by investing in mutual funds and diversify by investing in STOCKS AND BONDS!
Money Losing Tip #4
Choose Funds based on their past performance. The top funds of any given year are rarely on top the very next year. Be careful about investing in “Hot Stocks”. They may be hot for a short time.
Be Wise, Plan ahead, and Work hard!
