Learn to Invest...
Become an Investor
Investing is a process...a plan. It's never a product. Otherwise, everyone would be investing in the same product.
So, how do you start this process? We suggest some of these initial steps:
- Learn how money works. There are eroding factors of money. It's not only about how much money you make but how much money you keep.
- Prioritize where you put your money. Become safe and secure. After these two are accomplished, it is your decision to become wealthy.
- Understand assets vs liabilities. Assets put money into your pocket. Liabilities take money out.
- Discover some of the limitations of qualified retirement plans. People get into a 401k, IRA, the 529 plan, and other programs without educating themselves on their disadvantages.
These can build a strong foundation when learning to invest. Without a solid foundation through education, your plans and strategies can crumble.
But it all starts with you again. Remember, you are your greatest asset and liability. Therefore, make your financial education an ongoing effort.
Investor Wannabe
I remember asking my wife's friend to help me with my 401k investments and where I would be investing my money. I knew nothing and had no idea where the money was going. It took me literally 5 minutes.
When I step back and look at what I did, I was shocked that I only invested 5 minutes to a decision that could have affected the rest of my financial career. It's a good thing I wised up.
Against common 401k advice, I eventually stopped contributing to my 401k and withdrew the entire funds. People thought I was out of my mind.
This is when I was investing in my financial education.
This will take a lot of time, reading, and self reflection. We will be teaching a lot of unconventional strategies. But the best thing is that it will all make sense.
Become an investor. Learn to invest. Start off by saying...
I am an investor.
