Investment Advice-Best Advice Gain Knowledge
?Investment Advice-Best Advice Gain Knowledge
It seems you can’t turn around or open a paper or turn on the t.v. these days without some (often self proclaimed) guru trying to give you their Investment Advice. Usually this advice comes in the form of some sort of product for you to buy.
Before you jump in feet first to any type of investing the best Investment Advice you can get is to take some time and gain some knowledge first.
The biggest difference between investment winners and investment losers, in most cases, is the amount of knowledge they have.
The “losers” will very often either just try to put it all together on their own and not get some knowledge first or they will take their advice from the wrong people.
Unless your great Aunt Elanor or your Uncle Vinny are successful investors themselves, why in the world would you take advice from them about investing?
Would you ask your plumber for the best way to fix your heart? Probably not.
Find someone who really knows what they are doing, someone who has had their own successes and then pick their brain. Many really successful investors have their own coaching program or home study course. This may be a great place to start.
Now, one word of warning here. If you want to make money at some point you are going to have to just “pull the trigger”. Don’t waste time in analysis paralysis. Learning the basics is a good idea, but don’t make the mistake of thinking you have to know everything and be an expert yourself before you even get started.
For many people that type of thinking is really more about being afraid to actually go for it, it’s just an excuse.
You will make mistakes, that’s all there is to it. As long as you learn the basics and make your decisions based on factual information and not some tip from your barber, you should still make more than you lose.
Also, don’t invest more than you can afford to lose. If you plunk down all your money on a certain stock or piece of real estate that you just “know” will be a winner you aren’t really an investor, you are a gambler.
You will also want to decide what type of investing you want to get into. There are many, many types of investing you can do and while you may deal with a couple different types, in the beginning you will want to concentrate on just one until you actually have a lot of knowledge and are having more success than failure.
What types of investing seem interesting to you? Stocks, foreign exchange, real estate, commodities, etc. Find one that you like then immerse yourself in learning all you can. Then once you’ve done your homework and have a good working knowledge of how it all goes together, get started. Make your first investment!
Investment Advice is all around us, but good advice is a lot harder to find. Hopefully this article will give you some idea of the right direction you should go. Good luck!